Warren Buffett - Berkshire Hathaway Portfolio in 2026: Top Holdings & Recent Changes
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Warren Buffett - Berkshire Hathaway continues to exemplify timeless value investing principles through disciplined portfolio adjustments in the latest 13F filing. His $267.3B portfolio shows significant trims in mega-cap tech like Apple while adding conviction to insurance powerhouse Chubb and initiating a fresh position in Alphabet, signaling a rotation toward resilient businesses amid market highs.
Portfolio Overview: The Power of Extreme Concentration
Portfolio Highlights (Q3’2025): - Market Value: $267.3B - Top 10 Holdings: 86.7% - Portfolio Size: 41 +0 - Average Holding Period: 20 quarters - Turnover: 4.9%
Berkshire Hathaway's portfolio remains a textbook example of concentrated value investing, with the top 10 holdings commanding 86.7% of the massive $267.3B value. This ultra-focused approach, spanning just 41 positions, underscores Buffett's philosophy of allocating capital only to businesses he deeply understands, avoiding the diversification trap that dilutes returns for many investors. The low turnover of 4.9% and 20-quarter average holding period further highlight patience, with most changes being modest trims or adds rather than wholesale overhauls.
This structure reflects Buffett's risk management through quality: heavy weighting in predictable cash generators like financials and consumer staples, balanced by selective energy and tech exposure. Investors tracking via Berkshire's portfolio page on ValueSense can see how these metrics have evolved, with turnover ticking up slightly from prior quarters due to targeted reductions in overvalued names. The stable portfolio size at 41 positions +0 indicates no major new initiatives or exits, reinforcing a steady hand amid volatile markets.
Top Holdings: Trims in Core Tech, Adds in Insurance and Media
The portfolio's changes paint a picture of fine-tuning rather than revolution, starting with the largest position Apple (AAPL) at 22.7% after a substantial Reduce 14.92% trim to $60.7B, suggesting profit-taking on the tech behemoth's run-up. Bank of America (BAC) followed suit with a Reduce 6.15% to 11.0% $29.3B, continuing Berkshire's pattern of dialing back financial exposure post-rate hikes. On the buy side, Chubb (CB) saw an Add 15.90% boost to 3.3% $8,843.7M, affirming Buffett's affinity for insurance float generators, while Alphabet (GOOGL) entered as a new Buy at 1.6% $4,338.4M, marking a rare tech initiation beyond Apple.
Beyond the top ranks, healthcare name DaVita (DVA) faced a Reduce 4.84% to 1.6% $4,273.2M, and media play Sirius XM (SIRI) got an Add 4.20% to 1.1% $2,904.9M, hinting at value in undervalued content assets. VeriSign (VRSN) endured a sharp Reduce 32.36% to 0.9% $2,513.3M, likely shedding after regulatory or growth concerns. Smaller adds included Domino's Pizza (DPZ) with Add 13.22% to 0.5% $1,287.3M and Lennar (LEN) Add 0.03% to 0.3% $888.7M, betting on consumer recovery, while Nucor (NUE) saw Reduce 3.12% to 0.3% $867.8M.
Stable anchors persist with American Express (AXP) at 18.8% No change $50.4B, Coca-Cola (KO) 9.9% No change $26.5B, Chevron (CVX) 7.1% No change $19.0B, Occidental Petroleum (OXY) 4.7% No change $12.5B, Moody's (MCO) 4.4% No change $11.8B, and Kraft Heinz (KHC) 3.2% No change $8,479.5M, showcasing unwavering conviction in these moat-protected names.
What the Portfolio Reveals
Buffett's Q3 moves reveal a strategy prioritizing quality compounders over speculative growth, with trims in high-flyers like Apple and VeriSign freeing capital for insurance and selective tech like Alphabet. Key themes include:
- Quality over growth: Emphasis on businesses with durable moats, predictable cash flows, and management alignment, evident in steady holdings like American Express and Coca-Cola.
- Sector focus: Financials (AXP, BAC, CB, MCO) and consumer staples (KO, KHC) dominate, with energy (CVX, OXY) hedging inflation and smaller bets in healthcare (DVA) and industrials (LEN, NUE).
- Geographic concentration: Overwhelmingly U.S.-centric, betting on American resilience amid global uncertainties.
- Dividend strategy: Many core holdings like KO and CVX provide reliable yields, supporting Berkshire's cash hoard for opportunistic buys.
