Warren Buffett's stock picks aren't what they used to be. Indeed, the Berkshire Hathaway (BRK.B) equity portfolio has changed dramatically over the past few years.
Although old-guard favorites such as American Express (AXP) and Coca-Cola (KO) still form the core of the portfolio, Buffett & Co. have taken a shine to names such as Apple (AAPL) and Amazon.com (AMZN).
One thing that hasn't changed, however, is Buffett's preference for maintaining a highly concentrated portfolio.
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Excluding the company's Japanese brokerage stocks and other overseas equities, Apple alone accounts for more than a fifth of Berkshire's stock portfolio, according to data from WhaleWisdom. (That's down from more than 40% a year ago.)
Furthermore, Berkshire's top five U.S. equity holdings comprise about 70% of its portfolio value, while the top 10 account for 87%.
As Buffett likes to say, diversification is for those who don't know what they're doing.
Also please note that Buffett handles the largest positions in the Berkshire Hathaway portfolio. Buffett says his co-managers – Ted Weschler and Todd Combs, who is CEO of Geico – act independently. They're thought to manage about 10% of the portfolio. Buffettologists generally assume Berkshire's smaller buys and sells are the work of these colleagues.
This will likely change when Buffett retires as CEO of his holding company at year's end and Greg Abel, head of Berkshire Hathaway Energy, steps into the role.
Regardless, whether we're talking about Berkshire's biggest bets or the scores of stocks it maintains at the margins, Buffett's focus shifted after the COVID-19 pandemic.
Buffett owned airline stocks at the start of 2020; now he holds none. Banks were aces among Buffett stocks to begin 2020; Berkshire soon kicked most of them to the curb.
And it seems like only yesterday that Buffett was an enthusiastic buyer of select pharmaceutical names. Today, most of those positions have been closed out too.
If you want to know which stocks Warren Buffett is buying and selling, look no further than the Berkshire Hathaway's holdings.
Price, share totals and other data as of June 30, 2025. Sources: Berkshire Hathaway's SEC Form 13F filed August 14, 2025, for the reporting period ended June 30, 2025; and WhaleWisdom.
The Berkshire Hathaway portfolio
Company | Shares held | Holding value | Percent of portfolio |
|---|---|---|---|
Apple (AAPL) | 280,000,000 | $57,447,600,000 | 22.31% |
American Express (AXP) | 151,610,700 | $48,360,781,086 | 18.78% |
Bank of America (BAC) | 605,267,375 | $28,641,252,185 | 11.12% |
Coca-Cola (KO) | 400,000,000 | $28,300,000,000 | 10.99% |
Chevron (CVX) | 122,064,792 | $17,478,457,567 | 6.79% |
Moody's (MCO) | 24,669,778 | $12,374,113,948 | 4.81% |
Occidental Petroleum (OXY) | 264,941,431 | $11,130,189,516 | 4.32% |
Kraft Heinz (KHC) | 325,634,818 | $8,407,891,001 | 3.26% |
Chubb (CB) | 27,033,784 | $7,832,227,900 | 3.04% |
DaVita (DVA) | 33,796,541 | $4,814,317,266 | 1.87% |
VeriSign (VRSN) | 13,289,880 | $3,838,117,344 | 1.49% |
Kroger (KR) | 50,000,000 | $3,586,500,001 | 1.39% |
Visa (V) | 8,297,460 | $2,946,013,173 | 1.14% |
Sirius XM Holdings (SIRI) | 119,776,692 | $2,751,270,614 | 1.07% |
Mastercard (MA) | 3,986,648 | $2,240,256,977 | 0.87% |
Amazon.com (AMZN) | 10,000,000 | $2,193,900,000 | 0.85% |
Constellation Brands (STZ) | 13,400,000 | $2,179,912,000 | 0.85% |
UnitedHealth Group (UNH) | 5,039,564 | $1,572,192,781 | 0.61% |
Capital One Financial (COF) | 7,150,000 | $1,521,234,000 | 0.59% |
Aon (AON) | 4,100,000 | $1,462,716,000 | 0.57% |
Domino's Pizza (DPZ) | 2,633,868 | $1,186,820,921 | 0.46% |
Ally Financial (ALLY) | 29,000,000 | $1,129,550,000 | 0.44% |
Pool (POOL) | 3,458,885 | $1,008,195,800 | 0.84% |
Liberty Media (LLYVK) | 10,917,661 | $886,077,366 | 0.34% |
Nucor (NUE) | 6,614,112 | $856,792,068 | 0.33% |
Lennar (LEN) | 7,048,993 | $779,689,116 | 0.30% |
Louisiana Pacific (LPX) | 5,664,793 | $487,115,550 | 0.19% |
Charter Communications (CHTR) | 1,060,882 | $433,699,170 | 0.17% |
Liberty Media (LLYVA) | 4,986,588 | $396,334,015 | 0.15% |
Heico (HEI) | 1,294,612 | $334,980,855 | 0.13% |
