Warren Buffett’s Portfolio Update: Top Holdings, Key Trims, and Media Restructuring

Warren Buffett’s Berkshire Hathaway reported an equity portfolio of roughly $270–280 billion in the latest quarter, continuing its long-standing approach of concentrated investments in high-quality businesses with durable competitive advantages. The portfolio remains anchored by a handful of large, cash-generative franchises spanning technology, financials, consumer staples, and energy.

While overall positioning appears stable, the latest filing shows selective trimming in certain financial and technology holdings alongside incremental additions to energy and insurance-related positions. Several smaller media-related holdings were fully exited, suggesting ongoing portfolio simplification rather than a major strategic pivot.

Berkshire continues to emphasize long-duration compounding, pricing power, and balance-sheet strength — hallmarks of Buffett’s decades-long investment philosophy.

Portfolio Snapshot

Estimated Portfolio Value: ~$275B
Top 10 Weight: ~88%+ (highly concentrated)
Turnover: Low — modest trims, limited new commitments

Top Holdings & Weights

Company	Ticker	Value	Portfolio %
Apple	AAPL	~$62.0B	~22.6%
American Express	AXP	~$56.1B	~20.5%
Bank of America	BAC	~$28.5B	~10.4%
Coca-Cola	KO	~$28.0B	~10.2%
Chevron	CVX	~$19.8B	~7.2%
Moody’s	MCO	~$12.6B	~4.6%
Occidental Petroleum	OXY	~$10.9B	~4.0%
Chubb	CB	~$10.7B	~3.9%
Kraft Heinz	KHC	~$7.9B	~2.9%
Alphabet (Class A)	GOOGL	~$5–6B	~2%+

Key takeaway:
The top holdings reinforce Berkshire’s preference for:

Dominant consumer franchises
Financial services and payments networks
Energy majors and oil exposure
High-quality data/analytics businesses

Biggest Changes Last Quarter

Notable Trims

Apple (AAPL):
Shares reduced modestly (~-4%)
→ Likely portfolio rebalancing after strong performance rather than reduced conviction.

Bank of America (BAC):
Trimmed (~-9%)
→ Continues gradual scaling back of large bank exposure.

Amazon (AMZN) & DaVita (DVA):
Selective reductions suggest valuation discipline.

Notable Adds

New York Times (NYT) (New Position):
→ Likely reflects selective interest in durable subscription-based media franchises with strong brand equity and recurring revenue.

Chevron (CVX):
Incremental additions (~+6%)
→ Reinforces continued bullishness on long-term energy fundamentals.

Chubb (CB):
Position increased (~+9%)
→ Reflects growing insurance exposure following Berkshire’s recent investment.

Domino’s Pizza (DPZ):
Modest increase (~+12%)
→ Suggests conviction in resilient consumer franchise economics.

Full Exits / Media Portfolio Changes Last Quarter

Liberty Media Tracking Stocks (LLYVK, LLYVA):
Positions formally exited following Liberty Media’s corporate restructuring.
→ These tracking stocks were eliminated and converted primarily into Sirius XM (SIRI) shares, meaning this was largely an administrative exchange rather than an active decision by Berkshire to exit the underlying investment.

Sirius XM Holdings (SIRI):
Position significantly increased.
→ Berkshire received shares via the restructuring and added further in the open market, ultimately becoming one of the largest shareholders — signaling continued conviction in the asset despite the structural changes.

Formula One Group (FWONK):
Stake reduced (~-48%), not a full exit.
→ Appears consistent with selective trimming of smaller, non-core media holdings following Liberty’s structural simplification.

Overall:
These moves reflect corporate restructuring and portfolio streamlining rather than a major shift in Buffett’s media exposure strategy.

Portfolio Characteristics

Style: Quality Value / Long-Term Compounders
Concentration: High in top franchises
Turnover: Traditionally very low

Core Sector Themes:

Consumer brand monopolies
Financial services and payments
Energy and natural resources
Data analytics and infrastructure businesses
Select technology platforms

Geographic Exposure:

Predominantly U.S.-listed companies
Globally diversified revenue streams

Summary

Berkshire Hathaway’s latest filing underscores Warren Buffett’s enduring investment philosophy: concentrate capital in exceptional businesses with durable moats, strong cash flows, and capable management. Apple remains the dominant holding despite modest trimming, while financial services and energy continue to form critical pillars of the portfolio.

Recent activity suggests fine-tuning rather than repositioning — incremental adds in energy and insurance alongside trims in banks and technology winners. The full exit from smaller media-related positions further simplifies an already concentrated portfolio.

Overall, Berkshire’s portfolio continues to reflect Buffett’s hallmark strategy: patient capital allocation, disciplined valuation focus, and long-term ownership of high-quality enterprises.