All eyes are on Berkshire Hathaway’s annual meeting today. Warren Buffett, the legendary CEO, will speak directly to investors. Succession is a hot topic. But there’s also strong interest in the company’s portfolio changes.
Berkshire holds around 40 stocks. Yet most of its money is tied up in just five or six of them. That makes any change big news.
One detail stands out: cash. A recent SEC filing shows Buffett is sitting on a record pile of it. At the end of 2024, cash reserves hit $334.2 billion. That’s double what the firm held in December 2023.
Still, Buffett insists he hasn’t lost faith in stocks. In his letter to shareholders, he was clear: equities remain the focus. “The great majority of your money remains in equities,” he wrote. That’s not going to change.
He also pointed to something else: private businesses. As Berkshire trims public stock holdings, its private companies keep growing in value. These firms still make up most of the company’s equity exposure.
Buffett reassured investors: the focus on stocks is here to stay.
Cutting Back
Apple still tops the list of holdings. But Berkshire has been quietly selling some of its shares. Investors are watching closely. Is this a warning sign for tech?
The portfolio is heavily weighted. Just five companies—Apple, American Express, Bank of America, Coca-Cola, and Chevron—make up over 72% of it.
Some of the recent cuts are sharp. Berkshire slashed its Citigroup stake by 73%. That holding is now worth $1.03 billion. Nu Holdings was cut by 53%, down to $416 million. Charter Communications saw a 29% reduction. Bank of America was trimmed by 15%, now valued at $29.9 billion. The firm also exited beauty retailer Ulta entirely.
Shifting Focus
Buffett is looking at new territory too. In Q4 2024, Berkshire made a $1.2 billion bet on Constellation Brands. That’s a big alcohol company.
He’s also warming up to fast food. Domino’s Pizza is a clear favorite. Since 2023, Berkshire has built a 7% stake.
Another surprise: Sirius XM. Berkshire increased its position in Q4. It now owns over a third of the company—35.4%.
In energy, Buffett is going even bigger. His stake in Occidental Petroleum now stands at 264.9 million shares. That’s 28.3% of the company. In February 2025 alone, he bought 763,000 more shares. Total cost? Around $35.7 million.
