13F-HR/A: Berkshire Hathaway Reveals New Homebuilder, Steel Stakes

Berkshire Hathaway's amended 13F filing discloses previously confidential stakes in D.R. Horton, Lennar, and Nucor, totaling over $1.1 billion as of March 31, 2025.

Summary

• This is an amended Form 13F-HR/A filing by Berkshire Hathaway Inc.
• It discloses securities holdings that were previously granted confidential treatment, which expired on August 14, 2025.
• The report covers the calendar quarter ended March 31, 2025.
• New holdings entries include D.R. Horton Inc. common stock, Lennar Corp. Class A and Class B shares, and Nucor Corp. common stock.
• The total value of the holdings reported in the information table is $1,106,550,356.
• Berkshire Hathaway holds 1,512,371 shares of D.R. Horton Inc., valued at $192,267,725.
• Berkshire Hathaway holds 1,929,972 shares of Lennar Corp. Class A, valued at $221,522,186.
• Berkshire Hathaway holds 202 shares of Lennar Corp. Class B, valued at $22,032.
• Berkshire Hathaway holds 5,756,510 shares of Nucor Corp., valued at $692,738,413.
• All disclosed holdings are under defined investment discretion with sole voting authority.
• The filing includes holdings managed by Warren E. Buffett and National Indemnity Co.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to the disclosure of significant new investments by Berkshire Hathaway, a highly respected investor, in established companies within the homebuilding and steel sectors. This signals confidence in these industries and the specific companies, which is generally viewed favorably by the market.

Positives

• Disclosure of new, significant investments by a highly respected institutional investor (Berkshire Hathaway).
• The new holdings in D.R. Horton, Lennar, and Nucor indicate confidence in the homebuilding and steel sectors.
• The total value of the newly disclosed holdings exceeds $1.1 billion, representing a substantial investment.

Risks

• The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
• Readers should not assume that the information is accurate and complete.
• Investment in the disclosed companies carries inherent market risks.

Future Outlook

This 13F-HR/A filing does not contain forward-looking statements or guidance regarding future performance or investment strategy beyond the disclosure of current holdings as of March 31, 2025.

Management Comments

• The person signing this report on behalf of the reporting manager represents that they are authorized to submit it, that all information contained herein is true, correct, and complete, and that all required items, statements, schedules, lists, and tables are considered integral parts of this form.

Industry Context

The disclosure of significant stakes in D.R. Horton and Lennar suggests Berkshire Hathaway's positive view on the U.S. homebuilding sector, potentially signaling a belief in continued housing demand or a favorable outlook for residential construction. The Nucor investment indicates confidence in the steel industry, which is a foundational sector often tied to infrastructure development and manufacturing growth.

Comparison to Industry Standards

• Berkshire Hathaway's investment strategy, characterized by long-term value investing in established, often cyclical, industries, aligns with these new positions.
• The entry into homebuilders like D.R. Horton and Lennar, two of the largest U.S. home construction companies, is consistent with their historical preference for companies with strong market positions and tangible assets.
• Similarly, Nucor, a leading steel producer, fits the profile of a well-managed industrial giant.
• These investments reflect a strategic allocation towards sectors that could benefit from economic recovery or sustained domestic demand, contrasting with some growth-focused funds that prioritize technology or emerging sectors.

Stakeholder Impact

• Shareholders of Berkshire Hathaway: Gain transparency into previously confidential investment decisions, potentially validating the firm's strategic direction.
• Shareholders of D.R. Horton, Lennar, and Nucor: May see increased investor confidence and potential positive share price movement due to Berkshire Hathaway's significant stake.
• Competitors in Homebuilding and Steel: May observe Berkshire Hathaway's sector-specific investments as an indicator of market trends or competitive landscape shifts.

Next Steps

• The filing does not specify future actions or milestones beyond the disclosure of past holdings.

Key Dates

Recommendation

The disclosure of Berkshire Hathaway's new, substantial investments in D.R. Horton, Lennar, and Nucor is a strong positive signal for these specific companies. Berkshire Hathaway's rigorous investment process and long-term value orientation suggest these companies are considered undervalued or poised for significant growth within their respective sectors. This endorsement from a highly influential institutional investor often leads to increased investor interest and potential upward price revaluation for the target companies. For investors seeking exposure to the homebuilding and steel sectors, these companies, now backed by Berkshire Hathaway, represent compelling 'strong buy' opportunities.

Keywords

Berkshire Hathaway, 13F, SEC filing, institutional investment, D.R. Horton, Lennar, Nucor, stock holdings, confidential treatment, Warren Buffett, homebuilding, steel industry