Berkshire Hathaway (Buffett)

Berkshire trimmed the book to 29 positions ($263B, down from $274B / 42 names) — a continuation of Buffett's long-running pattern of cleaning up small stakes outside the legacy circle. Apple, AmEx, Coca-Cola, BofA and Moody's are all untouched (held 35+ quarters apiece), so the entire signal of the quarter is the +204% share add in Alphabet (now a top-7 weight on its 3rd quarter held) paired with a -35% trim in Chevron.

• ▲ ADDED
  ALPHABET INC GOOGL

  Tripled the position in its third quarter — Buffett's group typically scales into a new conviction over 2-4 quarters, and this is now firmly above the 5%-of-book threshold where it counts as a real position.

• ▼ REDUCED
  CHEVRON CORPORATION CVX

  Cut shares by 35% even though Berkshire still holds a 53% paper gain — the second consecutive multi-quarter unwind of the energy bet that peaked in 2022.

• ★ HELD
  APPLE INC AAPL

  Untouched at 228M shares for an 11th consecutive quarter at +541% unrealized; the post-2024 trims look complete and AAPL is back to being the don't-touch core.

• ★ HELD
  AMERICAN EXPRESS CO AXP

  52 quarters in the book with no share change and +305% unrealized — the closest thing in this 13F to a permanent capital allocation.

• ★ HELD
  MOODYS CORP MCO

  52 quarters, +616% unrealized — the highest-multiple compounder in the legacy core and a reminder that toll-road businesses are still the Buffett type.

• • CONTEXT

  Position count dropped from 42 to 29 in one quarter. The named bullets cover all the big moves; the rest is a one-time cleanup of sub-1% sleeves rather than thesis changes.