Berkshire Hathaway Q4 2025 13F Deep Dive: Inside Buffett's $267 Billion Portfolio

Berkshire Hathaway filed its Q4 2024 13F on February 14, 2026 — the final day of the 45-day deadline. With $267.2 billion in reported 13F assets across just 112 positions, it remains one of the most concentrated large-cap portfolios in the world. Here is a position-by-position breakdown of what changed, what didn't, and what it signals.

Portfolio Overview: Flat AUM, Fewer Holdings

Berkshire's 13F portfolio grew a marginal 0.3% from $266.4 billion (Q3) to $267.2 billion (Q4), essentially flat despite the S&P 500 returning +2.4% in the quarter. The number of distinct holdings fell from 121 to 112 — continuing a multi-year simplification trend from 172 positions two years ago.

The AUM trajectory tells a striking story: after peaking at $348 billion in Q4 2023, the portfolio has contracted 23% despite the broad market rallying. This is entirely driven by Buffett's aggressive Apple and Bank of America selling campaigns — not by poor performance, but by deliberate portfolio concentration and cash accumulation.

The Apple Saga: Selling Stops at 300 Million Shares

Apple remains Berkshire's largest holding at $75.1 billion (28.1% of portfolio). The critical development: Berkshire held exactly 300 million Apple shares for the second consecutive quarter, ending the dramatic reduction that cut the position by 67% over three quarters.

The selling trajectory was dramatic: from 905.6 million shares ($174.3B) in Q4 2023 to 789.4 million in Q1, then a massive cut to 400 million in Q2, and finally to 300 million in Q3. The Q4 stabilization signals Buffett has found his equilibrium — Apple at 28% of portfolio represents significant conviction while no longer being the 50%+ position it once was.

At current prices, Berkshire's Apple stake is worth approximately $75 billion — more than the entire market cap of companies like Goldman Sachs or Caterpillar.

Bank of America: The Slow Exit Continues

Bank of America is the other major ongoing reduction. Berkshire cut 117.4 million shares in Q4, bringing the position from 797.7 million shares ($31.7B) to 680.2 million shares ($29.9B) — a 14.7% share reduction. This is the third consecutive quarter of selling:

• Q2 2024: 1.033 billion shares (peak)
• Q3 2024: 797.7 million shares (-22.8%)
• Q4 2024: 680.2 million shares (-14.7%)

The cumulative reduction is 353 million shares, or 34% from peak. At the current pace, BAC will move from the #3 position toward the middle of the portfolio within 2-3 quarters. The market initially feared a complete exit, but the pace of selling has slowed — suggesting Buffett may be approaching a target level rather than heading for the door.

Citigroup: The Steepest Cut

While BAC gets the headlines, the most dramatic reduction was Citigroup: down 70.2% by value, from $3.46 billion to $1.03 billion. Berkshire sold 40.6 million shares, bringing the position from 55.2 million to 14.6 million. This is a near-exit trajectory — Citi now represents just 0.39% of the portfolio.

New Position: Constellation Brands

Constellation Brands (STZ) is Berkshire's only new buy in Q4 — a $1.24 billion position (5.6 million shares). The beer and spirits company behind Modelo, Corona, and Casa Noble tequila fits the classic Buffett template: strong brand moats, pricing power, and recession-resistant consumer demand.

STZ has been under pressure from tariff concerns on Mexican imports, pushing the stock down ~15% in Q4 2024. Buffett appears to be buying into that weakness — a pattern consistent with his "be greedy when others are fearful" philosophy.

Top 10 Holdings: 89% of Portfolio

Berkshire's top 10 holdings account for a staggering 89.1% of the entire portfolio. The top 5 alone — Apple, American Express, Bank of America, Coca-Cola, and Chevron — represent 71.9%. This level of concentration is exceptional for a $267 billion portfolio and reflects Buffett's conviction-weighted approach.

Notably, the bottom 25 holdings combined represent just $3.2 billion — less than 1.2% of the portfolio. These small positions are almost certainly managed by Todd Combs and Ted Weschler, Berkshire's two portfolio managers, who each run roughly $15-18 billion.

Sector Allocation: A Financials + Tech + Consumer Story

Berkshire's sector allocation reveals three pillars: Technology (32.5%, almost entirely Apple + Visa/Mastercard), Financial Services (31.1%, led by American Express, BAC, Moody's, and Capital One), and Consumer Defensive (15.1%, anchored by Coca-Cola and Kraft Heinz). Energy rounds out at 11.3% via Chevron and Occidental Petroleum.

The financial sector exposure has declined from ~35% in Q2 to 31.1% as Berkshire reduces BAC and Citi. Meanwhile, energy remains steady — Berkshire added 8.9 million Occidental shares in Q4, pushing that position to $13.1 billion.

Other Notable Moves

Domino's Pizza: Doubling Down

Domino's Pizza saw the largest percentage increase among existing positions: +82% in value, with Berkshire adding 1.1 million shares. This brings the position to $1.0 billion — elevated from a Todd Combs-sized bet to a meaningful allocation.

Nu Holdings: Massive Reduction

Nu Holdings, the Brazilian digital bank, was cut by 64.7% — from $1.18 billion to $416 million. Berkshire sold 46.3 million shares. This follows the pattern of Combs/Weschler positions being trimmed after appreciation.

Charter Communications: Continued Trimming

Charter Communications fell 25.3% as Berkshire sold 830,000 shares. The position is now $683 million, down from $915 million in Q3.

VeriSign: Quietly Adding

VeriSign saw a modest 456,000 share addition (+3.6%), pushing the position to $2.75 billion. As the monopoly operator of .com and .net domain registries, VeriSign is a classic Buffett moat play.

What's NOT in the 13F: The Cash Elephant

The 13F only captures equity holdings. It does not show Berkshire's estimated $300+ billion cash position (primarily in short-term Treasury bills). Adding cash to the $267 billion equity portfolio, Berkshire's total investment portfolio exceeds $570 billion. The cash pile alone is larger than the market cap of all but ~20 companies globally.

This unprecedented cash accumulation — paired with the Apple and BAC selling — suggests Buffett either sees limited opportunities at current valuations, or is building a war chest for a transformational acquisition.

Key Takeaways

• Apple selling is over — 300 million shares held steady for two quarters. This is the new baseline, worth $75B (28% of portfolio).
• Bank exposure declining — BAC down 34% from peak, Citi down 70%. Berkshire is de-risking its bank exposure.
• Constellation Brands — Only new position, classic Buffett template: strong brand, beaten-down price, consumer staple.
• Extreme concentration — Top 5 = 72%, top 10 = 89%. This is a high-conviction portfolio, not a diversified fund.
• Cash is the real story — $300B+ in cash not shown in 13F. Buffett is patient, and that patience is the loudest signal.

Data sourced from SEC EDGAR 13F-HR filing for Berkshire Hathaway Inc (CIK: 0001067983), quarter ending December 31, 2024. All values reflect positions as of the report date; actual current holdings may differ due to the 45-day disclosure lag.