Breaking down the stocks Greg Abel (Berkshire Hathaway) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Berkshire Hathaway's 13F filed on November 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 Q3 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| AAPL | Apple | 22.8% | Trimmed (-15%) | $60.66B |
| AXP | American Express | 18.9% | $50.36B | |
| BAC | Bank of America | 11.0% | Trimmed (-6%) | $29.31B |
| KO | Coca-Cola | 10.0% | $26.53B | |
| CVX | Chevron | 7.1% | $18.96B | |
| OXY | Occidental | 4.7% | $12.52B | |
| MCO | Moody's | 4.4% | $11.75B | |
| CB | Chubb | 3.3% | Added (+16%) | $8.84B |
| KHC | Kraft Heinz | 3.2% | $8.48B | |
| GOOGL | Alphabet | 1.6% | NEW | $4.34B |
| DVA | DaVita | 1.6% | Trimmed (-5%) | $4.27B |
| KR | Kroger | 1.3% | $3.37B | |
| SIRI | SiriusXM | 1.1% | Added (+4%) | $2.9B |
| V | Visa | 1.1% | $2.83B | |
| VRSN | Verisign | 0.9% | Trimmed (-32%) | $2.51B |
| MA | Mastercard | 0.9% | $2.27B | |
| AMZN | Amazon | 0.8% | $2.2B | |
| STZ | Constellation Brands | 0.7% | $1.8B | |
| UNH | UnitedHealth | 0.7% | $1.74B | |
| COF | Capital One | 0.6% | $1.52B | |
| AON | Aon | 0.5% | $1.46B | |
| DPZ | Domino's Pizza | 0.5% | Added (+13%) | $1.29B |
| ALLY | Ally | 0.4% | $1.14B | |
| POOL | Pool | 0.4% | $1.07B | |
| LLYVK | Liberty Media | 0.4% | $1.06B | |
| LEN | Lennar | 0.3% | Added (+0%) | $888.7M |
| NUE | Nucor | 0.3% | Trimmed (-3%) | $867.8M |
| LPX | Louisiana Pacific | 0.2% | $503.26M | |
| LLYVA | Liberty Media | 0.2% | $470.24M | |
| HEI-A | Heico | 0.1% | $328.95M | |
| LAMR | Lamar Advertising | 0.1% | Added (+3%) | $147.16M |
| LEN-B | Lennar | 0.0% | Added (+0%) | $21.72M |
| DHI | D.R. Horton | 0.0% | Exited | $-191.49M |
Current Investment Strategy
Berkshire Hathaway continued its net-selling streak for a twelfth consecutive quarter in Q3 2025, trimming flagship holdings Apple by 15% and Bank of America by 6% while initiating a surprising $4.3 billion position in Alphabet, marking the Google parent as its tenth-largest holding. The conglomerate's $267 billion equity portfolio remained heavily concentrated in its top five holdings—Apple, American Express, Bank of America, Coca-Cola, and Chevron—representing approximately 70% of equity assets, while cash reserves swelled to record levels as Buffett prepared to hand leadership to Greg Abel amid caution about elevated market valuations.
New Investments
Alphabet GOOGL
Greg Abel bought $4.34B of Alphabet in Q3 2025. Alphabet delivered record Q3 2025 results with $102.3 billion in revenue, up 16% year-over-year, demonstrating strong execution on AI monetization across Search, Cloud, and subscriptions. The company achieved its first-ever $100 billion quarter with AI-driven experiences like Gemini and AI Mode accelerating user engagement and query growth. Cloud momentum significantly accelerated with backlog growth of 46% quarter-over-quarter to $155 billion, signaling robust enterprise AI adoption and strong demand expected into 2026.
- Revenue grew 16% YoY to $102.3 billion with free cash flow margins at 23.9%, reflecting strong operational leverage and profitability expansion.
- Google Cloud accelerated 34% growth in Q3 with 46% backlog growth QoQ, now comprising 15% of total revenue and signaling AI-driven inflection.
- Gemini app reached 650 million monthly active users with queries up 3x from Q2, while AI Mode generated 75 million daily active users with 200%+ revenue growth from generative AI products.
Added, Trimmed, and Exited
Added
Berkshire Hathaway added to Chubb (CB) (+4.3M shares, +15.9%), SiriusXM (SIRI) (+5.0M shares, +4.2%), Domino's Pizza (DPZ) (+348K shares, +13.2%), and Lamar Advertising (LAMR) (+32.6K shares, +2.8%), while making minimal additions to Lennar (LEN).
What it means: The continued accumulation in Chubb represents the largest add and signals strong conviction in the insurance sector's pricing power and underwriting discipline in the current rate environment. The adds to SiriusXM and Domino's Pizza suggest opportunistic buying in businesses with recurring revenue models and predictable cash flows, both classic Berkshire characteristics. These incremental additions to existing positions demonstrate confidence in businesses already vetted for their competitive moats and management quality.
Trimmed
Berkshire Hathaway reduced its largest positions, trimming Apple (AAPL) by 41.8M shares (-14.9%), Bank of America (BAC) by 37.2M shares (-6.1%), Verisign (VRSN) by 4.3M shares (-32.4%), DaVita (DVA) by 1.6M shares (-4.8%), and Nucor (NUE) by 206K shares (-3.1%).
What it means: The continued reduction in Apple and Bank of America—the portfolio's two largest positions—suggests ongoing position sizing discipline and potential concerns about valuation, concentration risk, or the desire to build cash reserves. The significant 32% trim in Verisign is particularly notable and may indicate concerns about the company's growth prospects or valuation relative to alternatives. These reductions, combined with the massive new Alphabet position, suggest a strategic reallocation toward AI-driven businesses with stronger growth trajectories while prudently managing exposure to mature, highly-weighted holdings.
Exited
Berkshire Hathaway fully liquidated its position in D.R. Horton (DHI), exiting the homebuilder after holding 1.49M shares worth $191.5M.
What it means: The complete exit from D.R. Horton, a homebuilder, likely reflects concerns about the housing market outlook amid elevated mortgage rates and affordability challenges, or simply a decision that the capital could be better deployed elsewhere. Notably, Berkshire retained and even slightly increased its position in competitor Lennar, suggesting this was a company-specific decision rather than a sector exit, possibly related to relative competitive positioning or management preferences between the two homebuilders.
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.
