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The Complete Berkshire Hathaway Portfolio – WTOP

Impact team
Written by Impact team

The Complete Berkshire Hathaway Portfolio  WTOP

To invest like Warren Buffett, start with these stocks.

Famed investor and Berkshire Hathaway (BRK.A, BRK.B) CEO Warren Buffett has become a living legend on Wall Street for his practical value investing style and his tremendously consistent track record throughout the decades. Generations of investors have emulated the “Oracle of Omaha.” Buffett started investing at age 11, and over the years turned that $114 investment into about $68 billion. This year has brought some problems for Berkshire’s portfolio, which fell by $54.5 billion; while few changes were made to broader holdings, Buffett sold his entire stake in American Airlines (ticker: AAL), Delta Air Lines (DAL), Southwest Airlines (LUV) and United Airlines (UAL). Here’s a look at the entire Berkshire portfolio through March 31, 2020.

Amazon.com (AMZN)

By the time Berkshire invested in Amazon for the first time in 2019, the e-commerce and cloud computing giant was nearly 25 years old and valued at more $1 trillion. The company generated 49% of all U.S. e-commerce sales in 2018, capturing 5% of market share in the U.S. retail sector along the way. Amazon is also the parent company of video game streaming platform Twitch, cloud services platform Amazon Web Services and grocery chain Whole Foods. Its Alexa-enabled smart speakers and TVs are becoming ubiquitous as well. AMZN stock is up about 450% in the past five years and 24% year-to-date through early May. Buffett likely wishes he owned more of AMZN, one of the portfolio’s standout performers during the pandemic.

Holdings: 537,300 shares
Value of Berkshire’s holdings: $1.3 billion

Apple (AAPL)

Best known for its popular MacBooks and iPhones, Apple is one of the largest publicly traded stocks on Wall Street with a market cap of $1.4 trillion after the successful rollout of its iPhone 11. Apple is also a powerhouse in software, digital media and services in support of its popular devices. The California company has a global iPhone installed user base of more than 900 million customers. Despite gaining about 140% over the past five years, Apple still has a decent forward earnings multiple around 20 — although, at its size, skeptics may wonder if it can justify that.

Holdings: 250.9 million shares
Value: $76.2 billion

American Express Co. (AXP)

American Express is a global credit card, payments and travel company headquartered in New York City. Founded in 1850, American Express has been a Buffett holding since 1991. AXP stock has struggled in the post-pandemic environment, with shares down about 30% year-to-date through early May as consumer spending slumps. That said, it’s likely Berkshire holds through the pain: In previous annual letters to Berkshire shareholders, Buffett has remarked American Express is one of Berkshire’s core holdings for the long haul. AXP stock trades at a modest forward earnings multiple around 12.

Holdings: 151.6 million shares
Value: $13.2 billion

Axalta Coating Systems (AXTA)

Axalta Coating Systems is the global leader in auto and industrial coatings, generating nearly $5 billion in annual revenue. Axalta is also the fourth-largest producer of coatings in the world. Unfortunately, the famously cyclical auto market has been one of the hardest-hit areas in the pandemic, hitting demand from original equipment manufacturers for AXTA’s coatings. Although headquartered in Philadelphia, Axalta’s roots go back to Germany in 1866 when Herberts Gmbh began coating carriages before transitioning to automobiles. AXTA stock hasn’t been a good performer in 2020, with shares down about 35% through early May.

Holdings: 24.3 million shares
Value: $460 million

Bank of America Corp. (BAC)

With a market cap around $200 billion, Bank of America is the second-largest U.S. bank and is also Buffett’s second-largest public stock holding. Buffett acquired his stake in Bank of America in 2011 when he took a $5 billion stake in preferred BAC stock while the bank was struggling with liquidity. After teetering on the brink of collapse during the Great Recession, Bank of America is now a much lower-risk investment given its strong capital base. Shares are down more than 30% in 2020, but the Federal Reserve and U.S. Treasury’s unprecedented willingness to prop up the economy makes BAC a much less risky holding than it would be otherwise.

