Warren Buffett’s Berkshire Hathaway on Monday said it reduced its stake in Goldman Sachs Group by 13 percent during the third quarter.
Berkshire Hathaway threw its support behind the investment banking giant during the height of the 2008 global financial crisis.
In a U.S. Securities and Exchange Commission filing, Berkshire said it owned 10.96 million Goldman shares worth about $1.9 billion as of September 30, down from 12.63 million shares worth $2.64 billion three months earlier.
In an interview with CNBC television Buffett said he sold the Goldman shares and a 7% stake in Wal-Mart Stores Inc. to help fund Berkshire’s $31.7 billion takeover of aerospace parts maker Precision Castparts Corp. He says his sell-off had nothing to do with his confidence in either company involved.
Berkshire Hathaway under Warren Buffett’s control has always attempted to outright purchase company’s. The firm has close to 90 operating units such as the BNSF railroad, Dairy Queen ice cream, and Geico insurance.
Buffett is also planning to sell stakes in Munit Re and Swiss Re.
Wells Fargo & Co remains Berkshire’s biggest stock holding, worth roughly $24.1 billion, followed by Kraft Heinz Co. at $23 billion.