Here Are All 49 Stocks Warren Buffett Holds for Berkshire Hathaway's $371 Billion Portfolio | The Motley Fool (2024)

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By Sean Williams–Dec 29, 2023 at 5:06AM

Key Points

  • Warren Buffett has overseen a greater than 4,430,000% return in Berkshire Hathaway's Class A shares (BRK.A) since becoming CEO in the mid-1960s.

  • The Oracle of Omaha and his investment team are set to enter the new year with more than four dozen holdings.

  • Although Berkshire's $371 billion portfolio might appear diversified on the surface, the lion's share of invested assets can be traced to a relatively small number of holdings.

  • Motley Fool Issues Rare “All In” Buy Alert

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The Oracle of Omaha's portfolio is highly concentrated.

Today marks the final trading day for what's been a phenomenal year for the bulls. As of the closing bell on Dec. 22, the ageless Dow Jones Industrial Average, broad-based S&P 500, and growth stock-fueled Nasdaq Composite were higher by 13%, 24%, and 43% for the year, respectively.

It hasn't been a shabby year either for one of Wall Street's most prestigious investors, billionaire Warren Buffett. The CEO of Berkshire Hathaway (BRK.A -0.44%) (BRK.B -0.25%) has overseen a 17% gain in his company's Class A shares (BRK.A) this year and a greater than 4,430,000% aggregate gain in those shares since taking the reins in the mid-1960s.

Here Are All 49 Stocks Warren Buffett Holds for Berkshire Hathaway's $371 Billion Portfolio | The Motley Fool (2)

Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.

The Oracle of Omaha's success as an investor has earned him quite the following, ranging from retail investors to Wall Street professionals. Mirroring Warren Buffett's investments has been a strategy that's made patient investors richer for decades.

As we prepare to open the curtain on 2024, let's take a closer look at the 49 stocks Warren Buffett currently oversees in Berkshire Hathaway's $371 billion portfolio. Note: I've excluded the two index funds Berkshire owns -- the SPDR S&P 500 ETF Trust and the Vanguard S&P 500 ETF -- since index funds represent baskets of securities and aren't stocks.

The heavy hitters

Although Warren Buffett and his investing team oversee investments in more than four dozen stocks, a little over 85% of Berkshire's $371 billion in invested assets are tied up in eight companies:

  1. Apple (AAPL -0.54%): $177,252,489,955 in market value (as of Dec. 22)
  2. Bank of America: $34,528,242,561
  3. American Express (AXP -0.24%): $28,134,397,599
  4. Coca-Cola (KO 0.31%): $23,328,000,000
  5. Chevron (CVX -0.41%): $16,653,004,053
  6. Occidental Petroleum (OXY -0.43%): $14,820,358,041
  7. Kraft Heinz: $11,840,081,982
  8. Moody's (MCO -0.02%): $9,561,512,557

These top investment ideas from the Oracle of Omaha and his "investing lieutenants," Todd Combs and Ted Weschler, have a few things in common. They're all historically profitable, time-tested businesses with strong management teams and generally well-known brands.

Apple, which accounts for 47.7% of Berkshire's invested assets, has topped the list of Interbrand's "Best Global Brands" report for 11 consecutive years. It's an exceptionally profitable company that's driven by innovation -- whether that be with its iPhone or its ongoing shift to subscription services.

These eight heavy hitters are also, in many instances, longtime holdings. Coca-Cola and American Express have been continuous holdings in Berkshire's portfolio for more than three decades, while Moody's has been held since being spun out from Dun & Bradstreet in 2000. Thanks to the power of dividend growth over time, Buffett's company is netting an annual yield of almost 57% relative to its cost basis in Coca-Cola. It also takes home a respective 31% and 28% yield, annually, from Moody's and American Express, relative to its cost basis in each company.

Additionally, we're witnessing some of the largest bets on energy stocks ever by Warren Buffett and his team. Having more than $31 billion of invested assets tied up in Chevron and Occidental Petroleum is a pretty clear signal that Berkshire's brightest minds expect the price of crude oil to remain historically high. Macro factors, such as Russia's ongoing war with Ukraine and multiple years of capital underinvestment by energy companies during the COVID-19 pandemic, should keep the oil supply tight and provide a boost to the spot price of crude oil.

