持仓追踪｜伯克希尔·哈撒⻙ 2025Q4 最新动向

Core Viewpoint - Berkshire Hathaway's investment strategy is shifting from a dominant position in technology stocks to a more balanced portfolio, with increased focus on defensive sectors like energy and insurance [1][5]. Holdings Overview - As of Q4 2025, Berkshire Hathaway's U.S. stock holdings amounted to approximately $274 billion, a decrease of about 1.86% from the previous quarter [1]. - The top ten holdings account for approximately 88.26% of the total portfolio, indicating a high concentration, although the weight of technology and financial stocks has decreased while the weight of energy and insurance sectors has increased [1]. Top Ten Holdings - Apple (AAPL) remains the largest holding with a market value of $61.962 billion, but its holding percentage has dropped to 22.60%, reflecting a reduction of about $2.8 billion [3][4]. - American Express (AXP) follows closely with a market value of $56.088 billion, and its holding percentage has risen to 20.46%, narrowing the gap with Apple [3][4]. Changes in Holdings Structure - The portfolio is transitioning from a single dominant stock to a dual-leader structure, with Bank of America (BAC) and Coca-Cola (KO) forming the second tier of holdings at 10.38% and 10.20%, respectively [5]. - Google (GOOGL) has entered the top ten with a market value of $5.586 billion, indicating a continued interest in technology companies with strong competitive advantages [6]. Top Buys - The top purchases for the quarter include Chevron (CVX), which saw a significant increase of $1.233 billion, reflecting Buffett's confidence in the long-term resilience of energy prices and high cash flow returns [7][8]. - Chubb Limited (CB) was also increased by $910 million, reinforcing Berkshire's position in the insurance sector [7][8]. - Notably, The New York Times (NYT) was a new addition to the portfolio with an investment of $352 million, indicating a strategic move back into the media sector [9]. Top Sells - Major reductions were made in key holdings, with Apple (AAPL) and Bank of America (BAC) both seeing reductions of approximately $2.799 billion and $2.793 billion, respectively [10][11]. - Amazon (AMZN) also experienced a significant reduction of $1.783 billion, indicating a strategic shift in asset allocation [10][11]. - The reductions are not merely bearish signals but are part of a strategy to balance the portfolio and maintain cash reserves amid high market valuations and changing tax policies [12].