Berkshire Hathaway

Q2 2018 13F · by Warren Buffett, CEO

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $195.6B · prev $188.9B
Positions: 44 · prev 46
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

+3.2 pp in · −2.1 pp out

New 0 0.00 pp
Added 10 +3.16 pp
Trimmed 5 −0.88 pp
Exited 2 −1.19 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 8.3% a year, about 12.1 years per position

Low
Moderate
High

Top 5 positions66% of US stock

AAPL Apple Inc. added+2.57 pp added+2.5723.8%
WFC Wells Fargo & Co. trimmed+0.15 pp trimmed+0.1512.8%
KHC The Kraft Heinz Company held held10.5%
BAC Bank of America Corporation held held9.8%
KO Coca-Cola Company held held9.0%

Positions44 in this filing · 2 exited


AAPLApple Inc.	23.84%	251,955,877	$46.6B	added+5%	+2.57 pp	10 q
WFCWells Fargo & Co.	12.81%	452,013,758	$25.1B	trimmed−1%	+0.15 pp	21 q
KHCThe Kraft Heinz Company	10.46%	325,634,818	$20.5B	held	—	12 q
BACBank of America Corporation	9.79%	679,000,000	$19.1B	held	—	4 q
KOCoca-Cola Company	8.97%	400,000,000	$17.5B	held	—	21 q
AXPAmerican Express Company	7.60%	151,610,700	$14.9B	held	—	21 q
USBU.S. Bancorp	2.57%	100,693,874	$5.0B	added+11%	+0.14 pp	21 q
MCOMoody's Corporation	2.15%	24,669,778	$4.2B	held	—	21 q
PSXPhillips 66	1.99%	34,729,514	$3.9B	trimmed−24%	−0.33 pp	21 q
BNYBank of New York Mellon Corporation	1.79%	64,800,376	$3.5B	added+4%	+0.09 pp	21 q
DALDelta Air Lines, Inc.	1.61%	63,665,840	$3.2B	added+19%	+0.06 pp	8 q
GSGoldman Sachs Group Inc.	1.49%	13,254,490	$2.9B	added+21%	+0.03 pp	19 q
LUVSouthwest Airlines Co.	1.47%	56,547,399	$2.9B	added+19%	+0.03 pp	7 q
DVADaVita Inc.	1.37%	38,565,570	$2.7B	held	—	21 q
CHTRCharter Comm Inc Del CL A New	1.12%	7,504,185	$2.2B	trimmed−9%	−0.23 pp	9 q
GMGeneral Motors Company	1.04%	51,393,611	$2.0B	added+3%	+0.08 pp	21 q
UALUnited Airlines Holdings, Inc.	0.95%	26,684,542	$1.9B	trimmed−4%	−0.07 pp	8 q
VRSNVeriSign Inc	0.91%	12,952,745	$1.8B	held	—	21 q
AALAmerican Airlines Group Inc.	0.87%	44,700,000	$1.7B	trimmed−3%	−0.40 pp	8 q
unresolvedU S G Corp	0.86%	39,002,016	$1.7B	held	—	21 q
LSXMKLiberty Media Cor-siriusxm C	0.72%	31,090,985	$1.4B	held	—	9 q
VVISA Inc.	0.72%	10,562,460	$1.4B	held	—	21 q
TEVATeva Pharmaceutical Industries Limited	0.54%	43,249,295	$1.1B	added+7%	+0.17 pp	3 q
MAMastercard Incorporated	0.50%	4,934,756	$970M	held	—	21 q
SIRISirius XM Holdings, Inc	0.48%	137,915,729	$934M	held	—	7 q
MTBM&T Bank Corp.	0.47%	5,382,040	$916M	held	—	21 q
COSTCostco Wholesale Corp	0.46%	4,333,363	$906M	held	—	21 q
AXTAAxalta Coating Systems Ltd.	0.38%	24,264,000	$735M	added+4%	+0.01 pp	13 q
SYFSynchrony Financial	0.35%	20,803,000	$694M	held	—	5 q
LM03Liberty Media Cor-siriusxm A	0.34%	14,860,360	$669M	held	—	9 q
LBTYALiberty Global Ltd. Class A	0.28%	19,791,000	$545M	added+9%	−0.02 pp	19 q
QSRRestaurant Brands International Inc.	0.26%	8,438,225	$509M	held	—	15 q
S76Store Capital Corp	0.26%	18,621,674	$510M	held	—	5 q
TMKGlobe Life Inc.	0.26%	6,353,727	$517M	held	—	21 q
LBTYKLiberty Global Ltd. Class C	0.10%	7,346,968	$196M	held	—	18 q
SNYSanofi	0.08%	3,701,012	$148M	held	—	21 q
WMTWalmart Inc.	0.06%	1,393,513	$119M	held	—	21 q
LILALiberty Latin America Ltd. Class A	0.03%	2,714,854	$52M	held	—	2 q
JNJJohnson & Johnson	0.02%	327,100	$40M	held	—	21 q
MDLZMondelez International, Inc. Class A	0.01%	578,000	$24M	held	—	21 q
PGProcter & Gamble Company	0.01%	315,400	$25M	held	—	21 q
LILAKLiberty Latin America Ltd. Class C	0.01%	1,284,020	$25M	held	—	2 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	21 q
VZVerizon Communications	0.00%	928	$47,000	held	—	18 q
unresolvedMonsanto Co	—	−18,970,134	—	exited	−1.17 pp	—
VRSKVerisk Analytics, Inc.	—	−284,778	—	exited	−0.02 pp	—