Unraveling the Mystery: A Step-by-Step Guide to Understanding Berkshire Hathaway's Holdings
Have you ever wondered what's inside the investment portfolio of one of the world's most successful and legendary investors, Warren Buffett? It's a question that captivates investors, students, and financial enthusiasts alike. Knowing what Berkshire Hathaway, the conglomerate led by Buffett and his late partner Charlie Munger, owns can provide incredible insights into their value-investing philosophy. So, are you ready to dive into the world of the Oracle of Omaha's holdings? Let's get started!
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| How Many Holdings Does Berkshire Hathaway Have |
Step 1: Engage with the Mindset of a Value Investor
Before we get to the numbers, let's take a moment to think like Warren Buffett. His approach is not about day trading or chasing the latest fads. It's about long-term ownership of quality businesses at fair prices. Buffett famously said, "If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes." So, as we explore the holdings, remember that each stock is seen as a piece of a business, not just a ticker symbol.
Step 2: Understand the Primary Source of Information: The 13F Filing
So, how do we know what Berkshire Hathaway owns? The key is a document called the Form 13F.
Sub-heading: What is a 13F Filing?
QuickTip: Repeat difficult lines until they’re clear.
A 13F filing is a quarterly report that institutional investment managers with over $100 million in qualifying assets under management are required to file with the U.S. Securities and Exchange Commission (SEC). This document discloses their long positions in publicly traded U.S. stocks, ETFs, and certain other securities. Berkshire Hathaway, as a massive institutional investor, files a 13F every quarter, giving us a valuable snapshot of their public equity portfolio.
Sub-heading: When is the 13F Filed?
The deadline for a 13F filing is 45 days after the end of each quarter. This means we get the information for the first quarter (ending March 31) around mid-May, for the second quarter (ending June 30) around mid-August, and so on.
Step 3: Count the Holdings: The Latest Snapshot
Now for the exciting part! According to its latest 13F filing for the first quarter of 2025, Berkshire Hathaway has disclosed a total of 36 public equity holdings.
It's important to note that this number can and does change every quarter. Buffett and his team constantly evaluate their positions, sometimes adding to existing ones, trimming others, or even selling off entire stakes. The number of holdings is a reflection of their investment activity during that specific quarter.
Step 4: Analyze the Portfolio's Structure and Top Holdings
Tip: Reread if it feels confusing.
While the total number of holdings is interesting, what's even more crucial is what they own and how much they own. The portfolio is highly concentrated, with a small number of stocks making up the vast majority of its value.
Sub-heading: The Dominant Players
As of the Q1 2025 filing, here are some of the top holdings that dominate the portfolio by value, accounting for over 70% of the public equity portfolio:
Apple Inc. (AAPL): A long-time favorite and the largest holding, despite some recent trims.
American Express Company (AXP): A core financial holding for many years.
The Coca-Cola Company (KO): A classic Buffett investment with a powerful brand moat.
Bank of America Corporation (BAC): A significant holding in the financial sector, though trimmed recently.
Chevron Corporation (CVX): A major position in the energy sector.
Occidental Petroleum (OXY): Another significant energy holding that has been increased over time.
These are the giants that form the bedrock of Berkshire's public stock portfolio. Their presence reflects Buffett's belief in strong brands, durable competitive advantages (moats), and businesses he can understand.
Step 5: Track Recent Changes and Strategic Shifts
The true insights often come from the changes within the portfolio. By comparing the latest 13F to the previous ones, you can see what Buffett and his team are buying and selling.
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Sub-heading: What Did Berkshire Buy and Sell in Q1 2025?
QuickTip: Look for repeated words — they signal importance.
In the first quarter of 2025, Berkshire Hathaway made some notable moves that indicate their cautious and opportunistic stance.
Increased Stakes: Berkshire doubled down on its positions in Constellation Brands (STZ) and Domino's Pizza (DPZ). They also slightly increased their holdings in Occidental Petroleum (OXY), VeriSign (VRSN), and Sirius XM Holdings (SIRI).
Trimmed Stakes: The firm continued its trend of reducing its exposure to financial stocks, trimming its stake in Bank of America (BAC) and DaVita (DVA).
Exited Positions: Most notably, Berkshire completely sold off its stakes in Citigroup (C) and Nu Holdings (NU), signaling a complete exit from these investments.
