Group 1 - Global investors are reducing their exposure to the US dollar due to concerns about the fiscal outlook [1] - Selling the dollar has become the most compelling trade since 2025, surpassing the appeal of purchasing government bonds [1] - The euro is likely to be the biggest beneficiary of the reduced demand for the dollar [1]

Group 1 - The core viewpoint is that the recent rally in U.S. stocks may be nearing its end, as the market transitions into a "buy the rumor, sell the news" phase, despite a strong reaction to trade easing announcements [1] - Since President Trump announced a pause on certain tariffs on April 9, the S&P 500 index has surged by 14%, indicating a strong market response to trade easing, yet it remains down 3.7% year-to-date, underperforming compared to international peers [1] - The recent moderate stance of the U.S. on global trade may have already been fully priced in by the market, suggesting limited further upside potential [1] Group 2 - Hartnett's views are supported by significant capital outflows, with approximately $24.8 billion withdrawn from the U.S. stock market over the past four weeks, marking the highest redemption level in two years [2] - Hartnett advises investors to favor bonds over stocks by 2025, and prefers international stocks over U.S. stocks, indicating a shift towards more defensive and potentially upward-moving markets [2] - He notes that U.S. stocks are in the late stages of a structural bear market compared to non-U.S. markets, providing clear guidance for investors seeking to protect their assets [2]

Core Points - Bank of America announced its 2026 quarterly financial results reporting dates, with results to be released at approximately 6:45 a.m. ET and investor conference calls at 8:30 a.m. ET [1][5] - The specific reporting dates for the quarters are: Fourth quarter 2025 on January 14, 2026; First quarter 2026 on April 15, 2026; Second quarter 2026 on July 14, 2026; and Third quarter 2026 on October 14, 2026 [5] Company Overview - Bank of America is a leading global financial institution, providing a wide range of banking, investing, asset management, and risk management services to individual consumers, small and middle-market businesses, and large corporations [3] - The company serves approximately 69 million consumer and small business clients through around 3,700 retail financial centers and approximately 15,000 ATMs, along with a digital banking platform that has about 59 million verified digital users [3] - Bank of America is recognized as a global leader in wealth management, corporate and investment banking, and trading across various asset classes, serving clients worldwide [3]

Over multiple decades, legendary investor Warren Buffett has helped produce incredible returns for conglomerate Berkshire Hathaway Inc BRK BRK, often times outperforming the S&P 500.With news that Buffett is stepping down as Berkshire CEO at the end of the year, here's a look at the top 10 stock holdings of the Berkshire Hathaway portfolio.Buffett Builds Berkshire Hathaway: Buffett has shaped Berkshire Hathaway from the early days of a textile maker into a conglomerate that owns companies like Duracell, Dai ...

Group 1 - The core point of the article is that as of March 31, Berkshire Hathaway's total fair value of equity investments is concentrated 69% in five companies: American Express, Apple, Bank of America, Chevron, and Coca-Cola [1]

Core Viewpoint - Warren Buffett's investment decisions are closely monitored due to Berkshire Hathaway's strong performance, with shares up nearly 18% year-to-date in 2025, which heightens investor interest in the company's portfolio moves [1]. Group 1: Berkshire Hathaway's Equity Holdings - Berkshire's 13F filing for Q1 2025 is expected by mid-May, with the latest filing from February 14 reflecting Q4 2024 data, providing insights into Buffett's major investments [2]. - The top five equity holdings of Berkshire reflect Buffett's disciplined, long-term investment strategy [2]. Group 2: Top Equity Holdings - **Apple**: Remains the largest holding with 300 million shares, accounting for nearly 28% of the equity portfolio, despite facing demand challenges and valuation concerns in 2025 [3][4]. - **American Express**: A long-term investment with around 152 million shares, representing nearly 17% of the portfolio, though down 10% year-to-date [7][8]. - **Bank of America**: Holds close to 680 million shares, about 11% of the portfolio, with strong fundamentals and a solid dividend yield [11][12]. - **Coca-Cola**: A 35-year holding with nearly 400 million shares, comprising about 9% of the portfolio, known for its defensive appeal and reliable dividends [13][14]. - **Chevron**: A newer addition with 114 million shares, representing roughly 6% of the portfolio, appealing for its strong balance sheet and dividend returns [17][18].

