Berkshire Hathaway's Q4 2025 Filing: Apple and American Express Now Control 43% of a $274B Portfolio

TL;DR

• AUM: $274.2B across 110 holdings (Q4 2025)
• Top holding: Apple (AAPL) at 22.6% — $62.0B
• #2: American Express (AXP) at 20.5% — $56.1B
• #3: Bank of America (BAC) at 10.4% — $28.5B
• Two-stock dominance: AAPL + AXP = 43.1% of the entire portfolio
• Top-5 concentration: 70.9%
• AUM trend: $267.3B (Q3) → $274.2B (Q4), +2.6% QoQ
• Holdings count: 115 (Q3) → 110 (Q4) — 5 positions trimmed

The Two-Stock Core

Berkshire Hathaway is the most watched 13F filer in the world, and the Q4 2025 filing reinforces what has been true for years: this is effectively a two-stock portfolio with a $150B tail.

Apple at $62.0B (22.6%) and American Express at $56.1B (20.5%) together represent $118B — 43.1% of the total. Even after Buffett reduced the Apple position in 2024, it remains the anchor by a wide margin.

The Banking Layer

Bank of America at $28.5B (10.4%) is the third-largest position. Add Coca-Cola at $28.0B (10.2%) and Chevron at $19.8B (7.2%), and the top five control 70.9% of the portfolio.

The Quality Compounders

Below the top 5, Berkshire holds a roster of quality businesses: Moody's (MCO) at $12.6B (4.6%), Occidental Petroleum (OXY) at $10.9B (4.0%), Chubb at $10.7B (3.9%), Kraft Heinz (KHC) at $7.9B (2.9%), and Alphabet (GOOGL) at $5.6B (2.0%).

What Changed in Q4

Holdings count dropped from 115 to 110, suggesting Buffett and his lieutenants (Ted Weschler, Todd Combs) trimmed at least 5 smaller positions. AUM grew modestly from $267.3B to $274.2B, a +2.6% increase driven primarily by market appreciation rather than new buying.

The Buffett Portfolio Philosophy

Berkshire's 13F is the purest expression of Buffett's "wonderful company at a fair price" philosophy. Every top-10 name has either a consumer brand moat (Coca-Cola, Apple), a financial toll booth (American Express, Moody's), or an energy oligopoly (Chevron, OXY). There are no venture-style bets, no loss-making companies, and no SPACs.

What Analysts Might Misread

"Buffett is still selling Apple"

The Q4 filing shows Apple at 22.6%. While Buffett reduced the position significantly in 2024, the Q3-to-Q4 change appears minimal. Market appreciation, not new buying, drove most of the value change.

"Berkshire is too concentrated"

Two stocks at 43% would alarm most institutional investors. But Berkshire is not a normal fund — it is an operating conglomerate with insurance float, railroads, utilities, and energy businesses that do not appear in the 13F. The equity portfolio is only one part of the capital allocation picture.

Frequently Asked Questions

What is Warren Buffett's largest stock holding?

Apple (AAPL) at $62.0 billion, representing 22.6% of Berkshire's 13F portfolio as of Q4 2025.

How much of Berkshire's portfolio is in American Express?

American Express (AXP) is the second-largest holding at 20.5% ($56.1 billion), nearly matching Apple in size.

Is Buffett still buying bank stocks?

Bank of America remains the third-largest holding at $28.5 billion (10.4%). Berkshire has held this position for years, though the size has fluctuated with market conditions.

What is Berkshire Hathaway's total 13F portfolio value?

$274.2 billion across 110 positions as of the Q4 2025 filing.