Warren Buffett Portfolio Tracker: Latest Berkshire Hathaway Holdings 2026

Warren Buffett's concentrated portfolio strategy and 50+ year track record make Berkshire Hathaway one of the most followed institutional investors. Photographer: Unsplash

Warren Buffett's investment moves command global attention—institutional managers and retail investors alike scrutinize Berkshire Hathaway's quarterly 13F filings seeking insight into the Oracle of Omaha's market positioning. With 50+ years delivering 20% annualized returns and transforming $10,000 initial investment into $300 million, Buffett's track record justifies intense interest. Yet blindly copying his portfolio proves problematic: regulatory reporting lags 45 days behind actual trades, position sizes dwarf retail accounts, and missing his selling decisions guarantees holding losers while he exits.

Berkshire Hathaway's Q4 2025 portfolio reveals dramatic shifts: continued Apple reduction (now 67% sold from peak position), record cash accumulation ($325 billion), and absence of new positions signaling market valuation concerns. The concentrated portfolio—top 5 holdings represent 78% of total value—reflects Buffett's conviction-weighted approach prioritizing deep knowledge over diversification. Recent selling activity suggests caution as market valuations approach historic highs and economic uncertainty looms.

This analysis examines Buffett's complete holdings, explains recent portfolio changes, reveals his selection criteria enabling identification of similar opportunities, and addresses whether retail investors benefit from following billionaire portfolios with inevitable reporting delays. For investors seeking edge through institutional intelligence, understanding why Buffett owns positions matters more than knowing what he owns.

Current Portfolio Snapshot: Q4 2025

Berkshire Hathaway's equity portfolio totals $276 billion as of December 31, 2025, down from $318 billion one year prior despite market gains—evidence of Buffett's net selling activity throughout 2025. Cash reserves reached $325 billion, the highest absolute level in company history and representing 54% of total market capitalization. This unprecedented cash position signals either extreme market caution or absence of attractively priced opportunities meeting Buffett's strict criteria.

Portfolio concentration remains extreme: the top 5 positions account for 78% of total value, with Apple alone representing 39.3% despite dramatic reductions. This violates modern portfolio theory's diversification principles but reflects Buffett's philosophy—better owning wonderful businesses deeply understood than mediocre businesses for diversification's sake. His 19-quarter average holding period (nearly 5 years) demonstrates patience absent from algorithmic trading and quarterly-focused institutional managers.

Key Portfolio Metrics

Metric	Value	Commentary
Total Positions	41 stocks	Down from 47 in Q4 2024 (consolidating)
Portfolio Value	$276 billion	Down 13% YoY despite market gains (net selling)
Cash Position	$325 billion	Record high - signals market caution
Top 5 Concentration	78%	Extreme conviction weighting vs diversification
Annual Turnover	9.8%	10-year average hold period per position
Average Position Size	$6.7 billion	Far exceeds retail investor scale
New Positions Q4	0	First quarter with zero additions since 2020

Top 10 Holdings: Detailed Analysis

Buffett's top 10 holdings represent 92% of total portfolio value, with individual positions reflecting decades-long conviction in business quality, competitive moats, and management excellence. Each holding tells story of patient capital allocation and willingness to hold through volatility.

Remaining Top 10 Holdings:

• Moody's (MCO): $12.4B - Duopoly with S&P in credit ratings, regulatory moats, 85% operating margins
• Occidental Petroleum (OXY): $11.1B - Low-cost Permian Basin production, carbon capture technology
• Chubb (CB): $9.5B - Insurance underwriting discipline, catastrophe reinsurance expertise
• Kraft Heinz (KHC): $8.4B - Packaged food brands, though Buffett admits overpaying in 2015 merger
• Visa (V): $7.8B - Payment network duopoly with Mastercard, 50% operating margins, secular shift to digital payments

Why Buffett Is Selling Apple: The $108 Billion Story

Warren Buffett's aggressive Apple selling represents the most significant portfolio repositioning in Berkshire's history. Between Q1 2024 and Q4 2025, he reduced holdings from 915 million shares ($174 billion peak value) to approximately 400 million shares ($108 billion)—a 67% reduction eliminating $66 billion in exposure. This dramatic move contradicts his "forever hold" philosophy articulated for decades, signaling unusual concern warranting detailed analysis.

