Royal London Asset Management reduced positions in Berkshire Hathaway, Verizon, and GE stock in the second quarter. It substantially raised its investment in shares of chip giant Texas Instruments.
Paul Morigi/Getty Images for Fortune/Time IncA U.K. fund manager made big changes in its U.S.-listed securities investments in the second quarter.
Royal London Asset Management sold Berkshire Hathaway (ticker: BRKb ), Verizon Communications (VZ), and General Electric stock ( GE ) in the second quarter. It also substantially raised its investment in Texas Instruments stock (TXN). RLAM, as the fund manager is known, disclosed the trades, among others, in a form it filed with the Securities and Exchange Commission.
RLAM, which managed $183 billion in assets as of June 30, didn’t respond to a request for comment on the transactions.
RLAM sold 53,921 class B shares of Berkshire Hathaway in the second quarter, cutting its investment to 761,984 of the shares of Warren Buffett’s firm.
Berkshire Hathaway itself has been on a purchasing tear, buying more than $2 billion of Bank of America stock (BAC) in the last two weeks. We think the market is turning more positive of late on Berkshire Hathaway shares partly because of its large stake in surging Apple stock (AAPL).
Class B shares of Berkshire Hathaway have surged 17.3% so far in the third quarter through Friday’s close, compared with an 8.1% rise in the S&P 500 index, a broad measure of the market. But the Berkshire Hathaway stock remains in the red year to date, down 7.5% compared with a 3.7% rise in the index.
Verizon stock is also in the red for the year so far, down 4.7%, but shares have managed to rise 6.2% in the third quarter.
The telecom and media giant reported strong second-quarter earnings, although there were pockets of weakness.
RLAM sold 136,163 Verizon shares in the second quarter to end June with 2.7 million shares.
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The fund manager also sold 152,752 GE shares in the quarter, lowering its investment to 3.3 million shares.
GE stock has tumbled 43% year to date, including a 6.3% drop so far in the third quarter.
GE reported a lackluster second quarter, but the conglomerate managed its cash well. One of its biggest investors has been selling GE stock last week.
RLAM bought 368,822 Texas Instruments shares to end the second quarter with 1.5 million shares.
Texas Instruments stock crumbled 22% in the first quarter, but has surged since and now is up 4.1% for the year to date.
Texas Instruments crushed second-quarter earnings expectations and raised expectations for the third. The company’s upside report came only a few days before chip giant Intel (INTC) disclosed it was having production issues.
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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A Big Fund Firm Sold Berkshire Hathaway, Verizon and GE Stock. It Bought This Chip Stock. - Barron's
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