Berkshire Hathaway’s Buys and Sells: Portfolio Shifts from the Latest Filing

Significant Sells

The filing revealed several reductions in Berkshire’s top positions:

• Apple (AAPL): Berkshire sold 20 million shares, cutting its stake by 6.7% to 280 million shares. Apple remains the single largest holding at $57.4 billion, but the trim reflects continued profit-taking after years of appreciation.
• Bank of America (BAC): More than 26 million shares were sold, a 4.2% reduction, bringing the stake to 605 million shares worth $28.6 billion.
• Smaller trims also appeared across the portfolio, signaling Buffett’s ongoing discipline in rebalancing oversized positions.

Key Additions

Not all the moves were defensive. Berkshire added to select names:

• Chevron (CVX): The conglomerate increased its position by 3.45 million shares, a 2.9% boost, taking the stake to 122 million shares worth $17.5 billion. The move underscores confidence in the energy sector’s cash flows amid volatile commodity markets.
• Berkshire also increased its stake in Constellation Brands (STZ), adding 1.39 million shares, an 11.6% boost to the holding. The position now totals 13.4 million shares worth $2.18 billion, representing 0.85% of the portfolio.
• Berkshire expanded into Pool Corporation (POOL), the world’s largest wholesale distributor of swimming pool supplies. The stake now totals 3.46 million shares, valued at just over $1.0 billion, after an addition of nearly 2.0 million shares — a 136% increase from last quarter.

New Additions: Six Fresh Bets

Berkshire opened six entirely new positions this quarter, all at meaningful scale:

• UnitedHealth Group (UNH): A $1.57 billion stake in the healthcare giant, signaling confidence in the sector’s long-term cash flow stability.
• Nucor (NUE): A $857 million position in the leading U.S. steel producer, a cyclical but highly profitable player benefiting from infrastructure demand.
• Lennar (LEN) and DR Horton (DHI): New entries into U.S. homebuilders, with positions of $780 million and $191 million respectively, reflecting a contrarian bet on housing amid higher interest rates.
• Lamar Advertising (LAMR): A $142 million stake in one of the largest outdoor advertising companies, highlighting exposure to a niche but durable cash-flow business.
• Allegion (ALLE): A $112 million investment in the security products leader, consistent with Berkshire’s preference for steady, cash-generative businesses.

Together, these new holdings represent a clear shift into healthcare, industrials, and housing, areas tied to durable demand rather than speculative growth. For Buffett-watchers, the new stakes illustrate Berkshire’s willingness to broaden its portfolio into underrepresented sectors while still sticking to companies with defensible market positions.

Holding Steady

Several of Berkshire’s pillars — including American Express (AXP) and Coca-Cola (KO) — were left untouched. AXP, valued at $48.4 billion, and KO, at $28.3 billion, reflect Berkshire’s preference for wide-moat businesses with consistent returns, a hallmark of Buffett’s long-term strategy.

The Takeaway

Berkshire Hathaway’s quarter was marked by two clear themes: pruning oversized winners and planting new seeds. The trims in Apple and Bank of America show a disciplined approach to risk management, while the six brand-new stakes — spanning healthcare, industrials, housing, and niche advertising — demonstrate that Buffett’s team is still hunting for fresh opportunities.

Rather than a defensive-only quarter, this mix of profit-taking and selective expansion highlights Berkshire’s enduring strategy: reduce concentration where valuations are stretched, and deploy capital into businesses with durable demand and long-term earnings power. For followers of the Oracle of Omaha, the message is one of balance — steadying the portfolio while quietly positioning for the future.