Holdings: 947.8 million shares
Value: $21.7 billion

Bank of New York Mellon Corp. (BK)

Bank of New York Mellon operates in more than 100 global markets. The New York City-based bank has $35.8 trillion in assets under custody and $1.9 trillion in assets under management. Its two primary business lines are investment services and investment management. The company’s stock is down about 30% year to date as the pandemic has hit the entire financial sector fairly hard. As with Bank of America, Berkshire owns around 10% of all BK shares, which trade for a forward earnings multiple right around 9. Like most of the other bank stocks Buffett owns, BK stock also pays a respectable dividend of 3.5%.

Holdings: 88.13 million shares
Value: $3.1 billion

Biogen (BIIB)

Biogen is one of the two newest positions in Berkshire Hathaway’s portfolio, both added in the first quarter. Biogen is a Cambridge, Massachusetts-based biotech. It’s not exactly an industry Buffett is known for. Although it’s a relatively small part of the Berkshire pie, this is likely a starter position that will be prone to grow over time. To be sure, Biogen isn’t expected to post blockbuster growth in the coming years, but it does trade at just more than 10 times earnings and boasts an enviable pipeline, with data from 11 midstage to late-stage trial readings expected by the end of next year. Biosimilars have been a bright spot at BIIB, and should continue to exhibit strength going forward.

Holdings: 648,447 shares
Value: $205 million

Charter Communications (CHTR)

Charter Communications is the second-largest cable TV provider in the U.S. and is the best pure-play option for investors who still see value in the traditional TV model. Facing stiff competition from streaming leaders such as Netflix (NFLX), Charter has a customer base of 16 million video subscribers, 26 million internet subscribers and 10.5 million phone subscribers. Charter primarily operates in New York, California, the Carolinas, Florida, Ohio and Texas. Despite fears over cord cutting, CHTR shares have nearly tripled in the past five years.

Holdings: 5.4 million shares
Value: $2.8 billion

Coca-Cola Co. (KO)

Coca-Cola is the largest and most valuable soda brand in the world, capturing half of the global carbonated soft drink market and 43% of the U.S. market. Coca-Cola is a truly global company, generating more than 70% of its profits outside the U.S. Top brands include Coca-Cola Classic, Sprite, Fanta and Minute Maid. Buffett has been a longtime fan of Coca-Cola, first investing in the stock in 1987. Since that time, KO stock is up nearly 2,000%. Today, KO stock pays a 3.5% dividend yield.

Holdings: 400 million shares
Value: $18.4 billion

Costco Wholesale Corp. (COST)

One of the few stocks thriving amid the pandemic, Costco is a global retailer that operates about 785 warehouses worldwide on a membership-based model. The stock’s 46% gain in 2019 and subsequent early 2020 gains have driven its forward earnings multiple to more than 34. However, Costco is adding more than 20 new stores per year, its membership is consistently growing and its store traffic had been on the rise before this year’s downturn, with same-store sales up more than 6% year over year in January. Costco held its own even in April, with e-commerce up nearly 88% and overall company sales, excluding gasoline, logged just a 0.5% decline year over year.

Holdings: 4.3 million shares
Value: $1.3 billion

DaVita (DVA)

DaVita is the U.S. leader in dialysis, operating more than 2,600 dialysis clinics and serving more than 200,000 patients domestically. In 2019, DaVita completed the sale of its DaVita Medical Group subsidiary to UnitedHealth Group (UNH) for $4.3 billion. DaVita has used the proceeds to pay down debt and aggressively increase share buybacks, leading to an impressive market-beating performance in the last year. Through early May, its one-year gains stood at 54%. Despite that, DVA stock still trades at a forward earnings multiple of less than 13.

Holdings: 38.1 million shares
Value: $3.1 billion

General Motors Co. (GM)

General Motors is one of the world’s largest automakers, selling nearly 8 million vehicles per year. GM has a rocky past, and it’s almost certain that the current U.S. auto boom has peaked, at least in the near term. Fortunately, GM’s last restructuring in 2009 eliminated many of its legacy balance sheet issues, and the company even remained profitable in the extremely difficult first quarter. GM is refocusing its business on trucks and SUVs and is also investing heavily in electric and autonomous vehicle technology, which seems savvy over the longer term. GM stock may well struggle on a shorter-term basis, but Buffett still believes in it — for now.

