Berkshire slashed its stake in Home Depot by 25.5 percent to 2.758 million shares as of June 30.
For the second consecutive quarter, Carmax was cut sharply. Berkshire reports holding 9 million shares, down 25 percent from the end of the first quarter, and a little more than half the 17.6 million shares it reported as of December 31.
Berkshire holdings of UnitedHealth have also been reduced for the second straight quarter, down 24.4 percent to 3.4 million shares. The stake was reduced by almost 29 percent during the first quarter.
Berkshire also cut its holdings of Eaton and Wellpoint .
We don't have a complete picture of Berkshire's stock holdings, and there could be a surprise to come. Tonight's filing specifically states that "confidential information has been omitted" and provided separately to the SEC.
Buffett sometimes gets permission to do this when Berkshire is building a position in a stock. The secrecy is designed to prevent copycats from buying the same stock, driving up its price.
Berkshire has been concentrating on corporate and foreign-government fixed-income investments more than equities lately, buying only $350 million worth of stock during the second quarter versus $2.55 billion of fixed-income.
American University Finance Professor Gerald Martin told Bloomberg it's a way for Berkshire to reduce its risk: "Some of the normal places he’s gotten the cash to invest are just getting killed in the recession. So he’s locking in these guaranteed returns, moving from the volatility of stocks to a steady stream of income that, in some cases, is almost at the return you normally get from the stock market.”