Buffett's final quarter before stepping down: reducing tech stocks, increasing holdings in oil, consumer finance stocks, and opening a new position in The New York Times

Berkshire Hathaway’s latest 13F filing shows that the investment giant led by Warren Buffett made significant adjustments to its holdings in the final quarter before stepping down. As of the end of Q4 2025, the company’s holdings increased to $274 billion, up $7 billion from the previous quarter, with the top ten holdings maintaining a high concentration of 88.26%.

Technology stocks were the focus of this quarter’s adjustments. Apple was sold for the third consecutive quarter, with Berkshire selling over 10.29 million shares, reducing its stake by 4.32%, but it remains the largest holding. Amazon experienced a larger divestment, with holdings dropping sharply by 77.24%, decreasing its portfolio share from 0.82% to 0.19%. Bank of America was also reduced by 50.8 million shares, with its stake falling to 10.38%, still ranking as the third-largest position.

Energy and consumer sectors gained favor. Chevron was increased by 8.09 million shares, a 6.63% rise, with a market value of $19.84 billion; Domino’s Pizza was bought for 368,000 shares, a 12.34% increase, raising its market value to $1.4 billion. Swiss Re also saw an increase of 2.92 million shares, with its stake rising by 9.31%. These adjustments further elevated the weights of oil, consumer, and financial assets in the portfolio.

A new face appeared in the media sector. Berkshire Hathaway initiated a position in The New York Times, buying 5.0657 million shares valued at over $350 million. Following the announcement, NYT’s stock rose 2.4% after hours, with a nearly 45% increase since last year. This investment is interpreted by the market as recognition of the company’s digital transformation of traditional media.

Some classic holdings remained stable. Coca-Cola has not changed its position for several quarters, maintaining a market value of $27.96 billion as the fourth-largest holding. Kraft Heinz’s 325.4 million shares also remained unchanged, but the company’s previously announced tax-free spin-off plan has attracted attention. According to the announcement, the food giant will split into two independent publicly traded companies in the second half of 2026, pending regulatory approval.

While the top ten holdings remained the same, their rankings saw slight adjustments. Moody’s jumped to sixth place thanks to increased holdings, while Western Oil dropped to seventh. Other core holdings include American Express and Alphabet, Google’s parent company. These assets collectively form Berkshire’s core portfolio. Market analysts believe these adjustments reflect Buffett’s final optimization of asset allocation before stepping down.