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Q1 2025 Wall Street Fund 13F Reports: Gold In, Bank Stocks Out, Chinese Equities Hold Up, and Tech Is Hard to Rate

TradingKeyMay 16, 2025 1:32 PM
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TradingKey - About 45 days after the end of each quarter, major asset management firms release their Form 13F filings, which have become a key reference for global investors tracking capital flows — often seen as a way to copy trade of top funds.

In Q1 2025, well-known fund managers appeared to adopt an overall defensive investment stance . For example, Berkshire Hathaway, led by Warren Buffett, reduced net equity exposure and continued to build up its cash reserves to record levels. Soros Fund Management bought large-cap stocks while selling small-cap names. Meanwhile, Stan Druckenmiller and Bridgewater Associates cut positions in several major tech companies.

Despite market optimism about Trump’s potential relaxation of financial regulations , Buffett doesn’t seem convinced. In Q1, Berkshire completely exited its position in Citigroup , reduced its stake in Bank of America by 7%, and cut holdings in Capital One Financial by 4% .

Berkshire Hathaway Q1 2025 Top Sell-offs, Source: WhaleWisdom

Berkshire Hathaway Q1 2025 Top Sell-offs, Source: WhaleWisdom

As for Chinese equities, David Tepper of Appaloosa Management — who famously urged investors to "buy everything Chinese" following China’s massive stimulus package in 2024 — trimmed his Alibaba stake by 20%, though it remains his largest holding. On the other hand, Alibaba, Baidu, and Pinduoduo became top buys in Bridgewater’s portfolio during Q1.

Bridgewater Q1 2025 Top Buys, Source: WhaleWisdom

Bridgewater Q1 2025 Top Buys, Source: WhaleWisdom

Notably, Bridgewater's defensive positioning was especially evident in Q1. The world’s largest hedge fund reduced stakes in AI-related tech stocks such as NVIDIA, Google, Meta, and Applovin, while significantly increasing investments in the SPDR Gold Shares ETF (GLD) .

Bridgewater explained that it is rare to find an asset like gold — low correlation with traditional stocks and bonds, highly unique, and therefore extremely valuable from a portfolio diversification perspective.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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