10 largest holdings in the Warren Buffett portfolio

Apple is a leading producer of consumer computing devices, including the iPhone, iPad, Apple Watch and Mac computers. In addition to device sales, Apple generated $85.2 billion in revenue from services in fiscal 2023, including sales from its App Store, iCloud and Apple Care businesses.

Apple is Berkshire’s largest public stock holding by far. Berkshire’s $155 billion Apple stake is roughly four times larger than its second-largest holding. Buffett first bought Apple shares in the first quarter of 2016, and Apple’s stock price is up more than 500% since the beginning of 2016.

• Holdings: 905,560,000 shares.
• Value: $157.3 billion.
• Percent of portfolio: 42.7%.

Bank of America is one of the largest U.S. banks and financial holdings companies, offering commercial and consumer banking, investment banking, and wealth management services. It has roughly $1.6 trillion in assets under management.

Buffett has always had a love affair with the financial sector, and Bank of America is Berkshire’s largest bank stock holding. Buffett’s history with the bank goes back to 2011 when Berkshire invested $5 billion in the bank to provide liquidity following the 2008 financial crisis. In 2017, Buffett exercised the warrants he acquired in the 2011 deal, which allowed him to purchase 700 million shares of BAC stock at a price of just $7.14 each.

• Holdings: 1,032,852,006 shares.
• Value: $37.2 billion.
• Percent of portfolio: 10.1%.

American Express is a financial services company and a leading credit card issuer. It also offers travel-related services. Its payment network facilitates payment transactions between merchants and card issuers.

American Express is one of Buffett’s longest-standing investments. He began buying the stock in 1991, and it has been a home-run investment for Berkshire. Since the beginning of 1992, AXP stock has generated a total return of more than 7,000%. Not only is American Express Berkshire’s third-largest stock holding, but Buffett’s stake represents roughly 20% ownership of the company.

• Holdings: 151,610,700 shares.
• Value: $33.5 billion.
• Percent of portfolio: 9.1%.

Coca-Cola is the world’s leading nonalcoholic beverage company. In addition to its Coca-Cola, Sprite, Fanta and other soda brands, Coca-Cola owns several popular nonsoda beverage brands, such as Dasani, vitaminwater, Powerade and Minute Maid.

Buffett’s history of investing in Coca-Cola goes back to 1988, making it Berkshire’s oldest current stock holding. By 1994, Berkshire held 100 million shares of KO stock, and Buffett had not sold a single share. Nearly 30 years and four stock splits later, Berkshire’s stake stands at 400 million shares worth over $24 billion.

• Holdings: 400,000,000 shares.
• Value: $24.1 billion.
• Percent of portfolio: 6.5%.

Chevron is one of the world’s largest publicly traded oil and gas majors. It produced a record 3.1 million barrels of oil equivalent per day in 2023.

Chevron is a high-yielding dividend stock that pays long-term investors like Buffett 4% annually for their loyalty. In fact, Chevron has raised its dividend payout for 36 consecutive years.

Buffett bought the dip in Chevron shares in 2020 when COVID-19 pandemic lockdowns sent crude oil prices plummeting to historic lows. Energy prices have since rebounded thanks in part to disruptions caused by Russia’s invasion of Ukraine and the conflict between Israel and Hamas in the Middle East. In the most recent quarter, Buffett added to his Chevron investment, boosting Berkshire’s CVX holdings by roughly 14%.

• Holdings: 126,093,326 shares.
• Value: $19.6 billion.
• Percent of portfolio: 5.3%.

Occidental Petroleum is one of the largest U.S. oil and gas exploration and production companies. It also has a large chemical business.

Buffett first invested in Occidental in 2019 when Berkshire provided financing for the $35.7 billion acquisition of Anadarko Petroleum. As part of the deal, Berkshire acquired $10 billion in Occidental preferred stock that paid roughly $800 million in annual dividends. Berkshire also acquired warrants to purchase 83.9 million additional shares of stock.

In the past couple of years, Buffett has aggressively purchased more shares of Occidental. In 2022, the Federal Energy Regulatory Commission approved Berkshire to acquire up to a 50% ownership stake in Occidental, so Buffett’s investment will likely grow.

• Holdings: 248,018,128 shares.
• Value: $15.7 billion.
• Percent of portfolio: 4.3%.

Kraft Heinz is one of the largest consumer packaged goods companies, specializing in condiments, sauces, meals, meats, beverages and other grocery products. Its leading brands include Oscar Mayer, Philadelphia and Velveeta.

In 2013, Berkshire partnered with 3G Capital to complete a $23 billion buyout of Heinz. Over the next two years, Berkshire and 3G merged Kraft with Heinz to form one of the world’s largest food companies.

Unfortunately, Kraft Heinz shares have performed poorly in recent years, and Buffett even admitted in 2019 that he likely overpaid for his stake in the company. However, he hasn’t sold his shares.

• Holdings: 325,634,818 shares.
• Value: $11.4 billion.
• Percent of portfolio: 3.1%.

Moody’s provides credit ratings, financial data, analytics and research. It is considered one of the “big three” corporate credit rating agencies, along with S&P Global and Fitch.

Buffett’s Moody’s investment dates back to 2000. Berkshire acquired Moody’s shares when the company was spun off from its former parent Dun & Bradstreet. Buffett’s cost basis for his Moody’s shares is only about $10, but the stock now trades at roughly $390, making it one of Buffett’s best investments of the past two-plus decades. Buffett cut his stake in Moody’s from 48 million shares to under 25 million shares by 2013, but he has maintained his remaining 13.3% ownership stake in the company.

• Holdings: 24,669,778 shares.
• Value: $9.5 billion.
• Percent of portfolio: 2.6%.

Mitsubishi is Japan’s largest trading company and the owner of roughly 1,700 companies around the world. The conglomerate’s businesses span virtually every industry, including natural gas, industrial materials, chemicals, mineral resources, industrial infrastructure, food, automotive and mobility.

Buffett threw his investors a bit of a curveball when Berkshire announced in August 2020 that the company had acquired a roughly 5% ownership stake in Mitsubishi and four other Japanese trading companies. In June 2023, Buffett announced he had raised Berkshire’s stake in the five companies to more than 8.5% and indicated he could increase it to 9.9% over time.

Mitsubishi has been a spectacular investment for Buffett so far. Since the initial purchase announcement in August 2020, Mitsubishi shares are up more than 160%, nearly four times the return of the S&P 500 during that stretch.

• Holdings: 358,492,800 shares.
• Value: $8.2 billion.
• Percent of portfolio: 2.2%.

Mitsui is another large trading company in Japan. It has more than 5,400 employees and operates in a wide range of business segments, including iron and steel products, infrastructure, mineral and metal resources, chemicals, and energy.

Mitsui is one of the five Japanese trading companies Buffett began buying in 2020. In his latest annual shareholder letter, Buffett said he has increased his ownership stake in the five companies to around 9%. He also said he recently visited Japan and praised Mitsui and the other four trading companies for operating highly diversified businesses, “somewhat similar to the way Berkshire itself is run.”

• Holdings: 125,022,300 shares.
• Value: $5.6 billion.
• Percent of portfolio: 1.5%.