Formula One Group (FWONK) | 3,018,555 | $315,438,998 | 0.12% |
D.R. Horton (DHI) | 1,485,350 | $191,491,322 | 0.07% |
Lamar Advertising (LAMR) | 1,169,507 | $141,931,370 | 0.06% |
Allegion (ALLE) | 780,133 | $112,432,768 | 0.04% |
NVR (NVR) | 11,112 | $82,069,454 | 0.03% |
Jefferies (JEF) | 433,558 | $23,711,287 | 0.01% |
Diageo (DEO) | 227,750 | $22,966,310 | 0.01% |
Lennar Class B (LEN.B) | 180,930 | $19,042,883 | 0.01% |
Liberty Latin America Class A (LILA) | 2,630,792 | $16,047,832 | 0.01% |
Atlanta Braves Holdings (BATRK) | 223,645 | $10,459,877 | less than 0.01% |
Liberty Latin America Class C (LILAK) | 1,284,020 | $7,986,604 | less than 0.01% |
Stocks Warren Buffett is buying
The biggest splash Buffett made in a long while came in the form of buying beaten-down UnitedHealth Group (UNH) in Q2. One of the more influential components of the price-weighted Dow Jones Industrial Average lost as much as 45% of its value for the year to date through mid-May.
Shares were hurt by rising Medicare costs, a Department of Justice investigation into its billing practices and the murder of an executive.
Buffett stepped in by picking up a little more than 5 million UNH shares between April 1 and June 30. Berkshire's stake in the nation's largest health insurer was worth $1.6 billion at the end of Q2. UNH, with a weight of 0.6%, is now the 18th-largest position in the Berkshire Hathaway equity portfolio.
In addition to a depressed share price, Buffett was also likely attracted to UNH's dividend. At 3.3%, UNH yields more than double the S&P 500. Buffett loves dividends even though Berkshire doesn't pay one itself.
In a rare move into the materials sector, Berkshire initiated a stake in steelmaker Nucor (NUE). The conglomerate purchased 6.6 million shares in NUE with a market value of $857 million as of quarter's end. At 0.3% of the portfolio, NUE is Berkshire's 25th-largest position.
NUE stock languished during Q2. In addition to being a bargain stock at a time when steel prices are soaring on tariffs, NUE also happens to be one of the best dividend stocks to buy for dependable dividend growth.
In other buys, Berkshire made new bets in the consumer discretionary sector, adding two homebuilders to its portfolio. The company initiated a position of 7 million shares in Lennar (LEN), worth $780 million as of June 30. With a 0.3% weighting, LEN is Berkshire's 26th-largest holding.
In addition, the holding company bought 28,358 more Class B shares of Lennar, a position that was initiated in the third quarter of 2023.
Buffett's team also bought 1.5 million shares in D.R. Horton (DHI). But the $191 million stake accounts for less than 0.1% of the portfolio, or Berkshire's 32nd-largest holding.
In other purchases, Berkshire initiated a small stake in outdoor advertising company Lamar Advertising (LAMR). With 1.2 million shares worth $142 million as of June 30, LAMR accounts for less than 0.1% of Berkshire's stock holdings.
Buffett's team also picked up 780,133 shares in Allegion (ALLE), which makes commercial and residential locks, among other security hardware. The stake, worth $112 million as of quarter's end, weighs in at less than 0.1% of Berkshire's equity portfolio.
Elsewhere, Berkshire boosted its stake in Chevron (CVX) by almost 3%, buying another 3.5 million shares in the integrated energy major. With 122.1 million shares worth $17.5 billion as of June 30, CVX accounts for nearly 7% of the portfolio, or its fifth-largest holding.
Separately, Berkshire increased its stake in beer, wine and spirit maker Constellation Brands (STZ) by nearly 12%. With a market value of $2.2 billion as of quarter's end, STZ is Berkshire's 17th-largest holding, accounting for 0.9% of its U.S. equity holdings.
The holding company also boosted other smaller positions, such as Domino's Pizza (DPZ), Pool Corp. (POOL) and Heico (HEI).
Stocks Warren Buffett is selling
Buffett continued to pare back on Berkshire's position in Apple (AAPL) in Q2, which, as recently as last year, accounted for roughly 40% of its U.S. holdings. The company sold 20 million shares over the course of the second quarter, but Buffett has hardly lost faith in the iPhone maker.
