Ed Lin
The central bank of the Czech Republic added to positions in some of the biggest tech names among U.S.-traded stocks, as well as increasing a bet on Warren Buffett.
The Czech National Bank initiated a position in data-analytics firm Palantir Technologies, and added to stakes in chip maker Nvidia, iPhone maker Apple, and Buffett's Berkshire Hathaway. The Prague-based bank disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.
The bank, which owned $9.9 billion of U.S.-traded equities as of Sept. 30, declined to comment on the investment changes.
The bank bought 410,229 Palantir shares in the third quarter, a new investment. It had owned none at the end of the second quarter. Shares soared 117% in the first nine months of 2024, compared with a 21% rise in the S&P 500 index. So far in the fourth quarter, Palantir stock is up 17%, compared with a flat performance in the index.
Palantir stock was added to the S&P 500 in September, which may be why the Czech National Bank bought shares, as the index appears to be a U.S. benchmark for the bank, according to its latest annual report. Palantir co-founder and Chairman Peter Thiel earlier this month finished selling all the shares covered in his latest trading plan. Recently, the company disclosed a nearly 9% stake in electric-vehicle maker Faraday Future Intelligent Electric.
Nvidia stock is on a trajectory similar to Palantir's, rocketing 145% in the first nine months of 2024, and so far in the fourth quarter, shares are up 11%.
Nvidia CEO Jensen Huang recently wrapped up selling shares through a trading program. Huang told a podcast in the past week that he wanted to speed up innovation in artificial intelligence, and drive down costs. The company reported a strong July-ended quarter, and provided upbeat guidance.
The Czech National Bank bought 323,570 more Nvidia shares to end the third quarter with five million shares.
The bank bought 350,505 additional Apple shares in the third quarter to lift its investment to 3.1 million shares.
Apple's June-ended quarter, reported in early August, was strong. In early October CEO Tim Cook sold $50 million of stock, the first transactions through a new trading plan. Berkshire Hathaway, run by investing icon Buffett, disclosed in August that it had nearly halved its Apple investment in the second quarter.
Apple stock rose 21% in the first nine months of 2024, and so far in the fourth quarter shares are down 2.3%.
Czech National Bank bought 28,172 more Berkshire Hathaway Class B shares to end the third quarter with 373,154 shares.
Berkshire Hathaway has been reducing a position in Bank of America stock as of late, and its stake now stands at just above 10%. Buffett's firm has also been buying more shares of satellite-ratio firm Sirius XM Holdings. Meanwhile, Buffett's neighbors in Omaha have been waiting for a literal sign of which way he's leaning in the U.S. presidential election.
Berkshire Hathaway Class B shares rose 29% in the first nine months of 2024, and so far in the fourth quarter, shares are flat.
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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(END) Dow Jones Newswires
October 18, 2024 21:30 ET (01:30 GMT)
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