智通财经APP获悉，华尔街金融巨头美国银行(Bank of America)的全球研究部周五发布的研报显示，截 至周三的一周内，全球投资者们继续抛售美国股票，转而大举买入日本和欧洲股票。美国银行的资金流 向周报(数据来源于EPFR)显示出，美国股市当周流出大约89亿美元，但此前一周美国市场曾出现短暂 大额流入。此外，黄金市场的资金方面，随着黄金现货与期货价格持续回调，则录得今年1月以来首次 周度级别的资金流出。 美国银行的研究团队指出，自2024年美国总统大选以来，流入美股市场的每100美元价值中，过去三周 就已有5美元被撤出。 相反，日本股市录得自去年4月以来最大规模的单周级别资金净流入，大约44亿美元;欧洲股市也在当周 吸引逾30亿美元，显示投资者们持续将资产配置从美国市场转向其他地区。 尽管如此，美国银行的研究报告显示出，美国国债市场的资金当周仍然流出大约45亿美元，创下2023年 末以来最大规模的单周流出;黄金则录得今年1月以来首次周度级别的资金流出。黄金价格方面，随着资 金获利了结趋势愈发明显，今年以来屡创新高的国际黄金现货价格已经暴跌至两周低点，即将创下两个 多月以来价格跌幅最糟糕的一周。 消息面 ...

Core Viewpoint - The U.S. banking sector anticipates a significant increase in high-rated bond supply in May, reaching up to $150 billion, which is higher than the approximately $104 billion issued in April, reflecting a decrease of about $15 billion from expectations [1] Group 1 - The expected high-rated bond supply for May is projected to be $150 billion [1] - The April issuance was approximately $104 billion, which was about $15 billion lower than anticipated [1]

