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Business News

Buffett backs Canadian oil sands boom

Warren Buffett's Berkshire Hathaway is betting on Alberta's oil sands boom, buying a stake in the Canadian-based energy giant Suncor, according to regulatory filings.

The investment company's disclosures for the second quarter also showed it had raised its interest in Well Fargo and General Motors, and added a position in the TV atellite operator Dish to its portfolio. At the end of June, Berkshire's new position in Suncor was worth about $524m (£338m) while its stake in Dish was valued at $23m.

But Berkshire reduced its interest in Moody's, the credit ratings agency, by 12 per cent, and in GlaxoSmithKline by 2.3 per cent. It cut its stake in the US food groups Kraft and Cadbury's owner Mondelez by 88 and 92 per cent respectively. Not all Berkshire's investment decisions are made by Mr Buffett. Although traders closely watch the group's portfolio for clues about the famed investor's preferences, small stakes are often overseen by the portfolio managers Ted Weschler and Todd Combs.

The company's four biggest holdings are in Wells Fargo, Coca-Cola, IBM and American Express, and were worth a combined $59bn at the end of June.