Warren Buffett doesn’t need an introduction. Berkshire Hathaway’s 13F filings are probably the most-watched institutional disclosures in finance. Every quarter, when the SEC publishes the updated holdings, the entire market pays attention.
But by the time you’re reading about Buffett’s latest moves, he made those trades weeks or even months ago. Here’s what the actual data shows.
Current top holdings
From the latest 13F filing, here are Berkshire’s largest positions by weight:
| Ticker | Weight | Company |
|---|---|---|
| KO | 15.9% | Coca-Cola |
| AXP | 14.0% | American Express |
| CVX | 13.3% | Chevron |
| OXY | 10.8% | Occidental Petroleum |
| AAPL | 9.6% | Apple |
| KHC | 8.2% | Kraft Heinz |
| BAC | 6.5% | Bank of America |
| CB | 6.2% | Chubb |
| MCO | 5.3% | Moody’s |
| GOOGL | 2.8% | Alphabet |
Note what’s changed: Apple is now only the 5th largest position at 9.6%. Two years ago, it was over 40% of the portfolio. Buffett has been systematically selling AAPL — $1.3B sold in the latest filing alone, $3.2B the filing before, and $9.2B before that. That’s a massive position unwind over 2025.
Energy is now the big bet: Chevron (13.3%) and Occidental (10.8%) together make up nearly a quarter of the portfolio, with continued buying in CVX (+$882M latest filing).
Recent trades (latest 13F)
The February 2026 filing (reporting Q4 2025 positions) shows significant activity:
New positions opened:
- LLYVK (Liberty Media / Formula 1) — $908M
- LLYVA — $406M
- NYT (New York Times) — $352M
- FWONK (Formula One Group) — $297M
Increased positions:
- CB (Chubb) — +$1.85B (the largest single increase)
- CVX (Chevron) — +$882M
- DPZ (Domino’s Pizza) — +$109M
Reduced/closed positions:
- AAPL — sold $1.31B
- AMZN — sold $1.67B
- BAC — sold $855M
- DVA (DaVita) — sold $665M
- POOL (Pool Corp) — sold $370M
- AON — sold $191M
The theme: selling big tech (AAPL, AMZN) and financials (BAC), buying media/entertainment (Liberty Media, NYT, Formula 1), insurance (CB), and energy (CVX).
Backtest performance
Same methodology as all our wallets: buying at the price available on the day the 13F becomes public, not when the trade actually happened. The 45-day delay is built in.
| Period | PnL | CAGR |
|---|---|---|
| 1 month | +2.82% | +40.21% |
| 3 months | +3.94% | +16.75% |
| 6 months | +6.48% | +13.41% |
| 1 year | +7.14% | +7.14% |
| 3 years | +45.00% | +13.18% |
Risk score: 0.17 · Sharpe ratio: 0.94 · Total trades processed: 179
The 3-year CAGR of 13.18% is solid but not spectacular — roughly market-matching. The low risk score (0.17) reflects Buffett’s preference for stable, large-cap businesses. This isn’t a high-volatility portfolio.
The 1-year return of +7.14% underperforms the S&P 500, partly because the heavy AAPL selling meant he missed some of the mega-cap rally, and partly because of the 45-day delay eating into entry prices.
How Buffett compares to other 13F funds
| Rank | Manager | 1Y CAGR | Sharpe | Risk |
|---|---|---|---|---|
| 1 | Mohnish Pabrai | +116.33% | 1.19 | 0.18 |
| 2 | Michael Burry | +28.50% | 0.79 | 0.24 |
| 3 | Carl Icahn | +17.04% | 0.44 | 0.32 |
| 4 | Pat Dorsey | +15.90% | 1.53 | 0.21 |
| 5 | Bryan Lawrence | +14.02% | 1.41 | 0.19 |
| 6 | Chris Hohn | +9.13% | 1.05 | 0.17 |
| 7 | Buffett | +7.14% | 0.94 | 0.17 |
| 8 | Bill Ackman | +3.09% | 0.63 | 0.22 |
We track 11 major 13F filers. Buffett ranks 7th by 1-year CAGR, but his 3-year track record (+45%, 13.18% CAGR) and low risk profile make him one of the most consistent. Mohnish Pabrai leads with an extraordinary +116% but with a much more concentrated, volatile portfolio (82.7% in RIG alone).
Why the delay matters more here
Buffett’s lower trading frequency means fewer “news events” that move prices on disclosure. When he opens a major new position (like the $908M Liberty Media buy), the market reacts to the 13F itself — but his core holdings (KO, AXP, CVX) are so well-known that quarterly 13F updates rarely surprise anyone.
Compare this to Bill Ackman, who runs a much more concentrated portfolio where each new position is a bigger deal. The 13F delay hits differently depending on trading frequency and concentration.
For a deeper dive into the 13F filing system and how to read them, check our 13F explainer. And for the complete picture of how we track both institutional investors and politicians, see the congressional trading guide.
