Canada Pension Plan Investment Board continued to reduce its position in Berkshire Hathaway Inc. during the third quarter, selling more than 2 million shares in the period, according to an S&P Global Market Intelligence review of 13F filings.
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CPPIB slashed nearly 80% of what had been its second-largest insurance holding, cutting its stake in Berkshire to just 629,310 shares, valued at a total of $134.7 million. As of June 30, the fund manager had held stocks worth $535.8 million, owning 0.2% of insurer's total outstanding shares.
CPPIB also lowered its stake in Cigna Corp. for the second consecutive quarter. That marked a turnaround from the first quarter when it sharply increased its holdings in the managed care insurer.
The Canadian fund manager upped its position in WellCare Health Plans Inc. by 69,200 shares in a quarter that saw the health insurer's stock shoot up more than 30%.
S&P Global Market Intelligence's analysis shows that CPPIB also cut its stakes in major U.S. banks, as well as Royal Bank of Canada. The largest decrease was seen in JPMorgan Chase & Co.
Excluding insurance underwriters, CPPIB held 10 positions in financial institutions valued at more than $200 million at the end of the third quarter, of which six were financial technology companies and four were banks.
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