Warren Buffett is arguably the world’s most famous investor, and his investment moves are closely followed. Each quarter, the company he runs, Berkshire Hathaway, discloses its current holdings to shareholders.
Here are some of the changes Buffett and his two investment officers, Todd Combs and Ted Weschler, made during the second quarter, according to the latest 13F regulatory filing with the Securities and Exchange Commission. The holdings are reported as of June 30, 2024.
Berkshire Hathaway’s portfolio holdings: Where Buffett & Co. are buying/adding
Ulta Beauty (ULTA)
Ulta Beauty caught Berkshire’s eye in the most recent quarter, and the conglomerate opened a position in the purveyor of beauty products, albeit a relatively small 690,000 shares. The value of that position came to about $266 million as of June 30.
HEICO (HEI-A)
HEICO is another new position for Berkshire this quarter, with just over a million shares added to Berkshire’s stable. This maker of industrial parts has been a long-term winner, and Berkshire’s new stake comes to more than $185 million as of June 30.
Chubb Limited (CB)
In the second quarter, Berkshire added a further 4.3 percent to its recently disclosed stake in insurance giant Chubb. Berkshire revealed a new $6.7 billion stake in the first quarter, but actually first established the position in the third quarter of 2023. Berkshire had received confidential treatment from the Securities and Exchange Commission for the position so it didn’t have to disclose it when it was still accumulating the stake.
Liberty Sirius XM Series A/C (LSXMA and LSXMK)
Berkshire continued to add to its position in Liberty Sirius XM Series A and C shares during the second quarter. It boosted its position in the A shares by more than 7 percent and the C shares by nearly 7 percent. The combined stake was worth about $2.3 billion at the end of June.
Occidental Petroleum (OXY)
Berkshire also added slightly to its stake in Occidental Petroleum during the second quarter. Berkshire boosted its position by nearly 3 percent and held more than 255 million shares worth $16.1 billion at the end of June.
Sirius XM Holdings (SIRI)
Berkshire sharply increased its relatively small position in satellite radio leader Sirius XM, boosting that stake about 262 percent, to a total of nearly 133 million shares. The shares were worth about $376 million at the end of the second quarter. Just last quarter, Sirius had cut its stake in the company by 9 percent.
Berkshire Hathaway’s portfolio holdings: Where Buffett & Co. are selling
Apple (AAPL)
Buffett and company sharply pared their stake in Apple, Berkshire’s largest holding, reducing it more than 49 percent during the second quarter. Berkshire sold about 389 million shares and now holds exactly 400 million shares worth more than $84 billion at the end of June. Buffett told shareholders at the Berkshire annual meeting that he expected Apple to be a top holding for years, but he was not afraid to trim as the market for tech ran hot through the first half of the year.
Capital One Financial (COF)
Berkshire also reduced its position in Capital One Financial, cutting that some 21 percent, to about 9.8 million shares. The stake was valued at more than $1.3 billion as of June 30.
T-Mobile US (TMUS)
Telecom player T-Mobile US was also trimmed in the second quarter, with Berkshire reducing that stake by nearly 11 percent. The conglomerate still owns nearly 4.7 million shares worth more than $823 million as of the second quarter.
Paramount Global (PARA)
Berkshire closed out its stake in Paramount Global during the second quarter, after slashing it by more than 88 percent in the first quarter. The position was established during the first quarter of 2022 and Buffett took responsibility for the mistake, saying Berkshire had lost a lot of money on it.
Snowflake (SNOW)
Berkshire completely cleared out its stake in Snowflake, a cloud company and artificial intelligence (AI) play, in the second quarter. It sold off more than 6.1 million shares.
Chevron (CVX)
Buffett and company also reduced Berkshire’s existing position in energy giant Chevron, one of Berkshire’s largest holdings, by about 3.6 percent. Berkshire now holds about 119 million shares worth $18.6 billion at the end of the second quarter.
Louisiana-Pacific Corp. (LPX)
Berkshire reduced its stake in Louisiana-Pacific Corp. by about 10 percent during the second quarter, following a reduction of around 6 percent in the first quarter. It held nearly 6 million shares worth about $491.1 million at the end of June. The position was first established in the third quarter of 2022.
Floor & Decor Holdings (FND)
Floor & Decor also found itself on the Berkshire chopping block, with Buffett et al. cutting the position by nearly 17 percent, to just below 4 million shares. The position in the specialty retailer is worth $395 million as of June 30.
Liberty Live Group A/C (LLYVA and LLYVK)
Berkshire also trimmed its holdings in Liberty Live, both the A and C series of the media company. The C series was reduced by 1.9 percent, while the A series was cut by 1.3 percent. The combined position was worth about $605 million as of the end of June.
Top stock holdings in Buffett’s portfolio
Berkshire takes a concentrated approach with its investments, typically holding the majority of its portfolio in just a few companies. Its largest holdings at the end of the second quarter accounted for about 73 percent of the portfolio’s value, and included these top five positions (valuations as of June 30, 2024):
- Apple (AAPL) – $84.2 billion
- Bank of America (BAC) – $41.1 billion
- American Express (AXP) – $35.1 billion
- Coca-Cola (KO) – $25.5 billion
- Chevron (CVX) – $18.6 billion
Buffett spent about $345 million repurchasing Berkshire stock in the second quarter of 2024, following up an earlier repurchase of about $2.6 billion in the first quarter. This is an indication that he believes the shares are undervalued and continuing shareholders will benefit from the buybacks.
Bottom line
Buffett and Berkshire have an excellent track record in selecting investments, but be sure to research any investments thoroughly before investing yourself. Even stocks owned by legendary investors decline and you’ll need to understand the businesses you’re invested in well enough to make a buy, hold or sell decision on your own.
Related: 8 of the best Warren Buffett quotes of all time
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.
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