Key Morningstar Metrics for Berkshire Hathaway
- Fair Value Estimate: USD 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 USD 5.0 billion (composed of USD 7.5 billion of estimated sales and USD 2.6 billion of purchases). The company closed out the year with USD 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 USD 2.7 billion and the sale of another 50.8 million shares of Bank of America for an estimated USD 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 USD 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 USD 325 million, and increased its stakes in Chevron by close to 7% (for an estimated USD 1.2 billion) and Chubb by more than 9% (for an estimated USD 870 million). Other additions included 0.4 million shares of Domino’s Pizza (for an estimated USD 160 million) and 300 shares of Lamar Advertising.
Key stats: As noted above, Berkshire ended the fourth quarter of 2025 with USD 274.2 billion in reportable US equity holdings, according to its 13F filing, which was up 2.6% from reportable holdings of USD 267.3 billion at the end of the third quarter of last year.
