Buffett's last moves as CEO: Berkshire ups Chubb stake; cuts Aon, BofA, Amazon

Berkshire Hathaway Inc. grew its position in Chubb Ltd. and cut its stakes in Aon PLC, Bank of America Corp. and Amazon.com Inc. during Warren Buffett's final days as CEO in the fourth quarter of 2025.

Berkshire bought an additional 2,916,288 shares of property and casualty insurer Chubb in the fourth quarter, according to its latest Form 13-F filing. Berkshire's position in Chubb was valued at about $10.7 billion as of the end of the fourth quarter, up 9.3% year over year.

The conglomerate steadily cut its stake in Bank of America during 2025 and further reduced its holdings by 8.94% in a fourth-quarter sale of nearly 51 million shares. Its position in Bank of America was worth about $28.45 billion as of the end of the fourth quarter.

Financial services dominated Berkshire Hathaway's investment portfolio in 2025, replacing the banking and technology sector, which had long accounted for the largest share of its investment dollars, according to an S&P Global Market Intelligence analysis completed as of the 2025 third quarter.

More notable moves

Berkshire cut its holdings in Amazon by about 77.2%, shedding 7,724,000 shares in its largest cut during the fourth quarter. Berkshire's remaining 2,276,000 shares in Amazon were valued at approximately $525.3 billion as of the end of the fourth quarter.

It also reduced its holding in Dublin-based global insurance broker Aon, selling 497,005 shares in the fourth quarter. Berkshire's remaining stake in the broker was worth about $1.27 billion as of the end of the fourth quarter.

The New York Times Co. was Berkshire's only new buy during the period. It acquired 5,065,744 shares, and the stake in the media company was valued at about $351.7 million as of the end of the fourth quarter.

It bought a further 368,055 shares in Domino's Pizza Inc., the largest stake increase for the period at 12.3%.

Warren Buffett resigned from his leadership position at the end of 2025 after almost 60 years at the helm. Greg Abel, a seasoned leader and former vice chair of Berkshire's non-insurance operations, started his tenure as CEO effective Jan. 1.

Abel has largely indicated that his strategic approach will take a similar tack to that of his predecessor. Several of the investment decisions made in the fourth quarter echo those made previously.