Berkshire Hathaway Q1 Filing: Exits Citigroup, Doubles Stake in Constellation Brands, Maintains Apple
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May 16, 2025
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Berkshire Hathaway’s Q1 13F filing, released Thursday, revealed how Warren Buffett’s team reshaped the company’s investment portfolio during the first quarter of 2025.
The firm fully exited its position in Citigroup ($C), selling all 14.6 million shares, and trimmed its stakes in Bank of America ($BAC) by 7% (48.7 million shares) and Capital One ($COF) by 4% (300,000 shares). These moves align with Berkshire’s gradual retreat from traditional financial stocks in recent years.
Berkshire also exited its stake in Nu Holdings ($NU) and slashed its position in Liberty Formula One-C ($FWONK) by 48%, and T-Mobile ($TMUS) by 11%.
The quarter’s standout addition was Constellation Brands ($STZ), with Berkshire boosting its stake by 6.4M shares (+113%) to 12M shares total. The beer-and-wine giant, known for brands like Corona and Modelo, now represents a growing consumer-focused bet.
Similarly, the firm doubled its stake in Pool Corp ($POOL), a supplier of pool and outdoor equipment, highlighting its confidence in the durability of discretionary spending. Other incremental additions included Heico ($HEI.A), Domino's Pizza ($DPZ), and Sirius XM ($SIRI).
Apple ($AAPL) retained its top spot in the portfolio at $66.6B, with no sales recorded in Q1. At Berkshire’s annual meeting earlier this month, Buffett praised CEO Tim Cook’s leadership, signaling continued long-term confidence.
Confidential Holdings and Cash Reserves
In a rare move, Berkshire also filed a confidential treatment request with the SEC to temporarily withhold details of one or more stock investments from public disclosure in the 13-F report. While specifics remain unknown, analysts suggest the undisclosed position likely involves a single stock with an estimated value between $1 billion and $2 billion—possibly part of Berkshire’s “Business and Industrial” segment.
Berkshire has previously made similar requests—most notably during its quiet accumulation of Chubb shares—to prevent stock prices from rising prematurely as a result of market speculation.
According to the firm’s quarterly report, Berkshire was a net seller of stocks in Q1, with $3.2 billion in purchases and $4.7 billion in sales. The company’s cash and U.S. Treasury holdings hit a record $333 billion, after deducting amounts reserved for short-term government bond purchases.
Looking Ahead
With Warren Buffett expected to step down as CEO by the end of 2025, all eyes are now on Greg Abel, his chosen successor. Investors will be watching closely not only for signals of any strategic shifts but also for future disclosures regarding the confidential investments—potentially hinting at Berkshire’s next big move. #smartmoney
#Follow the Money: Where Are the Market Giants Investing#smartmoney#$Citigroup Inc.(C)#$Bank of America Corporation(BAC)#$Capital One Financial(COF)#$Nu Holdings Ltd.(NU)#$Liberty Media Corporation Series C Liberty Formula One Common Stock(FWONK)#$T-Mobile US Inc.(TMUS)#$Constellation Brands Inc.(STZ)#$Pool Corporation(POOL)#$HEICO Corporation(HEI)#$Domino's Pizza Inc.(DPZ)#$Sirius XM Holdings Inc(SIRI)#$HEICO CORP CL A(HEI.A)#$Apple Inc.(AAPL)#$American Express Company(AXP)#$Coca-Cola Company(KO)#$Chevron Corporation(CVX)