Breaking down the stocks Greg Abel (Berkshire Hathaway) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Berkshire Hathaway's 13F filed on August 14, 2025.
Who are Warren Buffett, Greg Abel and Berkshire Hathaway?
Berkshire Hathaway Inc. is led by Warren Buffett (Chairman and CEO), with Greg Abel (transitioning to CEO at the end of the year), and profoundly influenced by the late Charlie Munger (former Vice Chairman). The company is known for its diversified equity portfolio, typically consisting of around 45 stocks, with the top 5 holdings comprising approximately 70% of equity assets, and massive cash reserves for opportunistic deployments during market dislocations.
Their investment strategy is a classic value investing approach inspired by Benjamin Graham's principles of margin of safety and evolved through Munger's emphasis on acquiring wonderful businesses at fair prices, treating equities as ownership stakes in enduring enterprises rather than tradable securities. They focus on undervalued or high-quality companies across industries that can compound intrinsic value over decades, with strong qualitative factors like durable economic moats, high returns on capital, honest and capable management, predictable cash flows, and ample reinvestment opportunities in growing markets.
Berkshire Hathaway's Website https://www.berkshirehathaway.com
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AAPL | Apple | 22.3% | Trimmed (-7%) | $57.45B |
| AXP | American Express | 18.8% | $48.36B | |
| BAC | Bank of America | 11.1% | Trimmed (-4%) | $28.64B |
| KO | Coca-Cola | 11.0% | $28.3B | |
| CVX | Chevron | 6.8% | Added (+3%) | $17.48B |
| MCO | Moody's | 4.8% | $12.37B | |
| OXY | Occidental | 4.3% | $11.13B | |
| KHC | Kraft Heinz | 3.3% | $8.41B | |
| CB | Chubb | 3.0% | $7.83B | |
| DVA | DaVita | 1.9% | Trimmed (-4%) | $4.81B |
| VRSN | Verisign | 1.5% | $3.84B | |
| KR | Kroger | 1.4% | $3.59B | |
| V | Visa | 1.1% | $2.95B | |
| SIRI | SiriusXM | 1.1% | $2.75B | |
| MA | Mastercard | 0.9% | $2.24B | |
| AMZN | Amazon | 0.9% | $2.19B | |
| STZ | Constellation Brands | 0.8% | Added (+12%) | $2.18B |
| UNH | UnitedHealth | 0.6% | NEW | $1.57B |
| COF | Capital One | 0.6% | $1.52B | |
| AON | Aon | 0.6% | $1.46B | |
| DPZ | Domino's Pizza | 0.5% | Added (+1%) | $1.19B |
| ALLY | Ally | 0.4% | $1.13B | |
| POOL | Pool | 0.4% | Added (+136%) | $1.01B |
| LLYVK | Liberty Media | 0.3% | $886.08M | |
| NUE | Nucor | 0.3% | Added (+15%) | $856.79M |
| LEN | Lennar | 0.3% | Added (+265%) | $779.69M |
| LPX | Louisiana Pacific | 0.2% | $487.12M | |
| CHTR | Charter Communications | 0.2% | Trimmed (-47%) | $433.7M |
| LLYVA | Liberty Media | 0.2% | $396.33M | |
| HEI-A | Heico | 0.1% | Added (+11%) | $334.98M |
| FWONK | Liberty Media | 0.1% | Trimmed (-14%) | $315.44M |
| DHI | D.R. Horton | 0.1% | Trimmed (-2%) | $191.49M |
| LAMR | Lamar Advertising | 0.1% | NEW | $141.93M |
| ALLE | Allegion | 0.0% | NEW | $112.43M |
| NVR | NVR | 0.0% | $82.07M | |
| JEF | Jefferies Financial Group | 0.0% | $23.71M | |
| LEN-B | Lennar | 0.0% | Added (+89469%) | $19.04M |
| TMUS | T-Mobile | 0.0% | Exited | $-1.04B |
Current Investment Strategy
Berkshire Hathaway maintained its concentrated value investing approach in Q2 2025, with the top five holdings—Apple, American Express, Bank of America, Coca-Cola, and Chevron—comprising approximately 70% of its $258 billion equity portfolio, while core positions in American Express, Coca-Cola, Moody's, Occidental Petroleum, and Kraft Heinz remained steady, underscoring Buffett's long-term investment philosophy. The firm continued trimming its mega-cap technology and financial holdings in Apple and Bank of America while deploying capital into distressed value opportunities, including a $1.6 billion stake in beleaguered healthcare giant UnitedHealth Group and new positions in Lamar Advertising and Allegion, alongside significant increases in Chevron, Constellation Brands, Domino's Pizza, Pool Corp, and Heico.
New Investments
UnitedHealth UNH
Greg Abel bought $1.57B of UnitedHealth in Q2 2025. UnitedHealth demonstrated robust top-line growth of 12% year-over-year to $113.2 billion in Q3 2025, driven by strong membership gains of 795,000 consumers and broad expansion across UnitedHealthcare and Optum segments, though profitability faced significant headwinds from elevated medical cost trends and regulatory impacts. Earnings from operations declined sharply by 50% year-over-year to $4.3 billion with net margins compressing to 2.1% from 6.0%, primarily due to a 470 basis point increase in the medical care ratio reflecting cost pressures and Medicare funding reductions from the Inflation Reduction Act. Management demonstrated confidence by raising full-year 2025 adjusted EPS guidance to at least $16.25 and outlining a clear path to margin recovery in 2026 through repricing initiatives and operational efficiencies, with strong cash generation of $5.9 billion (2.3x net income) supporting strategic investments in value-based care and technology.
