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Warren Buffett's Berkshire Hathaway adds stake in RH, trims Wells Fargo holdings

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Omaha investor Warren Buffett’s company has added new investments in luxury retailer RH as well as Occidental Petroleum while trimming its Wells Fargo holdings.

Berkshire Hathaway Inc. filed a quarterly update on its U.S. stock portfolio with regulators on Thursday. The filing shows what Buffett’s company held on Sept. 30.

Berkshire picked up 1.2 million shares of specialty home furnishings retailer RH during the third quarter and acquired nearly 7.5 million shares of Occidental Petroleum as part of helping finance Occidental’s acquisition of Anadarko. Berkshire invested $10 billion in the Occidental deal during the quarter.

Berkshire reduced its stake in Wells Fargo to 378.4 million shares from 409.8 million. In the past, Buffett has sold some Wells Fargo stock to keep Berkshire’s stake below 10%, even after the bank’s stock repurchases.

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Investors follow what Berkshire buys and sells closely because of Buffett’s successful track record. Berkshire officials don’t generally comment on these quarterly filings.

The quarterly filings don’t make clear who made all the investments.

Buffett handles the biggest investments in Berkshire’s portfolio, such as Coca-Cola, Apple and Wells Fargo. He has said that investments of less than $1 billion are likely to be the work of Berkshire’s two other investment managers.

Berkshire also trimmed its Apple holdings during the quarter, although the iPhone maker remained Buffett’s biggest single investment at 248.8 million shares. Previously, Berkshire owned 249.6 million Apple shares.

Buffett’s firm also reduced its stake in refiner Phillips 66 to 5.2 million shares from 5.55 million.

The Omaha World-Herald is owned by Berkshire Hathaway.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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“I just want to be clear, I’m not suggesting here that any of these public issues will be closed this year,” CEO Charlie Scharf said last month. “The time frames will be driven by when we accomplish that work and when the regulators are satisfied by it.”

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