Warren Buffett’s Berkshire Hathaway Inc. revealed three stock acquisitions that it snapped up in secret, including new bets on Chevron Corp. and Verizon Communications Inc. that sent their shares up, and cut its Apple Inc. stake in the last three months of 2020.

Berkshire also bought stock in insurance brokerage Marsh & McLennan Cos., disclosing three wagers that were granted confidential status and not revealed in a third-quarter regulatory filing, according to an updated document released Tuesday. The Apple stake reduction left Berkshire with a holding valued at about US$120 billion at the end of 2020, according to another filing. The iPhone maker remains Berkshire’s biggest single stock holding.

Buffett and his investment deputies, Todd Combs and Ted Weschler, reshaped the portfolio over the last year as Covid-19 struck the US. The company was heavily invested in the banking sector, which has done well in the pandemic but is exposed to consumer finances and commercial real estate. The conglomerate has spent recent months lightening up on some of those lenders, while maintaining bets on firms such as Bank of America Corp.

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