Holdings: 75 million shares
Value: $1.8 billion

Globe Life (GL)

Globe Life, which was known as Torchmark until it rebranded last August, is a life and supplemental health insurance company that focuses primarily on the low- to middle-income market. Globe Life is headquartered in McKinney, Texas, and has about 3,100 employees. While total life insurance sales were down slightly in 2018, revenue grew 5% in 2019 and steady growth is expected in 2020 as well. Buffett likely appreciates the company’s stable earnings, its solid balance sheet and its free cash flow. In addition, its forward earnings multiple is less than 11.

Holdings: 6.3 million shares
Value: $484 million

Goldman Sachs Group (GS)

Goldman Sachs Group is the second-largest full-service U.S. investment bank, behind only JPMorgan Chase & Co. (JPM). Goldman is a market leader in mergers and acquisitions, equity underwriting and equity trading. Goldman has a market cap around $65 billion, after GS shares fell roughly 20% year to date through early May. Buffet avoided some of those losses in the first quarter, as Berkshire trimmed its exposure to the bank in a big way in the fourth quarter, selling 34% of its stake. GS stock trades at a forward earnings multiple of just 8.5.

Holdings: 12.4 million shares
Value: $2.3 billion

Johnson & Johnson (JNJ)

Johnson & Johnson is a global health care company that develops and markets pharmaceutical products, medical devices and consumer health products. The company’s leading brands include Band-Aid, Neutrogena, Splenda and Tylenol. JNJ stock was pressured in 2018 amid several lawsuits alleging that the company’s popular baby powder causes cancer. JNJ settled one of those lawsuits in March 2019, paying $29 million and admitting no wrongdoing. JNJ stock trades at a reasonable 16 times forward earnings multiple. Why Berkshire’s exposure to a stock as stable and cash-rich as JNJ is so small is a mystery, but it is: This position makes up 0.01% of the financial giant’s stock portfolio.

Holdings: 327,100 shares
Value: $48.7 million

JPMorgan Chase & Co. (JPM)

Buffett isn’t shy about his love for bank stocks, and JPMorgan is the biggest bank stock of all, boasting a market cap approaching $300 billion. JPM was formed via a merger between Chase Manhattan and J.P. Morgan in 2000. The company is a leader in investment and corporate banking, as well as asset and wealth management. After losing more than 30% of its share value year to date through early May, JPM stock trades at roughly the levels it did three years ago. JPM trades for about 10.4 times forward earnings and has a 4% dividend yield.

Holdings: 60.1 million shares
Value: $5.6 billion

Kraft Heinz Co. (KHC)

Buffett still expresses support for Kraft Heinz, even though the stock’s putrid performance has helped push BRK stock below the S&P 500 this year. Last February, Kraft Heinz acknowledged an SEC accounting investigation. The company cut its dividend and took a $15.4 billion write-down for its Kraft and Oscar Mayer brands. Buffett says the company’s core operations are still strong. “You can turn any investment into a bad deal by paying too much,” he says. KHC stock is down about 10% so far this year.

Holdings: 325.6 million shares
Value: $9.6 billion

Kroger (KR)

Biogen and Kroger are the newest stocks in the Berkshire Hathaway portfolio. Unlike the former, Kroger is certainly the type of boring, low-tech company that Buffett might like to “buy and hold” for the long term. While grocery is indeed an industry experiencing steeper competition and a certain level of disruption, Kroger is well-positioned within the industry and does something Buffett and vice chairman Charlie Munger love: It pays a decent, sustainable dividend with room to grow. In fact, Kroger has a track record of boosting its payout, growing its quarterly dividend annually for the last 11 years.

