John Vincent

Summary

• During Q4 2024, Berkshire Hathaway’s 13F stock portfolio value increased slightly to ~$267B, with the top five positions comprising ~72% of the portfolio.
• New stakes include Constellation Brands, while notable disposals include Ulta Beauty, SPDR S&P 500 Index, and Vanguard S&P 500 Index.
• Significant stake increases were made in Occidental Petroleum, VeriSign, Sirius XM Holdings, Domino’s Pizza, and Pool Corp.
• Major stake reductions occurred in Bank of America, Liberty Media Corp, Capital One Financial, Citigroup, T-Mobile US, Charter Communications, Louisiana-Pacific, and NU Holdings.

This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory 13F Form filed on 02/14/2025. Please visit our Tracking 10 Years Of Berkshire Hathaway’s Investment Portfolio article series for an idea on how his holdings have progressed over the years and our previous update for the moves during Q3 2024.

During Q4 2024, Berkshire Hathaway’s (NYSE:BRK.A) (NYSE:BRK.B) 13F stock portfolio value increased from ~$266B to ~$267B. The top five positions account for ~72% of the portfolio: Apple Inc., American Express, Bank of America, CocaCola, and Chevron. There are 35 individual stock positions, many of which are small compared to the overall size of the portfolio.

Warren Buffett’s writings (pdfs) are a treasure trove of information and are a very good source for anyone starting out on individual investing. So are the classics The Intelligent Investor and Security Analysis.

Note 1: Berkshire Hathaway BYD Company (OTCPK:BYDDY) stake fell below the 5% ownership threshold during Q2 2024. Their cost-basis is ~8 HKD per share. This is compared to the current traded price in Hong Kong of ~364 HKD. Berkshire’s ownership was down from ~20% as of Q3 2022.

Note 2: It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo. The stakes increased to ~8.5% each during Q2 2023. The 2021 AR had the following regarding the initial purchases in three of them: 5.6% ownership stake in ITOCHU Corporation (OTCPK:ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (OTCPK:MSBHF) at a cost-basis of $8.57, and 5.7% ownership stake in Mitsui & Company (OTCPK:MITSF) at a cost-basis of $8.65. ITOCF, MSBHF, and MITSF currently trade at ~$41, ~$16, and ~$17 respectively. Mitsubishi had a 3-for-1 stock split in December 2023 and Mitsui had a 2-for-1 stock split in June 2024. The cost-basis are adjusted to reflect this.

New Stakes:

Constellation Brands (STZ): STZ is a 0.47% of the portfolio position purchased this quarter at prices between ~$218 and ~$255 and the stock currently trades well below that range at ~$163.

Stake Disposals:

Ulta Beauty (ULTA): ULTA stake was established during Q2 2024 at prices between ~$376 and ~$529. The position was almost eliminated during the last quarter at prices between ~$321 and ~$413. The remainder stake was sold this quarter. The stock is now at ~$365.

SPDR S&P 500 Index (SPY), and Vanguard S&P 500 Index (VOO): These very small positions were dropped during the quarter.

Stake Increases:

Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend, and the transaction came with warrants to purchase 83.86M shares at $59.62. In Q1 2022, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. That was followed with a ~22M share net-increase in Q2 2022 at prices between ~$57 and ~$60. The next quarter also saw a ~23% stake increase at prices between ~$57 and ~$75. The three quarters through Q2 2024 also saw a ~15% stake increase. The stock currently trades at $48.06. There was a minor ~3% stake increase this quarter.

Note: Including warrants, Berkshire owns ~36% of the business (~350M shares).

VeriSign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$229 and the position is at ~1% of the portfolio (~13.8% of the business). There was a minor ~4% stake increase this quarter.

Sirius XM Holdings (SIRI): The stake came about as a result of a redistribution transaction by Liberty Media Group. The position was increased by ~315% during Q4 2023 as SIRI traded between ~$41 and ~$57. Q2 2024 saw another ~260% stake increase at prices between ~$25 and ~$38. That was followed by a ~12% stake increase this quarter at prices between $20.37 and $28.44. It currently trades at $27.11.

