Warren Buffett's Top 10 Berkshire Bets Span Apple, Coca-Cola, Finance And Oil

Berkshire Hathaway is significantly underperforming major stock market indexes year-to-date in 2025, with its Class A shares up 6.2% compared to the S&P 500's 10.1% gain, largely due to most of its top 10 holdings trailing the broader market. Key contributors to this lag include its largest stake in Apple, down 5.3% YTD, alongside other significant holdings like Occidental and Kraft Heinz. Recent 13F filings as of August 15 indicate portfolio adjustments, including a 7% reduction in Apple and 4% in Bank of America positions, while increasing its Chevron stake by 3%.

Analysis

Berkshire Hathaway's Class A shares are demonstrating notable underperformance in 2025, with a year-to-date gain of 6.2% that significantly trails the SPDR S&P 500 ETF's 10.1% return and the Invesco QQQ Trust's 13.2% gain. This performance deficit is primarily driven by the negative returns from several of its top ten holdings, most critically its largest position, Apple (AAPL), which constitutes 22.0% of the portfolio and has declined 5.3% YTD. Further drags on performance include Occidental Petroleum (OXY) and Kraft Heinz (KHC), which have posted losses of 10.0% and 10.5%, respectively. The latest 13F filing indicates strategic adjustments within this concentrated portfolio, including a 7% reduction in the Apple stake and a 4% trim of the Bank of America position. In contrast, Berkshire increased its conviction in the energy sector by boosting its Chevron (CVX) holding by 3%, a position that has returned 6.8% YTD. Despite the strength of outliers like Mitsubishi (+22.3%) and Coca-Cola (+12.3%), the negative performance of key high-weightage stocks has made it difficult for the conglomerate to keep pace with the broader market.

Key Decisions for Investors

• Investors should closely monitor the performance of Apple, as its significant portfolio weight and negative year-to-date return represent the primary risk and driver of Berkshire's underperformance against the S&P 500.
• Consider Berkshire's recent portfolio adjustments, specifically the trimming of its Apple position and the bolstering of its Chevron stake, as a potential indicator of a strategic pivot towards the energy sector and away from large-cap technology.
• Evaluate whether the deep underperformance in key holdings like Occidental Petroleum and Kraft Heinz presents a value opportunity or a continued drag, as a turnaround in these positions is critical for Berkshire to close its performance gap with market indices.