Berkshire has now reduced its holdings by a total of 3.05 million shares, equivalent to 1.4% of Buffett’s known holdings of 225 million BYD shares.
“We may see Buffett continue to sell, and in the long run, stock performance will still depend on company fundamentals and product cycles,” said Daisy Li, a fund manager at EFG Asset Management HK.
Based on calculations based on BYD’s interim report and investors’ latest filings, Buffett has sold about 18 million BYD shares between June 30 and September 1, suggesting more public disclosures are likely in the future. Berkshire first bought 225 million BYD shares in September 2008 and is by far BYD’s largest shareholder.