等了三个月，巴菲特新增“隐形持仓”曝光

Core Viewpoint - Berkshire Hathaway disclosed its latest U.S. stock holdings report, revealing a total holding size of $257.52 billion as of the end of Q2 2025, equivalent to approximately 1.85 trillion RMB [2] Group 1: Major Holdings - The top ten U.S. stock holdings of Berkshire include Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Kraft Heinz, Swiss Re, and DaVita, with a high concentration of 87% [2] - Notably, Berkshire reduced its stake in Apple by 20 million shares, marking a nearly 7% decrease quarter-over-quarter, representing the first reduction in two quarters [2] Group 2: New Positions - In Q2 2025, Berkshire established new positions in several stocks, including approximately 5.04 million shares of UnitedHealth Group, valued at about $1.57 billion, indicating confidence in the long-term value of the healthcare sector [4] - Berkshire also acquired shares in steel manufacturer Nucor and homebuilders Lennar and D.R. Horton, reflecting a strategic positioning in the U.S. housing market [6] - The investment in Lamar Advertising Company suggests optimism regarding potential growth in outdoor advertising demand [6] Group 3: Strategic Insights - The new positions taken by Berkshire in Q2 2025 demonstrate a complementary approach across various economic cycles, covering sectors with stable cash flows and cyclical sensitivity [6] - The actions taken by Berkshire appear to be based on changes in the U.S. macroeconomic cycle [7] Group 4: Confidential Disclosure - Berkshire Hathaway utilized a confidential treatment request for certain stock investments, allowing it to delay public disclosure until after completing its positions [9][12] - This strategy is crucial for large institutional investors like Berkshire, as premature exposure could lead to increased costs due to market reactions [12] - Historical examples include Berkshire's previous use of confidentiality when acquiring shares in Chevron and Verizon [13]