How to Track Warren Buffett's Portfolio: Decoding the Strategy Behind Major Asset Liquidation

When the Securities and Exchange Commission’s Form 13F filing deadline arrives each quarter, institutional investors and market analysts pay close attention to what Warren Buffett’s Berkshire Hathaway is buying and selling. However, what most people don’t realize is that the Oracle of Omaha’s actual investment strategy extends far beyond the $294 billion portfolio disclosed in these quarterly reports. By tracking Warren Buffett’s complete portfolio—including lesser-known holdings—investors can gain valuable insights into his current market outlook. And that outlook, based on recent activities, suggests caution.

The investment world has changed dramatically over the past decades. Today, retail investors have access to the same financial data that institutional money managers use, from income statements to SEC filings, all freely available online. This transparency has democratized investing, yet few investors take full advantage of tracking what the best managers are actually doing with their capital.

Unveiling Warren Buffett’s Hidden Investment Portfolio

When Berkshire Hathaway acquired reinsurance company General Re in 1998, the $22 billion all-share deal came with an unexpected bonus: a specialty investment subsidiary called New England Asset Management (NEAM). Though NEAM operates separately from Berkshire’s main investment operations, it remains a wholly-owned entity and functions as an extension of Buffett’s investment philosophy.

Because NEAM manages well over $100 million in assets, it must file its own Form 13F quarterly reports with the SEC—just like any major institutional investor. This makes NEAM’s holdings publicly accessible, yet few investors realize its significance. In essence, NEAM represents Warren Buffett’s portfolio tracker window into a lesser-known but substantial part of his overall strategy: approximately $586 million in invested assets spread across 121 individual holdings as of the end of 2024.

The difference between NEAM and Berkshire’s main portfolio is instructive. While Berkshire Hathaway’s portfolio is highly concentrated in a few major positions (Apple, Bank of America, and other large holdings), NEAM takes a more diversified approach. The majority of NEAM’s capital is deployed in low-cost, broad-market exchange-traded funds (ETFs) and index funds, with the SPDR S&P 500 ETF Trust being among its largest holdings. This split strategy—concentrated bets at Berkshire alongside diversified holdings at NEAM—provides a complete picture of how Buffett manages different portions of his capital.

What Does Warren Buffett’s Portfolio Reveal About Net Selling?

Perhaps the most significant insight from tracking Warren Buffett’s portfolio comes from analyzing recent selling activity. Over the past nine consecutive quarters, Berkshire Hathaway has been a net seller of equities, meaning the value of stocks sold has exceeded new stock purchases. This selling accelerated substantially during 2024, particularly in flagship positions like Apple and Bank of America.

Cumulatively, Berkshire has divested approximately $173 billion in net equity holdings since October 1, 2022—a staggering reduction that signals Buffett’s concerns about current market conditions. But the pattern doesn’t stop there. New England Asset Management has followed suit, reducing its invested assets from $5.43 billion at the end of 2022 to just $585.5 million as of December 31, 2024. This represents a reduction of nearly $4.85 billion, or more than 89% of invested capital.

This coordinated liquidation across both entities—Berkshire’s main portfolio and NEAM—suggests a consistent investment thesis. The Oracle of Omaha isn’t simply trimming positions or rebalancing a portfolio. Instead, he’s signaling that current equity valuations have stretched beyond what he considers attractive entry points for new capital.

Reading the Market Valuation Signals in Buffett’s Strategy

Understanding why Warren Buffett’s portfolio has shifted into liquidation mode requires examining what metrics drive his investment decisions. Decades ago, Buffett identified the market-cap-to-GDP ratio as “probably the best single measure of where valuations stand at any given moment.” This metric, now known as the Buffett Indicator, divides the total market capitalization of all U.S. publicly traded stocks by the nation’s gross domestic product.

Historically, when back-tested to 1970, this indicator has averaged around 85%—meaning U.S. stock market capitalization typically represents roughly 85% of GDP. However, in early 2025, the Buffett Indicator reached an all-time high of over 207%. This means the total value of U.S. stocks has more than doubled its historical relationship with economic output, suggesting the market is priced at levels rarely seen before.

This isn’t an isolated warning signal. The S&P 500’s Shiller price-to-earnings ratio—also called the cyclically adjusted P/E ratio (CAPE Ratio)—tells a similar story. Based on inflation-adjusted average earnings over the previous decade, this metric has averaged 17.21 throughout its 154-year history. As of early 2025, the Shiller P/E stood near 37, representing only the third-highest level recorded since 1871 during an ongoing bull market.

The historical record provides sobering context. In the six instances where the Shiller P/E has exceeded 30 for at least two months—including the current period—the previous five occurrences all eventually resulted in S&P 500 declines of at least 20%. While past performance doesn’t guarantee future results, these metrics suggest the market has entered a precarious valuation zone.

What Investors Can Learn From Tracking Warren Buffett’s Portfolio

The real value in tracking Warren Buffett’s portfolio isn’t to blindly copy his holdings or follow his trades mechanically. Rather, it’s to understand the investment philosophy and risk assessment that guides both Berkshire Hathaway and NEAM. When an investor of Buffett’s caliber and track record begins wholesale portfolio liquidation, it merits serious consideration.

Both portfolios are managed by value investors who have demonstrated over decades their willingness to sit idle when prices seem unjustified and to deploy capital aggressively when opportunities emerge at reasonable valuations. The fact that both Berkshire and NEAM are currently net sellers suggests the investment team has concluded that valuations no longer offer a compelling risk-reward proposition.

For individual investors, the lesson is clear: before investing capital in the current market, consider whether today’s prices justify the long-term return potential. Just as Warren Buffett’s portfolio tracker reveals his patience when waiting for better opportunities, investors should maintain their own discipline. The fact that one of history’s greatest investors is reducing equity exposure—both through Berkshire’s main portfolio and through NEAM’s diversified holdings—serves as a useful reminder that sometimes the best investment decision is to hold cash and wait for more attractive entry points.