Famed investor Warren Buffett sold his entire stake in General Motors (GM) during this year’s third quarter as the automaker endured a costly six-week strike by the United Auto Workers (UAW) union.
The latest 13F regulatory filing with the U.S. Securities and Exchange Commission (SEC) shows that Buffett’s holding company, Berkshire Hathaway (BRK.A/BRK.B), no longer held any stock of General Motors at the end of Q3.
Berkshire Hathaway also sold off its holdings of other companies such as Procter & Gamble (PG), Mondelez International (MDLZ), and United Parcel Service (UPS) during the quarter.
Berkshire trimmed its holdings in computer maker HP (HPQ) and oil producer Chevron (CVX).
However, Buffett left the core holdings in Berkshire Hathaway’s portfolio unchanged as of Sept. 30, including the massive stake in Apple (AAPL), which accounts for 50% of its holdings.
Positions in Bank of America (BAC), American Express (AXP), and Coca-Cola (KO) were also left unchanged.
Buffett was a net seller of stocks in Q3 of this year as the market declined in both August and September. Berkshire Hathaway sold $7 billion U.S. worth of shares and bought $1.7 billion U.S. in the quarter.
Through nine months of the year, Buffett was a net seller of $23 billion U.S. of stocks. During last year’s bear market, Buffett was a net buyer of $49 billion U.S. of equities through nine months of 2022.
As of Sept. 30, Berkshire Hathaway was sitting on a record $157 billion U.S. of cash that it has yet to deploy.