Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has experienced its largest underperformance against the S&P 500 in decades, attributed to Buffett's impending retirement and investor sell-offs [2][3]. Group 1: Stock Performance - Since May 2, when Buffett announced the transfer of control to Greg Abel, Berkshire's Class A shares have dropped by 14%, contrasting sharply with the S&P 500's 11% increase [2]. - The gap in performance is one of the largest since 1990, with only the early pandemic period showing worse quarterly results for Berkshire [3]. - Berkshire's Class A shares reached a record price of $812,855 in May, but there is uncertainty about who is selling these high-vote shares [3]. Group 2: Business Operations - Despite the stock sell-off, Berkshire's subsidiaries, including BNSF Railway and several utility companies, reported profit growth in Q2, with overall operating profit increasing by 8% year-over-year when excluding currency fluctuations [3]. - Berkshire's market valuation has risen to a price-to-book ratio of nearly 1.8, the highest since October 2008 [4]. Group 3: Investment Strategy - Buffett has ceased stock buybacks since May 2024, only repurchasing shares when he believes the price is below intrinsic value [5]. - Recent comments from shareholders suggest that the stock may be overvalued, with expectations that a market correction could prompt Buffett to resume buybacks [6]. - Berkshire has been a net seller of stocks for 11 consecutive quarters, with cash levels reaching 30% of total assets by the end of June [6].

【环球网财经综合报道】被誉为"英国巴菲特"的基金经理特里·史密斯，在最新半年度股东信中嘲讽减 肥药巨头诺和诺德，称其为基金上半年业绩最大拖累。 史密斯坚持"买入并持有优质公司"理念，受伯克希尔影响，其创立的Fundsmith股票基金截至2025年6月 30日规模达201亿英镑，上半年收益率为 -1.9%，拖累年化收益率回落至14.1%。 | % Total Return | 1st Jan to 30th June | Inception to 30th June 2025 | | | --- | --- | --- | --- | | | 2025 | Cumulative | Annualised | | Fundsmith Equity Fund1 | -1.9 | +593.6 | +14.1 | | Equities2 | +0.1 | +403.6 | +11.6 | | UK Bonds3 | +3.8 | +28.3 | +1.7 | | Cash4 | +2.2 | +21.1 | +1.3 | 股东信显示，基金上半年表现不佳，核心原因是持仓的诺和诺德。诺和诺德是基金第8大持仓，持仓价 值约 ...