伯克希尔一季度调仓：持续抛售金融、增持”CashCow”消费

Investment Rating - The report does not explicitly provide an investment rating for Berkshire Hathaway's stock Core Insights - Berkshire Hathaway's 1Q25 portfolio report indicates no new equity positions were initiated, with seven holdings increased, five trimmed, and two liquidated, resulting in a further decrease in total equity exposure [7][8] - The stake in Apple (AAPL US) remained unchanged for the second consecutive quarter, continuing as Berkshire's largest holding, followed by American Express (AXP US) and Coca-Cola (KO US) [7][9] - The reduction in the position of Bank of America (BAC US) allowed Coca-Cola to rise from fourth to third place among the top holdings [7][9] Summary by Sections Portfolio Adjustments - In 1Q25, Berkshire Hathaway continued to reduce its exposure to the financial sector, completely exiting Citigroup (C US) and NU (NU US), while also trimming its stake in Bank of America (BAC US) and Capital One (COF US) [8][9] - The company slightly reduced its holding in DaVita (DVA US) to maintain ownership below 45% [8] Consumer Stock Preferences - Berkshire increased stakes in three consumer stocks: Constellation Brands (STZ US), Pool Corp (POOL US), and Domino's Pizza (DPZ US), all of which were first purchased in 4Q24, along with HEICO (HEI US) [9][10] - These companies are characterized by strong cash flow, high margins, and significant competitive advantages [9] Communications Sector Rotation - Starting in 4Q24, Berkshire began shifting its communications exposure from T-Mobile (TMUS US) and Charter Communications (CHTR US) to SIRIUS XM (SIRI US) and VeriSign (VRSN US) [10] - Following the merger of Liberty Sirius XM with its parent company, Berkshire continued to make small purchases of SIRIUS [10]