Warren Buffett unveiled Chubb as his secret buy and Berkshire Hathaway's equity portfolio had some other changes in the first quarter, according to a new regulatory filing. Firstly, the Omaha-based conglomerate tweaked his energy exposure last quarter, adding to its Occidental Petroleum holding slightly and trimming the Chevron stake. Berkshire has been steadily increasing its Occidental bet since it first took a position in the first quarter of 2022.
He said he sold a portion of the large stake for tax reasons after reaping enormous gains. He implied the sale could be a means of avoiding an even higher tax bill down the road if tax rates rise to help plug a ballooning U.S. fiscal deficit. Other than these changes, Berkshire's top 10 holdings remained unchanged last quarter. In terms of smaller stakes, the conglomerate slashed its stake in building materials manufacturer Louisiana-Pacific by about 6%.