Berkshire's other billion-dollar bets

Moving beyond Berkshire's eight major holdings, Warren Buffett and his aides have at least $1 billion invested in 20 additional companies:

  1. Mitsubishi: $5,571,181,109
  2. Itochu: $4,784,080,125
  3. Mitsui & Co.: $4,573,017,556
  4. DaVita: $3,765,850,818
  5. Citigroup: $2,809,750,375
  6. VeriSign: $2,645,014,367
  7. BYD: $2,318,243,737
  8. Kroger: $2,257,000,000
  9. Marubeni: $2,202,620,084
  10. Sumitomo): $2,171,139,692
  11. Visa (V -0.02%): $2,144,312,588
  12. Mastercard (MA 0.04%): $1,690,737,417
  13. Capital One Financial: $1,617,991,432
  14. HP: $1,554,376,747
  15. Amazon: $1,534,200,000
  16. Charter Communications: $1,463,000,067
  17. Paramount Global: $1,405,964,625
  18. Liberty SiriusXM Series C: $1,243,966,698
  19. Snowflake: $1,198,552,322
  20. Aon: $1,195,847,000

If there's one thing that stands out about Berkshire's portfolio, it's Warren Buffett's love for financial stocks. Whether it's banks, credit-service providers, or insurance companies, there's no sector of the market Buffett feels more proficient putting his money to work in than financials.

This is also a good time to mention that Warren Buffett favors cyclical businesses. Financial juggernauts Visa and Mastercard, which control approximately 53% and 24% of U.S. credit card network purchase volume (as of 2021), thrive during long-winded periods of expansion.

Even though recessions are a perfectly normal part of the economic cycle, expansions last substantially longer. Berkshire's investment portfolio is designed to take advantage of these lengthy periods of growth for the U.S. economy.

Furthermore, the importance of valuation can't be overstated enough. You'll note that five of Berkshire Hathaway's billion-dollar-plus investments are Japanese trading houses (Mitsubishi, Itochu, Mitsui, Marubeni, and Sumitomo). These are time-tested, diverse businesses that typically trade at single-digit price-to-earnings (P/E) ratios. If the Oracle of Omaha can't find much in the way of value domestically, he's more than willing to look overseas to land amazing deals.

Here Are All 49 Stocks Warren Buffett Holds for Berkshire Hathaway's $371 Billion Portfolio | The Motley Fool (3)

Image source: Getty Images.

Warren Buffett's smaller holdings

Now that we've looked at the meat and potatoes of what makes Warren Buffett's $371 billion portfolio tick, let's take a final look at the remaining 21 holdings, which range in market value from $995 million to as small at $8.8 million:

  1. Ally Financial: $995,280,000
  2. D.R. Horton (DHI): $895,098,917
  3. Nu Holdings: $880,615,404
  4. T-Mobile: $816,231,820
  5. Liberty Sirius XM Series A: $580,970,800
  6. Floor & Décor Holdings: $543,533,800
  7. Louisiana-Pacific: $498,920,455
  8. Liberty Formula One Series C: $494,545,762
  9. Liberty Live Series C: $411,571,852
  10. Markel Group: $220,109,136
  11. StoneCo: $192,625,018
  12. Liberty Live Series A: $182,172,163
  13. Globe Life: $101,042,992
  14. NVR (NVR 0.27%): $77,563,649
  15. Sirius XM Holdings (SIRI -1.08%): $52,967,235
  16. Diageo: $33,087,520
  17. Lennar Class B (LEN.B): $20,180,698
  18. Liberty Latin America Series A: $18,941,702
  19. Jefferies Financial Group: $17,303,300
  20. Liberty Latin America Series C: $9,270,624
  21. Atlanta Braves Holdings Series C: $8,789,249

What you see from this section of Berkshire Hathaway's portfolio is a handful of investments that likely originate from Todd Combs and Ted Weschler. Many of the investments made by Buffett's "lieutenants" tend to be around or below $1 billion in market value. They're also typically shorter-term investments that are added or reduced every few quarters, as opposed to being held for 10, 20, or 30 more years like Berkshire's core holdings.

This section also features the new (potential) love of Warren Buffett's life: homebuilders. Buffett and his team opened positions in D.R. Horton, NVR, and Lennar's Class B shares during the second quarter. Homebuilders offer an intriguing value proposition (low P/E ratios), given the likelihood that the Federal Reserve will be cutting rates at some point in 2024. A lower yield on the 10-year Treasury bond should correspond with more affordable mortgage lending rates, which could power new-home sales for the likes of D.R. Horton, NVR, and Lennar.

Further, satellite radio operator Sirius XM has made its triumphant return after a two-year absence from Berkshire's portfolio. Sirius XM is a legal monopoly in the satellite radio space that's able to utilize exceptional pricing power via monthly subscriptions to outpace the prevailing rate of inflation. To boot, it generates most of its revenue from subscriptions, as opposed to advertising like terrestrial and online radio operators. This makes Sirius XM more adept at dealing with economic downturns than its peers.

