Berkshire Hathaway BRK.A / BRK.B reported a few changes in its 13F equity investment portfolio for the second quarter, including updating investors about several holdings that they have built up over the past two quarters.

Why it matters: Based on our estimates, net sales came in at around $2.6 billion (composed of $7.0 billion of estimated sales and $4.5 billion of estimated purchases). While this varied from the insurer’s reported net sales of $3.0 billion ($6.9 billion/$3.9 billion) in its recent 10-Q, the 13F only includes US reportable securities.

• Among the significant changes made during the June quarter was the sale of an additional 20.0 million shares of Apple AAPL for an estimated $4.3 billion, as well as the sale of another 26.3 million shares of Bank of America for an estimated $1.2 billion. Berkshire has been selling Apple since the start of September 2023, and Bank of America BAC since the beginning of July 2024. At this point, the company has reduced its Apple stake by 69%, locking in an estimated gain of $99.6 billion. It has reduced its Bank of America stake by 41%, booking an estimated realized gain of $12.1 billion.
• The insurer also put new money to work in UnitedHealth Group UNH, acquiring 5.0 million shares for an estimated $2.1 billion. Shares of UnitedHealth Group declined 40% during the second quarter and have fallen another 13% since the start of the third quarter, on rising medical costs, disappointing earnings, and investigations into its billing practices. Other new money purchases included Lamar Advertising LAMR (1.2 million shares for an estimated $138 million) and Allegion (0.8 million shares for an estimated $107 million). Berkshire also revealed three mystery stocks—D.R. Horton DHI, Lennar LEN, and Nucor NUE (which was also a new money purchase during the second quarter)—that it had been investing in since the start of the year, having received permission from the SEC to keep these purchases hidden while it built up its stakes.

Berkshire’s Mystery Stock Purchases

Looking more closely at the three mystery stocks, D.R. Horton is a name that Berkshire held briefly during 2023, acquiring 6.0 million shares for an estimated $660 million in the second quarter and then selling them all for an estimated $775 million in the fourth quarter. This time around, it looks like the insurer picked up 1.5 million shares for an estimated $203 million in the first quarter and then sold off 27,000 shares for an estimated $3.3 million.

Lennar is another name that Berkshire has acquired previously, picking up 0.2 million shares for an estimated $15 million in the second quarter of 2023. Still, in this case, the insurer retained the holdings. Starting in the first quarter of 2025, though, Berkshire acquired an additional 1.8 million shares for an estimated $222 million and then augmented this with the purchase of 5.3 million shares in the second quarter for an estimated $575 million.

As for Nucor, this was a new money purchase for the firm, with Berkshire acquiring 5.8 million shares for an estimated $740 million in the first quarter of 2024 and then adding another 0.9 million shares for an estimated $100 million in the second quarter. Nucor has been navigating a dynamic steel market this year (aided by tariffs on imported steel), with an increased focus on strategic investments and operational improvements.

Editor’s Note: This analysis was originally published as a stock note by Morningstar Equity Research.