(Aug 28): Warren Buffett sold an additional US$982 million (RM4.26 billion) of Bank of America Corp stock as his conglomerate continues to shrink its investment in the second-largest US bank.

His Berkshire Hathaway Inc has trimmed the stake by a total of almost 13% in a series of sales since mid-July, generating US$5.4 billion in proceeds. Berkshire disclosed the latest disposals in a regulatory filing late Tuesday, detailing sales on Aug 23, 26 and 27.

Buffett has held silent about his reasoning while whittling the highly profitable bet — an investment that began when the stock was trading near US$5 in 2011. The shares were up 31% this year before the selling spree. They have since slid about 10% to US$39.67.

The string of sales signals Buffett’s biggest pullback from an investment that long served as a stamp of approval on the leadership of Bank of America chief executive officer Brian Moynihan, whom the 93-year-old investor has repeatedly praised in public.

Berkshire still remains the bank’s biggest stockholder — with 903.8 million shares worth US$35.9 billion, based on Tuesday’s closing price.

A representative for Bank of America declined to comment. Berkshire didn’t immediately respond to a request for comment outside of normal business hours.

Uploaded by Magessan Varatharaja