Berkshire Hathaway’s Key Metrics
Update on Berkshire Hathaway’s Stock Holdings
Berkshire Hathaway BRK.A/BRK.B has made notable adjustments to its 13F equity investment portfolio in the second quarter, reflecting movements in various holdings accumulated over the recent quarters.
Importance of the Changes: Our estimates suggest that net sales have approximated $2.6 billion, consisting of roughly $7 billion in sales and about $4.5 billion in purchases. This fluctuated from $3 billion ($6.9 billion in sales and $3.9 billion in purchases) reported by the insurer, but keep in mind that the 13F filings only cover U.S. reportable securities.
- During the June quarter, significant adjustments included the sale of an additional 20 million shares of Apple AAPL, which yielded an estimated $4.3 billion, and the sale of 26.3 million shares of Bank of America stock for about $1.2 billion. Berkshire started selling Apple stock in early September 2023, while reductions in Bank of America holdings began in early July 2024. The company has reduced its Apple holdings by 69% to realize estimated profits around $99.6 billion. Meanwhile, the Bank of America stock was cut by 41%, resulting in roughly $12.1 billion in profits.
- Berkshire also invested new funds in UnitedHealth Group UNH, acquiring 500,000 shares for an estimated $2.1 billion. The shares of UnitedHealth faced a 40% drop in the second quarter, tapering another 13% due to rising healthcare costs and disappointing revenues. Other recent investments were made in Lamar Advertising Lamr (around $138 million for 1.2 million shares) and Allegion (approximately $107 million for 800,000 shares). Berkshire also disclosed three mystery stocks: Dr. Houghton DHI, Lennar Len, and Nucor NUE (which was part of a new investment in the second quarter), having started these investments earlier this year while obtaining SEC permission to conceal these transactions.
Exploring Berkshire’s Mystery Stock Purchases
Diving into the three mystery stocks, Dr. Houghton accumulated 600,000 shares in 2023, with sales generating around $660 million in the second quarter and an estimated $775 million in the fourth quarter. It seems the company also purchased 1.5 million shares in the first quarter for an estimated $23 million, selling off 27,000 shares for about $3.3 million.
Lennar is another previously acquired name, where Berkshire added 20 million shares in the second quarter of 2023 for around $15 million, retaining those holdings. Yet, starting in the first quarter of 2025, Berkshire obtained an additional 1.8 million shares for about $222 million, along with a purchase of 5.3 million shares in the second quarter for approximately $575 million.
Concerning Nucor, this represents a new acquisition for Berkshire, which bought 5.8 million shares in the first quarter of 2024 for about $740 million, followed by another 900,000 shares for around $100 million in the second quarter. Nucor has been navigating the ever-changing steel market this year, focusing on strategic investments and operational enhancements, partly supported by tariffs on imported steel.
