Berkshire Hathaway

Q1 2020 13F · by Warren Buffett, CEO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $175.5B · prev $242.1B
Positions: 50 · prev 52
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%

Moves22 since the prior filing

−1.0 pp in · −1.4 pp out

New 0 0.00 pp
Added 3 −1.01 pp
Trimmed 17 −1.38 pp
Exited 2 −0.03 pp

The book

Very concentrated · behaves like 6 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 0.2% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions69% of US stock

AAPL Apple Inc. held held35.5%
BAC Bank of America Corporation held held11.2%
KO Coca-Cola Company held held10.1%
AXP American Express Company held held7.4%
WFC Wells Fargo & Co. held held5.3%

Positions50 in this filing · 2 exited


AAPLApple Inc.	35.52%	245,155,566	$62.3B	held	—	17 q
BACBank of America Corporation	11.19%	925,008,600	$19.6B	held	—	11 q
KOCoca-Cola Company	10.08%	400,000,000	$17.7B	held	—	28 q
AXPAmerican Express Company	7.39%	151,610,700	$13.0B	held	—	28 q
WFCWells Fargo & Co.	5.28%	323,212,918	$9.3B	held	—	28 q
KHCThe Kraft Heinz Company	4.59%	325,634,818	$8.1B	held	—	19 q
MCOMoody's Corporation	2.97%	24,669,778	$5.2B	held	—	28 q
JPMJPMorgan Chase & Co.	2.96%	57,714,433	$5.2B	trimmed−3%	−0.47 pp	7 q
USBU.S. Bancorp	2.60%	132,459,618	$4.6B	held	—	28 q
DVADaVita Inc.	1.65%	38,095,570	$2.9B	trimmed−1%	+0.45 pp	28 q
BNYBank of New York Mellon Corporation	1.53%	79,765,057	$2.7B	held	—	28 q
CHTRCharter Comm Inc Del CL A New	1.35%	5,426,609	$2.4B	held	—	16 q
VRSNVeriSign Inc	1.31%	12,815,613	$2.3B	trimmed−1%	+0.28 pp	28 q
DALDelta Air Lines, Inc.	1.17%	71,886,963	$2.1B	added+1%	−0.54 pp	15 q
LUVSouthwest Airlines Co.	1.09%	53,642,713	$1.9B	trimmed−0%	−0.11 pp	14 q
VVISA Inc.	0.97%	10,562,460	$1.7B	held	—	28 q
GMGeneral Motors Company	0.88%	74,681,000	$1.6B	trimmed−0%	−0.25 pp	28 q
COSTCostco Wholesale Corp	0.70%	4,333,363	$1.2B	held	—	28 q
MAMastercard Incorporated	0.68%	4,934,756	$1.2B	held	—	28 q
AMZNAmazon.Com Inc	0.59%	533,300	$1.0B	trimmed−1%	+0.18 pp	5 q
LSXMKLiberty Media Cor-siriusxm C	0.56%	30,850,985	$976M	trimmed−1%	−0.06 pp	16 q
PNCPNC Financial Services Group	0.50%	9,197,984	$880M	added+6%	−0.07 pp	7 q
UALUnited Airlines Holdings, Inc.	0.40%	22,157,608	$699M	added+1%	−0.40 pp	15 q
SIRISirius XM Holdings, Inc	0.37%	132,418,729	$654M	trimmed−3%	−0.03 pp	14 q
KRThe Kroger Co.	0.33%	18,940,079	$570M	held	—	2 q
MTBM&T Bank Corp.	0.32%	5,382,040	$557M	held	—	28 q
AALAmerican Airlines Group Inc.	0.29%	41,909,000	$511M	trimmed−1%	−0.21 pp	15 q
LM03Liberty Media Cor-siriusxm A	0.27%	14,860,360	$471M	held	—	16 q
GLGlobe Life Inc.	0.26%	6,353,727	$457M	held	—	28 q
AXTAAxalta Coating Systems Ltd.	0.24%	24,070,000	$416M	trimmed−1%	−0.06 pp	20 q
TEVATeva Pharmaceutical Industries Limited	0.22%	42,789,295	$384M	trimmed−1%	+0.04 pp	10 q
QSRRestaurant Brands International Inc.	0.19%	8,438,225	$338M	held	—	22 q
S76Store Capital Corp	0.19%	18,621,674	$337M	held	—	12 q
SYFSynchrony Financial	0.18%	20,128,000	$324M	trimmed−3%	−0.13 pp	12 q
LBTYALiberty Global Ltd. Class A	0.18%	19,310,000	$319M	trimmed−2%	−0.01 pp	26 q
STNEStoneCo Ltd. Class A	0.18%	14,166,748	$308M	held	—	6 q
GSGoldman Sachs Group Inc.	0.17%	1,920,180	$297M	trimmed−84%	−0.97 pp	26 q
SUSuncor Energy, Inc.	0.13%	14,949,031	$236M	trimmed−0%	−0.07 pp	6 q
BIIBBiogen Inc.	0.12%	643,022	$203M	trimmed−1%	+0.04 pp	2 q
OXYOccidental Petroleum Corporation	0.12%	18,933,054	$219M	held	—	3 q
RHRh	0.10%	1,708,348	$172M	held	—	3 q
LBTYKLiberty Global Ltd. Class C	0.07%	7,346,968	$115M	held	—	25 q
JNJJohnson & Johnson	0.02%	327,100	$43M	held	—	28 q
MDLZMondelez International, Inc. Class A	0.02%	578,000	$29M	held	—	28 q
PGProcter & Gamble Company	0.02%	315,400	$35M	held	—	28 q
LILALiberty Latin America Ltd. Class A	0.02%	2,630,792	$28M	trimmed−3%	0.00 pp	9 q
SPYState Street SPDR S&P 500 ETF Trust	0.01%	39,400	$10M	held	—	2 q
VOOVanguard S&P 500 ETF	0.01%	43,000	$10M	held	—	2 q
LILAKLiberty Latin America Ltd. Class C	0.01%	1,284,020	$13M	held	—	9 q
UPSUnited Parcel Service, Inc. Class B	0.00%	59,400	$6M	held	—	28 q
TRVThe Travelers Companies, Inc.	—	−312,379	—	exited	−0.02 pp	—
PSXPhillips 66	—	−227,436	—	exited	−0.01 pp	—