Berkshire Hathaway Portfolio Analysis
$Berkshire Hathaway B(BRK.B.US) Berkshire Hathaway's 13F holdings report for the fourth quarter (Q4) of 2025 was officially disclosed after the market close on February 17th, Eastern Time. This report is of milestone significance, as it is Warren Buffett's "final work" before stepping down as CEO.
The following is an in-depth analysis based on the latest regulatory filing (as of December 31, 2025):
1. Changes in Top Five Holdings: Continued "Deleveraging"
$Apple(AAPL.US) $American Express(AXP.US) $Bank of America(BAC.US) $Coca Cola(KO.US) $Chevron(CVX.US) Berkshire maintained a reduction stance in Q4, particularly streamlining its positions in technology and financial giants.
2. In-depth Analysis of Key Positions
• Alphabet (GOOGL) Remains Stable:
$Alphabet - C(GOOG.US) Google's parent company Alphabet maintained its holdings at around 17.85 million shares in Q4, essentially flat compared to Q3. Although there was no further significant increase, it has firmly secured a place among Berkshire's top ten holdings (accounting for about 2.04%), demonstrating the company's long-term confidence in Google's search moat and AI monetization capabilities as Buffett passes the baton.
• Liquidation-style Reduction of Amazon (AMZN):
$Amazon(AMZN.US) One of the most surprising moves this quarter was reducing Amazon holdings by over 77%. Holdings plummeted from 10 million shares in Q3 to about 2.28 million shares. This reflects the company's cautious stance towards high-valuation e-commerce/cloud businesses amid expectations of weak macro consumption.
• Unexpected "New Favorite": The New York Times (NYT)
$New York Times(NYT.US) Berkshire initiated a position in The New York Times for the first time in Q4, purchasing approximately 5.07 million shares worth about $350 million. This embodies the typical Buffett logic: a preference for asset-light industries with strong brand premiums and a digital subscription "moat."
3. Macro Signals Reflected in the Data
• Cashing Out, Cash is King: Following an astounding $381.7 billion in cash reserves in Q3, Berkshire remained in a net selling position in Q4 (selling about $5 billion). Due to continued reductions in Apple and Bank of America$Apple(AAPL.US) $Bank of America(BAC.US) , the annual report to be released on February 28th is expected to show its cash reserves may reach another historical high, approaching the $400 billion mark.
• Defense in Energy and Insurance: While reducing tech stocks, Berkshire significantly increased its positions in Chevron (CVX) and Chubb (CB)$Chevron(CVX.US) $Chubb(CB.US) , by about 7% and 9% respectively. This indicates the investment team (likely led more by successor Greg Abel and his team) is shifting towards traditional defensive sectors with stronger inflation resistance and more stable cash flows.
4. Next Steps: Risk/Opportunity Points
1. February 28th: Berkshire will release its full-year 2025 financial report and the first letter to shareholders under Greg Abel's leadership, which will disclose the most accurate cash holdings.
2. Management Style Shift: The initiation of the position in The New York Times and the retreat from Amazon in this 13F exhibit a clear style of value regression.
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