Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, Berkshire Hathaway (BRK.A.US, BRK.B.US), a subsidiary of “stock god” Buffett, submitted a position report (13F) for the first quarter ended March 31, 2024.

According to statistics, the total market value of Berkshire Hathaway's positions in the first quarter reached 332 billion US dollars, and the total market value in the previous quarter was 352 billion US dollars, down about 4.15% from the previous quarter. Berkshire added 1 new share to its portfolio in the first quarter and increased its holdings by 3 shares. At the same time, Berkshire reduced its holdings by 5 shares and cleared 1 stock. Among them, the top ten positions accounted for 91.19% of the total market capitalization.

Among the top five major stocks, Apple (AAPL.US) still ranks first, holding about 789 million shares, with a market value of about US$135.4 billion, accounting for 40.81% of the portfolio. The number of holdings dropped sharply by 12.83% from the previous quarter.

In fact, earlier this month, Buffett revealed some of the company's recent shareholding changes at the Berkshire Hathaway Annual Meeting. The company said it reduced its Apple holdings in the first quarter because the iPhone maker faced a range of difficulties, including antitrust fines, declining sales in China, and a failed car project.

However, at this annual meeting where Apple CEO Cook also attended, Buffett still greatly appreciated the tech giant and said that unless there are any dramatic changes, the stock will still be Berkshire Hathaway's biggest investment.

Bank of America (BAC.US) ranked second, holding about 1,033 billion shares, with a market value of about US$39.2 billion, accounting for 11.81% of the portfolio; American Express (AXP.US) ranked third, holding about 152 million shares, with a market value of about US$34.5 billion, accounting for 10.41% of the portfolio; Coca Cola (KO.US) ranked fourth, holding 400 million shares, with a market value of about US$24.5 billion, accounting for 7.38% of the portfolio.

Chevron (CVX.US) ranked fifth, holding about 123 million shares, with a market value of about US$19.4 billion, accounting for 5.85% of the portfolio. The number of holdings decreased by 2.47% from the previous quarter.

Berkshire Hathaway's other heavy stocks include Occidental Petroleum (OXY.US), Kraft Heinz (KHC.US), Moody's (MCO.US), and Devitt (DVA.US).

Mysterious positions

What is most notable about this position report is that Chubb Insurance was the only new target disclosed by Berkshire Hathaway in the first quarter, with a market value of about 6.7 billion US dollars.

According to information, Berkshire Hathaway has been increasing its stake in Chubb Insurance since 2023, but this has never been reported before because the US Securities and Exchange Commission has allowed the company to keep it private. Despite this, another quarterly report shows that Berkshire Hathaway's shares in banking, insurance, and finance companies are growing, while the company is pulling out of other industries, including consumer goods.

David Kass, a finance professor at the University of Maryland's Smith School of Business, explained why Berkshire Hathaway wanted to keep it private while accumulating huge positions. He said, “Millions of people will follow Buffett's approach. Buffett is going to be more sensitive to this question than anyone else.”

After the data was disclosed, Chubb's stock price rose sharply after the US stock market on Wednesday, with an increase of nearly 8%.

Buffett's Berkshire Hathaway is very familiar with the insurance industry and owns a range of companies including Geico and National Industry. The billionaire investor says Berkshire Hathaway's property insurance business is the “core” of the group and helps generate “floating funds” that can be reinvested.

The company also invests in other businesses in the insurance industry. Berkshire Hathaway holds shares in AON.US (AON.US), a major insurance brokerage company, and will previously hold shares of rivals such as Vistasin (MMC.US).

Chubb Insurance is one of the largest property and accident insurance companies in the US and operates in 54 countries around the world. Its CEO, Evan Greenberg, is the son of Maurice “Hank” Greenberg, who led the American Nationality Group (AIG.US) for many years. In 2016, Evan Greenberg created Chubb Insurance through the merger of Ace Ltd. and Chubb Corp. to become a major insurance company covering a range of risks such as cyber attacks and shipping.

At the end of March, a cargo ship crashed into the “Francis Scott Key” bridge in Baltimore, causing the bridge to collapse. According to reports, in this incident, Chubb Insurance will pay the state of Maryland 350 million US dollars.

Additionally, Berkshire Hathaway cleared HP (HPQ.US) in the first quarter and drastically reduced its holdings of Paramount Global-B (PARA.US). Earlier this month, at Berkshire Hathaway's annual meeting, Buffett was responsible for the company's investment in Paramount Global, saying it sold the company's shares at a loss.

Judging from changes in position ratios, the top four buying targets were: Chubb Insurance, Occidental Petroleum, Liberty SiriusXM Series C (LSXMK.US), and Liberty SiriusXM Series A (LSXMA.US).

The top four sales targets are Apple, Paramount Global, HP, and Sirius XM (SIRI.US).