Warren Buffett has led Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) for 60 years. Under his guidance, Class A shares have returned over 6,230,000%. In the same period, the S&P 500 returned about 39,700% (including dividends). This performance has made Buffett a legend to both Wall Street professionals and everyday investors.
Recent Developments at Berkshire
On May 3, Berkshire reported first-quarter operating results at its annual shareholder meeting. At that event, Buffett announced he will step down as CEO by year-end. His chosen successor is Greg Abel. Then, on May 15, Berkshire filed its Form 13F with the Securities and Exchange Commission. This filing details its latest quarter’s stock trades.
Portfolio Concentration: A Longstanding Strategy
Buffett and his late partner Charlie Munger believe in putting large amounts of capital into their best ideas. The recent 13F filing shows that about 58% of Berkshire’s $287 billion equity portfolio is held in just four stocks.
Apple: $63.4 Billion (22.1% of Invested Assets)
Apple remains Berkshire’s largest position. As of March 31, 2025, Berkshire owned 300 million Apple shares. At today’s prices, that stake is worth $63.4 billion. Buffett admires Apple’s brand loyalty and its growing services business. He also values its generous share-buyback program, which has returned $775 billion to shareholders since 2013.
American Express: $45.4 Billion (15.8% of Invested Assets)
Berkshire has held American Express (NYSE: AXP) shares since 1991. Although Buffett has not added to this holding recently, its market value has risen to $45.4 billion. American Express benefits from strong fee income and lending revenue. Its affluent customer base helps it weather downturns. The stock also pays a $3.28 annual dividend, yielding 38.6% on Berkshire’s cost basis.
Coca-Cola: $28.8 Billion (10% of Invested Assets)
Coca-Cola (NYSE: KO) has been in the portfolio since 1988. Berkshire owns 400 million Coca-Cola shares, now worth $28.8 billion. The company’s global reach and essential beverage products generate steady cash flow. Its dividend, raised for 63 consecutive years, yields 62.8% on Berkshire’s cost basis of $3.2475 per share.
Bank of America: $28.2 Billion (9.8% of Invested Assets)
Bank of America (NYSE: BAC) ranks fourth in Berkshire’s holdings. Berkshire owned over 1.03 billion shares as of mid-2024 but sold 48.7 million in the first quarter of 2025. Buffett favors banks for their cyclical leverage to economic growth and rising interest rates. Bank of America’s net interest income surged during the Fed’s rate hikes from 2022 to 2023. The bank also returns capital via a $1.04 annual dividend and large share repurchases.
Looking Ahead
With Buffett’s planned retirement, Greg Abel will steer Berkshire’s immense portfolio. The concentration in these four “unstoppable” stocks reflects Buffett’s enduring strategy. His successor will likely maintain focus on high-conviction ideas and patient, long-term investing.
