Date: Friday, 14-Feb-2014 22:07:32
Warren Buffett's investment group Berkshire Hathaway has dumped its stake in British pharmaceuticals giant GlaxoSmithKline.
Berkshire Hathaway's exit comes after the investment group sharply reduced its stake in the drug maker during the third quarter of the year, when it sold 77pc of its holding. It dissolved the remaining $17m stake in the following months, according to the company's fourth quarter filing, which reveals its positions as of December 31, 2013.
The sale is part of a wider move away from healthcare stocks for Mr Buffett. He has also been trimming his stake in French drug maker Sanofi and US pharma giant Johnson & Johnson in recent years, though he still holds positions in these two companies, according to its fourth quarter filing.
Mr Buffett also exited his stake in Dish Network in the final three months of the year, but bought up stock in cable giant Liberty Global. The so-called Sage of Omaha also started investing in Goldman Sachs.
Berkshire Hathaway also sharply increased its holding in General Electric, from fewer than 600,000 shares to more than 10m during the fourth quarter.
Source:Soros exits J.C.Penney, trims Herbalife, others follow
Soros Fund Management, one of the hedge fund industry's most closely watched investors, exited J.C. Penney and trimmed its stake in Herbalife late last year, marking a notable shift in course only months after buying into the companies.
The New York-based firm, which ranked as J.C. Penney's second biggest investor, sold 19.98 million shares during the last three months of 2013, according to a regulatory filing on Friday. It also cut its stake in Herbalife, where it was the fifth biggest investor.
J.C. Penney and Herbalife spent most of last year in the spotlight, with the retailer's stock price losing half its value as an ambitious overhaul fizzled and the nutrition and weight loss company surging 139 percent in the wake of a dramatic faceoff between some of the world's biggest investors.
At both companies, Soros' involvement, fueled by the firm's history of making a lot of money on savvy bets, boosted the share price and raised their credibility quotients, possibly even drawing in other hedge fund investors.
In the 40 years since 83-year old George Soros founded the firm, it has earned its investors $40 billion, including $5.5 billion last year, according to industry data. Even though the firm now invests only Soros' personal fortune, its investment decisions are still followed closely.