Group 1 - H&H International Investment, managed by Duan Yongping, significantly increased its holdings in Nvidia, Pinduoduo, and Berkshire Hathaway, while also initiating small positions in three AI-related companies by the end of 2025 [1] - Duan Yongping reduced his stakes in Apple, Alibaba, and Occidental Petroleum [1]

Warren Buffett's Final Clues for Investors: What Berkshire Stock Moves Say - Barron'sSkip to Main ContentThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.# Warren Buffett Just Left His Final Clues for Investors. What Berkshire's Stock Moves Say.By [Callum Keown]ShareResize ...

Group 1 - H&H International Investment, managed by Duan Yongping, has significantly increased its holdings in NVIDIA, Pinduoduo, and Berkshire Hathaway, while also initiating small positions in three AI-related companies as of the end of 2025 [1] - The investment strategy includes a notable reduction in positions in Apple, Alibaba, and Occidental Petroleum [1] Group 2 - As of December 31, 2025, the portfolio shows a 6.96% increase in NVIDIA, a 2.85% increase in Berkshire Hathaway, and a 1.63% increase in Taiwan Semiconductor [2] - Apple remains the largest holding at 50.3% of the portfolio, while Pinduoduo constitutes 7.48% [2]

Core Insights - H&H International Investment's portfolio value reached approximately $17.5 billion by the end of Q4 2025, reflecting a 19% increase from $14.7 billion at the end of Q3 2025 [2] - The portfolio's value was around $14.5 billion at the end of 2024 [3] Portfolio Structure Changes - The portfolio consists of 14 companies, with notable changes in holdings: - Apple (AAPL) remains the largest holding at $8.8 billion, but its share decreased by 7.09% [4] - Berkshire Hathaway (BRK.B) saw a significant increase of 38.24%, now valued at $3.6 billion [4] - Nvidia (NVDA) experienced a dramatic increase of 1110.62%, with a value of $1.35 billion [4] - Pinduoduo (PDD) increased by 34.55%, valued at $1.31 billion [4] - Microsoft (MSFT) saw a 207.66% increase, reaching $415 million [4] - ASML (ASML) was significantly reduced by 87.62%, now valued at just over $10 million [4] Investment Themes - The portfolio reflects a strong focus on technology, with companies like Nvidia, Microsoft, and TSMC forming a core part of the "AI quartet" [5][19] - Despite a reduction in Apple’s holding, it remains a significant investment, with the company’s stock being actively managed through options trading [10][12] - Berkshire Hathaway is viewed as a defensive holding, with its value doubling compared to the end of 2024 [13][14] New Additions and Trends - Three new AI-related companies were added to the portfolio, including CoreWeave, Credo, and Tempus AI, indicating a strategic shift towards AI verticals [17][20][21] - The overall market sentiment towards AI investments is positive, with a belief that missing out on AI opportunities would be detrimental [19] Alibaba and Pinduoduo Holdings - Alibaba's holdings have decreased significantly, from 5.45 million shares at the end of 2024 to 2.56 million shares by the end of 2025 [22] - Pinduoduo has become the fourth largest holding in the portfolio, valued at $1.3 billion, although it is considered a riskier investment [22]

Core Insights - H&H International Investment reported a total market value of $17.5 billion for its U.S. stock holdings as of December 31, 2025, an increase from $14.7 billion in the previous quarter, reflecting a growth of approximately 13.79% [1][2]. Holdings Summary - The portfolio included 3 new stock purchases, increased holdings in 6 stocks, reduced holdings in 5 stocks, and did not completely sell out of any positions [1][2]. - The top ten holdings accounted for 99.66% of the total market value, indicating a concentrated investment strategy [1][2]. Top Holdings - Apple (AAPL.US) remains the largest holding with approximately 32.36 million shares valued at about $8.8 billion, making up 50.30% of the portfolio, although the number of shares decreased by 7.09% from the previous quarter [2][3]. - Berkshire Hathaway (BRK.B.US) is the second-largest holding with around 7.18 million shares valued at approximately $3.6 billion, increasing its share count by 38.24% [2][3]. - Nvidia (NVDA.US) ranks third with about 7.24 million shares valued at approximately $1.3 billion, showing a significant increase of 1110.62% in share count [3]. - Pinduoduo (PDD.US) is fourth with around 11.56 million shares valued at approximately $1.3 billion, with a 34.55% increase in shares [3]. - Google (GOOG.US) is fifth with about 1.86 million shares valued at approximately $600 million, with a 2.48% increase in shares [3]. Significant Changes - H&H significantly increased its holdings in Microsoft (MSFT.US) and Taiwan Semiconductor Manufacturing Company (TSM.US), with share counts rising by 207.66% and 370.95%, respectively [3]. - The firm notably reduced its position in ASML (ASML.US), decreasing its share count by 87.62% [3]. - New positions were established in CoreWeave (CRWV.US), Credo Technology (CRDO.US), and Tempus AI (TEM.US), focusing on AI and data center solutions [3]. Buying and Selling Trends - The top five stocks purchased based on percentage change were Nvidia, Berkshire Hathaway, Taiwan Semiconductor, Microsoft, and Google [4]. - The top five stocks sold based on percentage change included Apple, Occidental Petroleum (OXY.US), Alibaba (BABA.US), ASML, and Disney (DIS.US) [5].

