Executive summary
Berkshire Hathaway reduced its stake in Apple (AAPL) and initiated a new position in The New York Times (NYT) during the fourth quarter. The Apple holding was pared by 4.3% to $61.96 billion, while the New York Times position was disclosed at $351.7 million and ranked 29th of Berkshire's 41 equity positions. The fourth quarter was the final full reporting period with Warren Buffett serving as chief executive; Greg Abel assumed the CEO role at the start of the new year, and Buffett remains chairman.
Key data points
- Apple (AAPL) stake reduced by 4.3%, value reported at $61.96 billion.
- New York Times (NYT) new position: $351.7 million, ranked 29th of 41 holdings.
- Apple posted its third consecutive winning year in 2025, rising roughly 9%.
- S&P 500 returned more than 16% last year; Apple underperformed that benchmark in the same period.
- Apple year-to-date performance at the time of the filing was roughly -3% and the stock experienced its largest one-day decline since April 2025 in the week prior to the filing.
What changed in Q4
Berkshire reduced its exposure to Apple, trimming the position modestly while maintaining Apple as the conglomerate's largest single equity holding at approximately $62 billion. In the same quarter, Berkshire initiated a small stake in The New York Times valued at $351.7 million, adding a media exposure that sits well below Berkshire's top positions by market value.
Berkshire had earlier adjusted technology-related positions across prior quarters, including positions in Alphabet (GOOGL) initiated or expanded in an earlier quarter. The Q4 mix reflects ongoing portfolio rebalancing as leadership at the company transitioned.
Portfolio and position context
- Apple remains the dominant equity in Berkshire's portfolio by dollar value despite the reduction.
- A $351.7 million NYT stake is relatively small for Berkshire but notable given the company's long history of selective, concentrated equity investments.
- The firm's overall book of 41 disclosed equity positions places the new NYT holding in the lower third by position size.
Market performance and relative returns
Apple produced a positive annual return in 2025 of roughly 9%, marking its third straight year of gains. That performance lagged the broader S&P 500, which returned more than 16% in the same year. Year-to-date, Apple was down about 3% and had a recent single-day decline described as the worst since April 2025, illustrating how a large-cap, high-conviction holding can still underperform broad benchmarks in periods of market rotation.
Leadership transition and potential implications
- The fourth quarter was the last reporting period with Warren Buffett as Berkshire's CEO. Greg Abel became CEO at the start of the new year, while Buffett retained the role of chairman of the board.
- Structural changes were announced ahead of the leadership handover. One notable personnel change was the resignation of a senior investment manager in December; that manager subsequently joined a major bank in January to lead a new security and resiliency initiative.
- The timing of portfolio moves around a leadership transition can reflect either strategic reallocation by the outgoing CEO or positioning by investment deputies preparing for a new governance structure. It is not publicly clear which managers executed individual trades in Q4.
Investment implications for institutional investors and traders
- Concentration risk: Even after a 4.3% trim, Apple remains an outsized position in Berkshire's equity allocation. Large shareholders and index-tracking funds should monitor any further trims for potential market impact.
- Signal value: Initiating a position in NYT at $351.7 million could reflect selective interest in media exposure, but the holding size indicates this is not a major strategic pivot in Berkshire's equity allocation.
- Leadership changes: The transition to a new CEO is an operational variable to factor into multi-year allocation decisions. While Buffett remains chairman, governance and execution may evolve under new executive leadership.
Quotable, citation-ready lines
- "Berkshire Hathaway trimmed its Apple position by 4.3%, reducing the holding to $61.96 billion while keeping Apple as its largest equity exposure."
- "The conglomerate initiated a $351.7 million position in The New York Times, ranked 29th among 41 equity stakes."
- "Greg Abel assumed the CEO role at the start of the year; Warren Buffett remains chairman of Berkshire Hathaway's board."
Risk considerations and watchlist items
- Continued trimming of Apple could create liquidity events in a highly held large-cap security. Monitor subsequent 13F and quarterly filings for directional changes.
- Watch for any increase or decrease in the NYT position across future filings to determine whether this is a transient trade or a strategic stake.
- Track Apple relative performance versus the S&P 500 and sector rotation trends, given the stock's recent underperformance and episodic volatility.
Bottom line
The fourth-quarter filings show measured portfolio adjustments: a modest reduction in Apple exposure and a small, newly disclosed stake in The New York Times. Those moves coincided with a formal leadership transition at Berkshire Hathaway, where Greg Abel became CEO and Warren Buffett continued as chairman. For professional traders and institutional investors, the key takeaways are maintained concentration in Apple, the emergence of a new small NYT position, and the need to monitor subsequent filings for confirmation of any strategic shifts under new executive leadership.
