Berkshire Hathaway

Q2 2016 13F · by Warren Buffett, CEO

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $129.7B · prev $128.6B
Positions: 49 · 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%

Moves17 since the prior filing

+2.5 pp in · −3.4 pp out

New 5 +2.48 pp
Added 5 +0.06 pp
Trimmed 4 −0.90 pp
Exited 3 −2.52 pp

The book

Very concentrated · behaves like 8 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 13% a year, about 7.7 years per position

Low
Moderate
High

Top 5 positions70% of US stock

KHC The Kraft Heinz Company held held22.2%
WFC Wells Fargo & Co. held held17.5%
KO Coca-Cola Company held held14.0%
IBM International Business Machines Corporation held held9.5%
AXP American Express Company held held7.1%

Positions49 in this filing · 3 exited


KHCThe Kraft Heinz Company	22.21%	325,634,818	$28.8B	held	—	4 q
WFCWells Fargo & Co.	17.50%	479,704,270	$22.7B	held	—	13 q
KOCoca-Cola Company	13.98%	400,000,000	$18.1B	held	—	13 q
IBMInternational Business Machines Corporation	9.51%	81,232,303	$12.3B	held	—	13 q
AXPAmerican Express Company	7.10%	151,610,700	$9.2B	held	—	13 q
PSXPhillips 66	4.82%	78,782,000	$6.3B	added+4%	−0.27 pp	13 q
USBU.S. Bancorp	2.64%	85,063,167	$3.4B	held	—	13 q
DVADaVita Inc.	2.30%	38,565,570	$3.0B	held	—	13 q
WMTWalmart Inc.	2.26%	40,226,402	$2.9B	trimmed−27%	−0.68 pp	13 q
MCOMoody's Corporation	1.78%	24,669,778	$2.3B	held	—	13 q
CHTRCharter Comm Inc Del CL A New	1.65%	9,337,491	$2.1B	new	+1.65 pp	new
DEDeere & Company	1.37%	21,959,246	$1.8B	trimmed−6%	−0.02 pp	13 q
GSGoldman Sachs Group Inc.	1.26%	10,959,519	$1.6B	held	—	11 q
AAPLApple Inc.	1.12%	15,227,702	$1.5B	added+55%	+0.29 pp	2 q
GMGeneral Motors Company	1.09%	50,000,000	$1.4B	held	—	13 q
VRSNVeriSign Inc	0.86%	12,952,745	$1.1B	trimmed−0%	−0.03 pp	13 q
unresolvedU S G Corp	0.81%	39,002,016	$1.1B	held	—	13 q
VZVerizon Communications	0.65%	15,000,928	$838M	held	—	10 q
BNYBank of New York Mellon Corporation	0.62%	20,827,212	$809M	held	—	13 q
VVISA Inc.	0.59%	10,239,160	$759M	held	—	13 q
COSTCostco Wholesale Corp	0.52%	4,333,363	$681M	held	—	13 q
MTBM&T Bank Corp.	0.49%	5,382,040	$636M	held	—	13 q
LSXMKLiberty Media Cor-siriusxm C	0.48%	20,000,000	$617M	new	+0.48 pp	new
SUSuncor Energy, Inc.	0.48%	22,275,381	$618M	trimmed−26%	−0.17 pp	13 q
AXTAAxalta Coating Systems Ltd.	0.48%	23,324,000	$619M	held	—	5 q
LBTYALiberty Global Ltd. Class A	0.43%	19,366,897	$563M	added+24%	−0.04 pp	11 q
KMIKinder Morgan, Inc.	0.38%	26,533,525	$497M	held	—	3 q
MAMastercard Incorporated	0.34%	4,934,756	$435M	held	—	13 q
TMKGlobe Life Inc.	0.30%	6,353,727	$393M	held	—	13 q
QSRRestaurant Brands International Inc.	0.27%	8,438,225	$351M	held	—	7 q
unresolvedGeneral Electric Co	0.26%	10,585,502	$333M	held	—	13 q
LM03Liberty Media Cor-siriusxm A	0.24%	10,000,000	$314M	new	+0.24 pp	new
WBCWabco Holdings Inc.	0.23%	3,237,094	$296M	held	—	13 q
unresolvedTwenty First Centy Fox Inc	0.19%	8,951,869	$242M	held	—	7 q
LBTYKLiberty Global Ltd. Class C	0.16%	7,346,968	$210M	held	—	10 q
SNYSanofi	0.13%	3,905,875	$163M	held	—	13 q
VRSKVerisk Analytics, Inc.	0.10%	1,563,434	$127M	held	—	13 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.07%	4,999,998	$95M	new	+0.07 pp	new
99998USDLiberty Global PLC Lilac - A	0.07%	2,714,854	$88M	added×5.2	+0.06 pp	4 q
unresolvedMedia Gen Inc New	0.05%	3,471,309	$60M	held	—	7 q
GHCGraham Holdings Company	0.04%	107,575	$53M	held	—	11 q
LM05Liberty Media Corp-liberty-a	0.04%	2,499,998	$48M	new	+0.04 pp	new
JNJJohnson & Johnson	0.03%	327,100	$40M	held	—	13 q
DNOWDNOW Inc.	0.03%	1,825,569	$33M	held	—	9 q
1LGEUSDLiberty Global PLC Lilac - C	0.03%	1,284,020	$42M	added×3.5	+0.02 pp	4 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$26M	held	—	13 q
PGProcter & Gamble Company	0.02%	315,400	$27M	held	—	13 q
LEELee Enterprises, Inc.	0.00%	88,863	$170,000	held	—	13 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	13 q
unresolvedCharter Comm's Inc	—	−10,326,803	—	exited	−1.63 pp	—
unresolvedLiberty Media Corp Delaware	—	−20,000,000	—	exited	−0.59 pp	—
unresolvedLiberty Media Corp Delaware	—	−10,000,000	—	exited	−0.30 pp	—