Berkshire Hathaway: Apple and BofA Sales Fund Purchases of Chevron, Chubb, NYT, Domino’s, and Lamar

Key Morningstar Metrics for Berkshire Hathaway

• Fair Value Estimate: $510
• Morningstar Rating: ★★★
• Morningstar Economic Moat Rating: Narrow
• Morningstar Uncertainty Rating: Low

Berkshire Hathaway BRK.B reported a few changes to its 13F equity investment portfolio for the fourth quarter, including selling more Apple and Bank of America shares while starting a new stake in The New York Times.

Why it matters: Based on our estimates, net sales came in at around $5.0 billion (composed of $7.5 billion of estimated sales and $2.6 billion of purchases). The company closed out the year with $274.2 billion in 13F reportable equity securities, which includes its US holdings but excludes foreign investments held abroad, such as Insurance Australia Group, Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo, and several yet-to-be-disclosed German securities.

• Among the major changes during the December quarter were the sale of an additional 10.3 million shares of Apple for an estimated $2.7 billion and the sale of another 50.8 million shares of Bank of America for an estimated $2.7 billion. Berkshire has been selling Apple since the start of September 2023, and Bank of America since the start of July 2024.
• Berkshire also sold 75% of its stake in Amazon for an estimated $1.7 billion, as well as shares of Aon (12% of shares held), Pool (11%), Constellation Brands (3%), and DaVita (1%). Additionally, the firm disposed of shares in Atlanta Braves Holdings (48%) and Liberty Latin America Cl A (9%).
• The company put new money to work in The New York Times Cl A shares, buying 5.1 million shares for $325 million, and increased its stakes in Chevron by close to 7% (for an estimated $1.2 billion) and Chubb by more than 9% (for an estimated $870 million). Other additions included 0.4 million shares of Domino’s Pizza (for an estimated $160 million) and 300 shares of Lamar Advertising.

Key stats: As noted above, Berkshire ended the fourth quarter of 2025 with $274.2 billion in reportable US equity holdings, according to its 13F filing, which was up 2.6% from reportable holdings of $267.3 billion at the end of the third quarter of last year.