13F Big Reveal | Buffett's 'Farewell Season' Berkshire Hathaway Discloses Holdings: Further Sells Apple, Bank of America, Significantly Cuts Amazon, New Stake in The New York Times

The last move by 'Oracle of Omaha' Buffett before his 'retirement' has drawn significant global investor attention.

After the US stock market closed on February 17 Eastern Time, Berkshire Hathaway filed its 13F document with the Securities and Exchange Commission (SEC), showing that $Berkshire Hathaway-B (BRK.B.US)$ In Q4 2025, it continued to adjust holdings in tech giants, significantly selling off Amazon while further reducing positions in Apple and Bank of America, and for the first time established a position in traditional media company The New York Times. The filing showed thatAs of the end of Q4 last year, Berkshire Hathaway’s total portfolio size was $274 billion, an increase of about $7 billion from $267 billion in Q3.

This report also holds special historical significance as Buffett’s final portfolio disclosure before officially stepping down as CEO at the end of 2025, markingthe official end of the era personally steered by the 'Oracle of Omaha.'Additionally,Berkshire Hathaway recently announced that it will release its annual results on February 28, when Greg Abel, as the new CEO, will issue his first letter to shareholders.

The top ten largest holdings remain the 'same old faces.'

Overall, as of the end of Q4 2025, there were no changes in Berkshire Hathaway's top ten holdings by market value, with only minor adjustments in rankings.The top ten holdings account for a staggering 88.26% of the total market value, continuing Buffett's classic investment style of 'putting eggs in a few baskets.'

Specifically, Berkshire’s top ten holdings for the fourth quarter are: $Apple (AAPL.US)$ 、 $American Express (AXP.US)$ 、 $Bank of America (BAC.US)$ 、 $Coca-Cola (KO.US)$ 、 $Chevron (CVX.US)$ 、 $Moody's (MCO.US)$ (ranked up from seventh to sixth), $Occidental Petroleum (OXY.US)$ (ranked down from sixth to seventh), $Chubb Ltd (CB.US)$ 、 $The Kraft Heinz (KHC.US)$ 、 $Alphabet-A (GOOGL.US)$ 。In line with the third quarter, only four positions out of the top ten holdings changed in the fourth quarter: Apple and American Express were reduced, while Chevron and Chubb Ltd were increased. In terms of increases in holding percentages, Chubb Ltd was the most added stock in the fourth quarter of 2025.

Reduced Apple for the third consecutive quarter and 'heavily cut' Amazon.

In line with market expectations, Berkshire continued to sell over 10.29 million shares of Apple in the fourth quarter, representing a 4.3% decrease from the third quarter. The proportion of Apple in Berkshire's portfolio dropped from 22.69% in the third quarter to 22.60%. In terms of decreased market value, Apple was the most reduced position in Berkshire's portfolio in the fourth quarter of 2025, marking the third consecutive quarter of reductions for Apple.Nevertheless, Apple remains Berkshire's largest holding.

Although Apple's stock price has risen for three consecutive years, with a gain of about 9% in 2025, it still significantly underperformed the S&P 500 index. Year-to-date, Apple's performance has been weaker, with its stock price falling by approximately 2.8%, and last week it even recorded its worst single-day performance since April of last year.

Meanwhile, Berkshire reduced its holdings in Amazon to approximately 2.3 million shares in the fourth quarter, marking a sharp decline of over 77% quarter-over-quarter. The portfolio weight dropped sharply from 0.82% in the third quarter to 0.19%.

Berkshire first purchased Amazon shares in 2019. At the time, Buffett stated that although he had always been cautious about tech stocks, not buying shares of this online retail giant earlier was 'foolish.' In terms of stock price, Amazon's shares have fallen cumulatively by about 13% since entering 2026. In its latest earnings report, Amazon revealed plans to spend $200 billion on capital expenditures in 2026, with an annual investment scale surpassing other tech giants.

In addition, Bank of America is another major holding that Berkshire has continued to reduce. In the fourth quarter of 2025, Berkshire cut around 50.8 million shares of Bank of America, reducing its stake by 8.9% compared to the third quarter of 2025. Bank of America remains Berkshire's third-largest holding.

Initiated a position in New York Times

$New York Times (NYT.US)$ New York Times was the only new position initiated by Berkshire in the fourth quarter. Berkshire purchased approximately 5.06 million shares, with a market value exceeding $350 million, representing about 3.1% of New York Times' shares. This holding ranks 30th in Berkshire’s portfolio, accounting for 0.13%.

Notably, Berkshire had long held media stock assets but sold its newspaper business for $140 million to $Lee Enterprises (LEE.US)$. Buffett once served as the largest external shareholder and board member of the Washington Post. The New York Times’ stock price has performed strongly recently, rising nearly 7% year-to-date, currently approaching its historical high of $74.59. Over the past 12 months, the cumulative increase has exceeded 50%. Following the disclosure of Berkshire’s 13F filing, the New York Times' U.S.-listed shares surged by approximately 10% in after-hours trading.

In addition, Berkshire increased its holdings of 368,000 shares of $Domino's Pizza (DPZ.US)$ , with the number of shares increasing by 12.34% quarter-over-quarter, raising the total holdings to approximately $1.4 billion, ranking 20th in the portfolio. Berkshire also holds stakes in other consumer staples stocks, including $The Kraft Heinz (KHC.US)$ The position remained unchanged in the fourth quarter.

Where will Berkshire Hathaway sail in the 'Post-Buffett Era'?

At the beginning of 2026, after Buffett had been at the helm of Berkshire Hathaway for six decades, he gradually stepped back from the spotlight. Abel, aged 63, took over from the 95-year-old Buffett, marking the official start of the 'Abel Era' for Berkshire.

Looking back on Buffett’s 60-year tenure, his achievements are almost unparalleled. Since taking over Berkshire Hathaway in the mid-1960s, he transformed a struggling textile mill into the world's most influential conglomerate investment group. From 1964 to 2024, Berkshire's annualized compound return rate reached an impressive 19.9%, nearly double the S&P 500 index’s 10.4% during the same period. In terms of share price, Berkshire created tens of thousands of times returns for early investors over the past six decades.

When Abel took over, Berkshire's financial resources were unprecedented. By the end of the third quarter of 2025, Berkshire's cash reserves swelled to a record $381.7 billion, following a sustained period of net selling of stock assets. Buffett explicitly stated that the final decision-making authority for future capital allocation would be entirely handed over to Abel.

As the 'Post-Buffett Era' begins and Berkshire Hathaway sets sail, can Abel create a new legend? Time may provide the answer.

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