On August 14, 2025, Berkshire Hathaway filed its latest 13F, revealing new positions and changes in its investment portfolio. The filing provided insights into Warren Buffett's evolving strategy, including a significant new position in embattled healthcare giant UnitedHealth Group, as well as reduced stakes in long-time favorites like Apple and Bank of America. The move has raised eyebrows in the market, particularly as Berkshire Hathaway adjusts its holdings amid shifting economic conditions and evolving market dynamics.
At the close of the second quarter, Berkshire Hathaway held 5 million shares of UnitedHealth Group (UNH), valued at approximately $1.6 billion. It's likely that the company began building this position in the fourth quarter of last year, as Berkshire requested regulatory approval to accumulate the shares in secret to avoid price spikes. UnitedHealth Group’s stock surged more than 10% in after-hours trading on the news, a clear indication of the market’s keen interest in Buffett’s decisions.
In addition to the new UnitedHealth position, Berkshire opened smaller positions in several companies including Allegion (ALLE), a security products provider; D.R. Horton (DHI), a homebuilder; Lamar Advertising (LAMR); and steelmaker Nucor (NUE). These stocks all experienced increases in after-hours trading, demonstrating the market’s positive reaction to Berkshire’s strategic moves. Buffett’s investments in these companies suggest he remains optimistic about sectors like homebuilding and infrastructure, despite broader market uncertainties.
However, the filing also revealed some unexpected moves, most notably Berkshire’s complete exit from T-Mobile (TMUS), selling off its $1 billion stake in the telecommunications giant. Additionally, Berkshire trimmed nearly half of its stake in Charter Communications (CHTR), signaling a shift away from the telecommunications sector, an area where Buffett had previously made substantial investments. These moves have sparked speculation about Buffett’s outlook on the telecom industry, with some analysts suggesting he may be retreating from sectors facing greater regulatory scrutiny and competitive pressure.
Alongside these exits, Berkshire made minor reductions in two of its largest holdings—Apple (AAPL) and Bank of America (BAC). The company sold 20 million shares of Apple and 26 million shares of Bank of America, continuing a trend of reducing its exposure to these tech and financial giants. These moves align with Buffett’s gradual pivot away from the tech-heavy stock market environment, even though both Apple and Bank of America remain significant holdings in Berkshire’s portfolio.
In contrast, Buffett continued to bolster his position in Chevron (CVX), one of his largest holdings, by purchasing an additional 3 million shares. Despite the volatility in energy prices, Chevron remains a key component of Berkshire’s long-term investment strategy. Meanwhile, classic stalwarts such as Coca-Cola (KO) and American Express (AXP) saw no changes, reinforcing Buffett’s confidence in the stability of these blue-chip companies.
Notably, Berkshire Hathaway had already significantly reduced its exposure to the banking sector in the first quarter of 2025, exiting its position in Citigroup (C) and trimming its holdings in both Bank of America and Capital One (COF). This move was likely a response to the increased risks within the banking sector, as rising interest rates and economic uncertainty raised concerns about the long-term prospects for financial institutions.
On the other hand, Berkshire increased its stake in the food and beverage sector, particularly in alcohol producer Constellation Brands (STZ) and pizza chain Domino’s Pizza (DPZ), signaling a preference for consumer staples that tend to be more resilient during economic downturns.
In the second quarter of 2025, Berkshire’s portfolio showed a notable tilt toward the homebuilding industry. Not only did it initiate a position in D.R. Horton, but it also significantly increased its stake in rival Lennar (LEN), purchasing an additional 7 million shares, bringing its total stake to around 7.15 million.
This bold move reflects a growing conviction in the housing market, particularly as demand for new homes remains strong despite broader economic challenges. With a favorable interest rate environment and pent-up demand in the housing market, Buffett seems to see an opportunity for significant long-term gains in this sector.
Despite the announcement in May 2025 that Warren Buffett would step down as CEO of Berkshire Hathaway by the end of the year, the company’s stock has experienced a decline of approximately 11% since the announcement.
However, Berkshire Hathaway’s stock has still gained nearly 6% year-to-date, indicating that market sentiment remains positive on the company’s overall prospects. This enduring confidence in Buffett’s stewardship of the company speaks to the strength of the investment philosophy that he has cultivated over decades, even as the company prepares for a future without its legendary leader.
Through the insights provided in Berkshire Hathaway’s latest 13F filing, it’s clear that Warren Buffett continues to adapt to changing market conditions, making strategic adjustments while maintaining a focus on long-term value creation.
His recent decisions reflect a cautious yet opportunistic approach, especially as he reduces exposure to sectors facing headwinds, while ramping up investments in more defensive and growth-oriented industries like healthcare, homebuilding, and consumer staples.
Although the eventual transition to a new CEO may have caused some short-term volatility in Berkshire Hathaway’s stock, the company’s diversified portfolio and Buffett’s unwavering investment philosophy suggest that the firm is well-positioned for future success.
As we witness these strategic shifts unfold, the investment world will continue to watch closely for further moves by Buffett and his team. With the departure of one of the most influential investors of all time on the horizon, questions abound about how Berkshire Hathaway will evolve under new leadership.
Still, for now, the company's investments provide a fascinating snapshot of how one of the greatest investors of our time is positioning himself for the future, while continuing to leave a lasting legacy of value investing.