Key Highlights

• Apple remains Berkshire Hathaway’s largest holding despite a small reduction

• Major cuts made to Amazon and Bank of America positions

• Chevron stake increased, showing confidence in the energy sector

• New investment initiated in The New York Times Company

• Changes indicate portfolio rebalancing, not a shift away from equities

• Focus remains on strong cash flow, dividends, and durable businesses

Berkshire Hathaway Rebalances Its Portfolio

Berkshire Hathaway, led by Warren Buffett, has made several important changes to its U.S. stock portfolio, according to its latest regulatory filing. The adjustments show a careful rebalancing strategy rather than a dramatic shift in investment direction.

The company reduced its stake in Apple from about 238 million shares to nearly 228 million shares. Even after this trim, Apple remains by far the largest investment in Berkshire’s portfolio. This suggests continued confidence in Apple’s long term strength.

At the same time, Berkshire sharply cut its holdings in Amazon and Bank of America. Amazon shares were reduced from 10 million to about 2.3 million, while Bank of America holdings fell from about 568 million to 517 million shares.

These moves point to a desire to manage risk and avoid overexposure to any single sector or company.

Apple Trim Seen as Risk Management

The reduction in Apple shares does not signal a loss of faith in the company. Instead, it appears to be a move to control concentration risk. Apple’s stock has performed very strongly in recent years, making it a very large portion of Berkshire’s portfolio.

By trimming the position, Berkshire likely locked in some profits while keeping a major stake in a business it still believes in. Apple’s strong ecosystem, loyal customers, and steady revenue from services continue to make it an attractive long term investment.

Reduced Exposure to Amazon and Banking

Berkshire’s sharp cut in Amazon holdings may reflect concerns about near term earnings uncertainty. Amazon faces heavy spending on cloud infrastructure and artificial intelligence, along with ongoing competition in online retail. These factors can make profits less predictable in the short term.

The reduction in Bank of America shares may be linked to uncertainty about interest rates, lending conditions, and banking regulations. Although the bank remains a significant holding, trimming the position reduces exposure to potential risks in the financial sector.

Stronger Bet on Energy Through Chevron

While reducing technology and banking exposure, Berkshire increased its stake in Chevron from about 122 million to more than 130 million shares.

This move highlights Buffett’s long standing preference for businesses that generate strong and steady cash flow. Energy companies like Chevron benefit from global demand for oil and gas, disciplined spending, and the ability to return cash to shareholders through dividends and share buybacks.

Energy stocks also provide diversification, as their performance often differs from technology stocks.

New Investment in The New York Times Company

Berkshire also started a new position in The New York Times Company, purchasing just over 5 million shares.

The investment reflects confidence in the company’s successful shift to a digital subscription model. Revenue now comes from multiple sources, including news subscriptions, cooking apps, games, and sports coverage. Strong brand value and loyal readers support steady recurring income.

This type of predictable revenue aligns well with Berkshire’s investment style.

What the Portfolio Changes Really Mean

Taken together, these moves highlight five key principles guiding Berkshire Hathaway’s strategy:

1. Managing risk when one investment becomes too large

2. Taking profits after strong price gains

3. Favoring companies with reliable cash flow

4. Adjusting exposure based on economic conditions

5. Investing in strong brands with long term potential

Importantly, the changes do not signal a negative outlook on technology or the stock market. Instead, they show a balanced approach that mixes growth companies with stable, income generating businesses.

Conclusion

Berkshire Hathaway’s latest portfolio update reflects disciplined investing rather than dramatic repositioning. Apple remains the cornerstone holding, while increased exposure to energy and a new media investment improve diversification and income stability.

The adjustments demonstrate Buffett’s focus on long term value, steady cash generation, and prudent risk management. In a market environment marked by uncertainty and sector differences, Berkshire continues to rely on careful reallocation instead of bold bets.