Warren Buffett's portfolio: what Berkshire Hathaway really owns now
Five quarters of Berkshire's public stock holdings, from Apple and American Express to the surprise rise of Alphabet, set against the ideas Buffett took from Benjamin Graham, Philip Fisher and Charlie Munger.
Who he is and why people copy him
Warren Buffett has run Berkshire Hathaway since 1965. He turned a failing textile company into a holding company that owns insurers, railways, energy utilities and a very large stock portfolio. The share price has multiplied many thousand times over, which is why his annual letters are read like scripture and his portfolio is watched every quarter.
He announced in 2025 that he would hand the chief executive role to Greg Abel at the end of that year, so the filings we look at here span the period around that handover. Whoever presses the buttons now, the portfolio still carries the stamp of a few simple ideas, and those ideas are the real subject of this article.
The ideas behind the portfolio
Three teachers stand behind Buffett. From Benjamin Graham, his professor at Columbia, he took two things: the market is a moody business partner who quotes you a price every day (Graham called him Mr. Market), and you should buy only with a margin of safety, a gap between the price and what the business is worth. From Philip Fisher he took the idea that a truly outstanding company is worth paying up for and holding for decades. From Charlie Munger he took the habit of thinking in terms of a durable competitive advantage, what Buffett calls a moat, and of staying inside the circle of businesses you can actually understand.
In practice this produces a portfolio with very few big bets, businesses that earn high returns without needing much new capital, managers he trusts, and very low turnover. He has also long said that most people who do not want to study companies should simply buy a low-cost fund of the whole US market, and he has written that this is what he has told the trustee of his estate to do with the money he leaves to his wife.
What a Form 13F does and does not show
Large US investment managers must file a Form 13F with the SEC within 45 days after each quarter ends. It lists the US-listed shares, funds and options the firm owned on the last day of the quarter. That is all. It does not show bonds, cash and Treasury bills, short positions, foreign shares that are not listed in the US, or whole companies that Berkshire owns outright, such as its railway, its insurers and its utilities.
So the filing is a snapshot of one slice, and it is old by the time we see it. It also lists every holding in dollars at quarter-end prices, so a change in the value of a position mixes what Buffett did with what the market did. To separate them we look at the number of shares and at the share of the portfolio, not only at dollar values.
The portfolio over the last five quarters
Between the end of June 2025 and the end of June 2026 the reported stock portfolio grew from $257.5 billion to $299.3 billion, and the number of different positions fell from 37 to 26. It is a very concentrated book: the ten largest positions made up 87.3% at the start and 91.0% at the end.
Apple remained the largest holding at about 22% throughout, even though Berkshire sold shares in two of the quarters (about 15% of its Apple shares in the quarter to September 2025 and about 4% in the next). American Express stayed second at between 17% and 21%, Coca-Cola near 11%, and Bank of America slipped from 11.1% to 9.2% because Berkshire trimmed it again in most quarters.
The surprise is Alphabet, the owner of Google. It appears for the first time in the quarter to September 2025 at 1.6% of the portfolio. In the quarter to March 2026 Berkshire more than tripled its shares, and in the quarter to June 2026 it added again, so that by the end of June Alphabet was the third-largest holding at 12.6%. For an investor famous for keeping away from technology, it is the largest new bet of the period.
Ten largest positions at the end of the latest quarter (2026-06-30) and the same names at the start of the period (2025-06-30), as a share of the US-listed stocks in the report (26 positions, $299.3 billion in total).
| Position | 2026-06-30 | 2025-06-30 |
|---|---|---|
| Apple | 22.0% | 22.3% |
| American Express | 17.1% | 18.8% |
| Alphabet | 12.6% | — |
| Coca-Cola | 10.9% | 11.0% |
| Bank of America | 9.2% | 11.1% |
| Chevron | 4.7% | 6.8% |
| Occidental Petroleum | 4.3% | 4.3% |
| Chubb | 3.9% | 3.0% |
| Moody's | 3.7% | 4.8% |
| Kraft Heinz | 2.6% | 3.3% |
| Ten largest together | 91.0% | 87.3% |
What changed quarter by quarter
The table above shows the big moves, and a few deserve a comment. In the quarter to March 2026 the number of reported positions dropped sharply, from 39 to 26. Berkshire closed Visa (1.1% of the portfolio), Mastercard (0.8%), UnitedHealth (0.6%), Domino's Pizza (0.5%) and Aon (0.5%) and opened a position in Delta Air Lines (1.0%). The same quarter it cut Chevron by about a third of its shares and raised Alphabet.
In the following quarter the oil names kept shrinking as a share of the book: Occidental Petroleum went from 6.5% to 4.3% and Chevron from 6.6% to 4.7%. Constellation Brands was almost entirely sold in the quarter to March 2026 and disappeared from the report in the next. Taken together, Berkshire in this period was selling payments companies, health insurers and some energy, keeping its core of Apple, American Express and Coca-Cola, and putting new money into one very large technology company.
Changes between consecutive filings. A share is measured as a part of the reported stock portfolio; it can move because of price changes too, so read it together with the text.
| Quarter end | Positions | Opened | Closed | Biggest rise in share | Biggest fall in share |
|---|---|---|---|---|---|
| 2025-09-30 | 37 → 37 | Alphabet (1.6%) | D.R. Horton (0.1%) | Apple (+0.4 pp) | Coca-Cola (−1.1 pp) |
| 2025-12-31 | 37 → 39 | Liberty Live (0.5%), New York Times Co Mtn Be (0.1%) | — | American Express (+1.6 pp) | Occidental Petroleum (−0.7 pp) |
| 2026-03-31 | 39 → 26 | Delta Air Lines (1.0%), Macys (0.0%) | Visa (1.1%), Mastercard (0.8%), Unitedhealth (0.6%) | Alphabet (+4.3 pp) | American Express (−3.0 pp) |
| 2026-06-30 | 26 → 26 | D.R. Horton (0.0%) | Constellation Brands (0.0%) | Alphabet (+6.3 pp) | Occidental Petroleum (−2.2 pp) |
What to take away, and what to doubt
The first lesson is concentration with patience. Apple, American Express, Alphabet and Coca-Cola together make up more than 60% of the reported portfolio, and three of the four were not bought in this period. The second is that even a buy-and-hold investor changes his mind: Berkshire has been trimming Apple and Bank of America for some time, while Alphabet shows a willingness to pay for quality in a sector Buffett long avoided.
Three warnings keep this from becoming a recipe. A filing arrives with a delay of up to 45 days, so by the time you see a purchase the price may have moved. You cannot see the cash and bonds Berkshire holds, and they matter for how defensive the whole company is. And you see a famous name that worked; for every investor with a record like this, many followed similar ideas and did not. Copying a list of holdings is not the same as having the discipline and the information behind it.
Where it meets our bots
Buffett's advice to the ordinary investor is the closest thing to our reference bot, which bought a fund of the 500 largest US companies once and does nothing else; all other stock bots on this site are measured against it. His preference for stable, high-quality businesses has a distant relative in our bot that holds the twenty calmest stocks, and the bot that buys the ten strongest stocks of the year shows the other end of the spectrum: it buys what has been rising, not what a business is worth.
All these bots run on virtual $100,000 accounts and every trade is public. The guides linked below explain each rule in plain words.
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