Though it's unlikely any of these 21 holdings will grow into core holdings for Berkshire Hathaway anytime soon, they're still worth keeping a close eye on.

Citigroup, Ally, American Express, and Bank of America are advertising partners of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Sean Williams has positions in Amazon, Bank of America, Mastercard, Sirius XM, and Visa. The Motley Fool has positions in and recommends Amazon, Apple, BYD, Bank of America, Berkshire Hathaway, HP, Jefferies Financial Group, Lennar, Markel Group, Mastercard, Moody's, NVR, Snowflake, StoneCo, Vanguard S&P 500 ETF, VeriSign, and Visa. The Motley Fool recommends Chevron, Diageo Plc, Kraft Heinz, Kroger, Nu, Occidental Petroleum, and T-Mobile US and recommends the following options: long January 2024 $47.50 calls on Coca-Cola, long January 2025 $370 calls on Mastercard, and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

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As an enthusiast and expert in the field of finance and investment, I bring a wealth of knowledge and understanding of the intricacies of the stock market. My expertise extends to the strategies employed by renowned investors, including the legendary Warren Buffett. I have a deep understanding of the principles that guide successful long-term investing and the nuances of building a well-diversified investment portfolio.

Now, diving into the content of the provided article, it highlights key aspects of Warren Buffett's investment strategy and the composition of Berkshire Hathaway's portfolio as of December 29, 2023. Let's break down the concepts used in the article:

  1. Warren Buffett's Track Record:

    • Warren Buffett has overseen an impressive return of over 4,430,000% in Berkshire Hathaway's Class A shares since he became CEO in the mid-1960s.
    • This phenomenal performance has contributed to the company's market cap of $773 billion as of the provided date.
  2. Berkshire Hathaway's Portfolio Overview:

    • Berkshire Hathaway's investment portfolio is valued at $371 billion.
    • Despite appearing diversified, the majority of these invested assets are concentrated in a relatively small number of holdings.
  3. Top Holdings (Heavy Hitters):

    • Approximately 85% of Berkshire's portfolio is invested in eight major companies, with Apple being the largest.
    • Other significant holdings include Bank of America, American Express, Coca-Cola, Chevron, Occidental Petroleum, Kraft Heinz, and Moody's.
    • These companies are chosen based on historical profitability, strong management, and well-known brands.
  4. Investment Strategy and Themes:

    • The article emphasizes Warren Buffett's preference for historically profitable, time-tested businesses with strong management and well-known brands.
    • Longevity of holdings is highlighted, with Coca-Cola and American Express being continuous holdings for over three decades.
  5. Bets on Energy Stocks:

    • Berkshire Hathaway is making substantial investments in energy stocks, with over $31 billion tied up in Chevron and Occidental Petroleum.
    • This is interpreted as a signal that Buffett and his team anticipate historically high crude oil prices due to macro factors such as geopolitical tensions and capital underinvestment in the energy sector.
  6. Additional Billion-Dollar Investments:

    • Beyond the major holdings, Buffett and his team have at least $1 billion invested in 20 additional companies, spanning various sectors.
    • Notably, financial stocks play a significant role in Berkshire's portfolio, including Visa, Mastercard, Citigroup, and others.
  7. Focus on Valuation:

    • The importance of valuation is highlighted, with a mention of Berkshire's investments in Japanese trading houses with single-digit price-to-earnings ratios.
  8. Smaller Holdings and Recent Additions:

    • The remaining 21 holdings in Berkshire's portfolio include smaller investments in companies like Ally Financial, D.R. Horton, Nu Holdings, T-Mobile, and others.
    • Recent additions to the portfolio include positions in homebuilders like D.R. Horton, NVR, and Lennar's Class B shares.
  9. Sector Preferences:

    • Warren Buffett's affinity for financial stocks is emphasized, and the article suggests that he feels proficient in putting money into the financial sector.
  10. Potential Trends:

    • The article hints at potential trends, such as the increased focus on homebuilders and the return of Sirius XM to Berkshire's portfolio after a two-year absence.
  11. Disclosure and Recommendations:

    • The article discloses the author's positions in various stocks, and it includes recommendations from The Motley Fool's Premium Investing Services.

In conclusion, this article provides a comprehensive overview of Warren Buffett's investment strategy, the composition of Berkshire Hathaway's portfolio, and insights into the rationale behind specific investment decisions.

Here Are All 49 Stocks Warren Buffett Holds for Berkshire Hathaway's $371 Billion Portfolio | The Motley Fool (2024)
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