The stock market is off to a rough start in 2025, with the S&P 500 and Nasdaq Composite tumbling into correction territory, and many stocks down 20 percent or more from their recent highs.
Berkshire Hathaway has been one of the few winners so far this year, with its stock up about 11 percent as of mid-March, but Berkshire’s stock portfolio hasn’t avoided the pain entirely. Warren Buffett and his two investment lieutenants, Todd Combs and Ted Weschler, are noted value investors, which could mean that they’re using the current downturn to pick up shares on the cheap.
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These are the Berkshire-owned stocks that are down the most in 2025, based on Berkshire’s holdings at the end of 2024.
Berkshire Hathaway’s biggest stock losers in 2025
*Data as of March 13, 2025
1. Jefferies Financial Group (JEF)
Jefferies is a global full-service investment banking and capital markets company that offers a variety of financial services to clients. The company generated more than $7 billion in total revenue during its 2024 fiscal year and about $716 million in net earnings. Berkshire purchased its stake during the third quarter of 2022.
- 2025 return: -30.8 percent
- Market cap: $11.2 billion
2. Constellation Brands (STZ)
Constellation owns a variety of beer, wine and spirits brands including Corona Extra, Modelo Especial, Kim Crawford, Casa Noble and more. Modelo became the top-selling beer brand in the U.S. in 2023, taking over the spot from Bud Light. Berkshire just established its $1.2 billion position in the fourth quarter of 2024.
- 2025 return: -17.8 percent
- Market cap: $32.8 billion
3. Apple (AAPL)
Apple is one of most popular consumer brands in the world and makes a variety of tech products including the iPhone, iPad, MacBook, AirPods and more. The company generated about $391 billion in sales during its fiscal 2024. Apple is Berkshire’s largest stock position, but it reduced its stake by about two-thirds from the fourth quarter of 2023 through the third quarter of 2024.
- 2025 return: -16.3 percent
- Market cap: $3.15 trillion
4. Diageo (DEO)
Diageo is another company in the beer and spirits industry, with well-known brands such as Johnnie Walker, Crown Royal, Ketel One, Casamigos and Guinness in its portfolio. Its products are sold in nearly 180 countries around the world and the company generated $20.3 billion in sales during its fiscal 2024. Berkshire bought its Diageo stake during the first quarter of 2023.
- 2025 return: -15.1 percent
- Market cap: $60.5 billion
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5. Louisiana-Pacific Corp. (LPX)
Louisiana-Pacific is a provider of building solutions and serves the new home construction, repair and remodeling, and outdoor structures markets. The company generated $2.9 billion in 2024 sales. Berkshire first bought the stock in the third quarter of 2022 and reduced its stake in 2024.
- 2025 return: -13.7 percent
- Market cap: $6.3 billion
6. American Express (AXP)
American Express is a global payments company that offers services to consumers and businesses. The company generated total revenue net of interest expense of about $66 billion in 2024. American Express is a longtime holding for Berkshire and its stake was worth about $45 billion at the end of 2024.
- 2025 return: -13.6 percent
- Market cap: $180.0 billion
7. NVR Inc. (NVR)
NVR is one of the largest homebuilders in the U.S. and operates in 36 metropolitan areas in 16 states and Washington, D.C. Its stock has been one of the best performers over the past 30 years. Berkshire bought the stock during the second quarter of 2023.
- 2025 return: -12.8 percent
- Market cap: $21.5 billion
8. Amazon (AMZN)
Amazon is one of the largest companies in the world and its operations include a sizable online retail business, as well as its cloud computing segment, Amazon Web Services. Amazon generated total sales of roughly $638 billion in 2024, including more than $107 billion from AWS. Buffett has often praised Amazon founder Jeff Bezos for his long-term thinking and shareholder communications. Berkshire bought its position during the first quarter of 2019.
- 2025 return: -11.6 percent
- Market cap: $2.04 trillion
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.
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