- Risk management approach: Low turnover and modest changes mitigate volatility, with reductions in overextended positions like AAPL balancing new entries.
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The Succession Question
At 95, Warren Buffett's leadership transition remains a focal point, with long-time deputy Greg Abel positioned as successor. Recent moves like the Chubb add and Alphabet buy suggest continuity in value-oriented, insurance-heavy strategies, as Abel oversees non-insurance operations. Berkshire's decentralized model ensures the portfolio's principles endure beyond Buffett, though investors watch for any shifts in capital allocation aggression.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Apple Inc. (AAPL) | $60.7B | 22.7% | Reduce 14.92% |
| American Express Company (AXP) | $50.4B | 18.8% | No change |
| Bank of America Corporation (BAC) | $29.3B | 11.0% | Reduce 6.15% |
| The Coca-Cola Company (KO) | $26.5B | 9.9% | No change |
| Chevron Corporation (CVX) | $19.0B | 7.1% | No change |
| Occidental Petroleum Corporation (OXY) | $12.5B | 4.7% | No change |
| Moody's Corporation (MCO) | $11.8B | 4.4% | No change |
| Chubb Limited (CB) | $8,843.7M | 3.3% | Add 15.90% |
| The Kraft Heinz Company (KHC) | $8,479.5M | 3.2% | No change |
| Alphabet Inc. (GOOGL) | $4,338.4M | 1.6% | Buy |
This table illustrates Berkshire's hallmark concentration, with the top five holdings alone at nearly 70%—a level unmatched by most peers. The reductions in AAPL and BAC (over 20% combined trim) contrast with adds in CB and the GOOGL buy, reallocating from tech/financial peaks to undervalued insurance and digital advertising. Such positioning amplifies upside from winners like AXP while the "No change" stability in energy and staples provides ballast, aligning with Buffett's "fat pitch" discipline.
Investment Lessons from Warren Buffett
Buffett's Q3 portfolio demonstrates enduring principles retail investors can emulate:
- Concentrate when you understand the businesses: 86.7% in top 10 reflects deep conviction, not blind diversification—focus on circle-of-competence names like KO and CVX.
- Holding periods matter: 20-quarter average proves "forever" for quality, as seen in unchanged stalwarts.
- Trim winners selectively: AAPL's 14.92% cut shows discipline in taking profits without abandoning theses.
- Quality moats justify premiums: Adds to CB and GOOGL target resilient models with economic advantages.
- Patience in capital deployment: Low 4.9% turnover waits for compelling opportunities, avoiding FOMO trades.
Looking Ahead: What Comes Next?
Berkshire's positioning sets up robustly for 2026, with trims creating dry powder amid elevated valuations and a cash pile likely exceeding $300B post-earnings. Energy holdings like OXY and CVX position for oil volatility and inflation, while insurance boosts (CB) leverage rising premiums. Newer bets like GOOGL signal selective tech re-entry for AI/search growth, and housing (LEN)/steel (NUE) adds eye cyclical recovery. Watch for deployments into industrials or more financials if rates fall, with ValueSense tracking essential given 13F lags.
FAQ about Berkshire Hathaway Portfolio
Q: What were the most significant changes in Berkshire's Q3 2025 13F filing?
A: Key moves included Reduce 14.92% in Apple (AAPL), Reduce 6.15% in Bank of America (BAC), Add 15.90% in Chubb (CB), a new Buy in Alphabet (GOOGL), and smaller tweaks like Reduce 32.36% in VeriSign (VRSN).
Q: Why is Berkshire's portfolio so concentrated?
A: Buffett favors deep bets on high-conviction businesses he understands, with top 10 at 86.7% to maximize returns from moats like those in AXP and KO, avoiding diluted exposure.
Q: What does Buffett's age mean for Berkshire's future?
A: Succession to Greg Abel ensures continuity, with recent insurance adds aligning with Abel's expertise; the decentralized model sustains value discipline.
Q: Which sectors does Buffett favor most right now?
A: Financials/insurance (AXP, BAC, CB, MCO ~37%), tech (AAPL, GOOGL), energy (CVX, OXY), and staples (KO, KHC), balancing growth with defensives.
Q: How can I track and follow Warren Buffett's Berkshire Hathaway portfolio?
A: Use ValueSense's superinvestor tracker at https://valuesense.io/superinvestors/berkshire for 13F analysis, historical changes, and visualizations—note the 45-day reporting lag means positions may evolve post-filing.
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