Berkshire Hathaway

Investor Summary

Berkshire Hathaway operates as a holding company rather than a traditional investment fund, managing approximately $267-318 billion in publicly traded equities alongside wholly-owned operating businesses across insurance, railroad, utilities, and manufacturing sectors. The company uses insurance float as a cost-free source of investment capital, currently totaling approximately $164 billion. Internal portfolio management is conducted by Warren Buffett, Todd Combs, and Tedd Weschler, with the latter two managing approximately $21 billion under a performance-based compensation structure that pays 10% of returns exceeding the S&P 500. The investment approach maintains high concentration, with approximately 70% of the equity portfolio invested in just six stocks, led by Apple Inc. representing 22.7% of holdings. Recent leadership transition includes Greg Abel as CEO effective January 1, 2026, while Warren Buffett continues as an advisor. The company maintains a decentralized management philosophy for its operating subsidiaries while centralizing capital allocation decisions.

Fund Strategy

Berkshire Hathaway's investment philosophy centers on acquiring businesses with enduring competitive advantages and trustworthy management teams. The approach emphasizes intrinsic value investing, focusing on the discounted value of cash that can be extracted from a business during its remaining life. The company seeks businesses with long-lasting favorable economic characteristics and avoids complex financial instruments or excessive leverage. Warren Buffett and Charlie Munger developed this patient, concentrated investment strategy over decades, prioritizing quality over quantity in both stock selections and wholly-owned subsidiary acquisitions. The philosophy extends beyond pure financial metrics to include assessment of management integrity, business sustainability, and competitive moats. This approach has generated compound annual growth rates of 19.8% for shareholders between 1965 and 2023, significantly outperforming broader market indices through multiple economic cycles.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	10.9%

Executive Summary

Berkshire Hathaway delivered solid operating performance in 2025 with $44.5 billion in operating earnings, demonstrating the durability of its diversified business model. The insurance operations generated exceptional underwriting results with an 87.1% combined ratio while growing float to $176 billion, though increased competition may pressure future earnings. BNSF improved operating margins through efficiency gains, while BHE faces significant investment opportunities driven by AI computing demand and wildfire mitigation needs. The company maintains exceptional financial strength with over $370 billion in cash and Treasury holdings, providing substantial dry powder for future opportunities. Berkshire's concentrated equity portfolio, led by positions in Apple, American Express, Coca-Cola, and Moody's, reflects its disciplined value approach. The company recorded impairment losses on Kraft Heinz and Occidental investments but remains committed to long-term value creation. Management emphasizes maintaining fortress-like financial strength while remaining patient for attractive investment opportunities that meet strict criteria for durable competitive advantages and quality management.

Core Thesis

Berkshire Hathaway maintains its disciplined approach to capital allocation and long-term value creation through a diversified portfolio of insurance operations, regulated utilities, railroads, and manufacturing businesses, supported by exceptional financial strength and over $370 billion in deployable capital.

Forward Outlook

Berkshire expects continued opportunities for incremental capital deployment while maintaining exceptional financial strength. Insurance performance will ebb and flow with industry capital conditions, but the structural advantages will strengthen over time. Non-insurance operations are positioned to deliver greater long-term value through sustained operational excellence.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Mar 1 2026	2025 Q4	8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AAPL, AXP, KHC, KO, MCO, OXY	Capital Allocation, energy, Float, insurance, Quality, Railroads, Underwriting, value	-	Berkshire delivered $44.5 billion in operating earnings with exceptional insurance underwriting results and improved railroad margins. The company maintains over $370 billion in deployable capital while facing increased competition in insurance markets. Management remains disciplined in capital allocation, prioritizing financial strength and long-term value creation through quality businesses with durable competitive advantages.
Feb 22 2025	2024 Q4	0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA	energy, insurance, long-term, Manufacturing, Railroads, value	-	Berkshire Hathaway reported $89.0 billion net earnings in 2024, driven by strong insurance underwriting and investment gains. The company maintains exceptional liquidity with $318 billion in cash while operating diverse businesses across insurance, railroads, utilities and manufacturing. Record tax payments of $26.8 billion demonstrate the success of long-term value creation through disciplined capital allocation and quality business ownership.
Feb 24 2024	2023 Q4	8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AXP, KO, OXY	energy, insurance, long-term, Railroads, Utilities, value	-	Berkshire Hathaway delivered solid 2023 results with record insurance performance offsetting challenges at BNSF railroad and utility operations. Buffett maintains long-term positions in quality businesses like Coca-Cola, American Express, and Japanese trading companies while acknowledging the company's massive size limits future growth potential to modest outperformance versus market averages.
Feb 28 2023	2022 Q4	BRK/A	-	-
Dec 31 2021	2021 Q4	BRK/A	-	-
Dec 31 2020	2020 Q4	BRK/A	-	-
Dec 31 2019	2019 Q4	BRK/A	-	-
Dec 31 2018	2018 Q4	BRK/A	-	-
Dec 31 2017	2017 Q4	BRK/A	-	-
Dec 31 2016	2016 Q4	BRK/A	-	-
Dec 31 2015	2015 Q4	BRK/A	-	-
Dec 31 2014	2014 Q4	BRK/A	-	-
Dec 31 2013	2013 Q4	BRK/A	-	-
Dec 31 2012	2012 Q4	BRK/A	-	-
Dec 31 2011	2011 Q4	BRK/A	-	-
Dec 31 2010	2010 Q4	BRK/A	-	-
Dec 31 2009	2009 Q4	BRK/A	-	-
Dec 31 2008	2008 Q4	BRK/A	-	-
Dec 31 2007	2007 Q4	BRK/A	-	-
Dec 31 2006	2006 Q4	BRK/A	-	-
Dec 31 2005	2005 Q4	BRK/A	-	-
Dec 31 2004	2004 Q4	BRK/A	-	-
Dec 31 2003	2003 Q4	BRK/A	-	-
Dec 31 2002	2002 Q4	BRK/A	-	-
Dec 31 2001	2001 Q4	BRK/A	-	-
Dec 31 2000	2000 Q4	BRK/A	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Mar 1 2026

