What Stocks Has Warren Buffett Been Accumulating? A Deep Dive Into His Recent Portfolio Moves

The Oracle’s Shopping Spree Amid Market Skepticism

Warren Buffett’s investment track record speaks volumes—nearly seven decades of generating returns that have substantially outpaced the broader market. Yet finding compelling opportunities has become increasingly challenging in recent years as valuations remain elevated. That’s precisely why his recent activity is drawing widespread attention from the investment community.

Over the past six months, Buffett and his team at Berkshire Hathaway have deployed more than $4 billion across a carefully selected group of equities. While the broader market has seen Berkshire operate as a net seller for 11 consecutive quarters, this recent buying spree signals the Oracle sees meaningful opportunities worth capturing. The Form 13F filings and regulatory disclosures reveal purchases spanning diverse sectors—from healthcare to beverages, entertainment to industrials.

Breaking Down Berkshire’s Recent Acquisitions

Berkshire Hathaway’s second-quarter 13F filing disclosed ten new equity positions during that period alone, representing approximately $3.9 billion in deployment. The portfolio activity demonstrates Buffett’s characteristic approach of patiently waiting for dislocations before acting decisively.

Among the companies attracting Berkshire’s capital are UnitedHealth Group, a healthcare services leader grappling with short-term operational pressures; Nucor Corporation, the steel manufacturer; residential builder Lennar; beverage giant Constellation Brands; Pool Corporation; advertising platform Lamar; security specialist Allegion; aerospace supplier Heico; energy company Chevron; and pizza chain Domino’s Pizza.

Beyond the second-quarter filings, additional investments surfaced through Form 4 disclosures. Berkshire increased its Sirius XM holdings with a $106 million purchase, reflecting confidence in the satellite radio operator’s subscription economics and advertising potential. Simultaneously, Berkshire has been building positions in Japanese conglomerates—both Mitsubishi and Mitsui saw Berkshire raise its stakes, with National Indemnity acquiring approximately $42 million worth of Mitsubishi shares between March and August.

The Contrarian Play: Where Fear Meets Opportunity

What stocks warren buffett targeted recently reveals his contrarian instincts at work. His accumulation of UnitedHealth exemplifies this philosophy perfectly. The healthcare benefits administrator faces genuine near-term headwinds: rising medical utilization, elevated cost pressures, and regulatory scrutiny surrounding Medicare Advantage billing practices that could trigger substantial clawbacks.

Yet beneath these challenges lies a fortress-like business. The company’s long-term competitive positioning remains essentially intact, and the current valuation reflects temporary operating pressures rather than structural weakness. When others flee due to short-term uncertainty, Buffett recognizes the asymmetric risk-reward opportunity.

The same logic applies to Sirius XM, where Buffett continues adding shares despite structural pressures from streaming alternatives. The company’s subscription model generates predictable cash flows, and its earnings multiple remains compressed relative to growth prospects. The regular dividend sweetens the risk-reward calculus considerably.

The Geographic Diversification Play

Buffett’s renewed interest in Japanese equities—specifically Mitsubishi and Mitsui—highlights an underappreciated opportunity in his recent portfolio activity. American equities currently command premium valuations by historical standards, yet Japanese conglomerates trade at significantly more reasonable multiples despite offering comparable operational quality and dividend yields.

In his 2024 shareholder letter, Buffett indicated his intention to potentially increase stakes in Japanese trading houses beyond the 10% threshold. This strategic reallocation reflects his conviction that deploying Berkshire’s substantial capital into less expensive markets with durable competitive advantages represents prudent stewardship. The Japanese market remains far less expensive than its American counterpart, creating opportunities for patient capital.

A Premium Brand Opportunity at Bargain Valuations

Among what stocks warren buffett has been purchasing recently, Constellation Brands deserves particular scrutiny. The premium beverage company faces genuine near-term macroeconomic headwinds. Rising consumer uncertainty has suppressed premium beer purchases, particularly among Hispanic consumers who represent a meaningful revenue base. The company accordingly revised fiscal 2026 guidance downward to reflect cautious consumer spending.

Yet the underlying brand portfolio remains formidable. Modelo, Corona, and Pacifico command strong consumer preference and pricing power. Between 2020 and 2024, despite industry-wide softness, Constellation expanded its beer volume by 45%—a testament to brand strength. The company’s development of adjacent products—including nonalcoholic variants, low-calorie offerings, and ready-to-drink cocktails—positions it for participation in emerging consumer preferences.

Most compelling is the valuation disconnect. With the stock trading at just 12.5 times forward earnings, investors are pricing in extended weakness. Yet brand equity typically proves durable through economic cycles. Constellation’s ability to maintain healthy margins during a sales slowdown, coupled with successful price-mix management, demonstrates underlying business resilience.

When macroeconomic conditions normalize—and history suggests they eventually do—Constellation’s premium positioning should drive meaningful re-rating. Buffett’s decision to accumulate at current levels reflects his characteristic patience in recognizing when temporary pressure creates genuine opportunity for long-term wealth creation.

The Broader Message

Buffett’s recent activity across what stocks he’s been buying reveals consistent themes: identifying quality companies facing temporary setbacks, recognizing competitive moats that remain intact despite near-term turbulence, and deploying capital opportunistically when valuations become attractive. Whether through established healthcare operators, satellite broadcasters, Japanese conglomerates, or premium beverage companies, the underlying logic remains unchanged—buy durable businesses at reasonable prices when others are distracted by short-term noise.