Berkshire Hathaway Inc. eliminated a stake in Verizon Communications Inc. in the second quarter as the conglomerate run by billionaire Warren Buffett kept its equity portfolio mostly unchanged and dialed back on stock-buying overall.

The company increased stakes in Activision Blizzard Inc. and chemical manufacturer Celanese Corp., according to a quarterly filing Monday. It continued to boost a holding in energy giant Occidental Petroleum Corp.

Berkshire made US$3.8 billion in net stock purchases during the second quarter, down from US$41 billion in the prior period. The company also spent less on share repurchases in the second quarter.

The latest filing doesn’t reflect the full scope of Berkshire’s bet on Occidental. The conglomerate reported last week that its stake in the energy firm had climbed to 188 million shares, more than 20 per cent of shares outstanding.