Warren Buffett Portfolio Holdings

  Berkshire Hathaway is the holding company of super-investor Warren Buffett. He transformed a struggling textile mill into a conglomerate with a significant portfolio of equites and significant interests in railroads, insurance, utilities, industrials etc.

Because of the size of his equity portfolio investments, Berkshire Hathaway has to report its US equity holdings every quarter to the SEC. Some foreign investments are also reported to the corresponding Foreign securities regulator.

You can find the updated portfolio holdings for Berkshire Hathaway (BRK.A)(BRK.B) as of June 30, 2023

Name	Symbol	Shares	Ownership Percentage	Market Price	Market Value	Percentage of portfolio
Apple Inc	AAPL	915,560,382	5.90%	$177.87	$162,850,725,146	45.80%
Bank of America Corp	BAC	1,032,852,006	13.00%	$30.02	$31,006,217,220	8.70%
American Express Company	AXP	151,610,700	20.60%	$162.03	$24,565,481,721	6.90%
Coca-Cola Co	KO	400,000,000	9.20%	$60.63	$24,252,000,000	6.80%
Chevron Corporation	CVX	123,120,120	6.50%	$160.09	$19,710,300,011	5.50%
Occidental Petroleum Corp	OXY	224,129,192	25.30%	$63.81	$14,301,683,742	4.00%
Kraft Heinz Co	KHC	325,634,818	26.50%	$33.78	$10,999,944,152	3.10%
Moody’s Corp	MCO	24,669,778	13.40%	$333.59	$8,229,591,243	2.30%
Mitsubishi Corp	8058:TYO	119,497,600	8.30%	$49.27	$5,888,000,106	1.70%
Mitsui & Co	8031:TYO	125,022,300	8.10%	$38.36	$4,795,863,204	1.30%
Itochu Corporation	8001:TYO	118,331,800	7.50%	$39.24	$4,643,303,267	1.30%
HP Inc	HPQ	120,952,818	12.30%	$31.87	$3,854,766,310	1.10%
Davita Inc	DVA	36,095,570	39.50%	$104.73	$3,780,289,046	1.10%
BYD Co. Ltd	BYDDF	98,603,142	9.00%	$29.50	$2,908,792,689	0.80%
Verisign, Inc.	VRSN	12,815,613	12.40%	$206.19	$2,642,451,244	0.70%
Citigroup Inc	C	55,244,797	2.90%	$43.39	$2,397,071,742	0.70%
Kroger Co	KR	50,000,000	7.00%	$47.77	$2,388,500,000	0.70%
Marubeni Corp	8002:TYO	141,000,200	8.30%	$16.69	$2,352,653,028	0.70%
Sumitomo Corp	8053:TYO	101,210,400	8.20%	$20.41	$2,066,065,894	0.60%
Visa Inc	V	8,297,460	0.40%	$240.37	$1,994,460,460	0.60%
Charter Communications Inc	CHTR	3,828,941	2.60%	$427.66	$1,637,484,908	0.50%
Mastercard Inc	MA	3,986,648	0.40%	$395.15	$1,575,323,957	0.40%
Amazon.com, Inc.	AMZN	10,551,000	0.10%	$137.89	$1,454,877,390	0.40%
Paramount Global Class B	PARA	93,730,975	15.40%	$15.39	$1,442,519,705	0.40%
Aon PLC	AON	4,335,000	2.10%	$318.52	$1,380,784,200	0.40%
Capital One Financial Corp.	COF	12,471,030	3.30%	$106.98	$1,334,150,789	0.40%
Activision Blizzard Inc	ATVI	14,658,121	1.90%	$91.00	$1,333,889,011	0.40%
Liberty SiriusXM Series C	LSXMK	43,208,291	19.80%	$23.91	$1,033,110,238	0.30%
Snowflake Inc	SNOW	6,125,376	1.90%	$152.50	$934,119,840	0.30%
Nu Holdings Ltd	NU	107,118,784	2.30%	$7.89	$845,167,206	0.20%
Ally Financial Inc	ALLY	29,000,000	9.60%	$27.55	$798,950,000	0.20%
DR Horton Inc	DHI	5,969,714	1.80%	$126.25	$753,676,393	0.20%
General Motors Co	GM	22,000,000	1.60%	$33.40	$734,800,000	0.20%
T-Mobile Us Inc	TMUS	5,242,000	0.40%	$138.94	$728,323,480	0.20%
Markel Group Inc	MKL	471,661	3.60%	$1,492.72	$704,057,808	0.20%
Celanese Corporation	CE	5,358,535	4.90%	$119.73	$641,577,396	0.20%
Liberty Formula One Series C	FWONK	7,722,451	3.70%	$69.97	$540,339,896	0.20%
Floor & Decor Holdings Inc	FND	4,780,000	4.50%	$104.69	$500,418,200	0.10%
Liberty SiriusXM Series A	LSXMA	20,207,680	20.60%	$23.72	$479,326,170	0.10%
Louisiana-Pacific Corp	LPX	7,044,909	9.80%	$62.36	$439,320,525	0.10%
Globe Life Inc	GL	2,515,574	2.60%	$112.90	$284,008,305	0.10%
StoneCo Ltd	STNE	10,695,448	3.40%	$13.33	$142,570,322	0.00%
NVR Inc	NVR	11,112	0.30%	$6,175.00	$68,616,600	0.00%
Johnson & Johnson	JNJ	327,100	0.00%	$174.06	$56,935,026	0.00%
Procter & Gamble Co	PG	315,400	0.00%	$155.34	$48,994,236	0.00%
MONDELEZ INTERNATIONAL INC Common Stock	MDLZ	578,000	0.00%	$72.60	$41,962,800	0.00%
Diageo plc	DEO	227,750	0.00%	$171.40	$39,036,350	0.00%
Liberty Latin America Ltd Class A	LILA	2,630,792	5.90%	$9.30	$24,466,366	0.00%
Lennar Corp	LEN	152,572	0.10%	$125.70	$19,178,300	0.00%
Vanguard 500 Index Fund ETF	VOO	43,000	0.00%	$407.95	$17,541,850	0.00%
SPDR S&P 500 ETF Trust	SPY	39,400	0.00%	$443.99	$17,493,206	0.00%
Jefferies Financial Group Inc	JEF	433,558	0.20%	$34.31	$14,875,375	0.00%
Liberty Latin America Ltd Class C	LILAK	1,284,020	0.80%	$9.22	$11,838,664	0.00%
United Parcel Service, Inc.	UPS	59,400	0.00%	$173.39	$10,299,366	0.00%
Liberty Live Series A	LLYVA	5,051,920	19.70%
Liberty Live Series C	LLYVK	11,132,594	17.50%
TOTAL					$355,718,194,104	100.00%

