Warren Buffett’s six-decade career has redefined value investing and shaped how generations of investors think about risk, reward, and patience. As chairman and CEO of Berkshire Hathaway, he has transformed a struggling textile mill into a global holding company with interests in insurance, railroads, utilities, manufacturing, retail, and an equity portfolio worth hundreds of billions of dollars.
The Q2 2025 13F filing reveals that even at 94 years old, Buffett remains an active decision maker. This quarter’s changes include a large new investment in UnitedHealth Group, reductions in long-held positions in Apple and Bank of America, and the complete exit from T-Mobile US. While these moves are significant, the more telling story is Berkshire’s unusually low equity exposure combined with record cash reserves, a hallmark of Buffett’s readiness to act when others hesitate.
Buffett has announced that he will step down as CEO at the end of 2025. This transition marks the close of a defining chapter in modern capitalism. His influence on Berkshire’s culture, from capital allocation discipline to long-term thinking, ensures that his investment approach will continue to guide the company long after his departure.
Who Is Warren Buffett
Warren Buffett was born in 1930 in Omaha, Nebraska, the city that has remained his lifelong home. His interest in business began early. At age 11, he bought his first stock, Cities Service Preferred, and learned a lesson he would carry throughout his career: patience matters. By age 16, he had built a small fortune running paper routes and investing in pinball machines.
After graduating from the University of Nebraska, Buffett earned his graduate degree in economics from Columbia Business School, studying under Benjamin Graham, author of The Intelligent Investor. Graham’s value investing principles left a lasting mark, but Buffett added his own twist. While Graham looked for undervalued companies regardless of quality, Buffett sought businesses that were not only underpriced but also had durable competitive advantages.
In 1965, Buffett took control of Berkshire Hathaway. Over the next six decades, he used it as a vehicle to acquire outstanding companies such as GEICO, BNSF Railway, and Dairy Queen, and to make strategic equity investments in giants like Apple, Coca-Cola, and American Express. His plainspoken style and knack for simplifying complex financial concepts made him both an elite capital allocator and a trusted public voice. As he often says, “You don’t have to be smarter than the rest, you have to be more disciplined than the rest.”
Buffett’s Investment Philosophy
Buffett’s philosophy rests on a few core beliefs. The first is to treat stock ownership as owning part of a real business rather than a trading chip. This mindset shifts the focus from short-term price swings to long-term business performance. The second is to buy companies with a sustainable competitive edge, or what he calls a “moat,” that protects them from competition. The third is to purchase those companies at a fair or undervalued price to build in a margin of safety.
He is famously patient, saying, “The stock market is designed to transfer money from the active to the patient.” If a stock does not meet his criteria, he is willing to wait years for the right opportunity. That patience is matched by discipline in capital allocation. When markets are expensive, Buffett prefers to hold cash rather than stretch for returns, even if it means Berkshire’s equity exposure falls well below historical averages.
Buffett also avoids complexity he cannot fully understand. He focuses on sectors where he can reasonably predict long-term outcomes, such as consumer goods, financial services, and select technology companies. Once he invests, he prefers to hold indefinitely, provided the business continues to perform and the management remains capable. This explains why Berkshire’s top holdings often remain in place for decades.
Q2 2025 Changes in Detail: Berkshire’s Equity Portfolio
Berkshire Hathaway’s Q2 2025 SEC Form 13F shows the following key moves:
1. New Buy: UnitedHealth Group (UNH)
- Shares purchased: 100 percent increase (new position)
- Buy value: 1.93 billion dollars
- Price paid: 382.19 dollars
- Portfolio weight change: plus 0.61 percentage points
UnitedHealth’s dominant role in managed care, diversified revenue streams, and deep discount align well with Berkshire’s long-term focus.
2. Trims to Core Holdings
- Apple (AAPL)
• Share count reduced by 6.67%
• 4.04 billion dollars in stock sold
• Portfolio weight decreased by 3.34 percentage points - Bank of America (BAC)
• Share count reduced by 4.17%
• 1.11 billion dollars in stock sold
• Portfolio weight increased by 0.98 percentage points
The adjustments reduce exposure to two of Berkshire’s most valuable holdings while realizing substantial profits. Despite the trims, both Apple and Bank of America remain cornerstones of the portfolio, reflecting continued long-term confidence in their fundamentals.
3. Complete Exit: T-Mobile US (TMUS)
- Shares sold: 100 percent
- Sell value: 948.03 million dollars
- Portfolio weight change: minus 0.40 percentage points
This sale removes all telecom exposure from the portfolio.
Top 10 Holdings: Q2 2025 Equity Portfolio
As of June 30, 2025, Berkshire’s equity portfolio was worth 257.52 billion dollars spread across 41 holdings. The top ten account for 87.29 percent of the total:
- Apple (AAPL) | 57.45B | 22.31%
- American Express (AXP) | 48.36B | 18.78%
- Bank of America (BAC) | 28.64B | 11.12%
- Coca-Cola (KO) | 28.30B | 10.99%
- Chevron (CVX) | 17.48B | 6.79%
- Moody’s (MCO) | 12.37B | 4.81%
- Occidental Petroleum (OXY) | 11.13B | 4.32%
- Kraft Heinz (KHC) | 8.41B | 3.26%
- Chubb (CB) | 7.83B | 3.04%
- DaVita (DVA) | 4.81B | 1.87%
Lower Equity Exposure and Record Cash Holdings
Berkshire’s equity exposure is lower than in many previous years, a deliberate choice that reflects Buffett’s belief that one should be “fearful when others are greedy and greedy when others are fearful.” With valuations high in many sectors, he is reluctant to commit capital unless he can secure attractive entry prices.
At the same time, Berkshire’s cash and U.S. Treasury bill holdings have reached record levels, estimated at more than 340 billion dollars. Buffett has often described cash as a form of dry powder that provides the ability to seize opportunities during periods of market stress. Holding such liquidity means Berkshire can act decisively when quality assets become available at fair prices, without needing to sell existing holdings or rely on debt.
This record cash position also strengthens Berkshire’s resilience. In a market downturn, it provides stability for its operating businesses, flexibility for acquisitions, and the potential to deliver superior returns by investing when competitors are forced to retreat.
Key Takeaways – Berkshire’s Q2 2025 Equity Portfolio
- Large healthcare move: New 1.93 billion dollar position in UnitedHealth Group
- Core trims: Apple and Bank of America remain major holdings despite reductions
- Telecom exit: Sale of T-Mobile eliminates the sector from the portfolio
- Concentration: Top ten holdings represent over 87 percent of the portfolio’s value
- Caution: Low equity exposure and record cash reserves prepare Berkshire for future opportunities
- Leadership change: Buffett will step down as CEO at the end of 2025, closing an era but leaving a lasting philosophy within Berkshire
