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Warren Buffett sold shares of Bank of America<\/a> Corp. for the 12th straight day, wiping away the lender\u2019s lead on its benchmark index this year as his conglomerate trims the longtime investment.<\/p>\n His Berkshire Hathaway<\/a> Inc. has cut its stake in the bank by a total of 8.8% since mid-July, generating $3.8 billion in proceeds. Berkshire disclosed the latest round of disposals in a regulatory filing late Thursday, saying it reaped $779 million on July 30 through Aug. 1.\u00a0<\/p>\n So far, Buffett has kept silent about his reasons and intentions while whittling the highly profitable bet \u2014 an investment that began when the stock was trading near $5 in 2011. The shares were on a tear in the months before the selling spree \u2014 up 31% this year \u2014 but the price has since fallen more than 10% to $39.50 through Thursday\u2019s close, bringing it in line with the broader KBW Bank Index.<\/p>\n Bank of America shares fell as much as 4.3% in Friday\u2019s trading.<\/p>\n Altogether, the string of disposals constitute Buffett\u2019s biggest pullback from an investment that has 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.<\/p>\n Berkshire remains the bank\u2019s biggest stockholder \u2014 with 942 million shares worth a total of $37.2 billion, based on Thursday\u2019s closing price. That\u2019s more than 12% of the Charlotte, North Carolina-based lender\u2019s stock, according to data compiled by Bloomberg.<\/p>\n Representatives for Berkshire and Bank of America declined to comment.<\/p>\n<\/div>\n\nRecommended Newsletter: <\/strong>CEO Daily provides key context for the news leaders need to know from across the world of business. Every weekday morning, more than 125,000 readers trust CEO Daily for insights about\u2013and from inside\u2013the C-suite. Subscribe Now<\/a>.<\/div>\n<\/div>\n