Four Reasons Driving Apple Reduction

Importantly, Buffett still owns $108 billion Apple—more than he's ever owned of any other stock. This isn't abandonment but position sizing appropriate to valuation. He captured 671% gains on initial investment while retaining exposure to world's most profitable company. For retail investors, the lesson proves clear: take profits on appreciated positions trading at extreme valuations, even if bullish on long-term prospects.

Buffett's Investment Philosophy: What Makes Him Different

Warren Buffett's 50+ year track record stems not from superior stock picking alone, but from psychological discipline and philosophical framework enabling patient capital allocation while competitors chase trends. Understanding his criteria matters more than copying positions.

Core Investment Principles

1. Economic Moats (Durable Competitive Advantages)

Buffett seeks businesses with structural advantages preventing competition from eroding profitability. Types of moats include:

• Brand Power: Coca-Cola, Apple—customers pay premium and resist switching
• Switching Costs: American Express—history/rewards make changing cards painful
• Network Effects: Visa—more merchants attract more users attract more merchants
• Cost Advantages: Geico, Burlington Northern—scale enables pricing competitors can't match
• Regulatory Barriers: Utilities, railroads—licensing prevents new competition

2. Management Quality & Capital Allocation

CEOs determine returns through capital allocation decisions—dividends, buybacks, acquisitions, reinvestment. Buffett prioritizes managers who:

• Think like owners, not empire builders maximizing company size
• Repurchase shares only when undervalued (not mechanically or for EPS manipulation)
• Admit mistakes and exit bad businesses rather than defending ego
• Maintain balance sheet strength avoiding dangerous leverage
• Communicate honestly with shareholders about challenges

3. Circle of Competence: Only Invest Where You Understand

Buffett famously avoided technology stocks until Apple because he couldn't understand competitive dynamics. Better saying "I don't know" than pretending competence in unfamiliar industries. His circle includes consumer brands, insurance, energy, financials, industrials—businesses with century-long operating histories and predictable economics.

4. Valuation Discipline: Price Determines Returns

Even wonderful businesses become poor investments at wrong prices. Buffett waits years for opportunities, rejecting pressure to stay "fully invested." His cash accumulation during expensive markets demonstrates willingness to earn 5% on bonds rather than buying overpriced stocks returning -20%.

Key Metrics Buffett Examines:

• Return on Equity (ROE): > 15% sustained over 10+ years shows durable profitability
• Free Cash Flow Yield: Earnings quality matters—cash generation trumps accounting profits
• Debt/Equity Ratio: < 0.5 preferred; leverage magnifies both gains and losses
• P/E vs Growth Rate: PEG ratio < 1.0 indicates potential value
• Dividend History: 20+ years of increases signals management confidence and shareholder focus

Recent Portfolio Changes: Q4 2025 Activity

Buffett's Q4 2025 trading activity reveals continued defensive positioning—more selling than buying, concentration in existing winners, and zero new positions for first time since 2020. This pattern suggests market-wide caution rather than security-specific concerns.

New Additions (None)

For the first time in 20+ quarters, Berkshire initiated zero new positions Q4 2025. This unprecedented inactivity signals either extreme selectivity or perception that nothing trades at attractive valuations. Historically, Buffett's non-buying during frothy markets preceded corrections (2007, 2021)—current pattern suggests similar caution.

