In the worst quarter for U.S. stocks since 2011, Warren Buffett’s Berkshire Hathaway was a big buyer.
In fact, Berkshire(BRKA) increased the number of shares it held in its portfolio by 25%.
One of the biggest additions to Berkshire’s portfolio came without buying additional shares. He ended up with 59 million shares of AT&T(T, Tech30) that he received in exchange for the 31 million shares of DirecTV he used to own, as AT&T completed its purchase of DirecTV.
The value of Berkshire’s holdings increased 19% to $127 billion, as many of those shares declined. Overall the S&P 500 lost about 7% of its value during the quarter.
Berkshire revealed in a regulatory filing Monday that it had also bought additional stock of several companies it already owns, including General Motors(GM), increasing its stake by 22% to 50 million shares, Twenty-First Century Fox(FOX) by 44% to nearly 9 million shares, and IBM(IBM, Tech30) by 2%. Berkshire disclosed last month that it lost $2 billion on its IBM investment.
Shares of AT&T, GM, Fox and IBM were all were up more than the broader market in morning trading Monday.
Correction: An earlier version of this story incorrectly stated that Berkshire had purchased shares of AT&T in the quarter. In fact, he received them in exchange for DirecTV shares he already owned.