Overview of Changes

In a notable shift during the first quarter, Berkshire Hathaway (BRK.A, BRK.B) has made significant modifications to its investment portfolio. These alterations include the complete divestment from Citigroup (C) and scaled-back positions in two other financial institutions: Bank of America (BAC) and Capital One (COF).

Recent Selling Activity

According to a recent 13-F filing, Berkshire Hathaway sold over 14.6 million shares of Citigroup within the first three months of the year. This filing provides a snapshot of the firm’s investment holdings at the end of the quarter but does not reflect any transactions executed post-March.

Moreover, Berkshire reduced its holdings in Bank of America by an impressive 48.6 million shares. The firm also trimmed its stake in Capital One by 300,000 shares, in addition to eliminating its entire position in Brazilian fintech company Nu Holdings (NU).

Increased Investments

Despite the reductions in certain sectors, Berkshire Hathaway seized the opportunity to enhance its investment in Constellation Brands (STZ), more than doubling its stake to just over 12 million shares. Following this news, Constellation Brands’ shares witnessed a nearly 3% increase in after-hours trading.

Other additions to the portfolio included nearly 240,000 shares of Domino’s Pizza (DPZ) and over 112,000 shares in the electronics company Heico (HEI). Furthermore, positions in VeriSign (VRSN), Sirius XM (SIRI), Pool Corp. (POOL), and Occidental Petroleum (OXY) were also expanded.

Steady Stance on Apple

After a reduction in its Apple (AAPL) holdings last year, Berkshire has maintained its current position in the tech giant without making further adjustments during this quarter.

Market Performance and Leadership Changes

In light of Warren Buffett’s recent announcement regarding his planned departure as CEO, shares of Berkshire have seen a downturn. Vice Chair Greg Abel is slated to succeed him by year-end. Nevertheless, Berkshire’s shares have still managed to outperform the broader market, experiencing an approximate 12% gain since the beginning of the year, in contrast to the S&P 500’s modest increase of 0.6%.