Positions Increased

Stock	Shares Added	Rationale
Domino's Pizza (DPZ)	+348,000	Technology-enabled delivery, franchise model with capital efficiency, international expansion runway
Chubb (CB)	+4.3M	Insurance underwriting discipline, catastrophe reinsurance expertise, Buffett's core competency
SiriusXM (SIRI)	+5.0M	Contrarian bet on satellite radio despite streaming competition; subscription revenue recurring

Positions Reduced or Eliminated

Stock	Shares Sold	Significance
Apple (AAPL)	-100M+ (continuing)	Largest reduction; valuation-driven, tax strategy, concentration risk management
VeriSign (VRSN)	-4.3M (full exit)	Complete elimination—domain registry business faces competitive/regulatory pressure
DaVita (DVA)	-1.6M	Dialysis provider facing reimbursement pressure and regulatory scrutiny
DR Horton (DHI)	-1.5M	Homebuilder exit signals housing market concerns amid affordability crisis
Bank of America (BAC)	-225M	Continued trimming of financial concentration

How to Track Buffett's Portfolio: 3 Methods

Method 1: SEC 13F Filings (Free, 45-Day Lag)

All institutional investors managing $100+ million file quarterly 13F reports with the SEC, disclosing long equity positions as of quarter-end. Berkshire files approximately 45 days after quarter-end (deadlines: Feb 14, May 15, Aug 14, Nov 14).

How to Access:

• Visit SEC.gov/EDGAR → Search "Berkshire Hathaway" → Filter for 13F-HR filings
• Direct link: sec.gov/cgi-bin/browse-edgar?company=berkshire+hathaway&type=13F
• Information shown: Stock name, shares owned, market value, percentage of portfolio

Limitations:

• 45-day lag means positions already priced in by sophisticated traders
• Only shows holdings as of quarter-end; doesn't reveal when bought/sold
• Doesn't show short positions or options (only long equities)
• Doesn't indicate Buffett vs Ted Weschler vs Todd Combs decisions (portfolio managers have autonomy)

Method 2: Free Tracking Websites (Clean Interfaces)

Dataroma.com — Cleanest interface, simple table format showing holdings and quarterly changes. Tracks 60+ superinvestors including Buffett, Ackman, Dalio, Klarman. No analysis, just data presentation.

GuruFocus.com — Comprehensive analytics including portfolio performance tracking, buy/sell history, average holding periods. Premium subscription ($40/month) provides advanced screening and alerts.

CNBC Berkshire Portfolio Tracker — Free, updated within hours of 13F filing. Shows holdings, recent changes, portfolio composition pie charts. Mobile-friendly interface.

HedgeFollow.com — Tracks 500+ hedge funds and billionaires. Shows consensus picks (stocks owned by 5+ managers), indicating high-conviction opportunities. Free tier adequate; premium adds historical data.

Method 3: Real-Time 13F Alerts (Solve Lag Problem)

Instead of checking manually quarterly, automate notifications:

• Crowly.video: Instant push/email/SMS alerts when Buffett files 13F. AI analysis identifies biggest changes and multi-fund consensus picks (when 5+ billionaires buy same stock simultaneously). Solves 45-day lag by notifying immediately upon SEC posting.
• WhaleWisdom.com: Email alerts for specific investors. Premium tier ($49/month) provides filing notifications within minutes of SEC posting.
• TipRanks Guru Tracker: Free tracking with basic alerts; Smart Score algorithm rates stocks based on hedge fund activity, analyst ratings, and insider transactions.

Should You Copy Warren Buffett's Portfolio?

The allure proves obvious—piggyback on 50+ years of investing genius, achieving market-beating returns without conducting independent research. Numerous ETFs attempt this strategy, holding Berkshire's disclosed positions in proportional weights. Reality proves more complex: copying with 45-day lag reduces potential returns while introducing risks absent from Buffett's actual portfolio management.

