Berkshire shifts cash into Lennar and Treasuries in Q2 2025

Warren Buffett’s Berkshire Hathaway shifted cash into homebuilders and short-term Treasuries in the second quarter of 2025 while maintaining a substantial cash cushion, filings and recent statements show, moves that reflect both a bet on lower mortgage rates and a defensive stance for future opportunities. The changes, disclosed in quarterly reports, included large purchases of Lennar and stakes in DR Horton, alongside continued accumulation of cash and Treasury bills.

Berkshire bought about 7.05 million shares of Lennar in the second quarter, a position valued at roughly $780 million at the end of that period, and increased other homebuilder holdings. The conglomerate’s portfolio now includes meaningful exposure to several residential builders after earlier pandemic-era purchases produced gains. Company filings show these new homebuilder positions remain a modest portion of Berkshire’s total investments.

Berkshire also held about $344 billion in cash and short-term Treasuries, making it one of the largest holders of Treasury bills. That liquidity gives the firm flexibility to pursue acquisitions or deploy capital if market prices become more attractive. Buffett and his team...