You can see that Apple (AAPL) accounts for over 45% of the equity portfolio as of June 30, 2023. This position has generated over $100 billion in profits for Buffett's Berkshire Hathaway.

Buffett has managed to accumulate the position between 2016 and 2018 at a total cost of approximately $36 billion. He did sell about $11 billion worth of Apple stock in 2020. In addition, Apple sends $820 million in dividends each year to Berkshire Hathaway.

He did make large investments in Apple, Bank of America, Coca-Cola, American Express and Kraft Heinz. His portfolio is concentrated mostly as a result of letting winners run, and not selling prematurely. 

You can view the dividend contribution from each of his portfolio holdings from the table below. Berkshire Hathaway is generating almost $5.50 billion in annual dividend income from his portfolio.

Note this doesn't include dividends received from privately owned businesses such as See's Candies or Burlington Northern Santa Fe. Nor does it include $760 Million in annual dividends from Berkshire Hathaway's investment in Occidental Petroleum Preferred stock.

Name	Symbol	Shares	Market Value	Dividend Income
Bank of America Corp	BAC	1,032,852,006	$31,006,217,220	$      991,537,925.76
Apple Inc	AAPL	915,560,382	$162,850,725,146	$      878,937,966.72
Chevron Corporation	CVX	123,120,120	$19,710,300,011	$      743,645,524.80
Coca-Cola Co	KO	400,000,000	$24,252,000,000	$      736,000,000.00
Kraft Heinz Co	KHC	325,634,818	$10,999,944,152	$      521,015,708.80
American Express Company	AXP	151,610,700	$24,565,481,721	$      363,865,680.00
Mitsubishi Corp	8058:TYO	119,497,600	$5,888,000,106	$      164,224,008.80
Occidental Petroleum Corp	OXY	224,129,192	$14,301,683,742	$      161,373,018.24
Itochu Corporation	8001:TYO	118,331,800	$4,643,303,267	$      130,097,491.93
Mitsui & Co	8031:TYO	125,022,300	$4,795,863,204	$      128,862,399.51
HP Inc	HPQ	120,952,818	$3,854,766,310	$      127,000,458.90
Citigroup Inc	C	55,244,797	$2,397,071,742	$      117,118,969.64
Sumitomo Corp	8053:TYO	101,210,400	$2,066,065,894	$        83,455,287.57
Moody’s Corp	MCO	24,669,778	$8,229,591,243	$        75,982,916.24
Marubeni Corp	8002:TYO	141,000,200	$2,352,653,028	$        75,572,154.20
Kroger Co	KR	50,000,000	$2,388,500,000	$        58,000,000.00
Ally Financial Inc	ALLY	29,000,000	$798,950,000	$        34,800,000.00
Capital One Financial Corp.	COF	12,471,030	$1,334,150,789	$        29,930,472.00
Paramount Global Class B	PARA	93,730,975	$1,442,519,705	$        18,746,195.00
BYD Co. Ltd	BYDDF	98,603,142	$2,908,792,689	$        15,776,502.72
Celanese Corporation	CE	5,358,535	$641,577,396	$        15,003,898.00
Visa Inc	V	8,297,460	$1,994,460,460	$        14,935,428.00
Activision Blizzard Inc	ATVI	14,658,121	$1,333,889,011	$        14,511,539.79
Aon PLC	AON	4,335,000	$1,380,784,200	$        10,664,100.00
Mastercard Inc	MA	3,986,648	$1,575,323,957	$           9,089,557.44
Louisiana-Pacific Corp	LPX	7,044,909	$439,320,525	$           6,763,112.64
DR Horton Inc	DHI	5,969,714	$753,676,393	$           5,969,714.00
Globe Life Inc	GL	2,515,574	$284,008,305	$           2,264,016.60
Johnson & Johnson	JNJ	327,100	$56,935,026	$           1,556,996.00
