Warren Buffett - Berkshire Hathaway Portfolio Q2'2025: Top Holdings & Recent Changes
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Warren Buffett, the legendary chairman and CEO of Berkshire Hathaway, continues to exemplify the virtues of patience, discipline, and long-term conviction in investing. His Q2 2025 portfolio—valued at $257.5 billion—remains a masterclass in concentrated, high-conviction investing, with 87.3% of assets deployed across just 10 positions. Despite a modest 9.8% turnover, the portfolio saw meaningful adjustments, reflecting Buffett’s nuanced response to evolving market conditions and valuation opportunities. This quarter, Berkshire added two new positions, bringing the total portfolio size to 41, while maintaining an average holding period of nearly five years—a testament to Buffett’s “buy-and-hold-forever” philosophy.
Portfolio Overview: Concentration, Conviction, and Calm Adjustments
Portfolio Highlights (Q2 2025): - Market Value: $257.5 billion - Top 10 Holdings: 87.3% of portfolio - Portfolio Size: 41 positions (+2 from last quarter) - Average Holding Period: 19 quarters (nearly 5 years) - Turnover: 9.8%
Berkshire Hathaway’s portfolio remains one of the most concentrated among major institutional investors, with the top three positions—Apple, American Express, and Bank of America—accounting for over half of total assets. This concentration is not accidental; it reflects Buffett’s belief in betting heavily on businesses he understands deeply and expects to compound value over decades. The low turnover rate underscores a disciplined approach: most changes are incremental, and new additions are rare but meaningful. This quarter’s activity suggests a cautious stance toward overvalued mega-caps, balanced by selective additions in energy and consumer sectors.
Holdings Overview: Tech Anchors, Financial Fortresses, and Selective New Bets
The portfolio’s anchor remains Apple 22.3%, though Buffett reduced this position by 6.67%, likely taking profits after a strong run. American Express 18.8% and Coca-Cola 11.0% saw no changes, reflecting Buffett’s long-term conviction in these “forever” holdings. Bank of America 11.1% was trimmed by 4.17%, while Chevron 6.8% received a 2.91% addition, signaling continued confidence in energy despite volatile oil prices.
Beyond the top five, Moody’s 4.8%, Occidental Petroleum 4.3%, and Kraft Heinz 3.3% were held steady. Chubb 3.0% also saw no change, maintaining Berkshire’s substantial insurance exposure.
The most notable moves outside the top 10 include a reduction in DaVita 1.9% by 3.83%, a significant 11.58% addition to Constellation Brands 0.8%, and new buys in UnitedHealth Group 0.6% and Nucor 0.3%. Domino’s Pizza 0.5% and Pool Corp 0.4% saw modest additions, while Lennar 0.3% experienced a dramatic 4,520% increase in position size—a clear bet on the housing sector’s resilience.
What the Portfolio Reveals About Current Strategy
- Quality Over Quantity: Buffett’s portfolio is a study in concentration, with the vast majority of capital in a handful of businesses he knows intimately. This reflects his famous advice: “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
- Sector Focus: Financials and consumer staples remain core, but energy and healthcare are gaining prominence. The Chevron and Occidental positions underscore a bullish view on energy, while the new UnitedHealth stake signals interest in managed care.
- Geographic Concentration: Nearly all holdings are U.S.-based, aligning with Buffett’s preference for investing in his “circle of competence.”
- Dividend Strategy: Many top holdings (e.g., Coca-Cola, Kraft Heinz, Bank of America) are reliable dividend payers, providing Berkshire with steady cash flow for future investments.
- Risk Management: The reduction in Apple and Bank of America suggests a disciplined approach to trimming winners and managing risk, even in core positions.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| Apple Inc. | $57.4B | 22.3% | Reduce 6.67% |
| American Express | $48.4B | 18.8% | No change |
| Bank of America | $28.6B | 11.1% | Reduce 4.17% |
| Coca-Cola | $28.3B | 11.0% | No change |
| Chevron | $17.5B | 6.8% | Add 2.91% |
| Moody’s | $12.4B | 4.8% | No change |
| Occidental Petroleum | $11.1B | 4.3% | No change |
| Kraft Heinz | $8.4B | 3.3% | No change |
| Chubb | $7.8B | 3.0% | No change |
This table highlights the extreme concentration at the top: the first five positions account for nearly 70% of the portfolio. Such focus is rare among institutional investors and reflects Buffett’s willingness to “put all your eggs in one basket, and watch that basket.”
Investment Lessons from Warren Buffett’s Approach
- Concentration When You Understand the Business: Buffett’s portfolio demonstrates that true wealth is built by making a few big bets on exceptional companies, not by diversifying into mediocrity.
- Holding Periods Matter: The average holding period of 19 quarters shows that Buffett is willing to wait for his theses to play out, ignoring short-term market noise.
- Quality Businesses Justify Premium Prices: Even when valuations are stretched, Buffett holds onto businesses with durable competitive advantages, though he’s not afraid to trim when prices become excessive.
- Position Sizing Requires Constant Attention: The incremental adjustments in Apple, Bank of America, and Chevron show that even core positions are actively managed for risk and valuation.
- Cash is a Call Option: Berkshire’s substantial cash pile (not detailed in 13F filings) remains a strategic asset, giving Buffett dry powder for opportunistic investments during market dislocations.
Looking Ahead: What Comes Next?
With a modest increase in portfolio size and selective new buys, Buffett appears to be patiently waiting for larger opportunities. The energy and housing sectors are clear areas of interest, while the healthcare addition (UnitedHealth) may signal a broader shift toward defensive growth. Given Berkshire’s history, further additions are likely to be rare but meaningful—perhaps in sectors facing temporary headwinds but with long-term tailwinds.
The reduction in Apple and Bank of America suggests Buffett sees limited upside at current valuations, but he’s not rushing to deploy capital. Investors should watch for further moves in energy, financials, and possibly healthcare, as well as any major acquisitions outside the public markets.
FAQ about Warren Buffett’s Berkshire Hathaway Portfolio
Q: Why did Buffett reduce his Apple position?
Buffett likely trimmed Apple to lock in gains after a strong run and to manage risk in his largest holding. This is consistent with his history of selling into strength when valuations become stretched.
Q: What does the new UnitedHealth position signal?
The addition of UnitedHealth suggests Buffett sees value in the managed care sector, possibly due to its defensive characteristics and long-term growth prospects in an aging population.
Q: How concentrated is Berkshire’s portfolio?
Extremely concentrated: the top 10 holdings make up 87.3% of the portfolio, with the top five accounting for nearly 70%. This reflects Buffett’s high-conviction, “bet big” philosophy.
Q: What is Buffett’s average holding period?
Berkshire’s average holding period is 19 quarters (nearly 5 years), underscoring a long-term, patient approach to investing.
Q: How can I track Buffett’s portfolio changes?
You can follow Berkshire’s portfolio moves via quarterly 13F filings, with a 45-day reporting lag. ValueSense provides up-to-date analysis, intrinsic value tools, and portfolio tracking for Buffett and other superinvestors—visit Berkshire’s superinvestor page for the latest insights.
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