Reading a single quarter's 13F in isolation misses the signal. The clearer picture emerges by tracking share counts across four consecutive quarters, separating decisions the manager made (share count changes) from decisions the market made for them (price-driven value changes).

Systematic Builds

Chubb Limited (CB): The most actively built position in the portfolio. Berkshire added 4.3M shares in Q3 and 2.9M shares in Q4, taking the total from 27.0M to 34.2M shares (+26.7% in two quarters).¹ Position value grew from $8.16B in Q1 to $10.69B in Q4 (+30.9%). CB is the only insurance name in the public equity portfolio that Berkshire has actively sized up, and it trades at 8.2x EV/EBITDA with a 15.7% return on equity and 44.3% return on invested capital.⁷ CB has returned +16.9% over the past year (as of April 2026).⁷

Domino's Pizza (DPZ): A patient, four-quarter accumulation — from 2.62M shares in Q1 to 3.35M in Q4 (+27.9%).¹ Berkshire has been adding into underperformance: DPZ has returned –24.7% over the past year.¹² At $1.40B and 0.51% of the portfolio, the position remains small relative to Berkshire's typical sizing, suggesting this is still a build in progress.

Chevron (CVX): Held flat at 122.1M shares through Q2 and Q3 before Berkshire added 8.1M shares in Q4 to reach 130.2M — the first active add in this name in two quarters.¹ CVX has returned +33.1% over the past year.⁶ The full-year net value change is essentially zero (+$66 on a $19.84B position), as the Q4 share addition offset a modest price decline in the stock during the quarter.

Systematic Trims

Apple (AAPL): The most consequential running decision in the portfolio. From 300.0M shares in Q1 to 227.9M in Q4 — a cumulative reduction of 72.1M shares (–24%) across four consecutive quarters.¹ Despite the sustained selling, AAPL remains the largest position at $61.96B (22.6% of portfolio). The reductions are occurring into strength: AAPL has returned +30.3% over the past year.³ Berkshire first disclosed AAPL holdings in 2016 at a split-adjusted cost well below current prices, so these sales likely reflect tax-efficient harvesting of very large embedded gains.

Bank of America (BAC): Four consecutive quarterly reductions, from 631.6M shares in Q1 to 517.3M in Q4 — a cumulative reduction of 114.3M shares (–18.1%).¹ BAC remains the third-largest holding at $28.45B, but the direction is unambiguous. BAC has returned +32.1% over the past year.⁵ Berkshire's ownership stake — once above 13% — has fallen below 10% of BAC's outstanding shares, crossing the regulatory disclosure threshold that had previously required Berkshire to file ownership changes within two business days.

DaVita (DVA): Reduced each quarter, from 35.1M shares in Q1 to 31.8M in Q4 (–9.5%).¹ The position has declined from $5.38B to $3.61B (–32.9% in value). DVA has returned +9.0% over the past year on a price basis; the value decline primarily reflects the share reductions.⁸

Amazon (AMZN): Essentially exited in a single quarter — shares reduced by 7.72M (–77.2%) to just 2.276M remaining.¹ At $525.3M, the position is 0.19% of the portfolio. AMZN has returned +39.1% over the past year.⁹

Unchanged Anchors

Three positions were held at identical share counts for all four quarters: AXP at 151,610,700 shares (value grew from $40.79B to $56.09B, +37.5% — the best-performing position in the portfolio), KO at 400,000,000 shares (value –2.4% on modestly weak Coca-Cola price performance),¹ and MCO at 24,669,778 shares (value +9.7%).¹⁴ These are the core permanent holdings — positions Buffett has stated publicly he has no intention of selling.

Ticker	Q1 2025 Shares	Q2 2025 Shares	Q3 2025 Shares	Q4 2025 Shares	4Q Change	Direction
AAPL	300,000,000	280,000,000	238,212,764	227,917,808	–24.0%	↓ Trimming
BAC	631,573,531	605,267,375	568,070,012	517,295,934	–18.1%	↓ Trimming
DVA	35,142,479	33,796,541	32,160,579	31,759,065	–9.6%	↓ Trimming
CB	27,033,784	27,033,784	31,332,895	34,249,183	+26.7%	↑ Building
DPZ	2,620,613	2,633,868	2,981,945	3,350,000	+27.9%	↑ Building
AXP	151,610,700	151,610,700	151,610,700	151,610,700	0.0%	— Unchanged
KO	400,000,000	400,000,000	400,000,000	400,000,000	0.0%	— Unchanged

Q4 2025: Buffett's Final Filing — Trimming Tech, Building Insurance, Near-Exiting Amazon

The Power Delivery Gap