Core shifts: Tech and banks trimmed; healthcare and industrials added

In Q2, Berkshire sold about 20 million shares of Apple—its first additional trim since Q3 last year. Even so, its roughly 280 million Apple shares remain the top holding. The position’s market value and weight both declined, taking Apple’s portfolio share down to around 22%. Over the same period, Bank of America was cut by 26.31 million shares, and T-Mobile US was fully exited.

By contrast, Berkshire initiated about 5.04 million shares of UnitedHealth, ending the quarter with an equity stake worth roughly $1.57 billion; the stock jumped more than 8% after-hours on the disclosure. On the industrial side, Berkshire opened a position in Nucor of about 6.61 million shares (roughly $860 million at quarter-end). The housing chain also saw moves—an initiation in D.R. Horton and an add to Lennar. In energy, Chevron was increased by about 3.4 million shares. Together, these shifts outline three new themes for the quarter.

Top 10 holdings and weight changes

On a 13F basis, the portfolio’s market value was about $257.5 billion in Q2. The top five were: Apple ~22.3%, American Express ~18.8%, Bank of America ~11.1%, Coca-Cola ~11.0%, and Chevron ~6.8%; No. 6 was Chubb at ~3.0%. The trims in Apple and Bank of America pushed their weights lower, while Chevron, after being added to, firmly held a top-five spot.

The portfolio remains highly concentrated in a handful of leaders. Apple’s weight slipping to ~22% is a clear sign of “tech de-weighting” this quarter, reflecting a structural rebalance across lighter tech, tighter financials, and a modest lift in energy. Note that the 13F only covers Berkshire’s U.S. reportable securities; it excludes non-U.S. listings, undisclosed options positions, and private holdings.

(Image source: Berkshire Hathaway website)

Investment themes and rationale: the healthcare–housing–industrial/energy “triangle”

First, leading healthcare service franchises offer strong cash flows and pricing power, helping offset policy and reimbursement cycles via scale and product mix; the UnitedHealth entry extends Berkshire’s preference for “high-quality assets” with predictable cash generation. Second, homebuilding and its value chain are distinctly pro-cyclical; as expectations build for a peak-and-rollover in U.S. mortgage rates, leaders’ land banks, delivery cadence, and geographic mix can amplify financial leverage. Third, on industrials/energy, Nucor and Chevron embody “balance-sheet strength plus capex discipline,” aligning with Berkshire’s long-favored model of high free cash flow paired with dividends and buybacks. The three themes complement one another, shaping a Q2 rebalance aimed at defense, cash returns, and reduced tech concentration.

Market reaction and what to watch

UnitedHealth popped more than 8% after hours on the filing, signaling a positive read-through from “Berkshire entering a healthcare leader.” For Apple, despite another trim, its status as Berkshire’s top holding remains intact, limiting any direct sentiment shock. Watch items ahead include: Apple’s fundamentals and valuation digestion, Bank of America’s capital return path and the rate cycle, U.S. housing starts and a potential mortgage-rate inflection, plus transmission from steel and energy prices.