Top investment institutions have released their 13F filings for the first quarter of 2024. Buffett's Berkshire adds the insurer Chubb stake while sells Apple. Hedge funds pump up exposure to Nvidia.
Warren Buffett's Berkshire Hathaway on Wednesday revealed a new, $6.72 billion stake in the insurer Chubb, confirming months of speculation that it had made a big new investment.
Berkshire owned 25.92 million Chubb shares as of March 31, according to a regulatory filing detailing Berkshire's U.S.-listed holdings as of that date.
The disclosure sent Chubb's share price to a record high in after-hours trading, rising 7.4% to $271.8.
The Chubb investment was revealed 10 days after Berkshire unexpectedly disclosed it had sold about 115 million Apple shares in the first quarter.
That reduced its holdings in the iPhone maker to $135.4 billion, or 40% of its $335.9 billion equity portfolio.
Apple accounted for most of the $20 billion in stock that Berkshire sold in the first quarter.
Hedge funds continued to lean into the biggest technology companies leading the way in artificial intelligence as the hype propelled the US stock market higher in the first quarter of the year.
These institutional investors saw Nvidia Corp. exposure grow, with the AI darling having the biggest increase by market value for a single stock in the three months ending March 31 even as hedge funds on net sold shares. They also saw increased exposure in AI leaders Amazon.com Inc, Meta Platforms Inc. and Microsoft Corp. while trimming positions.