Note: in December 2023, Liberty Media announced a plan to simplify the structure – Liberty SiriusXM to combine with Sirius XM to form a new entity. The consolidation ratios were 0.8375 of new SIRI for each LSXMK/LSXMA and 0.1 of new SIRI for each SIRI held. The transaction closed during the last quarter. The prices quoted above are adjusted based on the conversion ratio.

Domino’s Pizza (DPZ): DPZ is a 0.21% of the portfolio position purchased during the last quarter at prices between ~$402 and ~$504 and the stock currently trades at ~$477. There was a ~87% stake increase this quarter at prices between ~$407 and ~$475.

Note: they have a ~7% ownership stake in the business.

Pool Corp (POOL): The very small 0.08% of the portfolio POOL stake was established during the last quarter at prices between ~$294 and ~$372 and the stock is now at ~$344. This quarter saw a ~48% stake increase at prices between ~$339 and ~$390.

Stake Decreases:

Bank of America (BAC): Berkshire established this large (top three) ~12% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. The last quarter saw a ~23% selling at prices between $36.41 and $43.84. That was followed by a ~15% reduction this quarter at prices between $39 and $47.51. The stock currently trades at $46.96.

Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~8.9%.

Liberty Media Corp (FWONK) (LLYVK) (LLYVA): These tracking stocks were first acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which they received the same amount of Liberty SiriusXM Group shares. Since then, there have been several transactions, redistributions, etc. Last August saw another reclassification whereby Liberty SiriusXM common stock was reclassified, and shareholders received 0.25 shares of Liberty Live for each share of Liberty SiriusXM. Also, Liberty Formula One was reclassified, and shareholders received 0.0428 shares of Liberty Live for each share of Liberty Formula One. The net share count increased by ~23% as a result of these transactions. The Liberty SiriusXM stake saw a ~55% stake increase during Q1 2024 at prices between ~$28.50 and ~$31.25. FWONK and LLYVK currently trade at ~$98.50 and ~$80.35 respectively. The big reduction during the last quarter was due to the consolidation of Liberty SiriusXM tracking stock. There was a minor ~4% trimming this quarter.

Capital One Financial (COF): The 0.50% of the portfolio stake in COF was purchased during Q1 2023 at prices between ~$90 and ~$122. There was a ~25% stake increase in the next quarter at prices between ~$86 and ~$114. Q2 2024 saw a ~21% reduction at prices between ~$133 and ~$148. The last quarter also saw a ~7% trimming at prices between ~$131 and ~$153. That was followed by a ~18% selling this quarter at prices between ~$145 and ~$192. The stock currently trades at ~$202.

Citigroup Inc. (C): The 0.39% of the portfolio stake in Citigroup was purchased in Q1 2022 at prices between ~$53 and ~$68 and it is now at $84.61. There was a ~75% reduction this quarter at prices between $60.35 and $72.

T-Mobile US (TMUS): TMUS is a 0.36% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled in the next quarter at prices between ~$110 and ~$135. There was a ~11% trimming during Q2 2024 at prices between ~$159 and ~$181. That was followed by a ~7% trimming this quarter at prices between ~$205 and ~$247. The stock currently trades at ~$271.

Charter Communications (CHTR): CHTR is a 0.26% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. H2 2021 saw another ~25% reduction at prices between ~$605 and ~$821. That was followed by similar selling during the last quarter at prices between ~$291 and ~$383. This quarter also saw another ~30% reduction at prices between ~$315 and ~$408. The stock currently trades at ~$360 compared to Berkshire’s cost-basis of ~$178.

Louisiana-Pacific (LPX): The 0.22% LPX position was established during Q4 2022 at prices between ~$48.40 and ~$65. There was a ~22% stake increase in the next quarter at prices between ~$51 and ~$66. The stock is now at ~$112. There was a ~6% trimming during Q1 2024 and that was followed by a ~10% trimming during the next quarter. This quarter also saw a ~5% trimming.