Part I. Financial Information [Item 1. Financial Statements](index=53&type=section&id=Item%201.%20Financial%20Statements) This section presents Bank of America Corporation's unaudited consolidated financial statements for Q1 2025, including core financial statements and explanatory notes [Consolidated Financial Statements](index=53&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements report increased net income and total assets for Q1 2025, driven by growth in securities financing and deposits Q1 2025 vs Q1 2024 Income Statement Highlights | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | **Total revenue, net of interest expense** | $27,366 | $25,818 | | **Provision for credit losses** | $1,480 | $1,319 | | **Total noninterest expense** | $17,770 | $17,237 | | **Net income** | $7,396 | $6,674 | | **Diluted earnings per share** | $0.90 | $0.76 | Balance Sheet Highlights (as of period end) | Metric | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | **Total assets** | $3,349,424 | $3,261,519 | | **Total loans and leases** | $1,110,625 | $1,095,835 | | **Total deposits** | $1,989,564 | $1,965,467 | | **Total liabilities** | $3,053,843 | $2,965,960 | | **Total shareholders' equity** | $295,581 | $295,559 | [Notes to Consolidated Financial Statements](index=61&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide detailed disclosures supporting the consolidated financial statements, covering income, derivatives, securities, loans, and segment information [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=5&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's Q1 2025 financial condition, operational results, and comprehensive risk management practices [Executive Summary](index=6&type=section&id=Executive%20Summary) Bank of America reported increased net income and diluted EPS for Q1 2025, driven by higher revenues and growth in assets and deposits Q1 2025 Financial Highlights | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | Net interest income | $14,443 | $14,032 | | Noninterest income | $12,923 | $11,786 | | Total revenue | $27,366 | $25,818 | | Provision for credit losses | $1,480 | $1,319 | | Noninterest expense | $17,770 | $17,237 | | Net income | $7,396 | $6,674 | | Diluted EPS | $0.90 | $0.76 | - The increase in net income was primarily due to higher **noninterest income** and **net interest income**, partially offset by higher **noninterest expense**[22](index=22&type=chunk) - Total assets increased by **$87.9 billion** from year-end 2024 to **$3.3 trillion**, driven by higher securities financing activity, trading assets, and loan growth[23](index=23&type=chunk) - The Board of Directors declared a quarterly common stock dividend of **$0.26 per share**[20](index=20&type=chunk) [Business Segment Operations](index=11&type=section&id=Business%20Segment%20Operations) This section details the performance of the four main business segments, highlighting varied results with Global Markets showing significant growth Net Income by Business Segment (Q1 2025 vs Q1 2024) | Business Segment | Q1 2025 Net Income (in millions) | Q1 2024 Net Income (in millions) | % Change | | :--- | :--- | :--- | :--- | | Consumer Banking | $2,531 | $2,656 | (5)% | | Global Wealth & Investment Management | $1,007 | $1,005 | —% | | Global Banking | $1,913 | $1,986 | (4)% | | Global Markets | $1,949 | $1,723 | 13% | | All Other | $(4) | $(696) | (99)% | [Managing Risk](index=22&type=section&id=Managing%20Risk) The company outlines its comprehensive approach to managing various risks, emphasizing strong capital, robust liquidity, and stable credit quality [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section refers to the Market Risk Management discussion within the MD&A for quantitative and qualitative disclosures about market risk - The report directs readers to the 'Market Risk Management' section on page 38 of the MD&A for detailed disclosures about market risk[283](index=283&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025 - The CEO and CFO concluded that the Corporation's disclosure controls and procedures were effective as of the end of the reporting period[284](index=284&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[285](index=285&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=117&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the Consolidated Financial Statements for disclosures on litigation and regulatory matters, supplementing the 2024 Annual Report on Form 10-K - For details on legal proceedings, the report incorporates by reference the 'Litigation and Regulatory Matters' section in Note 10 – Commitments and Contingencies[529](index=529&type=chunk) [Item 1A. Risk Factors](index=117&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes from the risk factors previously disclosed in its 2024 Annual Report on Form 10-K - There are no material changes from the risk factors set forth in the Corporation's 2024 Annual Report on Form 10-K[530](index=530&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=117&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2025, Bank of America repurchased common stock as part of its announced program, with no unregistered equity sales Share Repurchase Activity (Q1 2025) | Period | Total Common Shares Repurchased (thousands) | Weighted Average Per Share Price | Total Purchased as Part of Publicly Announced Programs (thousands) | | :--- | :--- | :--- | :--- | | Jan 2025 | 17,826 | $47.10 | 17,798 | | Feb 2025 | 57,574 | $46.37 | 32,913 | | Mar 2025 | 58,656 | $42.08 | 51,813 | | **Total Q1** | **134,056** | **$44.59** | **102,524** | - The company repurchased approximately **103 million shares** for **$4.5 billion** under its **$25 billion** common stock repurchase program authorized in July 2024[532](index=532&type=chunk) [Item 5. Other Information](index=117&type=section&id=Item%205.%20Other%20Information) This section discloses no Rule 10b5-1 trading arrangement changes and provides required disclosures on authorized and inadvertent transactions - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[533](index=533&type=chunk) - Pursuant to Section 13(r) of the Exchange Act, the company disclosed authorized wire payments totaling approximately **$29.3 million** related to Afghanistan and Yemen, and inadvertent payments of **$146,543** for a newly designated entity[535](index=535&type=chunk)[536](index=536&type=chunk) [Item 6. Exhibits](index=118&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Restated Certificate of Incorporation, Bylaws, award agreements, and certifications

Core Insights - The 2025 Specialty Asset Management (SAM) Outlook by Bank of America highlights the increasing importance of real assets in diversifying investment portfolios amid high long-term interest rates and persistent inflation [1][2] - Real assets are characterized by their low correlation with traditional investments and their role as a hedge against inflation, making them particularly relevant for long-term investors in 2025 [2] Group 1: Commercial Real Estate (CRE) - CRE is showing positive momentum with growing investor confidence, indicated by rebalancing supply and demand, stabilizing valuations, and increasing liquidity [6] Group 2: Farmland - The 2025 crop year presents opportunities for knowledgeable investors as competitive pressures ease and farmland values remain stable to slightly lower, allowing for strategic maneuvering [6] Group 3: Timberland - Timberland is viewed as an attractive investment for long-term investors with lower risk profiles, as its biological growth is largely insulated from market cycles and geopolitical risks [6] Group 4: Energy Assets - Global energy usage is expected to increase due to factors such as population growth, expanding manufacturing, and rising living standards in emerging economies, with a domestic energy supply favoring natural gas, renewables, and other carbon-friendly sources [6]