Chief Executive Greg Abel of Berkshire Hathaway has offloaded shares that were previously under the management of Todd Combs, people familiar with the companys investments said in a report published on Friday. Combs departed Berkshire in December to take a position at JPMorgan Chase. Abel became CEO in January, succeeding Warren Buffett, who continues in his role as chairman.
The divestiture represents one of the more visible adjustments to Berkshires equity mix since the leadership transition. Sources said Abel is unlikely to hire an external manager or additional personnel to assist with the overseeing of the portfolio, leaving the responsibility concentrated under his direction.
Berkshire has not publicly disclosed which common-stock positions had been managed by Combs or by Ted Weschler, who remains a portfolio manager at the company. Historically, larger stakes such as the holding in Apple were generally thought to have been guided by Buffett and, following the leadership change, by Abel as well.
Investors can expect additional detail when Berkshire files its quarterly report on May 2 and in a subsequent regulatory filing due in mid-May, when the company is scheduled to make more specifics about its equity holdings available. An inquiry seeking comment to Abels assistant after business hours did not receive an immediate response.
Separately, one investment research product mentioned in the original coverage evaluates whether to allocate capital to Berkshires class B shares. That product reviews BRKb alongside many other companies each month using more than 100 financial metrics and seeks to identify stocks that match its risk-reward criteria.
Context and implications
The sale of assets once managed by Combs is a notable early action under Abels tenure. While specifics about which positions moved remain undisclosed, the timing follows Combs exit in December and Abels ascension to CEO in January. Market observers will look to Berkshires upcoming regulatory filings for further color on the companys current equity allocations.