Berkshire Hathaway

Q3 2016 13F · by Warren Buffett, CEO

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $128.8B · prev $129.7B
Positions: 50 · prev 49
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%

Moves18 since the prior filing

+2.0 pp in · −2.1 pp out

New 3 +0.99 pp
Added 8 +0.99 pp
Trimmed 5 −1.53 pp
Exited 2 −0.53 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 5.0% a year, about 19.8 years per position

Low
Moderate
High

Top 5 positions70% of US stock

KHC The Kraft Heinz Company held held22.6%
WFC Wells Fargo & Co. held held16.5%
KO Coca-Cola Company held held13.1%
IBM International Business Machines Corporation held held10.0%
AXP American Express Company held held7.5%

Positions50 in this filing · 2 exited


KHCThe Kraft Heinz Company	22.63%	325,634,818	$29.1B	held	—	5 q
WFCWells Fargo & Co.	16.49%	479,704,270	$21.2B	held	—	14 q
KOCoca-Cola Company	13.14%	400,000,000	$16.9B	held	—	14 q
IBMInternational Business Machines Corporation	10.02%	81,232,303	$12.9B	held	—	14 q
AXPAmerican Express Company	7.54%	151,610,700	$9.7B	held	—	14 q
PSXPhillips 66	5.05%	80,689,892	$6.5B	added+2%	+0.23 pp	14 q
USBU.S. Bancorp	2.83%	85,063,167	$3.6B	held	—	14 q
MCOMoody's Corporation	2.07%	24,669,778	$2.7B	held	—	14 q
CHTRCharter Comm Inc Del CL A New	1.98%	9,443,491	$2.5B	added+1%	+0.33 pp	2 q
DVADaVita Inc.	1.98%	38,565,570	$2.5B	held	—	14 q
DEDeere & Company	1.40%	21,085,061	$1.8B	trimmed−4%	+0.03 pp	14 q
GSGoldman Sachs Group Inc.	1.37%	10,959,519	$1.8B	held	—	12 q
AAPLApple Inc.	1.34%	15,227,702	$1.7B	held	—	3 q
GMGeneral Motors Company	1.23%	50,000,000	$1.6B	held	—	14 q
VRSNVeriSign Inc	0.79%	12,952,745	$1.0B	held	—	14 q
unresolvedU S G Corp	0.78%	39,002,016	$1.0B	held	—	14 q
WMTWalmart Inc.	0.73%	12,971,574	$936M	trimmed−68%	−1.53 pp	14 q
VVISA Inc.	0.68%	10,562,460	$874M	added+3%	+0.09 pp	14 q
BNYBank of New York Mellon Corporation	0.65%	21,136,712	$843M	added+1%	+0.03 pp	14 q
AALAmerican Airlines Group Inc.	0.62%	21,770,555	$797M	new	+0.62 pp	new
VZVerizon Communications	0.61%	15,000,928	$780M	held	—	11 q
LSXMKLiberty Media Cor-siriusxm C	0.58%	22,236,109	$743M	added+11%	+0.10 pp	2 q
LBTYALiberty Global Ltd. Class A	0.54%	20,180,897	$690M	added+4%	+0.11 pp	12 q
COSTCostco Wholesale Corp	0.51%	4,333,363	$661M	held	—	14 q
AXTAAxalta Coating Systems Ltd.	0.51%	23,324,000	$659M	held	—	6 q
MTBM&T Bank Corp.	0.49%	5,382,040	$625M	held	—	14 q
MAMastercard Incorporated	0.39%	4,934,756	$502M	held	—	14 q
KMIKinder Morgan, Inc.	0.36%	20,000,000	$463M	trimmed−25%	−0.02 pp	4 q
TMKGlobe Life Inc.	0.32%	6,353,727	$406M	held	—	14 q
WBCWabco Holdings Inc.	0.30%	3,368,394	$382M	added+4%	+0.07 pp	14 q
QSRRestaurant Brands International Inc.	0.29%	8,438,225	$376M	held	—	8 q
LM03Liberty Media Cor-siriusxm A	0.27%	10,058,800	$342M	added+1%	+0.03 pp	2 q
unresolvedGeneral Electric Co	0.24%	10,585,502	$314M	held	—	14 q
DALDelta Air Lines, Inc.	0.19%	6,333,923	$249M	new	+0.19 pp	new
LBTYKLiberty Global Ltd. Class C	0.19%	7,346,968	$243M	held	—	11 q
UALUnited Airlines Holdings, Inc.	0.18%	4,533,013	$238M	new	+0.18 pp	new
unresolvedTwenty First Centy Fox Inc	0.17%	8,951,869	$217M	held	—	8 q
SNYSanofi	0.12%	3,905,875	$149M	held	—	14 q
VRSKVerisk Analytics, Inc.	0.10%	1,563,434	$127M	held	—	14 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.07%	3,189,041	$90M	trimmed−36%	0.00 pp	2 q
99998USDLiberty Global PLC Lilac - A	0.06%	2,714,854	$75M	held	—	5 q
GHCGraham Holdings Company	0.04%	107,575	$52M	held	—	12 q
JNJJohnson & Johnson	0.03%	327,100	$39M	held	—	14 q
LM05Liberty Media Corp-liberty-a	0.03%	1,296,013	$37M	trimmed−48%	−0.01 pp	2 q
DNOWDNOW Inc.	0.03%	1,825,569	$39M	held	—	10 q
1LGEUSDLiberty Global PLC Lilac - C	0.03%	1,284,020	$36M	held	—	5 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$25M	held	—	14 q
PGProcter & Gamble Company	0.02%	315,400	$28M	held	—	14 q
UPSUnited Parcel Service, Inc. Class B	0.01%	59,400	$6M	held	—	14 q
LEELee Enterprises, Inc.	0.00%	88,863	$333,000	held	—	14 q
SUSuncor Energy, Inc.	—	−22,275,381	—	exited	−0.48 pp	—
unresolvedMedia Gen Inc New	—	−3,471,309	—	exited	−0.05 pp	—