Confidential Holdings: It's also worth noting that Berkshire Hathaway filed a confidential request with the SEC to withhold at least one equity position from public view. This is a strategy they have used in the past to build up a position without alerting the market, as they did with their investment in Chubb.
Step 6: Broaden Your Perspective: Beyond the Public Holdings
It's crucial to remember that the 13F filing only shows a portion of Berkshire Hathaway's total assets. The conglomerate is a massive entity with a diverse range of wholly-owned businesses, joint ventures, and other investments that are not included in the 13F filing.
Sub-heading: The Other Pieces of the Puzzle
Wholly-Owned Subsidiaries: These are companies that Berkshire Hathaway owns outright. They include well-known names like GEICO, BNSF Railway, and Duracell. These are not public holdings and are a massive part of Berkshire's value.
Cash and Treasury Bills: A significant and growing part of Berkshire's asset base is its massive cash pile. In Q1 2025, their cash and Treasury bill holdings reached a staggering $347 billion, a new record high. This cash gives Buffett tremendous flexibility to pounce on large-scale opportunities when they arise.
Step 7: Reflect on the Investment Philosophy
After exploring the holdings, take a moment to reflect on the core principles that guide these decisions.
Value Investing: Buying companies for less than their intrinsic value.
Long-Term Perspective: Holding investments for years, even decades.
Economic Moats: Investing in businesses with a durable competitive advantage.
Circle of Competence: Sticking to businesses you understand.
Patience and Discipline: Waiting for the right opportunity and not panicking during market fluctuations.
By following these steps, you can not only understand how many holdings Berkshire Hathaway has but also gain a much deeper appreciation for the legendary investment strategy behind the numbers.
QuickTip: Skim first, then reread for depth.
10 Related FAQ Questions
How to find Berkshire Hathaway's latest 13F filing? You can find Berkshire Hathaway's latest 13F filing on the U.S. Securities and Exchange Commission (SEC) EDGAR database by searching for "Berkshire Hathaway Inc" and looking for Form 13F. Financial data websites also aggregate and analyze this information for easy viewing.
How to interpret the changes in Berkshire Hathaway's portfolio? Interpreting the changes involves looking at whether they are buying, selling, or trimming positions. An increase suggests a strong conviction in the company, while a decrease or complete exit may signal a change in outlook, a more attractive investment opportunity elsewhere, or a decision to take profits.
How to use Berkshire Hathaway's holdings for my own investment decisions? While you can learn from Buffett's choices, it's crucial to do your own due diligence. Don't blindly copy his portfolio. Use his holdings as a starting point for your research, and analyze the companies based on your own financial goals and risk tolerance.
How to calculate the value of Berkshire Hathaway's public equity portfolio? The value is calculated by taking the number of shares held in each company and multiplying it by the share price at the end of the reporting quarter. The 13F filing provides the reported value for each holding.
How to know if Berkshire Hathaway has a new "confidential" holding? A confidential holding is indicated in the 13F filing's cover letter, where Berkshire Hathaway will state that it has requested confidential treatment for certain information. The specific stock is not disclosed publicly until the SEC approves the request or the holding is eventually revealed in a later filing.
How to understand Berkshire Hathaway's "float" from its insurance businesses? The "float" is a source of capital from its insurance operations (like GEICO). It's the money held by the insurer between collecting premiums and paying out claims. Buffett uses this capital for investments, essentially getting to invest money that isn't his, interest-free.
How to invest in Berkshire Hathaway itself? You can invest in Berkshire Hathaway by purchasing its Class A shares (BRK.A) or its more affordable Class B shares (BRK.B) through a brokerage account.
How to analyze the "economic moat" of a company like Buffett does? To analyze an economic moat, look for a company's durable competitive advantages, such as a strong brand, cost advantages, network effects, or patents. A company with a wide moat is difficult for competitors to displace.
How to find a list of all of Berkshire Hathaway's wholly-owned subsidiaries? You can find a list of Berkshire Hathaway's wholly-owned subsidiaries on the company's official website or in their annual reports and filings. These are businesses that are not publicly traded and are 100% owned by Berkshire.
How to learn more about Warren Buffett's investment philosophy? To learn more, you can read his annual letters to shareholders, which are available on the Berkshire Hathaway website. Reading books like "The Intelligent Investor" by Benjamin Graham and "The Warren Buffett Way" by Robert Hagstrom can also provide a deep understanding of his principles.
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