The equity portfolio is now made up of over 40% financials and 38% consumer goods. Top five holdings are:
- Coca-Cola (KO) = 21.6% of the portfolio
- Wells Fargo (WFC) = 19.6%
- American Express (AXP) = 12.3%
- Procter and Gamble (PG) = 9.6%
- Kraft (KFT) = 6.3%
Here is a summary of changes made to the portfolio this past quarter:
Sold completely out of positions in Wellpoint (WLP), United Health (UNH), Suntrust (STI), and Travellers (TRV).
Also reduced exposure to the following:
KMX, GCI, MCO, COST, MTB but the overall portfolio impact was not significant. None of these smaller individual changes represented more than .15% of the equity portfolio's value.
The reduction to his Kraft shares was the largest change this quarter (sold ~$ 900 million of what was a ~$ 4 billion position) and likely a reflection of not being too impressed with the purchase of Cadbury or the sale of the pizza business. Yet it remains a top five holding. Some of the other equities that were sold last quarter may reflect a desire to raise some cash after the Burlington Northern purchase.
Finally, Buffett bought some additional shares in the following:
So the moves in Kraft and to a lesser extent Procter & Gamble were the largest one's made quarter. Still, neither change was significant in the context of the entire equity portfolio.
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