2025 Q4

8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AAPL, AXP, KHC, KO, MCO, OXY

Capital Allocation, energy, Float, insurance, Quality, Railroads, Underwriting, value

Berkshire delivered $44.5 billion in operating earnings with exceptional insurance underwriting results and improved railroad margins. The company maintains over $370 billion in deployable capital while facing increased competition in insurance markets. Management remains disciplined in capital allocation, prioritizing financial strength and long-term value creation through quality businesses with durable competitive advantages.

Feb 22 2025

2024 Q4

0700.HK, 7203.T, AAPL, AMZN, AXP, BAC, BHP.AX, BP.L, CVX, HSBA.L, KHC, KO, MC.PA, MCO, MSFT, OXY, RELIANCE.NS, SAP.DE, SHOP.TO, TSLA

energy, insurance, long-term, Manufacturing, Railroads, value

Berkshire Hathaway reported $89.0 billion net earnings in 2024, driven by strong insurance underwriting and investment gains. The company maintains exceptional liquidity with $318 billion in cash while operating diverse businesses across insurance, railroads, utilities and manufacturing. Record tax payments of $26.8 billion demonstrate the success of long-term value creation through disciplined capital allocation and quality business ownership.

Feb 24 2024

2023 Q4

8001.T, 8002.T, 8031.T, 8053.T, 8058.T, AXP, KO, OXY

energy, insurance, long-term, Railroads, Utilities, value

Berkshire Hathaway delivered solid 2023 results with record insurance performance offsetting challenges at BNSF railroad and utility operations. Buffett maintains long-term positions in quality businesses like Coca-Cola, American Express, and Japanese trading companies while acknowledging the company's massive size limits future growth potential to modest outperformance versus market averages.

