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James Li
James Li
Articles (617)  | Author's Website |

Warren Buffett’s Berkshire Hathaway Further Slims Phillips 66 Position

Berkshire sells over 12.5 million shares

Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B) disclosed on Monday that the conglomerate axed 36.12% of its Phillips 66 (NYSE:PSX) holding.

Having sold approximately 45 million shares during the first half of 2018, Berkshire sold 12,543,130 shares of the Houston-based oil refiner for $118.51 per share, reducing the position to 22,186,384 shares, approximately 4.8% of the company’s total shares outstanding.

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Berkshire adheres to "10% limitation" rule

Buffett’s conglomerate said on Aug. 13 that with a few exceptions, Berkshire “wishes to avoid owning more than 10% or more of an investee’s shares.” Since many investees are repurchasing company shares, the limitation may require the conglomerate to reduce its holdings to avoid hitting the 10% threshold.

During the second quarter, Berkshire trimmed its holdings of several financial services and airline companies, including Wells Fargo & Co. (NYSE:WFC), American Airlines Group Inc. (NASDAQ:AAL) and United Continental Holdings Inc. (NASDAQ:UAL), while purchasing shares of Goldman Sachs Group Inc. (NYSE:GS), Delta Air Lines Inc. (NYSE:DAL), US Bancorp (NYSE:USB) and Southwest Airlines Co. (NYSE:LUV). The conglomerate warned that these trades do not reflect Berkshire’s views of the relative attractiveness of the companies but were rather “a response to the 10% limitation.”

Buffett’s GuruFocus page receives new look

GuruFocus is pleased to announce it has launched a new version of the guru pages. As Figures 1 and 2 illustrate, the new guru pages contain additional features like a portfolio composition chart and a “Peter Lynch Chart” view.

Figure 1

Figure 2

We have also introduced a more interactive version of the sector weightings page as Figure 3 illustrates.

Figure 3

Disclosure: No positions.

About the author:

James Li
I am an editorial assistant and researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!

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