美股主要持仓（2025年末）
| 公司 | 代码 | 持股比例 | 成本 | 市值 | 持仓占比 | 股息 |
|---|
| Apple Inc. | AAPL | 1.6%% | $6,255M | $61,962M | 20.8% | $280M |
| American Express | AXP | 22.1%% | $1,287M | $56,088M | 18.8% | $479M |
| Bank of America来源:13F | BAC | — | — | $28,451M | 9.6% | — |
| Coca-Cola | KO | 9.3%% | $1,299M | $27,964M | 9.4% | $816M |
| Moody's | MCO | 13.9%% | $248M | $12,603M | 4.2% | $93M |
日本五大商社持仓（2025年末）
| 公司 | 持股比例 | 成本 | 市值 | 持仓占比 | 股息 |
|---|
| 三菱商事 Mitsubishi | 10.8%% | $4,248M | $9,207M | 3.1% | $273M |
| 伊藤忠商事 ITOCHU | 10.1%% | $4,165M | $8,886M | 3.0% | $181M |
| 三井物产 Mitsui | 10.4%% | $3,490M | $8,785M | 3.0% | $201M |
| 丸红 Marubeni | 9.8%% | $1,572M | $4,468M | 1.5% | $105M |
| 住友商事 Sumitomo | 9.7%% | $1,907M | $4,022M | 1.4% | $102M |
| 合计 | | $15,382M | $35,368M | 11.9% | $862M |
股票买卖活动（近三年）
| 年份 | 购入 | 出售 | 净卖出 |
|---|
| 2023年 | $16,462M | $40,631M | +$24,169M |
| 2024年 | $9,237M | $143,359M | +$134,122M |
| 2025年 | $16,923M | $30,686M | +$13,763M |
单位：百万美元（M）。数据来源：伯克希尔哈撒韦2025年报（10-K）。
13F 持仓变动（2024年末 → 2025年末）
数据来源：SEC EDGAR 13F-HR 原始文件。同一公司多条 manager 记录已合并。
减持（10）
| 公司 | 代码 | Q4 2024 股数 | Q4 2025 股数 | 变动 | 市值 | 持仓占比 |
|---|
| Apple | AAPL | 300,000,000 | 227,917,808 | -24.0% | $61,962M | 20.8% |
| Bank of America | BAC | 680,233,587 | 517,295,934 | -24.0% | $28,451M | 9.6% |
| DaVita | DVA | 36,095,570 | 31,759,065 | -12.0% | $3,608M | 1.2% |
| VeriSign | VRSN | 13,271,457 | 8,989,880 | -32.3% | $2,184M | 0.7% |
| Capital One | COF | 7,450,000 | 7,150,000 | -4.0% | $1,733M | 0.6% |
| Aon | AON | 4,100,000 | 3,602,995 | -12.1% | $1,271M | 0.4% |
| Amazon | AMZN | 10,000,000 | 2,276,000 | -77.2% | $525M | 0.2% |
| Charter | CHTR | 1,991,759 | 1,060,882 | -46.7% | $221M | 0.1% |
| Liberty Latin America | LILA | 2,630,792 | 2,396,665 | -8.9% | $27M | 0.0% |
| Atlanta Braves | BATRK | 223,645 | 115,428 | -48.4% | $5M | 0.0% |
清仓退出（3）
| 公司 | 代码 | Q4 2024 股数 | Q4 2025 股数 | 变动 |
|---|
| Nu Holdings | NU | 40,180,168 | — | -100.0% |
| Citigroup | C | 14,639,502 | — | -100.0% |
| T-Mobile | TMUS | 4,350,000 | — | -100.0% |
增持（9）
| 公司 | 代码 | Q4 2024 股数 | Q4 2025 股数 | 变动 | 市值 | 持仓占比 |
|---|
| Chevron | CVX | 118,610,534 | 130,156,362 | +9.7% | $19,837M | 6.7% |
| Occidental | OXY | 264,178,414 | 264,941,431 | +0.3% | $10,894M | 3.7% |
| Chubb | CB | 27,033,784 | 34,249,183 | +26.7% | $10,690M | 3.6% |
| SiriusXM | SIRI | 117,468,573 | 124,807,117 | +6.2% | $2,496M | 0.8% |
| Constellation Brands | STZ | 5,624,324 | 13,000,000 | +131.1% | $1,793M | 0.6% |
| Domino's Pizza | DPZ | 2,382,000 | 3,350,000 | +40.6% | $1,396M | 0.5% |
| Lennar | LEN | 152,572 | 7,231,930 | +4640.0% | $742M | 0.2% |
| Pool Corp | POOL | 598,689 | 3,068,885 | +412.6% | $702M | 0.2% |
| HEICO | HEI.A | 1,049,687 | 1,294,612 | +23.3% | $327M | 0.1% |
新建仓（6）
| 公司 | 代码 | Q4 2024 股数 | Q4 2025 股数 | 变动 | 市值 | 持仓占比 |
|---|
| Alphabet | GOOGL | — | 17,846,142 | +NEW | $5,586M | 1.9% |
| UnitedHealth | UNH | — | 5,039,564 | +NEW | $1,664M | 0.6% |
| Nucor | NUE | — | 6,407,749 | +NEW | $1,045M | 0.4% |
| New York Times | NYT | — | 5,065,744 | +NEW | $352M | 0.1% |
| Lamar Advertising | LAMR | — | 1,202,410 | +NEW | $152M | 0.1% |
| Allegion | ALLE | — | 780,133 | +NEW | $124M | 0.0% |
不变（12）
| 公司 | 代码 | Q4 2024 股数 | Q4 2025 股数 | 变动 | 市值 | 持仓占比 |
|---|
| American Express | AXP | 151,610,700 | 151,610,700 | 0.0% | $56,088M | 18.8% |
| Coca-Cola | KO | 400,000,000 | 400,000,000 | 0.0% | $27,964M | 9.4% |
| Moody's | MCO | 24,669,778 | 24,669,778 | 0.0% | $12,603M | 4.2% |
| Kraft Heinz | KHC | 325,634,818 | 325,634,818 | 0.0% | $7,897M | 2.7% |
| Kroger | KR | 50,000,000 | 50,000,000 | 0.0% | $3,124M | 1.0% |
| Visa | V | 8,297,460 | 8,297,460 | 0.0% | $2,910M | 1.0% |
| Mastercard | MA | 3,986,648 | 3,986,648 | 0.0% | $2,276M | 0.8% |
| Ally Financial | ALLY | 29,000,000 | 29,000,000 | 0.0% | $1,313M | 0.4% |
| Louisiana-Pacific | LPX | 5,664,793 | 5,664,793 | 0.0% | $457M | 0.2% |
| NVR | NVR | 11,112 | 11,112 | 0.0% | $81M | 0.0% |
| Jefferies | JEF | 433,558 | 433,558 | 0.0% | $27M | 0.0% |
| Diageo | DEO | 227,750 | 227,750 | 0.0% | $20M | 0.0% |
单位：百万美元（M）。数据来源：伯克希尔哈撒韦2025年报（10-K）+ SEC EDGAR 13F。