Warren Buffett has made a significant move by reducing his stake in Bank of America, which is seen as an important adjustment to the "Oracle of Omaha's" investment portfolio.

According to a public document released on Friday, between July 17th and 19th, Buffett's Berkshire Hathaway completed several transactions, selling approximately 34 million shares of Bank of America worth about $1.48 billion, with execution prices ranging from $43.13 to $44.07 per share.

After this reduction, Berkshire Hathaway still holds about 999 million shares of Bank of America, valued at over $42 billion, remaining the second-largest holding in Berkshire's investment portfolio after Apple.

As of the latest, Bank of America's market value has reached $335.5 billion. Over the past month, the stock price of Bank of America has risen by 7.9%, and it has accumulated an increase of 26.55% so far this year.

It is worth noting that Buffett's latest holdings have also been revealed recently. On May 15th local time, the 13F filing submitted by Berkshire to the U.S. Securities and Exchange Commission's website showed that the company sold 116 million shares of Apple in the first quarter. As of March 31st, Berkshire holds 789 million shares of Apple, currently valued at about $155 billion, accounting for about 40% of Berkshire's stock investment portfolio.

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Additionally, in the first quarter, Berkshire also reduced its holdings in HP, Chevron, and Paramount Global. During that period, Berkshire sold about 23 million shares of HP, completely clearing its stake in HP. It also reduced its holdings by 3.11 million shares of Chevron and sold about 55.8 million shares of Paramount Global.

At the same time, Berkshire's previously confidential individual stock - Chubb Insurance - has also been revealed. The document shows that since the second half of 2023, Berkshire has been heavily building a position in Chubb Insurance. As of the end of the first quarter of this year, Berkshire holds 25.92 million shares of Chubb Insurance, with a holding value of $6.719 billion, making it the ninth largest heavy stock in Berkshire's U.S. stock portfolio.

As of the end of the first quarter, Berkshire's top ten holdings are Apple, Bank of America, American Express, Coca-Cola, Chevron, Occidental Petroleum, Kraft Heinz, Moody's, Chubb Insurance, and DaVita HealthCare.

At the 2024 annual shareholders' meeting, Buffett stated that he would still hold Apple, Coca-Cola, and American Express for the long term, as these investments have been very successful in the past. Despite a recent decline in Apple's sales, Apple is still very likely to remain Berkshire's largest holding company. At the same time, he also hinted that the sale of Apple was due to a desire to avoid much higher tax rates in the future, rather than a judgment on its long-term prospects.