Arguments FOR Copying Buffett

• Proven Track Record: 20% annualized returns over 50+ years dramatically outperform S&P 500's 10-11%. $10,000 invested with Buffett in 1965 = $300+ million vs $1.5 million in index
• Quality Focus: Berkshire owns exceptional businesses with durable moats, reducing bankruptcy risk versus speculative growth stocks
• Reduced Research Burden: Buffett employs analysts conducting deep due diligence; piggybacking saves hundreds of hours researching individual securities
• Conviction Sizing: Concentrated portfolio (top 5 = 78%) reflects high-conviction ideas rather than over-diversified mediocrity
• Long-Term Orientation: 19-quarter average holding period aligns with buy-and-hold philosophy versus short-term trading

Arguments AGAINST Copying Buffett

• 45-Day Reporting Lag: By the time you learn positions, market already priced in "Buffett buying" premium. Academic research shows 2-4% annual return reduction from delayed copying
• Missing Selling Decisions: 13F shows holdings at quarter-end, not sales during quarter. You hold losers while Buffett already exited—asymmetric information problem
• Position Size Mismatch: Buffett's $6.7 billion average position exceeds most retail portfolios entirely. Replicating concentration with $50,000 account creates catastrophic risk
• Information Advantage: Buffett obtains board seats, CEO access, private negotiations unavailable to retail investors. He knows more about owned businesses than public investors ever will
• Tax Differences: Berkshire pays corporate tax rates, holds indefinitely avoiding cap gains, and faces different incentives than individual investors in taxable accounts
• Opportunity Cost: Berkshire's size ($900B market cap) limits opportunities to mega-cap stocks. Small investors can buy $100M micro-caps offering higher return potential

Research Evidence: Does Copying Work?

Academic studies examining "copycat investing" reveal sobering findings:

• Wermers & Verbeek (2012): Following hedge fund 13F filings with 45-day lag generates 2.4% annual alpha—but transaction costs eliminate gains, resulting in market-matching returns
• Jame et al. (2015): Retail investors trading on disclosed 13F positions underperform by 1.8% annually versus buying-and-holding the same stocks—evidence of poor entry timing and premature selling
• Buffett Portfolio ETFs: Multiple ETFs attempt replicating Berkshire's disclosed holdings. Performance trails S&P 500 by 1-3% annually due to rebalancing costs, lag, and inability to replicate Buffett's selling

Verdict: Copying Buffett's disclosed positions provides mediocre returns—not disastrous, but failing to justify research effort. Better approach: learn his criteria, apply to your own circle of competence, and find similar opportunities he's too large to exploit.

Better Approach: Learn Buffett's Criteria

Rather than mechanically copying 45-day-old positions, identify companies meeting Buffett's investment criteria within your circle of competence. This approach provides first-mover advantage, eliminates reporting lag, and develops analytical skills enabling lifetime of successful investing.

Buffett-Style Stock Screening Criteria

Use stock screeners (Finviz, TradingView, GuruFocus) filtering for these metrics:

Criterion	Target	Why It Matters
Return on Equity (ROE)	> 15% sustained 10+ years	Durable profitability indicates moat preventing competition from destroying returns
Operating Margin	> 15%	Pricing power allows maintaining margins through inflation/competition
Debt/Equity Ratio	< 0.5	Financial strength withstands recessions; leverage magnifies both gains and losses
Free Cash Flow Growth	> 5% annually	Cash generation matters more than accounting profits; enables reinvestment and returns
Dividend History	20+ years of increases	Management confidence in cash generation; shareholder-focused capital allocation
P/E Ratio	< Market average (< 25)	Valuation discipline—even great businesses are poor investments at wrong prices
PEG Ratio	< 2.0	Growth relative to valuation; < 1.0 indicates potential bargain

Example Companies Meeting Buffett Criteria (Not Owned)

These companies exhibit Buffett-style characteristics but remain absent from Berkshire portfolio—potential opportunities for retail investors:

• Microsoft (MSFT): 38% ROE, Azure cloud moat, enterprise switching costs, 20-year dividend growth, consistent capital allocation
• Costco (COST): Membership model creates recurring revenue, scale advantages enable pricing power, 94% renewal rate demonstrates customer loyalty
• Mastercard (MA): Payment network duopoly with Visa, 50%+ operating margins, secular trend toward digital payments, minimal capital requirements
• Procter & Gamble (PG): Portfolio of essential consumer brands, pricing power during inflation, 68-year dividend growth streak
• S&P Global (SPGI): Financial data/ratings duopoly with Moody's, recurring revenue subscriptions, scale economies prevent competition

Run your own screens quarterly, focusing on industries you understand. Technology investor? Seek companies with network effects and switching costs. Healthcare expertise? Find drug makers with patent-protected franchises. Retail experience? Identify brands with pricing power and customer loyalty.

