The deadline for investment firms to submit their 13F quarterly holdings reports to the U.S. SEC is next Tuesday, February 17 (Eastern Time). It is widely anticipated that Berkshire Hathaway will release its report close to this deadline. Given that Warren Buffett stepped down as CEO of Berkshire at the end of last year, this particular holdings report has attracted significant attention. Observers are keen to understand the investment decisions made by the "Oracle of Omaha" during his final quarter at the helm of the company.
Key questions for the market include: whether Berkshire continued to reduce its stakes in Apple (AAPL.US) and Bank of America (BAC.US), and whether it sold positions previously established by Todd Combs, a former key deputy to Buffett. Greg Abel officially succeeded Buffett as CEO of Berkshire earlier this year. Combs was once considered a strong contender for the role but left Berkshire in December to take a new position at JPMorgan.
Throughout the first three quarters of 2025, Berkshire's overall trading activity was relatively subdued. During this period, the company purchased approximately $13.5 billion worth of stock while selling around $24 billion. According to data from WhaleWisdom, the total market value of its investment portfolio stands at $267 billion.
In the third quarter of last year, Berkshire initiated a new position by purchasing approximately 17.85 million shares of Google Class A stock at an average price of around $210. This investment sparked discussion at the time, with speculation that the trade might have been executed by Combs or other managers. The stock has since risen to $305, increasing the value of this holding to approximately $5.5 billion.
As of the end of the third quarter, Berkshire's six largest holdings were Apple, American Express (AXP.US), Bank of America, Coca-Cola (KO.US), Chevron (CVX.US), and Occidental Petroleum (OXY.US). These major positions are widely believed to have been primarily directed by Buffett himself. Changes in the stakes of Apple and Bank of America are particularly noteworthy. Both were significantly reduced in the third quarter; Berkshire's Apple holding was cut by nearly 42 million shares (approximately 15% compared to the second quarter), and its Bank of America holding was reduced by 37 million shares (over 6%). While both companies remain major holdings for Berkshire, the Apple position has shrunk by about 75% from its peak, and the Bank of America stake has been nearly halved since the summer of 2024. Concurrently, Berkshire's cash reserves have reached a new record high.
Another point of interest is whether Berkshire will sell some of the positions established during Combs's tenure. Some investors believe that holdings in companies such as Amazon, VeriSign, Capital One Financial, Visa, and Mastercard may have been investments led by Combs. Approximately 15 years ago, when investment manager Lou Simpson left Berkshire, the company sold most of the holdings he managed. Similarly, following the acquisition of Alleghany in 2022, the company disposed of its stock portfolio.
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