With 280 million shares worth more than $57 billion as of June 30, AAPL remains Berkshire's largest holding by far. However, it now has a weighting of a little more than 22% in the portfolio, down from almost 26% at the end of Q1.
Buffett once again sold Bank of America (BAC) stock last quarter, which has been a major holding since 2017. Berkshire reduced its stake in the nation's second-largest bank by assets by another 4.2% in Q2, selling more than 26 million shares.
With 605 million shares worth nearly $29 billion as of June 30, BAC is Berkshire's third-largest holding, accounting for more than 11% of the portfolio value.
In other sales, Berkshire continued to lighten up on Charter Communications (CHTR), as it did the previous three quarters. CHTR is now less than 0.2% of the portfolio value.
Other stocks Berkshire continued to ease up on included Formula One Group (FWONK) and DaVita (DVA).
Lastly, Berkshire exited what was left of its stake in T-Mobile US (TMUS). The 3.3 million TMUS shares once accounted for 0.4% of the portfolio, or its 22nd-largest holding.
Berkshire's top five holdings
As noted above, Warren Buffett has always maintained a highly concentrated portfolio. Indeed, he's said that "diversification makes very little sense for anyone who knows what they're doing."
The stocks below accounted for 70% of Berkshire's total U.S. equities portfolio value as of the end of Q2. If you want to know what's driving the bulk of the Buffett's returns, check out the names below.
Apple
Warren Buffett has called Apple "Berkshire's third business," so it should come as no surprise that the iPhone maker routinely takes the top spot among the holding company's positions.
True, Berkshire has pared its stake in Apple in recent quarters, but Buffett has assured shareholders he adores AAPL as much as ever. BRK.B's CEO took pains to explain that the iPhone maker is still, er, the Apple of his eye.
For the record, the sales were for tax purposes. The greatest long-term investor of all time said that AAPL is "even better" than American Express or Coca-Cola, two "wonderful" businesses that Berkshire has owned since the early 1960s and late 1980s, respectively.
As Apple's fifth-largest shareholder, Berkshire's continuing interest in the iPhone maker has market-wide implications.
American Express
Buffett likes credit-card companies. Berkshire owns substantial stakes in payments processors Visa (V) and Mastercard (MA) but he really loves American Express.
Buffett took his first stake in AmEx in the 1960s, and it’s still paying off a half-century later.
There's a lot to love about AmEx: Its management is strong, it's a dominant brand in the industry, and it generates copious amounts of free cash flow – the money left over after essential capital expenditures are made that can be used to finance dividends and stock buybacks.
The current yield on the dividend isn't eye-catching, but it is safe and growing. And the stock is only slightly more volatile than the broader market. Those are attributes that will help long-term investors sleep better at night.
Bank of America
Bank of America is Berkshire Hathaway's third-largest holding. Buffett first acquired BAC stock in Q3 2017. Berkshire is the bank's second-largest institutional shareholder.
In an April 2023 media appearance, Buffett said that he unloaded many of the holding company's bank stocks because he didn't think they were near as solid investments as they once were. As for Bank of America, he said this about the bank and its CEO:
"I like [CEO] Brian Moynihan enormously. And I just don't wanna, I don't wanna sell it," the then 92-year-old CEO told CNBC's Becky Quick.
"But I did sell banks that we'd owned for 25 or 30 years. And if they asked me why I did it, I told them – I just think the system isn't set up quite right in terms of connecting punishment to culprits on something that's important," Buffett added.
Coca-Cola
Buffett famously watched Coca-Cola for 52 years before investing in the stock.
He finally took the plunge in 1988. "We expect to hold these securities for a long time," Buffett wrote back then of his new stake in Coke in a letter to Berkshire shareholders. "In fact, when we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever."
As of the end of Q2 2025, Berkshire owned 9.3% of Coca-Cola’s outstanding shares. Analysts like the stock's prospects, too. Wall Street gives KO a consensus recommendation of Buy, with strong conviction.
Chevron
Thanks to the outlook for crude oil prices, the energy sector is enjoying steady and predictable free cash flow. Chevron, the only energy name among all 30 Dow Jones stocks, is returning some of this cash to shareholders through dividends and buybacks.
Make no mistake: there are few things Buffett likes more than dividends and buybacks.
It also helps that oil is a solid hedge against inflation. With inflation still running ahead of the Federal Reserve's 2% target, commodities should remain in favor.
Berkshire's massive pile of cash, equivalents and short-term investments is much better put to use in an asset like Chevron under such conditions.
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