Berkshire Hathaway increased its stakes in five of Japan’s major trading companies, according to filings released on Monday.
Berkshire Hathaway first bought stakes in Japan’s trading houses – also known as “sogo shosha” – in August 2020, acquiring about 5 per cent of each of the firms.The trading companies, which invest in oil and natural gas projects globally, have booked stellar earnings in the most recent quarter fuelled by the boom in commodities.announced a 140 billion yen stock buyback this month after a jump in earnings from higher energy prices.
Berkshire’s insurer National Indemnity Co increased its stake in Mitsubishi Corp to 6.59 per cent from 5.04 per cent, according to documents filed to the Finance Ministry in Tokyo.Co and Sumitomo Corp. It was unclear from the filings when the stakes were increased.In a statement announcing its purchase of the initial stakes in 2020, Berkshire said it may increase its holdings in any of the firms up to 9.9 per cent.Mitsubishi shares jumped as much as 3.
The trading companies weren’t the only major increases in Buffett’s Asian portfolio. Berkshire Hathaway acquired a $US5 billion stake inTaiwan Semiconductor Manufacturing Company in the most recent quarter in a bid to benefit from its cheap valuation, technology leadership and solid fundamentals. Separately, Berkshire Hathaway is mulling a possible yen-denominated bond offering, according to a note from Mizuho Securities Company, as borrowers seek out the relatively stable Japanese credit market amid a global debt rout.
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Source: FinancialReview - 🏆 2. / 90 Read more »