Holdings: 18.9 million shares
Value: $628 million

Liberty Global (LBTYA, LBTYK)

Liberty Global has multiple share classes and Buffett is invested in both. Liberty is the largest cable TV operator in Europe, operating primarily in the U.K., Belgium and eastern Europe. LBTYA A-class shares have voting rights, but LBTYK C-class shares do not. As a result, the A-class shares trade at a slight premium, although both are down about 3% year to date.

Holdings: 19.8 million shares of LBTYA, 7.3 million shares of LBTYK
Combined value: $586 million

Liberty Latin America (LILA, LILAK)

Liberty Latin America is another member of the Liberty Media family with multiple share classes. Liberty Latin America split off from its parent company in 2018 and is a pure play on the telecommunications business in Latin America and the Caribbean. The spinoff serves 6.4 million homes in the region, has 3.7 million mobile subscribers and generates annual revenue of $3.9 billion. Buffett holds both the A-class voting shares and the C-class nonvoting shares.

Holdings: 2.7 million shares of LILA, 1.3 million shares of LILAK
Combined value: $39.4 million

Liberty Sirius XM Group (LSXMK, LSXMA)

Liberty Sirius XM Group Series C and A are tracking stocks representing Liberty Media’s equity stake in Sirius XM Holdings (SIRI). Series A shares have voting rights, whereas Series C shares do not. The tracking stocks represent a 71.2% ownership stake in Sirius XM, but they also hold more than $1 billion in debt of streaming leader Pandora Media and terrestrial radio leader iHeartMedia (IHRT). The tracking stocks trade at a deep discount to the value of their underlying assets, and Sirius XM has been aggressively buying back shares of its stock.

Holdings: 31.1 million shares of LSXMK, 14.9 million shares of LSXMA
Combined value: $1.5 billion

Mastercard (MA)

Along with Visa (V) and American Express, Mastercard rounds out Buffett’s exposure to the three dominant forces in the global credit card business. The Mastercard network includes billions of customers and millions of merchants in more than 210 countries. Mastercard operates both the third-largest credit and debit networks by volume, according to The Nilson Report. Mastercard has the highest forward earnings multiple of the three credit card stocks at 31. MA stock has gained around 140% over the past three years, outperforming Visa and American Express by a wide margin.

Holdings: 4.9 million shares
Value: $1.4 billion

Moody’s Corp. (MCO)

Moody’s is a major U.S. credit rating agency, providing research, analytical tools and financial recommendations for investors worldwide. Moody’s was founded in 1900 and is headquartered in New York City. Moody’s Investors Services is the company’s credit rating agency that rates both the quality of the debt and the credit quality of corporate and government institutions. Moody’s Analytics offers a range of services and tools that allow investors to quantify and manage risk in global financial markets. MCO stock is up 29% in the last year, pushing its forward earnings multiple to 26.

Holdings: 24.7 million shares
Value: $6.2 billion

Mondelez International (MDLZ)

Mondelez International is a U.S. food and beverage company headquartered in Deerfield, Illinois. Mondelez is composed of the international snack and food brands that once belonged to Kraft Foods prior to its 2012 spinoff of its North American grocery business. Mondelez has several billion-dollar international food brands, including Belvita, Chips Ahoy, Nabisco, Oreo and Ritz. Developing markets account for about 37% of Mondelez’s total growth, providing excellent exposure to high-growth international opportunities. MDLZ stock has a 2.3% dividend and a reasonable forward earnings multiple of 18.

Holdings: 578,000 shares
Value: $29.2 million

M&T Bank Corp. (MTB)

M&T Bank is a U.S. regional bank based in Buffalo, New York, that has $120 billion in total assets. M&T is relatively small compared with some of the other banks Buffett owns, barely cracking the Fortune 500 at 462. M&T primarily focuses on commercial and residential real estate, and it was one of only two banks in the S&P 500 not to lower its dividend during the 2008 financial crisis. M&T has just 780 branches and has been hit by the pandemic pretty severely so far this year, with shares down about 40% through early May. Thankfully, this is a relatively small holding for Berkshire.

