Pecaut & Co Cuts Stakes In: Berkshire Hathaway Inc. (BRK.B), Apple Inc. (AAPL) and Wells Fargo & Co. (WFC)
Pecaut & Co equity portfolio was trimmed to just about $102 million in the first quarter of 2015, from $106 million in the fourth quarter of 2014. The reduction affected even the fund’s top equity picks, such as Berkshire Hathaway Inc. (NYSE:BRK.B), Apple Inc. (NASDAQ:AAPL) and Wells Fargo & Co. (NYSE:WFC).
Typically, Pecaut maintains a large position in financials and services stocks. However, the fund also has substantial exposure to technology, consumer goods and healthcare equities.
Here is a look at Pecaut’s top three equity picks at the end of the first quarter.
Pecaut disapproves Berkshire Hathaway
Pecaut didn’t seem to love the idea of accumulating more shares in Berkshire Hathaway Inc. (NYSE:BRK.B) during the first quarter of 2015. The fund cut its equity holding in the company to 116,765 shares in the latest quarter, from 122,883 in the previous quarter, but still maintained it as its largest equity stake.
Pecaut’s dollar value in Berkshire Hathaway rose slightly to $18.85 million in the first quarter, compared to $18.45 million in the fourth quarter the year before.
Pecaut cuts stake in Apple
Pecaut narrowed its exposure to Apple Inc. (NASDAQ:AAPL) during the first quarter, owning just about 53,447 shares in the company at the end of the quarter, compared to 62,722 in the prior quarter. In slashing its stake in Apple in the first quarter, Pecaut seemed to read from a different region compared to other institutional investors that have hiked their stakes in the company.
Pecaut rolls back holding in Wells Fargo
Wells Fargo & Co (NYSE:WFC) was not spared Pecaut’s charge in cutting equity stakes in various stocks that it holds. The fund felt comfortable owning 103,775 shares in Wells Fargo during the first quarter, compared to 112,525 shares it owned in the previous quarter. Pecaut’s dollar value in Wells Fargo also declined in the first quarter, to $5.65 million, from $6.17 million in the prior quarter.
Wells Fargo & Co (NYSE:WFC) successfully passed this year’s dreaded Fed stress-test for banks, gaining approval to raise its dividends $0.37 a share.
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