Procter & Gamble Co	PG	315,400	$48,994,236	$           1,186,787.12
MONDELEZ INTERNATIONAL INC Common Stock	MDLZ	578,000	$41,962,800	$              982,600.00
Diageo plc	DEO	227,750	$39,036,350	$              829,010.00
Jefferies Financial Group Inc	JEF	433,558	$14,875,375	$              520,269.60
United Parcel Service, Inc.	UPS	59,400	$10,299,366	$              384,912.00
Vanguard 500 Index Fund ETF	VOO	43,000	$17,541,850	$              266,600.00
SPDR S&P 500 ETF Trust	SPY	39,400	$17,493,206	$              256,888.00
Lennar Corp	LEN	152,572	$19,178,300	$              228,858.00
Davita Inc	DVA	36,095,570	$3,780,289,046	$                                -
Verisign, Inc.	VRSN	12,815,613	$2,642,451,244	$                                -
Charter Communications Inc	CHTR	3,828,941	$1,637,484,908	$                                -
Amazon.com, Inc.	AMZN	10,551,000	$1,454,877,390	$                                -
Liberty SiriusXM Series C	LSXMK	43,208,291	$1,033,110,238	$                                -
Snowflake Inc	SNOW	6,125,376	$934,119,840	$                                -
Nu Holdings Ltd	NU	107,118,784	$845,167,206	$                                -
General Motors Co	GM	22,000,000	$734,800,000	$                                -
T-Mobile Us Inc	TMUS	5,242,000	$728,323,480	$                                -
Markel Group Inc	MKL	471,661	$704,057,808	$                                -
Liberty Formula One Series C	FWONK	7,722,451	$540,339,896	$                                -
Floor & Decor Holdings Inc	FND	4,780,000	$500,418,200	$                                -
Liberty SiriusXM Series A	LSXMA	20,207,680	$479,326,170	$                                -
StoneCo Ltd	STNE	10,695,448	$142,570,322	$                                -
NVR Inc	NVR	11,112	$68,616,600	$                                -
Liberty Latin America Ltd Class A	LILA	2,630,792	$24,466,366	$                                -
Liberty Latin America Ltd Class C	LILAK	1,284,020	$11,838,664	$                                -
Liberty Live Series A	LLYVA	5,051,920		$                                -
Liberty Live Series C	LLYVK	11,132,594		$                                -
TOTAL			$355,718,194,104	$  5,541,356,968.00

The total portfolio value was roughly $355 Billion dollars as of last night. It is on track to generate $5.54 Billion in annual dividend income. Approximately $339 Billion of value is related to dividend paying stocks. Only $16 Billion out of the whole $355 Billion is invested in non-dividend paying companies.

For the quarter ended on June 30, 2023, Warren Buffett and his lieutenants Todd and Ted added to the following existing positions:

Buffett seems to be a big fan of Oil and Gas companies as of recently, with his large investments in Occidental Petroleum. He also seems to be investing in financials such as Capital One Financial. The investments in homebuilders were likely from one of his top lieutenants Todd Combes or Ted Weschler.

They reduced ownership in the following companies:

Looks like he sold out of a lot of companies that Dividend Growth Investors own. For example  Chevron, McKesson and Marsh & McLennan. 

