Berkshire Hathaway Doubles Stake in Constellation Brands

Warren Buffett’s Berkshire Hathaway more than doubled its stake in Constellation Brands during 1Q25 while reducing exposure to major financial institutions, according to a regulatory filing released Thursday.

The company increased its holdings in Constellation to approximately 12 million shares, valued at US$2.2 billion as of Mar. 31, up from 5.6 million shares at the end of 2024. This move gives Berkshire a 6.6% stake in the alcoholic beverage company, which owns Corona and Modelo Especial beer, as well as wine brands like Meiomi, Robert Mondavi, and Kim Crawford. Shares of Constellation rose 2.7% in after-hours trading following the announcement.

Simultaneously, Berkshire exited its position in Citigroup after holding shares in the bank for three years and no longer reported ownership in Nu Holdings, the parent company of Brazilian fintech lender Nubank. The conglomerate also trimmed its stake in Bank of America, reducing its holdings to 632 million shares from 1.03 billion in July 2024. Additionally, Berkshire scaled back its investments in Capital One, which recently announced plans to acquire Discover Financial Services.

Berkshire did not disclose which investment decisions were made by Buffett, portfolio managers Todd Combs and Ted Weschler, or vice chairman Greg Abel, who is set to take over as CEO in 2026. Combs and Weschler typically manage smaller positions, while Abel has taken on a growing role in capital allocation.

The filing noted that Berkshire received US Securities and Exchange Commission approval to keep certain holdings confidential, a practice it has previously used for investments in Chevron, Chubb, Exxon Mobil, IBM, and Verizon.

Between January and March, Berkshire bought US$3.18 billion in equities and sold US$4.68 billion, marking its 10th consecutive quarter as a net seller of stocks. The company ended the quarter with US$347.7 billion in cash and equivalents.

Despite these activities, Berkshire maintained its largest equity holding: 300 million shares of Apple, valued at US$66.6 billion. The firm also continued adding to its positions in five Japanese trading houses.

At Berkshire’s annual shareholder meeting earlier this month, Buffett said the company remains cautious about deploying its cash reserves but emphasized that maintaining substantial liquidity has historically supported strong returns.