Berkshire Hathaway

Q1 2017 13F · by Warren Buffett, CEO

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $161.9B · prev $148.0B
Positions: 46 · 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%

Moves11 since the prior filing

+7.3 pp in · −2.8 pp out

New 0 0.00 pp
Added 7 +7.32 pp
Trimmed 3 −2.63 pp
Exited 1 −0.17 pp

The book

Concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.5% a year, about 11.8 years per position

Low
Moderate
High

Top 5 positions64% of US stock

KHC The Kraft Heinz Company held held18.3%
WFC Wells Fargo & Co. held held16.5%
AAPL Apple Inc. added+6.99 pp added+6.9911.5%
KO Coca-Cola Company held held10.5%
AXP American Express Company held held7.4%

Positions46 in this filing · 1 exited


KHCThe Kraft Heinz Company	18.27%	325,634,818	$29.6B	held	—	7 q
WFCWells Fargo & Co.	16.49%	479,704,270	$26.7B	held	—	16 q
AAPLApple Inc.	11.48%	129,357,106	$18.6B	added×2.3	+6.99 pp	5 q
KOCoca-Cola Company	10.49%	400,000,000	$17.0B	held	—	16 q
AXPAmerican Express Company	7.41%	151,610,700	$12.0B	held	—	16 q
IBMInternational Business Machines Corporation	6.95%	64,561,955	$11.2B	trimmed−21%	−2.16 pp	16 q
PSXPhillips 66	3.95%	80,689,892	$6.4B	held	—	16 q
USBU.S. Bancorp	2.71%	85,063,167	$4.4B	held	—	16 q
CHTRCharter Comm Inc Del CL A New	1.91%	9,443,491	$3.1B	held	—	4 q
MCOMoody's Corporation	1.71%	24,669,778	$2.8B	held	—	16 q
DVADaVita Inc.	1.62%	38,565,570	$2.6B	held	—	16 q
LUVSouthwest Airlines Co.	1.58%	47,659,456	$2.6B	added+10%	+0.12 pp	2 q
DALDelta Air Lines, Inc.	1.56%	55,025,995	$2.5B	trimmed−8%	−0.44 pp	3 q
GSGoldman Sachs Group Inc.	1.56%	10,959,519	$2.5B	held	—	14 q
AALAmerican Airlines Group Inc.	1.29%	49,278,854	$2.1B	added+8%	−0.15 pp	3 q
UALUnited Airlines Holdings, Inc.	1.26%	28,951,353	$2.0B	held	—	3 q
GMGeneral Motors Company	1.09%	50,000,000	$1.8B	held	—	16 q
BNYBank of New York Mellon Corporation	0.96%	33,012,059	$1.6B	added+52%	+0.27 pp	16 q
unresolvedU S G Corp	0.77%	39,002,016	$1.2B	held	—	16 q
VRSNVeriSign Inc	0.70%	12,952,745	$1.1B	held	—	16 q
VVISA Inc.	0.58%	10,562,460	$939M	held	—	16 q
unresolvedMonsanto Co	0.56%	8,041,784	$910M	held	—	2 q
SIRISirius XM Holdings, Inc	0.55%	172,325,353	$887M	added+3%	+0.05 pp	2 q
LSXMKLiberty Media Cor-siriusxm C	0.53%	22,307,109	$865M	added0%	+0.02 pp	4 q
MTBM&T Bank Corp.	0.51%	5,382,040	$833M	held	—	16 q
AXTAAxalta Coating Systems Ltd.	0.46%	23,324,000	$751M	held	—	8 q
COSTCostco Wholesale Corp	0.45%	4,333,363	$727M	held	—	16 q
LBTYALiberty Global Ltd. Class A	0.45%	20,180,897	$724M	held	—	14 q
MAMastercard Incorporated	0.34%	4,934,756	$555M	held	—	16 q
TMKGlobe Life Inc.	0.30%	6,353,727	$489M	held	—	16 q
QSRRestaurant Brands International Inc.	0.29%	8,438,225	$470M	held	—	10 q
LM03Liberty Media Cor-siriusxm A	0.25%	10,247,800	$399M	added+2%	+0.02 pp	4 q
WBCWabco Holdings Inc.	0.21%	2,908,554	$342M	trimmed−14%	−0.03 pp	16 q
unresolvedGeneral Electric Co	0.19%	10,585,502	$315M	held	—	16 q
LBTYKLiberty Global Ltd. Class C	0.16%	7,346,968	$257M	held	—	13 q
SNYSanofi	0.11%	3,905,875	$177M	held	—	16 q
VRSKVerisk Analytics, Inc.	0.08%	1,563,434	$127M	held	—	16 q
WMTWalmart Inc.	0.06%	1,393,513	$100M	held	—	16 q
GHCGraham Holdings Company	0.04%	107,575	$64M	held	—	14 q
99998USDLiberty Global PLC Lilac - A	0.04%	2,714,854	$60M	held	—	7 q
JNJJohnson & Johnson	0.03%	327,100	$41M	held	—	16 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$25M	held	—	16 q
PGProcter & Gamble Company	0.02%	315,400	$28M	held	—	16 q
1LGEUSDLiberty Global PLC Lilac - C	0.02%	1,284,020	$30M	held	—	7 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	16 q
VZVerizon Communications	0.00%	928	$45,000	held	—	13 q
unresolvedTwenty First Centy Fox Inc	—	−8,951,869	—	exited	−0.17 pp	—