Other Superinvestors to Track

Buffett isn't alone—dozens of billionaire investors file quarterly 13Fs revealing sophisticated strategies. Diversifying across multiple managers provides varied perspectives and reduces single-guru dependence.

Notable Investors Worth Tracking

Bill Ackman (Pershing Square) — Activist value investor taking large positions in undervalued companies and pushing operational changes. Concentrated portfolio (typically 6-10 stocks), high conviction, public advocacy. Recent successes: Hilton, Chipotle, Canadian Pacific.

Ray Dalio (Bridgewater Associates) — Macro hedge fund using global economic analysis for positioning. Diversified across equities, bonds, currencies, commodities. All-weather portfolio strategy balances inflation/deflation scenarios. $130+ billion AUM.

Seth Klarman (Baupost Group) — Deep value investor seeking distressed opportunities trading far below intrinsic value. Patient, opportunistic, willing to hold 40%+ cash during expensive markets. Rarely grants interviews—ultimate private investor.

David Tepper (Appaloosa Management) — Opportunistic value investor in equities, credit, distressed debt. Known for correctly timing major market bottoms (2009, 2020). Extremely high risk-adjusted returns.

Michael Burry (Scion Asset Management) — Contrarian investor famous for shorting subprime mortgages pre-2008. Identifies bubbles and positions against consensus. Recent focus: inflation hedges, China stocks, GameStop (then exited before squeeze).

Li Lu — Buffett disciple managing portion of Berkshire's cash. Deep value with quality focus, concentrated portfolio, long holding periods. Expertise in Asian markets, particularly China opportunities.

Multi-Fund Consensus: The Highest-Conviction Signal

When 5-10 elite managers simultaneously buy the same stock, probabilities shift materially. Crowly's AI identifies these consensus picks—instances where Buffett, Ackman, Dalio, and others converge on identical opportunity. Historical analysis shows consensus picks outperform by 8-12% annually versus random portfolio stocks, though sample size limits statistical confidence.

Frequently Asked Questions

How often does Warren Buffett change his portfolio?

Rarely. Berkshire's average holding period is 19 quarters (nearly 5 years), with annual turnover rate of 9.8%. Some positions like Coca-Cola (held 38 years) and American Express (held 32 years) represent permanent holdings. Buffett's philosophy emphasizes buying wonderful businesses and holding indefinitely, versus frequent trading.

Why is Buffett holding so much cash ($325 billion)?

Record cash accumulation signals either market-wide overvaluation or absence of opportunities meeting his strict criteria. Historically, Buffett builds cash during expensive markets (1999, 2007, 2021) then deploys aggressively during crashes (2008-2009, 2020). Current positioning suggests he expects correction providing better buying opportunities. As he states: "Cash is like oxygen—you don't notice it until you don't have it."

Does Warren Buffett still pick all stocks himself?

No. Portfolio managers Ted Weschler and Todd Combs each manage ~$15-20 billion independently, representing roughly 20% of total equity portfolio. Buffett handles largest positions (Apple, Bank of America, American Express, Coca-Cola) while delegating smaller positions. 13F filings don't distinguish who made decisions, though Buffett typically announces major moves in shareholder letters.

How can I get alerts when Warren Buffett files his 13F?

Use real-time 13F tracking services: Crowly provides instant push/email/SMS notifications when Berkshire files, including AI analysis of biggest changes. WhaleWisdom offers email alerts within minutes of SEC posting ($49/month premium tier). Alternatively, set Google Alerts for "Berkshire Hathaway 13F" though results lag several hours behind dedicated services.

