Warren Buffett's Berkshire Hathaway reduced its stock portfolio in Q3, exiting stakes in General Motors and Activision Blizzard and trimming bets on companies like HP Inc

Berkshire’s retreat from Activision completes an arbitrage play amid the video-game maker’s merger with Microsoft, which faced antitrust scrutiny.

Berkshire exited stakes in a total of seven companies, decreasing the value of its disclosed investments by 10% to $312.8 billion.

Berkshire has been a net seller of equities throughout 2023, pocketing about $23.6 billion from stock sales.

Berkshire has a record $157 billion in cash, with much of it invested in short-dated Treasuries.

Buffett broke with his typical long-term strategy and sold shares in Taiwan Semiconductor Manufacturing Co. due to concerns over political risk in Taiwan.

There have been other changes to Berkshire’s equities portfolio, including exiting U.S. Bancorp and Bank of New York Mellon Corp. while placing a bet on Capital One Financial Corp.