Warren Buffett made a bunch of stock moves last quarter — Here are the highlights

Published Fri, Aug 14 20204:32 PM EDTUpdated Fri, Aug 14 20205:04 PM EDT

Warren Buffett made a few big changes to Berkshire Hathaway' s equity portfolio in the second quarter, including selling some bank positions and adding a gold miner stock. Here's a complete breakdown of the Buffett's latest moves. Berkshire cut its stakes in many financials. The conglomerate reduced its JPMorgan stake by more than 60% to around 22 million shares worth $2.08 billion. It also dissolved its $296 million investment in Goldman Sachs. There was also a 42% reduction in PNC financial , a 27% cut for Wells Fargo , and a 9% reduction for Bank of New York Mellon. The move in financials is more of a rotation than a sector call. Berkshire has been on a buying spree of Bank of America stock , which is one of its longtime investments. The recent purchases have totaled $1.7 billion worth of the stock since July 20, adding to its nearly $22 billion stake at the end of June. Financials are the worst-performing S & P 500 sector besides energy, still down more than 18% this year. Shares of JPMorgan have fallen 26% this year, while Wells Fargo tanked more than 52%. Bet on gold? Meanwhile, Berkshire added a bet in gold miner Barrick Gold in the second quarter, worth about $562 million. This was an unusual move considering Buffett has long professed a dislike for gold, preferring assets that have cash flows. Shares of Barrick Gold jumped more than 7% in extended trading on Friday following Berkshire's disclosure. The stock has soared 45% this year as investors flocked to safe-haven assets amid the market turmoil. The conglomerate also upped its stake in Kroger. At the end of June, Berkshire owned nearly 22 million shares of the grocery chain, worth about $742 million, marking a 16% increase. Here's a look at Berkshire's top 10 holdings as of the end of the second quarter. Berkshire's stock portfolio gained $34.5 billion in the second quarter, driving its overall second-quarter net earnings to $26.3 billion, up from $14.1 billion a year ago. The gains helped offset the losses in Bershire's other businesses impacted by the pandemic, including manufacturing, service and retail. The billionaire investor bailed on airlines amid the crisis, selling the entirety of the stakes worth north of $4 billion. Since the market bottom in March, Buffett has reaped about $40 billion from Apple — Berkshire's largest common stock bet that now accounts for more than 40% of the equity portfolio. The stake of 245 million shares ended the quarter at almost $90 billion. The conglomerate said last week it bought back a record amount of its own stock during the second quarter — more than $4.6 billion of its Class B stock and about $486.6 million in Class A shares in May and June. The share repurchase is the most ever in a single period for Buffett, nearly double the $2.2 billion it bought back in the final quarter of 2019. Despite the company's record buybacks, Berkshire's cash hoard grew to a record $146.6 billion at the end of June. Berkshire Class A shares gained more than 11% over the past month to $317,100 apiece, trimming its 2020 losses to about 6%. The stock tumbled nearly 20% in the first quarter.