Holdings: 5.4 million shares
Value: $560 million

Occidental Petroleum (OXY)

The first quarter didn’t bring many changes, aside from selling airlines, to BRK’s portfolio. But in the fourth quarter, Berkshire increased its stake in Occidental by a higher percentage than any other stock in its portfolio (new positions aside). In terms of shares, Berkshire boosted its stake by 153% in the fourth quarter. Buffett swung a sweetheart deal to finance Occidental’s buyout of natural gas giant Anadarko last year, receiving preferred stock with a perpetual 8% coupon as well as OXY stock warrants. Since Occidental shares have been slumping in recent months, it seems Berkshire simply thinks its financing agreement is a win-win.

Holdings: 36.2 million shares
Value: $526 million

Procter & Gamble Co. (PG)

Procter & Gamble is a blue-chip U.S. consumer products company that produces beauty, grooming, health and home care, and baby and family care products. Leading brands include Pampers, Tide, Bounty, Charmin and Gillette. PG stock’s forward earnings multiple of 21 isn’t particularly impressive, but its 2.8% dividend and relatively recession-proof business make it a popular defensive play. As recently as 2016, Buffett had a $4.3 billion stake in PG stock.

Holdings: 315,400 shares
Value: $36.5 million

PNC Financial Services Group (PNC)

PNC Financial Services is a U.S. regional bank headquartered in Pittsburgh. PNC has $393 billion in assets and is the sixth-largest U.S. bank by deposits. In addition to retail and business banking, the company also offers wealth and asset management services. Like the other bank stocks Buffett loves, PNC has an attractive forward earnings multiple of 11.7 and a generous 4.5% dividend. The regional bank, like many others, has seen shares slide in early 2020 as PNC stock is down more than 30% year to date.

Holdings: 9.8 million shares
Value: $1 billion

Phillips 66 (PSX)

Phillips 66 is an integrated oil refiner with 2.2 million barrels per day of capacity, more than 80% of which is located inside the U.S. Despite the stock’s attractive forward earnings multiple around 11 and 4.6% dividend yield, Buffett has been scaling down his position aggressively over recent quarters. As of early 2018, Buffett held more than 45 million shares of PSX stock, but he’s down to just 227,000 this year and could be down to zero by the time Berkshire files its next 13-F disclosure form.

Holdings: 227,436 shares
Value: $17.2 million

Restaurant Brands International (QSR)

Restaurant Brands International is based in Ontario, Canada, and is the third-largest restaurant company in the world by total sales. The company’s franchises, including Burger King, Tim Hortons and Popeyes, have more than 26,000 global restaurant locations, of which more than 99% are franchised. Burger King is the second-largest quick-serve hamburger chain in the world. The restaurant space has been difficult for investors in recent quarters; QSR stock is down about 20% year to date.

Holdings: 8.4 million shares
Value: $432 million

RH (RH)

Berkshire upped its stake in RH, the home furnishings retailer formerly known as Restoration Hardware. RH looked like an attractive investment as the year began, with analysts expecting explosive growth over the next five years and shares trading at a price-earnings growth ratio of just 1.1. Those prospects seem to have changed in recent months due to RH’s status as a cyclical company and the troubled state of U.S. consumers. To give an idea of Berkshire’s size, it owns about 9% of RH’s entire company, but that position accounts for just 0.14% of Berkshire’s portfolio.

Holdings: 1.7 million shares
Value: $268 million

Sirius XM Holdings (SIRI)

In addition to his stake in the Liberty Media Sirius XM tracking stock, Buffett also has a direct investment in Sirius XM. Sirius XM is a satellite radio operator that offers more than 140 channels of music and talk radio throughout the U.S. In early 2019, Sirius XM completed a $3 billion buyout of streaming radio leader Pandora Media, giving the company a large stake in both the streaming and satellite radio markets. Pandora has 70 million monthly active users, and Sirius XM has 36 million paid subscribers. SIRI stock is up about 17% in the past three years.

Holdings: 136.3 million shares
Value: $775 million

StoneCo (STNE)

StoneCo is a Brazilian financial technology company founded in 2012 that specializes in electronic payments. StoneCo claims it already has 5.5% market share in Brazil. StoneCo had an initial public offering in late 2018 and, at its peak, had nearly doubled from its $24 IPO price in October 2018. STNE has been one of the few growth stocks to grab Buffett’s attention, but the pandemic’s impact has been especially brutal to STNE, especially as the virus spreads in Brazil.

