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Warren Buffett’s Investment in Chubb Revealed

Warren Buffett’s renowned investment firm, Berkshire Hathaway (BRKB), made headlines with its recent move to open a substantial position in Chubb (CB), a leading property and casualty insurer. The disclosure, found in a 13F filing released late Wednesday, ended months of speculation among investors regarding the identity of Berkshire’s “mystery stock” purchase. Following this revelation, Chubb’s stock saw a significant increase during extended trading hours.

The filing unveiled that Berkshire Hathaway acquired nearly 26 million shares of Chubb, valuing the investment at $6.7 billion. Interestingly, Berkshire’s involvement with Chubb dates back to earlier quarters, where it discreetly purchased shares of the company before revealing its stake in the latest 13F filing.

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Berkshire Hathaway’s Q1 Investment Activity

During the first quarter, Berkshire Hathaway made notable adjustments to its portfolio, including the complete divestment of its HP (HPQ) holdings, amounting to nearly 23 million shares. Additionally, the firm sold approximately 116 million shares of Apple (AAPL) and 55.8 million shares of Paramount Global (PARA). Other transactions in Q1 involved reducing its position in Chevron (CVX) while increasing its exposure to Occidental Petroleum (OXY).

Buffett’s decision to decrease Berkshire’s stake in Apple was previously disclosed in the company’s Q1 earnings report, alongside the sale of Paramount Global at a loss. Despite these adjustments, Apple remains one of the largest holdings in Berkshire’s portfolio.

Chubb Emerges as the ‘Mystery Stock’

Speculations surrounding Berkshire Hathaway’s secretive stock purchases were put to rest with the revelation of Chubb being the chosen investment. These acquisitions, made in the third and fourth quarters of 2023, align Chubb with Berkshire’s existing ventures in the insurance sector, complementing its subsidiaries such as Geico and General Re.

Following the disclosure, Chubb’s stock surged by 5.5% in late trading, indicating positive market reception towards Berkshire’s latest move. Despite parting ways with certain financial stocks in 2023, Berkshire Hathaway maintains significant positions in key players like Bank of America (BAC).

Considering Berkshire’s current stock performance, Class B shares of the company displayed a marginal increase of 0.3% on the trading day. With a flat base and a buy point of $430, Berkshire’s stock sits 4% below the entry point, awaiting potential growth opportunities.

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