Feb 28 2023

Dec 31 2021

Dec 31 2020

Dec 31 2019

Dec 31 2018

Dec 31 2017

Dec 31 2016

Dec 31 2015

Dec 31 2014

Dec 31 2013

Dec 31 2012

Dec 31 2011

Dec 31 2010

Dec 31 2009

Dec 31 2008

Dec 31 2007

Dec 31 2006

Dec 31 2005

Dec 31 2004

Dec 31 2003

Dec 31 2002

Dec 31 2001

Dec 31 2000

QUARTER	THEMES	TAGS
2025 Q4	Oil Oil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, disrupting 20 million barrels per day. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin.	Crude Oil Brent WTI Shale OPEC
	Natural Gas Natural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices.	Henry Hub LNG Shale Gas Permian
	Silver Silver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting a sell signal for precious metals in the short term. The rally parallels previous episodes in 1973, 1979, 2011, and 2020 that preceded corrections.	Silver Gold Ratio Precious Metals
	Copper Copper markets have moved back into surplus with exchange inventories rising to 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. Despite strong performance in 2025, the persistent rise in inventories suggests the market has entered a prolonged period of surplus, shifting the short-term outlook to bearish.	Copper Base Metals Inventories
	Platinum Group Metals PGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe are unwinding the aggressive push toward electric vehicles, with the Trump administration repealing California's emissions standards and the EU stepping back from its ICE ban. This undermines the bearish narrative that assumed rapid ICE vehicle decline.	Platinum Palladium Auto Catalysts Electric Vehicles
	Commodities The commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in over a century, suggesting the current cycle may only be one-third complete in both duration and magnitude.	Commodity Cycle Capital Cycle Valuation
	Uranium Uranium demand is surging while meeting a fragile supply base, though specific details about market dynamics and pricing outlook are referenced but not elaborated in the main commentary sections.	Uranium Nuclear Supply
2024 Q4	Insurance Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases.	Float Underwriting GEICO Property-Casualty Reinsurance
	Energy Berkshire has invested $35.4 billion in renewable generation and storage, reducing GHG emissions by 38% from 2005 levels. The company plans to achieve 50% reduction by 2030 through continued renewable investments and coal unit retirements.	Renewable Wind Solar Utilities Climate
	Railroads BNSF operates over 32,500 route miles serving multiple regions. The railroad business improved earnings through higher unit volume and employee productivity gains, despite labor agreement charges and litigation costs.	Transportation Freight Infrastructure Logistics Rail
	Manufacturing Diverse manufacturing operations across industrial, building, and consumer products. Precision Castparts showed strong aerospace demand growth, while building products faced headwinds from higher mortgage rates affecting housing demand.	Aerospace Industrial Building Consumer Diversified
2023 Q4	Insurance Property-casualty insurance performed exceptionally well in 2023, setting records in sales, float and underwriting profits. The business provides the core of Berkshire's well-being and growth, with 57 years of experience and room for expansion despite nearly 5,000-fold volume increase.	P&C Insurance Underwriting Float Reinsurance Risk
	Energy Berkshire owns 27.8% of Occidental Petroleum and values its vast US oil and gas holdings plus carbon capture initiatives. The US energy transformation from dependency to self-sufficiency through shale economics is highlighted as strategically important for national security.	Oil Natural Gas Carbon Capture Energy Independence Shale
	Railroads BNSF is essential to America's economic future as the most efficient way to move heavy materials long distances. Despite capital intensity challenges and margin pressures, railroads remain critical infrastructure that will continue serving the country for decades.	Rail Infrastructure Transportation Capital Intensive Freight BNSF
	Utilities Berkshire Hathaway Energy faced severe earnings disappointment due to changing regulatory climate in some states raising specter of zero profitability or bankruptcy. Climate change and forest fire risks add uncertainty to future utility investments in vulnerable western states.	Regulated Utilities Regulatory Risk Climate Change Forest Fires Transmission

QUARTER

THEMES

Oil

Oil represents the cheapest major asset class globally, trading at near-record lows relative to gold despite balanced fundamentals. The closure of the Straits of Hormuz has created the largest supply shock in industry history, disrupting 20 million barrels per day. Non-OPEC supply growth is slowing dramatically, with U.S. shale production plateauing outside the Permian Basin.

Crude Oil Brent WTI Shale OPEC

Natural Gas

Natural gas ranks in the 99.5th percentile of historical undervaluation relative to equities. U.S. production growth has concentrated entirely in the Permian Basin, with other shale regions declining. Once the Permian's current gas production surge runs its course, supply growth should plateau and eventually decline, setting the stage for materially higher prices.

Henry Hub LNG Shale Gas Permian

Silver

Silver surged 51% in Q4 and over 140% for the year, staging a dramatic catch-up rally relative to gold. This magnitude of silver outperformance has historically marked important turning points, suggesting a sell signal for precious metals in the short term. The rally parallels previous episodes in 1973, 1979, 2011, and 2020 that preceded corrections.

Silver Gold Ratio Precious Metals

Copper

Copper markets have moved back into surplus with exchange inventories rising to 1.2 million tonnes, levels last seen in 2003 when copper traded below $0.90 per pound. Despite strong performance in 2025, the persistent rise in inventories suggests the market has entered a prolonged period of surplus, shifting the short-term outlook to bearish.

Copper Base Metals Inventories

Platinum Group Metals

PGMs continued their powerful advance with platinum and palladium each surging 28% in Q4. Policy reversals in both the U.S. and Europe are unwinding the aggressive push toward electric vehicles, with the Trump administration repealing California's emissions standards and the EU stepping back from its ICE ban. This undermines the bearish narrative that assumed rapid ICE vehicle decline.

Platinum Palladium Auto Catalysts Electric Vehicles

Commodities

The commodity bull market has barely begun, with most commodities still 46% below historical nominal peaks and 73% below real peaks when adjusted for inflation. Commodities trade near the lowest levels relative to equities observed in over a century, suggesting the current cycle may only be one-third complete in both duration and magnitude.

Commodity Cycle Capital Cycle Valuation

Uranium

Uranium demand is surging while meeting a fragile supply base, though specific details about market dynamics and pricing outlook are referenced but not elaborated in the main commentary sections.

Uranium Nuclear Supply

2024 Q4

Insurance

Insurance remains Berkshire's core business with significant underwriting profits and float generation. GEICO showed spectacular improvement under Todd Combs' leadership, while property-casualty pricing strengthened due to climate-related damage increases.

