Berkshire Hathaway

Q1 2016 13F · by Warren Buffett, CEO

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $128.6B · prev $131.9B
Positions: 47 · prev 48
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%

Moves16 since the prior filing

+3.8 pp in · −4.8 pp out

New 1 +0.83 pp
Added 9 +2.95 pp
Trimmed 4 −2.85 pp
Exited 2 −1.96 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.7% a year, about 11.5 years per position

Low
Moderate
High

Top 5 positions69% of US stock

KHC The Kraft Heinz Company held held19.9%
WFC Wells Fargo & Co. held held18.0%
KO Coca-Cola Company held held14.4%
IBM International Business Machines Corporation added+1.11 pp added+1.119.6%
AXP American Express Company held held7.2%

Positions47 in this filing · 2 exited


KHCThe Kraft Heinz Company	19.90%	325,634,818	$25.6B	held	—	3 q
WFCWells Fargo & Co.	18.04%	479,704,270	$23.2B	held	—	12 q
KOCoca-Cola Company	14.43%	400,000,000	$18.6B	held	—	12 q
IBMInternational Business Machines Corporation	9.57%	81,232,303	$12.3B	added0%	+1.11 pp	12 q
AXPAmerican Express Company	7.24%	151,610,700	$9.3B	held	—	12 q
PSXPhillips 66	5.09%	75,550,745	$6.5B	added+23%	+1.28 pp	12 q
WMTWalmart Inc.	2.94%	55,235,863	$3.8B	trimmed−2%	+0.33 pp	12 q
USBU.S. Bancorp	2.69%	85,063,167	$3.5B	held	—	12 q
DVADaVita Inc.	2.20%	38,565,570	$2.8B	held	—	12 q
MCOMoody's Corporation	1.85%	24,669,778	$2.4B	held	—	12 q
unresolvedCharter Comm's Inc	1.63%	10,326,803	$2.1B	added0%	+0.20 pp	8 q
DEDeere & Company	1.39%	23,280,994	$1.8B	added+2%	+0.07 pp	12 q
GSGoldman Sachs Group Inc.	1.34%	10,959,519	$1.7B	held	—	10 q
GMGeneral Motors Company	1.22%	50,000,000	$1.6B	held	—	12 q
VRSNVeriSign Inc	0.89%	12,985,000	$1.1B	held	—	12 q
AAPLApple Inc.	0.83%	9,811,747	$1.1B	new	+0.83 pp	new
unresolvedU S G Corp	0.75%	39,002,016	$968M	held	—	12 q
SUSuncor Energy, Inc.	0.65%	30,000,000	$834M	held	—	12 q
VZVerizon Communications	0.63%	15,000,928	$811M	held	—	9 q
VVISA Inc.	0.61%	10,239,160	$783M	added+4%	+0.03 pp	12 q
BNYBank of New York Mellon Corporation	0.60%	20,827,212	$767M	added+4%	−0.03 pp	12 q
unresolvedLiberty Media Corp Delaware	0.59%	20,000,000	$762M	added+30%	+0.15 pp	7 q
COSTCostco Wholesale Corp	0.53%	4,333,363	$683M	held	—	12 q
AXTAAxalta Coating Systems Ltd.	0.53%	23,324,000	$681M	held	—	4 q
LBTYALiberty Global Ltd. Class A	0.47%	15,577,436	$600M	added+24%	+0.07 pp	10 q
MTBM&T Bank Corp.	0.46%	5,382,040	$597M	held	—	12 q
KMIKinder Morgan, Inc.	0.37%	26,533,525	$474M	held	—	2 q
MAMastercard Incorporated	0.36%	4,934,756	$466M	trimmed−6%	−0.03 pp	12 q
unresolvedLiberty Media Corp Delaware	0.30%	10,000,000	$386M	added+28%	+0.07 pp	12 q
TMKGlobe Life Inc.	0.27%	6,353,727	$344M	held	—	12 q
WBCWabco Holdings Inc.	0.27%	3,237,094	$346M	trimmed−3%	+0.01 pp	12 q
unresolvedGeneral Electric Co	0.26%	10,585,502	$337M	held	—	12 q
QSRRestaurant Brands International Inc.	0.25%	8,438,225	$328M	held	—	6 q
LBTYKLiberty Global Ltd. Class C	0.21%	7,346,968	$276M	held	—	9 q
unresolvedTwenty First Centy Fox Inc	0.19%	8,951,869	$250M	held	—	6 q
SNYSanofi	0.12%	3,905,875	$157M	held	—	12 q
VRSKVerisk Analytics, Inc.	0.10%	1,563,434	$125M	held	—	12 q
GHCGraham Holdings Company	0.04%	107,575	$52M	held	—	10 q
unresolvedMedia Gen Inc New	0.04%	3,471,309	$57M	held	—	6 q
JNJJohnson & Johnson	0.03%	327,100	$35M	held	—	12 q
DNOWDNOW Inc.	0.03%	1,825,569	$32M	held	—	8 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$23M	held	—	12 q
PGProcter & Gamble Company	0.02%	315,400	$26M	trimmed−99%	−3.16 pp	12 q
99998USDLiberty Global PLC Lilac - A	0.01%	517,139	$18M	held	—	3 q
1LGEUSDLiberty Global PLC Lilac - C	0.01%	367,348	$14M	held	—	3 q
LEELee Enterprises, Inc.	0.00%	88,863	$160,000	held	—	12 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	12 q
TAT&T Inc.	—	−46,577,138	—	exited	−1.22 pp	—
unresolvedPrecision Castparts Corp	—	−4,200,792	—	exited	−0.74 pp	—