Note: Berkshire has a ~8% ownership stake in the business.

NU Holdings (NU): NU had an IPO during December 2021. Shares started trading at ~$10 and currently goes for $13.70. Berkshire’s ~$1B stake goes back to a funding round in early 2021. The last quarter saw a ~20% selling at prices between $10.71 and $15.14. That was followed by a ~50% reduction this quarter at prices between $10.24 and $15.89.

Kept Steady:

Apple (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~28%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. The stake was decreased by 13% during Q1 2024 at prices between ~$169 and ~$195. The next quarter saw another ~49% selling at prices between ~$165 and ~$216. That was followed with a ~25% reduction during the last quarter at prices between ~$207 and ~$234. The stock currently trades at ~$245.

American Express (AXP) and Coca-Cola (KO): These two very large stakes were kept steady during the last ~10 years. Buffett has said these positions will be held permanently. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.

Chevron Corp (CVX): CVX is a large (top five) 6.43% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase in the next quarter at prices between ~$102 and ~$119. Q1 2022 saw a whopping ~315% stake increase at prices between ~$119 and ~$171. The three quarters through Q3 2023 saw a one-third selling at prices between ~$150 and ~$188. There was a ~14% stake increase during Q4 2023 at prices between ~$142 and ~$169. The stock currently trades at ~$155. H1 2024 saw a ~6% trimming.

Note 1: Berkshire has a ~5.5% ownership stake in the business.

Note 2: Berkshire avoided disclosing this stake in the Q3 2020 13F filing by making use of the section 13(f) Confidential Treatment Requests. An amendment filed later disclosed the activity.

Moody’s Inc. (MCO): MCO is a 4.37% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$523. Berkshire controls ~13% of the business.

Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 3.74% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~26.5% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $28.92.

Chubb Limited (CB): CB is a 2.80% of the portfolio position purchased during H2 2023 at prices between ~$188 and ~$230. The next quarter saw a ~30% stake increase at prices between ~$225 and ~$259. The stock currently trades at ~$265. Q2 2024 also saw a ~4% further increase.

Note: Berkshire avoided disclosing this stake in the Q3 2023 13F filing by making use of the section 13(f) Confidential Treatment Requests. They have a ~6.7% ownership stake in the business.

DaVita Inc. (DVA): DVA is a ~2% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$157 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.

Note: Berkshire’s ownership stake in DaVita is ~43%.

Kroger Company (KR): KR is a 1.14% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The three quarters through Q3 2022 saw a ~20% selling at prices between ~$44 and ~$52. The stock currently trades at $65.13.

Note: Berkshire’s ownership stake in Kroger is ~7%.

Amazon.com (AMZN): AMZN is a 0.82% of the portfolio stake established during Q1 2019 at prices between ~$75 and ~$91. The stake was increased by ~11% in the next quarter at prices between ~$85 and ~$98. The stock currently trades at ~$229. Q3 2023 saw a ~5% trimming.

Aon plc (AON): AON is a 0.55% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. The next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$387. There was a ~5% trimming during Q3 2023.

Ally Financial (ALLY): The 0.39% ALLY stake saw a whopping ~235% increase during Q2 2022 at prices between ~$32 and ~$53. The stock currently trades at $38.38.

Note: Berkshire has a ~9.6% ownership stake in Ally Financial.

HEICO Holdings (HEI): The 0.07% HEI stake was purchased during Q2 2024 at prices between ~$188 and ~$229. The stock is now well above that range at ~$221. The last quarter saw a marginal stake increase.

Atlanta Braves (BATRK), Diageo plc (DEO), Jefferies Financial Group (JEF), Liberty LiLAC Group (LILA), Lennar Corp (LEN.B), Mastercard Inc. (MA), NVR Inc. (NVR), and Visa Inc. (V): These positions were kept steady this quarter.

The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q4 2024:

Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q3 2024 and Q4 2024.

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