The shares of Berkshire Hathaway (hereinafter referred to as "Berkshire") under the "Stock God" Buffett were exposed in the first quarter, and bank stocks were severely cut and confidential positions were reappeared.

On May 15, local time, according to the U.S. Securities and Exchange Commission (SEC) disclosure, Berkshire submitted its first quarter holding report (13F) as of March 31, 2025. Regulatory documents show that in the first quarter of this year, the company did not invest in a total of 7 stocks, reduced its holdings of 6 stocks, and cleared its holdings of 2 stocks. In addition, the top ten holdings account for 89.02% of the total holdings.

From this 13F form, it can be seen that Buffett sold large amounts of bank stocks, while increasing investment in beer manufacturers and swimming equipment suppliers, while his holdings in Apple have not changed.

As of the end of the first quarter, Berkshire's top ten heavy positions were Apple, American Express, Coca-Cola, Bank of America, Chevron, Occupy Oil, Moody's, Kraft Heinz, Anda Insurance, and Davita Health.

Specifically, Apple is still Berkshire's largest single holding, holding 300 million shares, with a market value of US$66.6 billion, accounting for about 25% of its entire stock portfolio. Unlike previous sharp cuts in Apple's positions, Berkshire's holdings in Apple did not change in the first quarter. At Berkshire's 60th shareholders' meeting on May 3 this year, Buffett opened the show and said, "Cook made more money for Berkshire than him."

On the other hand, according to the 13F document, Berkshire significantly reduced its holdings in bank shares. Among them, Berkshire sold 48.66 million shares of Bank of America, with a reduction of 7.15%; as of March 31, Berkshire still held more than 631.5 million shares of Bank of America.

In addition, Berkshire also reduced its holdings of 300,000 shares of the First Capital Financial Company, with a reduction of about 4%. Meanwhile, Berkshire also cleared its holdings of Citigroup, as well as Nu Holdings, a digital financial services platform and technology company.

In terms of increase in holdings, Berkshire's largest buying target this quarter was the beer manufacturer Constellation Brands Inc., which purchased 6.3847 million shares, an increase of 113.52%, and the total number of shares held reached 12.09 million shares, with a market value of US$2.2 billion, ranking the 15th largest holding stock. In addition, pool equipment supplier Pool Corp. is the stock with the largest increase in Berkshire's holdings in the first quarter, with an increase of 144.53%.

It is worth mentioning that Berkshire also filed a confidentiality request with the U.S. Securities and Exchange Commission (SEC), requiring one or more stock investments not to be disclosed in the 13-F report. This is because investors often try to capitalize on Berkshire’s approach, which reflects Buffett’s influence as one of the world’s greatest investors. Berkshire doesn't want investors to buy its shares in big way before the acquisition is completed. Such requests are rare for Berkshire. The last time I bought the stock in a confidential manner was Chubb, and before it was when it purchased Chevron and Verizon in 2020.

According to Berkshire's financial report, Berkshire is still in the cash hoarding mode in the first three months of this year. As of the end of the first quarter of 2025, the total amount of cash, cash equivalents and short-term Treasury bonds held by Berkshire further rose to US$347.7 billion, and the figure at the end of last year was US$334.2 billion, setting a record high again. Therefore, the market is particularly concerned about Berkshire's next investment trends.

In the financial report, Berkshire once again expressed concerns about the current market uncertainty.

"Our regular operating performance may be affected by ongoing macroeconomic and geopolitical events in the future, as well as industry or company-specific factors or changes in events. In 2025, the rate of change in these events, including international trade policies and tariffs, has accelerated. There is still considerable uncertainty in the final outcome of these events," Berkshire wrote in its financial report.

Berkshire further stated: “We are currently unable to reliably predict the potential impact on our business, whether through changes in product costs, supply chain costs and efficiency, or changes in customer demand for our products and services.”

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[Editor in charge: Song Jingcheng PF214]