TLDR
- Berkshire Hathaway reduced holdings in Bank of America and Capital One, completely sold Citigroup stock in Q1 2025
- The company doubled its stakes in Pool Corp and Constellation Brands
- Berkshire maintained its Apple position for a second consecutive quarter, valued at $66.6 billion
- Cash and Treasury bills reached a record $333 billion
- Warren Buffett will step down as CEO at the end of 2025, with Greg Abel taking over on January 1
Warren Buffett’s Berkshire Hathaway made several changes to its stock portfolio in the first quarter of 2025, continuing to trim financial holdings while boosting certain consumer brands.
The Omaha-based conglomerate was a net seller of stocks, buying $3.2 billion in equities while selling about $4.7 billion during the quarter.
Berkshire cut its Bank of America stake by 7.2%, representing 48.6 million shares. The company now holds 631 million shares of the banking giant.
Capital One Financial saw a more modest reduction, with Berkshire selling 4% of its position, or about 300,000 shares. This leaves the company with approximately 7.15 million shares.
Most notably, Berkshire completely exited its Citigroup position, selling all remaining 14.6 million shares. This follows previous reductions in late 2024.
Beverage and Pool Investments Grow
In contrast to these financial sales, Berkshire doubled its holdings in Constellation Brands, the distributor of popular beer brands Modelo and Corona. The stake now stands at 12 million shares.
Berkshire also doubled its position in Pool Corp, adding 865,000 shares to reach approximately 1.5 million shares total.
The company maintained its position in Apple for a second consecutive quarter after selling much of the stake earlier last year. The Apple investment remains Berkshire’s largest stockholding, valued at $66.6 billion as of March 31.
At Berkshire’s annual meeting on May 2, Buffett praised Apple CEO Tim Cook’s leadership.
Another intriguing detail emerged from the regulatory filing. Berkshire requested confidential treatment from the SEC for one or more holdings that were omitted from its public Form 13F.
Based on information in Berkshire’s 10-Q report, Barron’s estimated this new confidential holding is likely worth between $1-2 billion. Berkshire has previously requested similar confidentiality when accumulating its stake in Chubb.
Berkshire also completely eliminated its investment in Nu Holdings, which operates the Brazilian digital bank Nubank, selling all 40 million shares during the quarter.
The company reduced its stake in Liberty Formula One by approximately 50%, now holding 3.5 million shares.
Leadership Transition and Cash Position
Berkshire’s cash and Treasury bills reached a record $333 billion after accounting for payables for purchasing short-term government debt. Market observers have been watching to see when Buffett will deploy this massive cash pile.
The investing world received surprising news at Berkshire’s annual meeting when Buffett announced he would step down as chief executive at the end of the year. At 94 years old, the legendary investor told The Wall Street Journal in a recent interview that he is “finally feeling his age.”
Berkshire’s board has approved Greg Abel, who currently oversees the company’s non-insurance subsidiaries, to become president and chief executive effective January 1, 2026. Buffett will continue to serve as chairman of Berkshire’s board.
The stock movements occurred before President Trump announced sweeping tariff plans that temporarily unsettled the market. When asked at the annual meeting if the resulting volatility presented investment opportunities, Buffett downplayed the episode.
“This has not been a dramatic bear market or anything of the sort,” he said.
Berkshire’s Class B shares have performed well in 2025, rallying 12% year-to-date, significantly outpacing the S&P 500’s modest 0.6% gain during the same period.
Many of Berkshire’s smaller equity holdings—those under $2-3 billion—are managed by investment managers Todd Combs and Ted Weschler, who together handle about 10% of the equity portfolio. Buffett manages the rest, with all three generally operating independently of each other.
Berkshire sold its last Citigroup shares during the first quarter of 2025.