Holdings: 14.2 million shares
Value: $396 million

Store Capital Corp. (STOR)

Store Capital is a real estate investment trust that specializes in the acquisition, investment, ownership and management of single-tenant net-lease real estate. As a REIT, Store Capital is an excellent source of dividend income, yielding 7%. In addition, Store Capital has avoided disruption to its retail tenants by strategically avoiding businesses threatened by e-commerce disruption. Its long-term leases also provide more financial stability than other REITs. The pandemic has threatened STOR’s previous occupation rate of 99.7%, even though 75% of its tenants had investment-grade credit quality to start the year. STOR shares are down about 45% year to date.

Holdings: 18.6 million shares
Value: $372 million

Suncor Energy (SU)

Suncor is a Canadian oil exploration and production company that produces more than 700,000 barrels of oil equivalent per day. Suncor’s production primarily comes from oil sands, but it also has a large conventional oil operation. In addition, Suncor has 461,000 barrels per day in Canadian refining capacity. SU shares are down about 50% year to date as the global oil market slump drags on. Although exposure to Suncor is relatively limited as far as the Berkshire portfolio is concerned, SU’s swift fall still hasn’t been pretty.

Holdings: 15 million shares
Value: $256 million

Synchrony Financial (SYF)

Synchrony Financial is a U.S. online bank based in Stamford, Connecticut, that has $105 billion in total assets. Like M&T, Synchrony is a relatively small bank compared with some of the other banks Buffett owns. Synchrony operates exclusively online with no physical branches. Synchrony specializes in private label credit card partnerships with companies like Amazon and Lowe’s (LOW), and it was previously a subsidiary of GE Capital before being spun off in 2014.

Holdings: 20.8 million shares
Value: $383 million

Teva Pharmaceutical Industries (TEVA)

After acquiring Allergan’s generic drug business back in 2015, Teva Pharmaceuticals is now the largest generic-drugmaker in the world. Teva stock was pounded in August 2017, dropping more than 40% in three days when the company reported a huge earnings miss and cut its guidance and dividend. Since that time, management has been on a cost-cutting spree and has prioritized getting the company’s debt levels under control. As a result, Teva’s forward earnings multiple is down to just 4.4, and management expects the company to return to modest revenue and operating profit growth in 2020.

Holdings: 43.2 million shares
Value: $498 million

Travelers Companies (TRV)

Berkshire Hathaway wholly owns several private insurance companies, including Geico and Gen Re. However, Buffett also holds stakes in public insurance companies like Travelers Companies. Travelers is based in New York City and is the second-largest writer of commercial property casualty insurance in the U.S. It is also the third-largest writer of personal insurance via independent agents. The company has field agents in each U.S. state and generated $31.6 billion in revenue in the last year. TRV stock is down about 30% year to date, and despite trading at a forward earnings multiple around 9, it’s been one of Buffett’s least-favorite stocks in the portfolio of recent. In the fourth quarter, Berkshire sold 94% of its holdings in Travelers.

Holdings: 312,379 shares
Value: $30 million

United Parcel Service (UPS)

United Parcel Service provides air, sea, ground and rail logistics, freight and customs services. UPS has 444,000 employees in 220 countries. It operates a fleet of 237 airplanes and 110,000 delivery vehicles that deliver an average of 18 million daily packages. UPS has greatly benefited from the rise of e-commerce in the past 20 years, but investors are becoming increasingly concerned that Amazon’s in-house delivery business could soon eat into UPS’ volume. UPS stock trades at a forward earnings multiple of 13 and offers a 4.4% dividend.

