Largest holdings in the Warren Buffett portfolio

Apple is a leading producer of computing devices, including the iPhone, iPad, Apple Watch and Mac computers. In addition to device sales, Apple generated $85.2 billion in revenue from services in fiscal 2023. That includes sales from its App Store, iCloud and Apple Care businesses.

Apple is Berkshire’s largest public stock holding by far, even after the recent sales. Berkshire’s $83 billion Apple stake is more than double the size of its second-largest holding. Buffett first bought Apple shares in the first quarter of 2016.

American Express is a financial services company and leading credit card issuer. It also offers travel-related services. Its payment network facilitates payment transactions between merchants and card issuers.

American Express is one of Buffett’s longest-standing investments. He began buying the stock in 1991, and it has been a home-run investment for Berkshire. American Express is one of Berkshire’s largest stock holdings. Buffett’s stake represents roughly 21% ownership of the company.

Bank of America is one of the largest U.S. banks and financial holdings companies. It offers commercial and consumer banking, investment banking, and wealth management services. The company has roughly $1.7 trillion in assets under management.

Buffett’s history with the bank goes back to 2011 when Berkshire invested $5 billion to provide liquidity following the 2008 financial crisis. In 2017, Buffett exercised the warrants he had acquired in the 2011 deal. This allowed him to purchase 700 million shares of BAC at a price of just $7.14 each.

Buffett’s love affair with bank stocks appears to have soured in recent years. His recent Bank of America sales come after Berkshire exited large stakes in JPMorgan (JPM) and Wells Fargo (WFC).

Coca-Cola is the world’s leading nonalcoholic beverage company. In addition to Coke, Coca-Cola’s soft drink brands include Sprite and Fanta. The company also owns popular nonsoda beverage brands Dasani, vitaminwater, Powerade and Minute Maid.

Buffett’s Coca-Cola investing history goes back to 1988, making it Berkshire’s oldest current stock holding. By 1994, Berkshire held 100 million shares of KO stock, and Buffett hadn’t sold a single share. A few decades and four stock splits later, Berkshire’s stake stands at 400 million shares worth over $25 billion.

Chevron is one of the world’s largest publicly traded oil and gas majors. It produced a record 3.1 million barrels of oil equivalent per day in 2023.

Chevron is a high-yielding dividend stock that pays long-term investors like Buffett 4.2% annually for their loyalty. The company has raised its dividend payout for 36 consecutive years.

Buffett bought the dip in Chevron shares in 2020. At the time, COVID-19 pandemic lockdowns sent crude oil prices plummeting to historic lows. Energy prices have since rebounded thanks in part to Russia’s invasion of Ukraine and the Israel-Hamas conflict in the Middle East. Buffett sold Chevron shares in the first quarter of 2024, reducing his holdings by 2.5%.

Occidental Petroleum is one of the largest U.S. oil and gas exploration and production companies. It also has a large chemical business.

Buffett first invested in Occidental in 2019 when Berkshire provided financing for the $35.7 billion acquisition of Anadarko Petroleum. As part of the deal, Berkshire acquired $10 billion in Occidental preferred stock that paid roughly $800 million in annual dividends. Berkshire also acquired warrants to purchase 83.9 million additional shares of stock.

In the past couple of years, Buffett has aggressively purchased more shares of Occidental. In 2022, the Federal Energy Regulatory Commission approved Berkshire to acquire up to a 50% ownership stake in Occidental. As a result, Buffett’s investment will likely grow.

Kraft Heinz is one of the largest consumer packaged goods companies. It specializes in condiments, sauces, meals, meats, beverages and other grocery products. The company’s leading brands include Oscar Mayer, Philadelphia and Velveeta.

In 2013, Berkshire partnered with 3G Capital to complete a $23 billion buyout of Heinz. Over the next two years, Berkshire and 3G merged Kraft with Heinz to form one of the world’s largest food companies.

Kraft Heinz shares have performed poorly in recent years. Buffett admitted in 2019 that he likely overpaid for his stake in the company. But he hasn’t sold his shares.

Moody’s provides credit ratings, financial data, analytics and research. It’s considered one of the “big three” corporate credit rating agencies, along with S&P Global and Fitch.

Buffett’s Moody’s investment dates back to 2000. Berkshire acquired Moody’s shares when the company spun off from its former parent Dun & Bradstreet. Buffett’s cost basis for his Moody’s shares is only about $10. The stock now trades at roughly $440. This makes it one of Buffett’s best investments of the past two-plus decades. Buffett cut his stake in Moody’s from 48 million shares to under 25 million shares by 2013. But he has maintained his remaining 13.5% ownership stake in the company.

Chubb is a worldwide insurance company. It provides several insurance types, including commercial and personal property and casualty. Chubb operates in 54 countries and serves businesses, individuals and families. The company has about 40,000 employees, with offices in New York, Zurich, Paris and London.

A May 2024 Securities and Exchange Commission filing revealed Berkshire made a new $6.72 billion investment in Chubb. Analysts suggest the investment makes sense for Berkshire, which is well-versed in property-casualty insurance. Large insurance companies like Geico are already wholly owned subsidiaries of Berkshire Hathaway. Berkshire began buying Chubb in 2023 but asked the SEC to keep the purchase confidential in previous filings.

Mitsubishi is Japan’s largest trading company and owns roughly 1,800 companies worldwide. The conglomerate’s businesses span virtually every industry. These include natural gas, industrial materials, chemicals, mineral resources, industrial infrastructure, food, automotive and mobility.

Buffett threw his investors a curveball in August 2020. Berkshire announced it had acquired a roughly 5% ownership stake in Mitsubishi and four other Japanese trading companies. In June 2023, Buffett announced he had raised Berkshire’s stake in the five companies to more than 8.5%. He also indicated he could increase it to 9.9% over time.

Mitsubishi has been a spectacular investment for Buffett so far. Since the initial purchase announcement in August 2020, Mitsubishi has delivered triple-digit gains.