Float Underwriting GEICO Property-Casualty Reinsurance

Energy

Berkshire has invested $35.4 billion in renewable generation and storage, reducing GHG emissions by 38% from 2005 levels. The company plans to achieve 50% reduction by 2030 through continued renewable investments and coal unit retirements.

Renewable Wind Solar Utilities Climate

Railroads

BNSF operates over 32,500 route miles serving multiple regions. The railroad business improved earnings through higher unit volume and employee productivity gains, despite labor agreement charges and litigation costs.

Transportation Freight Infrastructure Logistics Rail

Manufacturing

Diverse manufacturing operations across industrial, building, and consumer products. Precision Castparts showed strong aerospace demand growth, while building products faced headwinds from higher mortgage rates affecting housing demand.

Aerospace Industrial Building Consumer Diversified

2023 Q4

Insurance

Property-casualty insurance performed exceptionally well in 2023, setting records in sales, float and underwriting profits. The business provides the core of Berkshire's well-being and growth, with 57 years of experience and room for expansion despite nearly 5,000-fold volume increase.

P&C Insurance Underwriting Float Reinsurance Risk

Energy

Berkshire owns 27.8% of Occidental Petroleum and values its vast US oil and gas holdings plus carbon capture initiatives. The US energy transformation from dependency to self-sufficiency through shale economics is highlighted as strategically important for national security.

Oil Natural Gas Carbon Capture Energy Independence Shale

Railroads

BNSF is essential to America's economic future as the most efficient way to move heavy materials long distances. Despite capital intensity challenges and margin pressures, railroads remain critical infrastructure that will continue serving the country for decades.

Rail Infrastructure Transportation Capital Intensive Freight BNSF

Utilities

Berkshire Hathaway Energy faced severe earnings disappointment due to changing regulatory climate in some states raising specter of zero profitability or bankruptcy. Climate change and forest fire risks add uncertainty to future utility investments in vulnerable western states.

Regulated Utilities Regulatory Risk Climate Change Forest Fires Transmission

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
8001.T	Japanese trading/investment companies Marubeni Corp. and Itochu Corp. both posted gains in excess of 10% for the quarter, executing on both organic and acquisitive growth initiatives, while focusing on better shareholder returns.
8002.T	Japanese trading/investment companies Marubeni Corp. and Itochu Corp. both posted gains in excess of 10% for the quarter, executing on both organic and acquisitive growth initiatives, while focusing on better shareholder returns.
AAPL	Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends.
AXP	American Express Company represents 22.1% of company owned with cost basis of $1,287 million and market value of $56,088 million, providing $479 million in 2025 dividends.
KHC	Our investment in Kraft Heinz has been disappointing. Even after considering the preferred equity component in our original Heinz investment, our return has been well short of adequate.
KO	The Coca-Cola Company represents 9.3% of company owned with cost basis of $1,299 million and market value of $27,964 million, providing $816 million in 2025 dividends.
MCO	Moody's Corporation represents 13.9% of company owned with cost basis of $248 million and market value of $12,603 million, providing $93 million in 2025 dividends.
OXY	We also hold equity method investments, principally Kraft Heinz and Occidental. We recorded a pre-tax impairment loss of approximately $5.7 billion on our investment in Occidental common stock in the fourth quarter of 2025.

TICKER

COMMENTARY

8001.T

Japanese trading/investment companies Marubeni Corp. and Itochu Corp. both posted gains in excess of 10% for the quarter, executing on both organic and acquisitive growth initiatives, while focusing on better shareholder returns.

8002.T

AAPL

Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends.

AXP

American Express Company represents 22.1% of company owned with cost basis of $1,287 million and market value of $56,088 million, providing $479 million in 2025 dividends.

KHC

Our investment in Kraft Heinz has been disappointing. Even after considering the preferred equity component in our original Heinz investment, our return has been well short of adequate.

The Coca-Cola Company represents 9.3% of company owned with cost basis of $1,299 million and market value of $27,964 million, providing $816 million in 2025 dividends.

MCO

Moody's Corporation represents 13.9% of company owned with cost basis of $248 million and market value of $12,603 million, providing $93 million in 2025 dividends.

OXY

We also hold equity method investments, principally Kraft Heinz and Occidental. We recorded a pre-tax impairment loss of approximately $5.7 billion on our investment in Occidental common stock in the fourth quarter of 2025.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2025

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Oil

Natural Gas

Silver

Copper

Platinum Group Metals

Commodities

Uranium

Insurance

Energy

Railroads

Manufacturing

Insurance

Energy

Railroads

Utilities

Investor Pitches

Current Portfolio as of ( 31st December 2025 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Warren Buffett Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Berkshire Hathaway