Warren Buffett’s Berkshire Hathaway said Thursday it more than doubled its stake in alcoholic beverages producer Constellation Brands, while  shedding investments in Citigroup and other financial services companies.

Berkshire disclosed the trades in a regulatory filing detailing its US-listed stock holdings as of March 31.

It said its Constellation stake grew to about 12 million shares from 5.6 million at year end, giving it a 6.6% stake in the maker of Corona and Modelo Especial beer, and Meiomi, Robert Mondavi and Kim Crawford wines. Constellation shares rose 2.7% after markets closed.

Berkshire exited its three-year-old stake in Citigroup, and no longer reported owning a stake in the parent of Brazilian fintech lender Nubank.

It also reduced its stake in Bank of America to 632 million shares from 1.03 billion last July, and trimmed its stake in Capital One, which plans this weekend to buy credit card issuer Discover Financial Services.

Berkshire’s quarterly disclosures of its stock portfolio do not say whether Buffett, his portfolio managers Todd Combs and Ted Weschler, or future chief executive Greg Abel are behind individual sales and purchases.

Combs and Weschler normally handle smaller investments, and Buffett has delegated more capital allocation to Abel.

But stock prices often rise when Berkshire discloses new holdings or adds to existing holdings because investors view the changes as carrying Buffett’s stamp of approval.

Berkshire bought $3.18 billion and sold $4.68 billion of equities between January and March, the 10th straight quarter it was a net seller of stocks.

It ended March with $347.7 billion of cash and equivalents.

Berkshire maintained its largest position, a 300 million share stake in Apple worth $66.6 billion.

It has also been adding to its stakes in five Japanese trading houses.

At Berkshire’s annual shareholder meeting on May 3, Buffett downplayed concerns about the cash, saying good investments don’t pop up in an orderly fashion.

“We would rather have conditions that are developed where we would have like $50 billion” in cash, he said. “But that just isn’t the way the business works. We have made a lot of money by not wanting to be fully invested at all times.”

The Omaha, Nebraska-based conglomerate also owns close to 200 businesses including Geico car insurance, the BNSF railroad, and many energy, industrial, retail and service companies.

Buffett, 94, is arguably the world’s most famous investor. He is the world’s fifth-richest person, with a $157.8 billion fortune, according to Forbes magazine.

Abel, 62, is expected to become Berkshire chief executive on January 1, 2026. Buffett would remain chairman.