Berkshire Hathaway might have sold more Apple, Bank of America stock in fourth quarter
Berkshire Hathaway’s expected fourth-quarter stock holdings filing on Tuesday will be scrutinized by Warren Buffett and his investment aides for any moves he makes during Buffett’s final quarter at the helm of the company.
Buffett handed the reins to new CEO Greg Abel at the end of 2025 but remained chairman.
Key questions include whether Berkshire continues to pare back its stakes in Apple and Bank of America and whether the company sells holdings amassed by investment manager Todd Combs, who left the firm in December for an investment role at JPMorgan Chase.
Berkshire watchers will also focus on the company’s launch of shares in Alphabet in the third quarter and, of course, a possible addition to new assets acquired in the fourth quarter.
Berkshire will likely disclose its U.S.-listed equity holdings in its quarterly 13-F filing after the close on Feb. 17.
Berkshire was relatively dormant in the first three quarters of 2025. Buffett and investment managers Todd Combs and Ted Weschler haven’t found much to buy in a stock market that Buffett has said offers little opportunity among the mega-cap stocks needed to move the needle on Berkshire, which has a market value of nearly $1 trillion.
Berkshire bought $13.5 billion in shares and sold $24 billion in the first nine months of 2025. The total stock portfolio is approximately $300 billion.
Berkshire made a well-timed purchase of nearly 18 million Alphabet shares in the third quarter when they averaged around $210 per share. The stock is currently trading at $305, valuing the position at approximately $5.5 billion.
Alphabet holding created controversy. Was this a Buffett acquisition or was it purchased by Combs or Weschler, who together manage about 10% of the stock portfolio? The relatively small size suggests it could be Combs or Weschler, but Berkshire does not disclose which executives are behind which holdings. Berkshire’s large stakes in Apple, Coca-Cola, American Express, Occidental Petroleum and Bank of America are assumed to be Buffett investments.
There are also Apple and Bank of America holdings to consider. Berkshire continued selling shares in both companies in the third quarter, reducing its stake in Apple by 42 million shares, or 15%, to 238 million shares. The group reduced its stake in Bank of America by 37 million shares, or 6%, to 568 million shares during the period.
Apple shares are down nearly 75% from their peak, and Bank of America shares are down nearly half since the summer of 2024. Apple shares are Berkshire’s largest, worth about $60 billion.
It’s possible that Berkshire will continue to increase its stake in insurer Chubb in the fourth quarter after purchasing four million shares in the third quarter; This left him with 31 million shares worth over $9 billion.
Another issue is whether Berkshire will sell any of the shares Combs accumulated during his 15-year tenure as Berkshire’s investment manager.
Some Berkshire observers are considering the company’s holdings in Amazon. com, VeriSign, Capital One Financial, Visa and Mastercard Combs may have investments.
When Berkshire investment manager Lou Simpson left the company about 15 years ago, the company sold most of its holdings. And Berkshire did the same with Alleghany’s equity portfolio in 2022 after acquiring the insurer.
Berkshire’s stock movements often create market reaction, especially when the company embarks on a new investment. Even though Berkshire’s average holding period has shortened, investors are generally bidding on these stocks.
Write to Andrew Bary at andrew.bary@barrons.com