- Consolidated revenues grew 12% year-over-year to $113.2B with UnitedHealthcare up 16% and Optum up 8%, supported by 50.1 million domestic consumers served.
- Adjusted EPS of $2.92 beat estimates despite 59% year-over-year decline due to elevated medical care ratios (89.9%) and regulatory headwinds.
- Full-year 2025 adjusted EPS guidance raised to at least $16.25 with management targeting 2026 margin improvement through repricing and Optum Rx expansion.
Lamar Advertising LAMR
Greg Abel bought $141.93M of Lamar Advertising in Q2 2025. Lamar Advertising delivered solid operational performance in Q3 2025 with 3.8% revenue growth to $585.5M and 3.5% adjusted EBITDA growth to $280.8M, beating analyst estimates and demonstrating resilience in the outdoor advertising market. However, profitability metrics contracted with net income declining 2.5% and EPS falling 2.8% to $1.40 per share, missing consensus estimates due to higher operating expenses despite strong operational cash generation. The company's strategic refinancing of $1.1B in debt and strong national sales momentum position it well for full-year guidance achievement and future digital expansion.
- Q3 revenue beat estimates at $585.5M (+3.8% YoY), with operating cash flow up 3.7% to $235.7M.
- Adjusted EBITDA increased 3.5% to $280.8M and beat estimates, while AFFO per share grew 2.0% to $2.20 despite EPS declining 2.8%.
- Company maintains 2 buy and 6 hold analyst ratings with zero sells, supported by dominant 360,000+ display portfolio and 5,200+ digital billboards.
Allegion ALLE
Greg Abel bought $112.43M of Allegion in Q2 2025. Allegion demonstrated strong momentum in Q3 2025, with revenue reaching $1,070.2 million, up 10.7% year-over-year and beating expectations, while adjusted EPS of $2.30 increased 6.5% and exceeded forecasts, driven by solid organic growth of 5.9% and accretive acquisitions contributing 3.9% to growth. Management's decision to raise full-year adjusted EPS guidance to a range of $8.10 to $8.20 reflects confident execution despite headwinds from softer residential markets and inflationary pressures. The company's stock has significantly outpaced peers with gains of 34.3% year-to-date versus the S&P 500's 13.9%, supported by year-to-date free cash flow surging 25.1% to $485.2 million.
- Adjusted EPS grew 6.5% year-over-year to $2.30 in Q3 2025, beating analyst consensus of $2.24 per share.
- Stock gained 34.3% year-to-date, significantly outperforming the S&P 500's 13.9% gain through strong execution and strategic acquisitions.
- Year-to-date free cash flow increased 25.1% to $485.2 million, with organic revenue growth accelerating to 5.9% in Q3.
Added, Trimmed, and Exited
Added
Berkshire Hathaway significantly increased positions in Lennar (LEN) by 5.1 million shares (+265% stake) and Lennar (LEN-B) by 180,728 shares, while also adding to Chevron (CVX) by 3.5 million shares, Pool (POOL) by 2.0 million shares (+136% stake), Nucor (NUE) by 857,602 shares, Constellation Brands (STZ) by 1.4 million shares, Heico (HEI-A) by 132,524 shares, and Domino's Pizza (DPZ) by 13,255 shares.
What it means: The aggressive accumulation of Lennar shares across both share classes signals strong conviction in the homebuilding sector despite ongoing concerns about residential market softness. Combined with additions to building materials suppliers like Pool and steel producer Nucor, Berkshire appears to be positioning for a housing market recovery or finding compelling valuations in cyclical building-related businesses. The continued energy sector commitment through Chevron additions reinforces their long-term bullish stance on traditional energy despite oil price volatility and the -11.9% quarterly return.
Trimmed
Berkshire Hathaway reduced its largest holdings with Bank of America (BAC) down 26.3 million shares and Apple (AAPL) down 20 million shares, while also trimming Charter Communications (CHTR) by 923,377 shares (-47% reduction), DaVita (DVA) by 1.3 million shares, Liberty Media (FWONK) by 493,445 shares, and D.R. Horton (DHI) by 27,021 shares.
What it means: The simultaneous reduction of both Apple (down -13.8% in the quarter) and Bank of America (despite its +8.7% gain) suggests portfolio rebalancing and risk management rather than loss of conviction, likely driven by concentration concerns as these mega-cap positions had grown to dominate the portfolio. The sharp 47% cut to Charter Communications, which posted a -40.7% return, indicates Berkshire may be losing patience with the cable operator's competitive challenges in an increasingly streaming-dominated landscape. The modest trim to homebuilder D.R. Horton while aggressively adding to Lennar suggests selective repositioning within the sector toward preferred management teams.
Exited
Berkshire Hathaway completely liquidated its T-Mobile (TMUS) position of 3.9 million shares valued at $1.04 billion in the prior quarter.
What it means: The full exit from T-Mobile marks a rare complete reversal for Berkshire, which had held the wireless carrier position for several quarters. This liquidation, combined with the heavy Charter Communications trim, suggests growing concerns about the telecommunications and cable sectors' long-term competitive positioning and capital intensity requirements. The decision to completely exit rather than trim indicates Berkshire may have reassessed either the business quality, valuation multiples, or capital allocation priorities of T-Mobile's management, redirecting that capital toward the three new healthcare and industrial positions totaling $1.83 billion.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
