Berkshire Hathaway has filed its Q2 2025 13F, which details the conglomerate’s buying and selling activity in the quarter. Here we’ll discuss the key takeaways from the report and examine what companies the Warren Buffett-led company bought and sold last quarter.
Berkshire bought UnitedHealth shares
Berkshire Hathaway made a new investment in UnitedHealth Group, acquiring over 5 million shares valued at approximately $1.6 billion. The conglomerate also took stakes in homebuilders Lennar and D.R. Horton, which, along with steelmaker Nucor, were the “mystery shares” for which it took a confidential treatment from the SEC in Q1.
Advertising company Lamar Advertising was another new addition in Q2, while Berkshire added to its stake in Pool Corp, Chevron, and Constellation Brands.
Warren Buffett trimmed Apple stake
Berkshire Hathaway sold 20 million Apple shares in Q2, and the conglomerate held 280 million AAPL shares at the end of June. Notably, Berkshire sold the bulk of its Apple stake last year and held 300 million shares at the end of the year. The round figure raised hopes that the “Oracle of Omaha” was done selling Apple shares, and the perception gained traction after Berkshire left Apple holdings unchanged in Q1. However, Buffett resumed selling Apple shares in Q2.
At Berkshire Hathaway’s last year’s annual meeting, Buffett alluded that the decision to sell Apple shares was based on tax considerations, especially on hopes that taxes might need to rise to fund the burgeoning US fiscal deficit.
For context, Buffett started investing in Apple way back in 2016 and gradually built the stake into the largest holding in Berkshire’s portfolio of publicly traded securities. The “Oracle of Omaha,” as Buffett is popularly known as has kept adding to Apple shares until the third quarter of 2018.
Berkshire exited T-Mobile in Q2
Buffett also trimmed its stake in Bank of America by 4% continuing its selling spree. Historically, Buffett tried to keep Berkshire’s stake in banks below 10% to avoid regulatory scrutiny. He, however, made an exception for Bank of America and took regulatory approval to hike the stake beyond 10%. Berkshire invested $5 billion in the company’s preferred shares in 2011 and gradually increased its stake. Buffett had also invested in Goldman Sachs during the 2008-2009 financial crisis, even as he passed over struggling names like Lehman Brothers.
Bank of America eventually became Berkshire’s second-biggest holding behind Apple. However, American Express holds that spot now, with Bank of America slipping to the third spot.
Berkshire Hathaway sold off its entire stake in T-Mobile US in Q2, a position worth approximately $1 billion, marking a complete exit from the telecommunications company. It also sold half of the stake in Charter Communications while continuing to trim its stake in DaVita.
Berkshire Hathaway was a net seller of shares in Q2
Berkshire Hathaway was a net seller to the tune of $3 billion in Q2. It was the 11th consecutive quarter when the Warren Buffett-led conglomerate net sold stocks. The company ended June with a cash pile of $344.09 billion, which is slightly below the $347.7 billion that the company reported at the end of March.
To gauge the size of that cash pile, consider the fact that Berkshire now owns over 5% of all outstanding U.S. Treasury bills.
Responding to a question over the burgeoning cash pile, during this year’s annual shareholder meeting, Buffett said, “We have made a lot of money by not wanting to be fully invested at all times.”
Buffett Weighed in On the Soaring Cash Pile
Buffett said that Berkshire “came pretty close to spending $10 billion,” for the deal did not go through. He added, “I mean, those decisions are not tough to make when something is offered that makes sense to us and that we understand and offers good value.”
The nonagenarian, however, dismissed the idea that he is stockpiling the cash for his successor, Greg Abel, and joked, “I wouldn’t do anything nearly so noble.” Notably, Buffett has announced his retirement, and Abel will step into his shoes next year.
Previously, in this year’s annual letter, Buffett had said, “Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities – mostly American equities, although many of these will have international operations of significance.”
“Berkshire will never prefer ownership of cash-equivalent assets over the ownership of good businesses, whether controlled or only partially owned,” added Buffett in the letter.
Buffett, however, hinted that he does not find market valuations attractive and said, “We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best deploy your (and my family’s) savings.” The nonagenarian added, “Often, nothing looks compelling; very infrequently, we find ourselves knee-deep in opportunities.”
Buffett has been warning of soaring deficits
Buffett has also been cautioning about higher fiscal deficits, and at this year’s annual meeting, he said, “Paper money can see its value evaporate if fiscal folly prevails. In some countries, this reckless practice has become habitual, and, in our country’s short history, the U.S. has come close to the edge.”
Notably, the US fiscal deficit hit a record high of $3.13 trillion in the fiscal year 2020. The surge was understandable as the economy needed support during the pandemic. The deficit came down to $2.77 trillion in the fiscal year 2021. It fell further to $1.38 trillion in the next fiscal year, and while it was much below the previous year, it was significantly higher than in pre-pandemic times, when the deficit was contained below $1 trillion. However, in the fiscal year 2024, the budget deficit increased to $1.8 trillion and looks set to rise higher this year, considering it already stands at $1.337 trillion in the first nine months of the current fiscal year.
Several economists have been raising an alarm over the unsustainable debt and burgeoning budget deficit, which is expected to rise further after President Trump’s tax and spending bills.
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Mohit Oberoi
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