Four Dividend Growth Stocks Rewarding Shareholders With Raises Last Week

I review the list of dividend increases as part of my monitoring process. I use this exercise to review existing holdings, and also to potentially identify companies for further research.

The dividend increase provides helpful information about the business from management's point of view. That's because management teams determine the rate of the increase after evaluating the business needs, the economic environment and the business competitive landscape. In a way, a dividend increase is a very good gauge of management expectations for how the business will perform in the near term.

For example, if a business starts growing dividends at a slower pace than usual, or it starts growing dividends at a nominal pace, that's a potential warning sign for further investigation. It doesn't mean that the business cannot recover soon; it merely shows that something is going on to cause this deceleration. 

It's helpful to review dividend increases relative to past dividend increases. It's also helpful to do that relative to the payout ratio and the trend in the payout ratio over the past decade. Last but not least, you need to review the rate of dividend growth to the trend in earnings per share as well.

I am not the only one who thinks this way and appreciates the signaling that dividend increase announcements present. Nick Train, who is the portfolio manager behind Lindsell Train shares these sentiments as well (source):

There is the noise accompanying the results from public companies, with analysts and investors poring over the numbers and CEO statements looking for an interpretative edge. Cutting through that noise, I sometimes think it is easiest to simply look at the dividend announcement by the company. To us the increase, maintain or cut decision taken by a board of directors about its current dividend captures an enormous amount of information about mid-term prospects. Below I note the six dividend announcements from our reporting companies – in order of position size in the Portfolio.

Over the past week, there were several companies that managed to increase dividends, AND also having at least a ten year track record of annual dividend increases. The companies include:

Broadridge Financial Solutions, Inc. (BR) provides investor communications and technology-driven solutions for the financial services industry. 

The company increased quarterly dividends by 10.30% to $0.80/share. Broadridge has increased its dividend every year since becoming a public company in 2007. Over the past decade, the company managed to boost dividends at an annualized rate of 14.90%. That's consistent with the 5 year average of 14.30%.

This dividend achiever managed to grow earnings from $2.20/share in 2014 to $5.36/share in 2023. The company is expected to generate $7.62/share in 2023.

The stock sells for 23.87 times forward earnings and yields 1.75%.

Cogent Communications Holdings, Inc., (CCOI) provides high-speed Internet access, private network, and data center colocation space services in North America, Europe, Asia, South America, Australia, and Africa. 

The company increased quarterly dividends by 1.10% to $0.945/share. This is the 11th year of consecutive annual dividend increases for this dividend achiever. Over the past decade, the company managed to boost dividends at an annualized rate of 32.70%. The five year average is 14.60%.

The company's earnings went from $1.22/share in 2013 to $0.11/share in 2022. The company is expected to generate $22.11/share in 2023. FCF/share increased from $0.71 in 2013 to $2.02 in 2022.

For some reason the stock sells for 246 times forward earnings and yields 6.48%. I do not understand this company and its financials, just reporting for the sake of consistency of this report.

J&J Snack Foods Corp. (JJSF) manufactures, markets, and distributes nutritional snack foods and beverages to the food service and retail supermarket industries in the United States, Mexico, and Canada. It operates through three segments: Food Service, Retail Supermarkets, and Frozen Beverages.

The company increased quarterly dividends by 5% to $0.735/share. This is the 18th year of consecutive annual dividend increases for this dividend achiever. Annualized dividend growth has been declining, from 17.50% over the past decade to 9.10% over the past 5 years.

The company's earnings went from $3.43/share in 2013to $2.47/share in 2022. The company is expected to generate $4.48/share in 2023.

The stock sells for 38 times forward earnings and yields 1.72%.

Nordson Corporation (NDSN) engineers, manufactures, and markets products and systems to dispense, apply, and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids worldwide. It operates through three segments: Industrial Precision Solutions (IPS); Medical and Fluid Solutions; and Advanced Technology Solutions (ATS).

The company increased quarterly dividends by 4.60% to $0.68/share. This increase represents Nordson’s 60th consecutive year of annual dividend increases. It's also a pretty small increase relative to the annualized rate of 15.30% over the past decade or the 13.80% increase over the past five years.

This dividend king managed to grow earnings from $3.45/share in 2013 to $8.92/share in 2022. The company is expected to generate $9.06/share in 2023.

The stock sells for 26.80 times forward earnings and yields 1.12%.

Relevant Articles:

- Seven Dividend Growth Stocks Rewarding Shareholders with Raises

- Nine Dividend Growth Stocks Rewarding Shareholders With Raises Last Week

- 16 Dividend Growth Stocks Raising Dividends Last Week

- Five Dividend Growth Companies Raising Dividends Last Week