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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Mar 1, 2026 | Berkshire Hathaway | - | 10.9% | 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's insurance operations generated pre-tax underwriting gains and grew float to $176 billion. The combined ratio of 87.1% across property and casualty businesses was exceptional. However, increased competition and rising claim cost trends may pressure future earnings. BNSF improved operating margin to 34.5% from 32.0% through operational improvements and efficiency gains. The railroad generated $8.1 billion in net operating cash flows and returned $4.4 billion in dividends to Berkshire. BHE operates regulated utilities serving 5.4 million customers and natural gas pipelines. The business faces significant investment needs driven by AI computing demand and wildfire risk mitigation, particularly in the Western U.S. Berkshire maintains its disciplined approach to capital allocation, seeking businesses with durable advantages and long-term economic prospects. The company holds over $370 billion in cash and U.S. Treasury holdings as dry powder for opportunities. The company emphasizes investing in businesses with excellent economics, durable competitive advantages, and high-integrity management. This quality focus is evident in concentrated equity holdings and operating business acquisitions. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||