华尔街见闻·2025-05-16 00:46Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has made significant changes to its investment portfolio in the first quarter, including selling off Citigroup and reducing stakes in Bank of America and Capital One Financial, while increasing its holdings in Constellation Brands and Pool Corp [1][3][4][5]. Group 1: Portfolio Adjustments - Berkshire sold 14,639,502 shares of Citigroup and reduced its stake in Bank of America by over 7%, selling 48,660,056 shares, while still holding over 631.5 million shares [1][3]. - The company also reduced its holdings in Capital One Financial by approximately 4%, selling 300,000 shares [4]. - The largest purchase in the quarter was Constellation Brands, with an increase of over 113% in holdings, totaling 12,009,000 shares [5]. Group 2: Major Holdings - Apple remains the largest single holding for Berkshire, with 300 million shares, accounting for about 25% of its entire stock portfolio, valued at $66.6 billion as of March 31 [7]. - Other significant holdings include American Express, Coca-Cola, Bank of America, and Chevron [2][9]. Group 3: Management and Strategy - The trading activity in the quarter was relatively low, with Buffett and his investment managers Todd Combs and Ted Weschler managing approximately 10% of the stock portfolio [9]. - Smaller holdings are managed independently by Combs or Weschler, separate from Buffett's direct management [10]. Group 4: Confidential Holdings - Berkshire has requested confidentiality for certain stock investments in its 13F filings, likely to avoid market attention while accumulating positions [12]. - Analysts speculate that the new confidential holdings may involve investments in the range of $1 billion to $2 billion, potentially in the "commercial and industrial" sector [13].