Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) recently filed its 13F form, which shows investors its latest positions. And by comparing them to previous filings, investors can see which stocks the company has been buying and selling. Investors often pile into stocks that Berkshire has been buying, wanting to mimic the company’s moves.
Here were the five biggest moves that Berkshire made last quarter (which covered the last three months of 2024), based on changes in share count.
Buffett has long been a fan of bank stocks, and it’s typically not hard to find them in Berkshire’s portfolio. One of his largest holdings is in Bank of America (NYSE: BAC). It’s the second-largest bank in the U.S. based on its assets, and investing in it is a great way to profit from the country’s long-term growth and success. Buffett often encourages investors to “bet on America.”
But last quarter, Berkshire unloaded more than 117 million shares of Bank of America stock. Berkshire still has a roughly 9% stake in the top bank and it remains its third-largest holding, behind Apple and American Express. However, the reduction is the most notable move for Buffett this past quarter.
It may not have been specifically due to Buffett’s outlook for the particular stock and instead it may have been due to a desire to trim Berkshire’s exposure to the sector as a whole, as this isn’t the only bank stock on this list.
The next-largest move (based on share count) for Berkshire was the reduction of more than 46 million shares of Nu Holdings (NYSE: NU), which provides digital banking services. It has 114 million customers in multiple markets, including Mexico, Brazil, and Colombia. It is a fast-growing business, reporting 58% revenue growth in 2024.
After the stock sale, Berkshire still has more than 40 million shares of Nu Holdings, but in terms of overall value, it’s one of its smallest positions, accounting for just 0.1% of the overall portfolio.
Citigroup (NYSE: C) is yet another bank stock that Berkshire trimmed its position in last quarter. The top bank has been involved in restructuring efforts in recent years in order to improve its financial performance, and this year it has continued to cut jobs.
Buffett’s sales of Citigroup may be a sign that he isn’t optimistic about its turnaround, or perhaps is simply part of a broader goal in reducing his overall exposure to bank stocks. After the stock sale, Berkshire now has less than 15 million shares in Citigroup, making this one of the more drastic reductions his company made during the past quarter. Citigroup currently accounts for 0.4% of Berkshire’s overall portfolio.
