Berkshire Hathaway’s Q1 Portfolio Changes Revealed

Major Stock Adjustments

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Recent 13F filings show that Warren Buffett’s Berkshire Hathaway made significant changes to its investment portfolio in the first quarter. The company completely exited its position in Citigroup and reduced holdings in Bank of America and Capital One Financial.

The biggest new purchase was Constellation Brands, a beer manufacturer. Berkshire increased its stake by over 113%, buying 6.38 million shares. The firm also doubled its investment in Pool Corp, a swimming pool equipment supplier.

Key Holdings Remain Unchanged

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Apple remains Berkshire’s largest single holding, with 300 million shares worth $66.6 billion as of March 31. Despite previous reductions, Berkshire did not sell more Apple shares this quarter. Other major holdings include American Express, Coca-Cola, Bank of America, and Chevron.

Berkshire sold its entire position in Nu Holdings, the Brazilian digital bank Nubank, totaling 40 million shares. It also cut its stake in Liberty Formula One by about half, leaving 3.5 million shares.

Confidential Holdings Request

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Berkshire filed a confidential treatment request with the SEC to withhold disclosure of one or more stock investments. Analysts suggest this new position could be worth $1-2 billion if it involves a single stock. The investment likely falls under Berkshire’s “Commercial & Industrial” stock portfolio category.

Earlier this year, Berkshire similarly kept its growing stake in insurer Chubb confidential before later disclosing it.

Portfolio Management Structure

Buffett oversees about 90% of Berkshire’s stock portfolio, while investment managers Todd Combs and Ted Weschler handle the remaining 10%. Smaller positions (under $2-3 billion market cap) are typically managed independently by Combs or Weschler.

Record Cash Reserves

Berkshire reported net stock sales in Q1—3.2 billion in purchases versus 4.7 billion in sales. The company’s cash and Treasury holdings reached a record $333 billion (after accounting for short-term Treasury purchases). Investors continue watching for when Buffett might deploy this massive cash reserve.

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