Berkshire Hathaway, led by Warren Buffett, announced on Thursday its stake in Constellation Brands, the alcohol producer, has more than doubled while it has divested from Citigroup and other financial services firms.
As of March 31, Berkshire’s recent transactions have been disclosed to regulators, outlining its U.S. shareholdings.
The investment in Constellation has gone up from 5.6 million shares at the end of last year to about 12 million, equating to a 6.6% stake in the company known for its Corona and Modelo beers, as well as various wines. Following this news, Constellation’s shares climbed by 2.7% after market hours.
Berkshire has shed its Citigroup investments, indicating that it no longer holds shares in Brazilian fintech company Nubank.
Additionally, Berkshire reduced its Bank of America holdings from 103 million shares last July to 632 million shares and cut back on Capital One as well.
The quarterly report does not specify whether Buffett, along with portfolio managers Todd Combs and Ted Weschler or future CEO Greg Abel, are responsible for these specific buying and selling decisions.
While Combs and Weschler typically manage smaller investments, Buffett has entrusted more significant capital allocations to Abel.
When Berkshire announces new or increased holdings, the stock prices often rise, as investors tend to view them as validated by Buffett’s endorsement.
Between January and March, Berkshire bought $3.18 billion worth of stocks but sold about $4.688 billion, indicating a net selling position.
By the end of March, the company had approximately $347.7 billion in cash reserves.
Berkshire continues to hold a substantial investment in Apple, maintaining 300 million shares valued at $66.6 billion, and has also increased its positions in five Japanese trading firms.
During Berkshire’s annual shareholders meeting on May 3, Buffett downplayed concerns regarding cash, explaining that ideal investment opportunities don’t arise systematically.
“We prefer to have the flexibility for $50 billion to develop where we see fit,” he stated, noting that “complete investment” isn’t always the strategy that yields the best results.
The Omaha-based conglomerate owns close to 200 companies, including GEICO, BNSF Railway, and numerous firms in energy, retail, and service sectors.
At 94, Buffett remains a legendary figure in investing, ranked by Forbes as the fifth richest person in the world, with a net worth of $157.8 billion.
Greg Abel, 62, is anticipated to succeed Buffett as CEO on January 1, 2026, while Buffett will continue as chairman.
