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Key Takeaways
- Buffett maintains a concentrated portfolio with Apple Inc. (AAPL), American Express Company (AXP), and Bank of America (BAC) as top holdings.
- New investments include homebuilders Lennar (LEN) and D.R. Horton (DHI), steel producer Nucor (NUE), and, most notably, UnitedHealth Group (UNH)—the troubled health insurance giant.
- Berkshire Hathaway added to its existing stakes in Pool Corp (POOL) and Constellation Brands (STZ).
- Standing at $344.1 billion, Buffett’s massive cash pile is roughly unchanged from the March 2025 record of $347 billion.
The second quarter of 2025 marked a historic transition for Berkshire Hathaway. On May 3, 2025, Warren Buffett, the company’s legendary chairman and CEO of 55 years, announced plans to retire from chief executive role by the year’s end.
Intending to remain the chairman, and naming Berkshire’s long-time executive Greg Abel as new CEO, the Oracle of Omaha is leaving his empire—and investors—in good hands. Still, Buffett’s upcoming departure makes his last moves at the helm even more noteworthy for investors and marketwatchers. Here’s what Warren Buffett has been buying, selling, and holding, as of the latest 13F update (dated August 14, 2025):
Buffett’s Top Holdings in 2025
The tariff-driven market plunge in the spring of this year, followed by the summer of repeated all-time highs, may have felt like a rollercoaster for many investors. Warren Buffett, however, has remained characteristically steady through both periods. He still holds a massive cash pile, his top holdings are largely unchanged, and his new positions are relatively small.
Buffett’s investment philosophy has always emphasized concentration over diversification when your conviction is high. “Diversification is protection against ignorance,” he once famously said. “It makes little sense if you know what you’re doing.” As of June 30 2025, Berkshire’s largest positions by market value are as follows:
1. Apple (AAPL): $63.6 billion
Berkshire Hathaway continued to trim its stake in Apple in Q2, offloading another 20,000,000 shares. Still, at roughly 21.4% of the portfolio, the iPhone maker remains Buffett’s top holding and a company he maintains strong confidence in, as outlined in the February 2025 letter to shareholders.
2. American Express (AXP): $48.4 billion
Buffett hasn’t sold a single share of American Express since he first began accumulating the stock in 1991.
3. Bank of America (BAC): $28.6 billion
Despite decreasing his Bank of America position by over 4% in Q2, Warren Buffett still owns north of 605 million shares in the company, making up roughly 10.1% of his portfolio.
4. Coca-Cola (KO): – $28.3 billion
Buffett first purchased the beverage giant in 1988 and hasn’t sold a single share since, exemplifying his “forever” holding philosophy.
5. Chevron (CVX): $19.3 billion
Chevron may be relatively new to the list—Buffett ‘only’ began buying the stock in late 2020, when the energy sector was out of favor—but the addition of nearly 3.5 million shares in Q2 further cements its position as one his top holdings.
The stability of Buffett’s top holdings amid market turbulence underscores his preference for established companies with durable competitive advantages, strong management, and the ability to generate consistent cash flow through various economic cycles.
Tip
Warren Buffett continues to like cash. At $344.1 billion, his current cash position is greater than the cash reserves of Apple Inc. (AAPL), Microsoft Corp. (MSFT), Alphabet Inc. (GOOG), Amazon.com Inc. (AMZN), and NVIDIA Corp. (NVDA) combined. To put this in perspective, only roughly 30 publicly traded companies anywhere in the world have a market capitalization larger than Berkshire’s cash on hand.
Buffett’s New Positions
Berkshire Hathaway’s new positions in Q2 include homebuilders Lennar (LEN) and D.R. Horton (DHI) with roughly $800 million and $190 million stakes, respectively, and steel producer Nucor (NUE), where Buffett bought about $860 million worth of shares.
The most notable new buy, however, is an over $1.6 billion stake in UnitedHealth Group (UNH)—the health insurance giant that saw its shares plunge over 50% since December of 2024, battered by industry headwinds, regulatory inquiries, and the horrific fatal shooting of its executive on the streets of New York City. Buffett has not yet commented on his rationale, but UNH appears to have every hallmark of his classic value play: a dominant, well-run business trading at a deep discount due to short-term turmoil.
More Beer at the Pool for Berkshire
Back in Q1, Berkshire Hathaway disclosed a new stake in Constellation Brands (STZ), owner of some of America’s most popular beer brands, including Corona and Modelo Especial, marking its first significant investment in the alcoholic beverage industry beyond a small stake in Diageo. Buffett continued to grow this position in Q2, and now holds 13,400,000 shares in the company, worth roughly $2.2 billion.
Berkshire has also more than doubled its position in Pool Corp (POOL), a major maker of supplies, equipment, and machinery for swimming pools. As of Q2, Buffett’s holding company owns nearly 3.5 million shares worth just over $1 billion.
The Bottom Line
Tracking Buffett’s moves allows investors to piggyback on his moves and learn about his famous value investing philosophy. His focus on companies with strong fundamentals, competitive advantages, and long-term growth potential continuing to outperform market benchmarks despite the challenges facing many in today’s market.
