Berkshire Hathaway

Q3 2015 13F · by Warren Buffett, CEO

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $127.4B · prev $109.6B
Positions: 48 · prev 47
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves24 since the prior filing

+18.6 pp in · −6.2 pp out

New 4 +19.58 pp
Added 10 −0.96 pp
Trimmed 7 −3.22 pp
Exited 3 −3.00 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.5 years per position

Low
Moderate
High

Top 5 positions68% of US stock

WFC Wells Fargo & Co. held held18.9%
KHC The Kraft Heinz Company new+18.04 pp new+18.0418.0%
KO Coca-Cola Company held held12.6%
IBM International Business Machines Corporation added−2.59 pp added−2.599.2%
AXP American Express Company held held8.8%

Positions48 in this filing · 3 exited


WFCWells Fargo & Co.	18.95%	470,292,359	$24.1B	held	—	10 q
KHCThe Kraft Heinz Company	18.04%	325,634,818	$23.0B	new	+18.04 pp	new
KOCoca-Cola Company	12.60%	400,000,000	$16.0B	held	—	10 q
IBMInternational Business Machines Corporation	9.22%	81,033,450	$11.7B	added+2%	−2.59 pp	10 q
AXPAmerican Express Company	8.82%	151,610,700	$11.2B	held	—	10 q
PSXPhillips 66	3.71%	61,486,926	$4.7B	added×2.1	+1.53 pp	10 q
PGProcter & Gamble Company	2.98%	52,793,078	$3.8B	held	—	10 q
WMTWalmart Inc.	2.86%	56,185,293	$3.6B	trimmed−7%	−1.05 pp	10 q
USBU.S. Bancorp	2.74%	85,063,167	$3.5B	held	—	10 q
DVADaVita Inc.	2.19%	38,565,570	$2.8B	held	—	10 q
MCOMoody's Corporation	1.90%	24,669,778	$2.4B	held	—	10 q
TAT&T Inc.	1.52%	59,320,756	$1.9B	new	+1.52 pp	new
GSGoldman Sachs Group Inc.	1.49%	10,959,519	$1.9B	trimmed−13%	−0.92 pp	8 q
unresolvedCharter Comm's Inc	1.42%	10,281,603	$1.8B	added+21%	+0.09 pp	6 q
GMGeneral Motors Company	1.18%	50,000,000	$1.5B	added+22%	−0.07 pp	10 q
DEDeere & Company	0.99%	17,052,110	$1.3B	trimmed−1%	−0.54 pp	10 q
unresolvedU S G Corp	0.81%	39,002,016	$1.0B	held	—	10 q
unresolvedPrecision Castparts Corp	0.76%	4,200,792	$965M	held	—	10 q
VRSNVeriSign Inc	0.72%	12,985,000	$916M	held	—	10 q
SUSuncor Energy, Inc.	0.63%	30,000,000	$802M	added+34%	+0.07 pp	10 q
BNYBank of New York Mellon Corporation	0.62%	20,112,212	$787M	trimmed−3%	−0.17 pp	10 q
VVISA Inc.	0.54%	9,885,160	$689M	held	—	10 q
MTBM&T Bank Corp.	0.52%	5,382,040	$656M	held	—	10 q
VZVerizon Communications	0.51%	15,000,928	$653M	held	—	7 q
COSTCostco Wholesale Corp	0.49%	4,333,363	$626M	held	—	10 q
AXTAAxalta Coating Systems Ltd.	0.46%	23,199,474	$588M	added+16%	−0.14 pp	2 q
unresolvedLiberty Media Corp Delaware	0.42%	15,386,257	$530M	added+92%	+0.16 pp	5 q
LBTYALiberty Global Ltd. Class A	0.40%	11,957,285	$513M	added+16%	−0.11 pp	8 q
MAMastercard Incorporated	0.37%	5,229,756	$471M	held	—	10 q
WBCWabco Holdings Inc.	0.29%	3,559,189	$373M	trimmed−6%	−0.14 pp	10 q
TMKGlobe Life Inc.	0.28%	6,353,727	$358M	held	—	10 q
QSRRestaurant Brands International Inc.	0.24%	8,438,225	$303M	held	—	4 q
LBTYKLiberty Global Ltd. Class C	0.24%	7,346,968	$301M	held	—	7 q
unresolvedLiberty Media Corp Delaware	0.22%	7,800,000	$279M	added+95%	+0.09 pp	10 q
unresolvedGeneral Electric Co	0.21%	10,585,502	$267M	held	—	10 q
unresolvedTwenty First Centy Fox Inc	0.19%	8,951,869	$242M	added+44%	+0.01 pp	4 q
SNYSanofi	0.15%	3,905,875	$185M	held	—	10 q
VRSKVerisk Analytics, Inc.	0.09%	1,563,434	$116M	held	—	10 q
unresolvedChicago Bridge & Iron Co N V	0.06%	1,983,190	$79M	trimmed−79%	−0.37 pp	10 q
GHCGraham Holdings Company	0.05%	107,575	$62M	held	—	8 q
unresolvedMedia Gen Inc New	0.04%	3,471,309	$49M	trimmed−25%	−0.03 pp	4 q
JNJJohnson & Johnson	0.02%	327,100	$31M	held	—	10 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$24M	held	—	10 q
DNOWDNOW Inc.	0.02%	1,825,569	$27M	held	—	6 q
99998USDLiberty Global PLC Lilac - A	0.01%	517,139	$17M	new	+0.01 pp	new
1LGEUSDLiberty Global PLC Lilac - C	0.01%	367,348	$13M	new	+0.01 pp	new
LEELee Enterprises, Inc.	0.00%	88,863	$185,000	held	—	10 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	10 q
unresolvedDirectv	—	−31,353,468	—	exited	−2.66 pp	—
VIABViacom Inc. Class B	—	−5,646,721	—	exited	−0.33 pp	—
unresolvedKraft Foods Group Inc	—	−192,666	—	exited	−0.01 pp	—