当地时间2月17日美股盘后，伯克希尔哈撒韦公司（下简称"伯克希尔"）向美国证监会（SEC）披露了最新13F文件。13F持仓报告显示， 在巴 菲特担任CEO的最后一季度， 伯克希尔对科技股的持仓进行了大幅调整，大举减持了苹果、亚马逊。 同时，首次建仓传统媒体纽约时报。 整体来看，截至2025年四季度末，伯克希尔前十大重仓股相较前一季度并未发生变化，只是在排名上略微调整。 这十大重仓股分别是：苹 果、美国运通、美国银行、可口可乐、雪佛龙、穆迪、西方石油、瑞士安达保险、卡夫亨氏、Alphabet。 与此同时， 知名投资人段永平也在2025年第四季度减持了苹果 ，减持数量为247.06万股，减持幅度达7.09%。 虽然苹果股价已连续三年上涨，2025年涨幅约9%，但仍跑输标普500指数。年初至今，苹果表现更弱，股价已下跌2.7%，上周甚至创下自去年4月以来最 差单日表现。 纽约时报股价近期表现强劲，2026年以来上涨近7%，目前接近历史高点74.59美元，过去12个月累计涨幅达50%。伯克希尔13F文件披露后，纽 约时报美股股价在盘后交易中涨超2%。 报告还显示，伯克希尔2025年第四季度大幅增持了雪佛龙和瑞士安达保 ...

数据显示，段永平Q4共增持了六只股票，其中增持幅度最大的是英伟达，增持幅度第二大的股票是伯克希尔哈撒韦；同时，段永平也减持 了五只股票，减持幅度最大的是苹果。 | | | | % of | | Reported | % difference | | % (shares) | % change to | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | History | Ticker = Stock = | | Portfolio = | Shares* = | Price® @ | Current Price @ | Value @ | Activity = | Portfolio = | | P | BABA | ALIBABA GROUP HOLDING-SP ... | 2.15% | 2.560.500 | $146.58 | | $375,318,090 | -7.81% (-216.830) | -0.18% | | 1 | GOOG | ALPHABET INC-CL C | 3.33% | 1,855,400 | ...

Group 1 - Berkshire Hathaway made significant adjustments to its technology stock holdings in the last quarter before Warren Buffett stepped down as CEO, notably reducing its positions in Apple and Amazon [1] - The New York Times was the only new stock added to Berkshire's portfolio in the fourth quarter, with a purchase of 5.067 million shares [1] - Notable investor Duan Yongping also reduced his Apple holdings in the fourth quarter, selling 2.4706 million shares, representing a decrease of 7.09% [1] Group 2 - Duan Yongping appears to be making a substantial bet on AI, having significantly increased his holdings in NVIDIA by 6.6393 million shares in the fourth quarter and also initiating positions in three new AI-related companies [1]

Core Insights - Berkshire Hathaway Inc. significantly reduced its stake in Amazon.com Inc. by over 75% in Q4, while acquiring a new stake in the New York Times Co. valued at $351.7 million [1][2] Investment Changes - Berkshire Hathaway's current holdings in Amazon now stand at approximately 2.3 million shares after the reduction [2] - The company also decreased its stakes in Bank of America Corp. and Apple Inc. to 7.1% and 1.5%, respectively, starting in 2024 [2] New Investments - During the same period, Berkshire Hathaway increased its stakes in Chevron Corp. to 6.5% and Chubb Ltd to 8.7% [3] - The initial investment in Chubb was revealed in May 2024, following a secret accumulation of shares the previous year [3] Strategic Acquisitions - Buffett has been actively pursuing new acquisitions, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [4] - Following the announcement of the New York Times Co. investment, its shares rose over 10% in post-market trading [4]

Group 1 - Berkshire Hathaway reduced its stake in Amazon by over 75% in Q4, while investing $351.7 million in the New York Times Company [1][3] - The company acquired 5.1 million shares of the New York Times Company, valued at $351.7 million at year-end [3] - Berkshire continued to trim its stakes in Bank of America and Apple, reducing them to 7.1% and 1.5%, respectively [4] Group 2 - Berkshire increased its stakes in Chevron and Chubb to 6.5% and 8.7%, respectively, during the same period [5] - Chubb's shares rose approximately 11% in Q4 after reports of an informal approach to acquire American International Group Inc. [5] - Warren Buffett has been active in making purchases, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [6]