Billionaire Warren Buffett has made some significant moves in the financial sector, selling off billions of dollars worth of Berkshire Hathaway’s stake in Citigroup, Bank of America, and Capital One. This follows the trend of Buffett eliminating positions in JPMorgan Chase and Wells Fargo in recent years, signaling a shift in his investment strategy towards US banks.
According to new filings, Berkshire Hathaway has completely exited its position in Citigroup, selling off its remaining 14,639,502 shares valued at around $1 billion in the first quarter of this year. The firm also reduced its holdings in Bank of America by selling an additional 48.7 million shares, worth approximately $2.19 billion. Despite the sell-off, Berkshire Hathaway still holds 631,573,531 shares in the financial giant. Additionally, the firm decreased its exposure to Capital One by selling off 300,000 shares, amounting to about $46,489,000, and now holds 7.15 million shares.
In a further diversification of its portfolio, Buffett’s company also divested all shares of Brazilian fintech Nu Holdings. Beyond the banking sector, Berkshire reduced its positions in Charter Communications, DaVita, T-Mobile, and Liberty Media’s Formula One stock.
On the other hand, Berkshire increased its investments in Constellation Brands, doubling its stake to over 12 million shares. The firm also added shares in Domino’s Pizza, Heico, VeriSign, Sirius XM, Pool Corp., and Occidental Petroleum. Notably, Berkshire’s position in Apple remained unchanged.
As a result of these transactions, Berkshire’s cash reserves have grown to $350 billion as of March 31st, up from $334 billion at the end of 2024.
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