Holdings: 59,400 shares
Value: $5.6 million

U.S. Bancorp (USB)

U.S. Bancorp is the fifth-largest commercial bank in the U.S., with $460 billion in assets. U.S. Bancorp was founded in 1929 and is headquartered in Minneapolis. USB stock has been more than just a market laggard year to date, shedding about 40% as financials have gotten slaughtered. The stock’s forward earnings multiple of 10.8 alongside a dividend yield of 4.9% both look nice, but Buffett will be closely watching the company’s financials for weakness given he owns 10% of the company. U.S. Bancorp’s recent share repurchases have pushed Berkshire Hathaway’s stake to more than 10%.

Holdings: 150.1 million shares
Value: $5.2 billion

Visa (V)

Buffett feels no need to pick a winner if he likes an entire industry. In 2018, Buffett said payments are a “huge deal” worldwide, and Berkshire has stakes in all the major credit card operators, as well as several smaller financial technology companies. Visa operates the largest electronic payments network in the world, including the world’s largest credit network by volume and the second-largest global debit network. Visa’s forward earnings multiple around 31 isn’t particularly impressive, but the credit card giant reported 5% payments volume growth in the difficult March quarter.

Holdings: 10.6 million shares
Value: $2 billion

Verisign (VRSN)

Verisign is a domain-name registration specialist headquartered in Reston, Virginia. Verisign provides internet security services, such as the denial of service protection, iDefense security intelligence services and managed domain name security. With a gaudy forward earnings multiple of 35, VRSN stock isn’t the typical Buffett value stock. Buffett has always loved market leaders with strong business execution, two areas in which Verisign excels. VRSN stock is up more than 220% overall in the past five years, including a 10% gain in the past year.

Holdings: 13 million shares
Value: $2.8 billion

Wells Fargo & Co. (WFC)

Wells Fargo is one of the four largest U.S. banks. Headquartered in San Francisco, Wells Fargo has more than $1.9 trillion in assets and services one in three U.S. households. The bank has struggled with a series of legal and public relations issues in recent years stemming from overly aggressive marketing practices. Buffett has generally stuck with Wells Fargo through its dark times, although his patience may be starting to wear thin; in the fourth quarter, Buffett trimmed his stakes in WFC by 14%. Fed restrictions on expansion, as well as what may be a far too conservative allocation for loan losses, has caused shares to crater year to date; WFC is down by more than 50% through early May.

Holdings: 345.7 million shares
Value: $8.8 billion

Berkshire Hathaway’s complete portfolio:

— Amazon.com (AMZN)

— Apple (AAPL)

— American Express Co. (AXP)

— Axalta Coating Systems (AXTA)

— Bank of America Corp. (BAC)

— Bank of New York Mellon Corp. (BK)

— Biogen (BIIB)

— Charter Communications (CHTR)

— Coca-Cola Co. (KO)

— Costco Wholesale Corp. (COST)

— DaVita (DVA)

— General Motors Co. (GM)

— Globe Life (GL)

— Goldman Sachs Group (GS)

— Johnson & Johnson (JNJ)

— JPMorgan Chase & Co. (JPM)

— Kraft Heinz Co. (KHC)

— Kroger (KR)

— Liberty Global (LBTYA, LBTYK)

— Liberty Latin America (LILA, LILAK)

— Liberty Sirius XM Group (LSXMK, LSXMA)

— Mastercard (MA)

— Moody’s Corp. (MCO)

— Mondelez International (MDLZ)

— M&T Bank Corp. (MTB)

— Occidental Petroleum (OXY)

— Procter & Gamble Co. (PG)

— PNC Financial Services Group (PNC)

— Phillips 66 (PSX)

— Restaurant Brands International (QSR)

— RH (RH)

— Sirius XM Holdings (SIRI)

— StoneCo (STNE)

— Store Capital Corp. (STOR)

— Suncor Energy (SU)

— Synchrony Financial (SYF)

— Teva Pharmaceutical Industries (TEVA)

— Travelers Companies (TRV)

— United Parcel Service (UPS)

— U.S. Bancorp (USB)

— Visa (V)

— Verisign (VRSN)

— Wells Fargo & Co. (WFC)

More from U.S. News

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The Complete Berkshire Hathaway Portfolio originally appeared on usnews.com

Update 05/12/20: This story was published at an earlier date and has been updated with new information.

Source: wtop.com

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