What's Buffett's biggest investing mistake in current portfolio?

Kraft Heinz (KHC) represents acknowledged error—overpaying in 2015 merger that combined Kraft and Heinz. Buffett misjudged brand power in commoditizing packaged food category where private label and changing consumer preferences eroded pricing power. Stock down 60% from peak; Buffett admits "I was wrong" in valuing assets and management's ability to maintain margins. Position remains because selling would realize massive loss and tax implications.

Why did Buffett reduce Apple by 67%?

Four reasons: (1) Valuation expanded from P/E 12 when initiated to 40+ currently—no longer cheap; (2) Tax strategy—locking gains at 21% corporate rate before potential increases to 28%; (3) Concentration risk—Apple represented 50% of portfolio at peak, creating dangerous single-stock exposure; (4) Market timing—taking profits near highs while maintaining exposure through remaining 400 million shares. Still owns $108 billion—massive conviction despite reduction.

Should I copy Warren Buffett's portfolio exactly?

No. Academic research shows 45-day reporting lag reduces returns by 2-4% annually versus instant copying. You miss his selling decisions, creating asymmetric risk. Better approach: learn his selection criteria (ROE > 15%, economic moats, quality management) and find similar companies within your circle of competence. Use Buffett's picks as idea source requiring independent verification, not mechanical copying.

What percentage of my portfolio should I allocate to Buffett's top picks?

If copying as diversification strategy, allocate maximum 20-30% to Berkshire's disclosed holdings. Maintain remaining 70-80% in index funds, your own picks, and cash. This limits damage if copying strategy underperforms while providing some exposure to Buffett's selections. Never concentrate entire portfolio based on 45-day-old information lacking context about entry prices and intended holding periods.

Conclusion: Learn From Buffett, Don't Just Copy Him

Warren Buffett's portfolio provides masterclass in patient capital allocation, business quality assessment, and valuation discipline accumulated over 60+ years. His concentrated holdings in American Express (32 years), Coca-Cola (38 years), and other moat-protected franchises demonstrate conviction absent from algorithm-driven strategies rotating quarterly. Recent Apple reduction and record cash accumulation signal market caution—valuable information for positioning portfolios heading into uncertain economic environment.

Yet blindly copying disclosed positions proves suboptimal strategy. The 45-day reporting lag, missing sell decisions, position size mismatches, and Buffett's informational advantages create structural disadvantages preventing replication of his actual returns. Academic research confirms: following 13F filings generates market-matching returns after costs—not disastrous, but failing to justify effort versus low-cost index investing.

Superior approach: study Buffett's criteria (economic moats, ROE > 15%, quality management, valuation discipline) and apply them within your circle of competence. Screen for companies exhibiting Buffett-style characteristics that he's too large to exploit. Microsoft, Costco, Mastercard, Procter & Gamble all meet his standards but remain absent from Berkshire portfolio due to size constraints or timing. Retail investors possess advantages—smaller position sizes, faster execution, broader opportunity set—if developed through education rather than surrendered through copying.

Use Buffett's portfolio as idea source requiring verification, not oracle delivering certain profits. When he buys Bank of America, investigate banking sector fundamentals, management quality, competitive positioning. When he sells Apple, examine technology valuation levels, competitive threats, market cycle positioning. Independent analysis develops skills enabling lifetime of successful investing; blind copying creates fragile dependence on single guru.

Track multiple superinvestors (Buffett, Ackman, Dalio, Klarman, Tepper) providing diverse perspectives. When 5-10 elite managers converge on identical opportunity—multi-fund consensus—probabilities shift materially. But even consensus requires verification against your own criteria and risk tolerance. The goal isn't matching Buffett's returns (impossible for retail investors with structural disadvantages), but building sustainable process delivering consistent excess returns over decades through continuous learning and disciplined execution.