Warren Buffett’s Berkshire Hathaway: A Glimpse Into Its Billion-Dollar Investment Portfolio
In 1973, Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) hosted its inaugural annual shareholder meeting in a simple employee cafeteria. Fast forward to today, and Warren Buffett’s company attracts around 40,000 investors to its gatherings each year in Omaha.
Investors come to hear the insights of the “Oracle of Omaha,” who discusses the U.S. economy, stock market trends, and his personal investment strategies. Buffett is known for his transparency, often revealing the qualities he values in potential investments. Under his leadership, Berkshire Hathaway’s Class A shares (BRK.A) have amassed a remarkable cumulative gain of more than 5,470,000% over nearly sixty years.
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Following Buffett’s investment strategies has proven lucrative for many. This success hinges on understanding the contents of Berkshire Hathaway’s extensive 44-stock portfolio, valued at $297 billion.
Buffett favors a concentrated portfolio, with major investments focused on his top stock picks. As 2025 begins, approximately 80% ($238 billion) of Berkshire’s portfolio is concentrated in just nine key stocks.
Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.
1. Apple: $73.5 Billion (24.8% of Invested Assets)
Despite selling over 615 million shares of Apple (NASDAQ: AAPL) between October 2023 and September 2024, the tech giant remains Berkshire Hathaway’s largest investment heading into the new year.
Buffett hinted at the shareholder meeting in May that this selling trend might relate to historical lows in corporate income tax rates. Additionally, the stock market has seen substantial pricing, with eight consecutive quarters of net selling indicating a scarcity of attractive values.
Nevertheless, Apple’s robust share repurchase program continues to impress. The company has bought back over $725 billion of its stock in the past eleven fiscal years, significantly boosting its earnings per share (EPS).
2. American Express: $45.8 Billion (15.4% of Invested Assets)
American Express (NYSE: AXP) is Berkshire Hathaway’s second oldest holding, acquired in 1991. It is one of eight stocks Buffett classified as an “indefinite” holding in his latest letter to shareholders.
American Express stands out due to its dual revenue streams; it is the third-largest credit card network in the U.S. while also acting as a lender, allowing it to earn from both transaction fees and interest from cardholders.
Historically, AmEx has attracted affluent customers, making it less vulnerable to minor economic downturns. This demographic stability often allows the company to recover faster from recessions compared to other lenders.
3. Bank of America: $34.8 Billion (11.7% of Invested Assets)
Recently, Buffett has reduced his stake in Bank of America (NYSE: BAC), having sold 26% since mid-July. Despite this, it remains Berkshire’s third-largest holding as of 2025.
Buffett favors bank stocks for their responsiveness to economic cycles. While recessions are typical, they are brief, allowing banks to capitalize during prolonged periods of economic growth.
Bank of America’s sensitivity to interest rates contributed to its profitability during the Federal Reserve’s steep rate hikes, enhancing its interest income significantly during this period.
4. Coca-Cola: $24.3 Billion (8.2% of Invested Assets)
Coca-Cola (NYSE: KO) holds the distinction of being Berkshire’s longest-held investment, acquired in 1988. Buffett views it as a forever holding.
The company’s extensive global presence, aside from a few exceptions, means it can generate steady cash flow from established markets while tapping into growth in emerging ones.
Moreover, Coca-Cola has consistently ranked as the top consumer brand for 12 years, thanks to effective marketing strategies and its ability to engage both younger and older consumers.
Image source: Getty Images.
5. Chevron: $17.5 Billion (5.9% of Invested Assets)
While energy stocks weren’t a significant part of Berkshire’s portfolio in previous years, this trend changed recently. Chemical and oil giant Chevron (NYSE: CVX) now constitutes nearly 6% of Buffett’s portfolio.
Chevron benefits from its diversified operations, including upstream drilling, pipelines, and refineries, allowing it to buffer against fluctuations in crude oil and natural gas prices. This stability has enabled Chevron to increase its dividend consistently for 37 years.
In 2023, Chevron announced a $75 billion share buyback program, complementing its attractive 4.4% dividend yield.
6. Occidental Petroleum: $13.4 Billion
Buffett’s Investment Picks: A Closer Look at His Energy and Financial Holdings
Chevron: A Solid Investment at $13.5 Billion
Chevron (NYSE: CVX) has become a significant part of Warren Buffett’s portfolio which consists of $297 billion in investments. Buffett holds a stake worth $13.5 billion, accounting for 4.5% of invested assets.
Buffett’s Attraction to Occidental Petroleum
Chevron isn’t the only energy stock capturing Buffett’s interest. Since early 2022, he has overseen the purchase of over 264.1 million shares of Occidental Petroleum (NYSE: OXY).
Occidental Petroleum operates similarly to Chevron but has two key differences. The company focuses heavily on its higher-margin drilling segment, which means its profits soar when crude oil prices rise. However, if oil prices drop, Occidental feels the impact more severely than its competitors.
Another difference lies in their balance sheets. While both have net debt, Occidental carries a heavier load compared to its equity. Consequently, it relies on maintaining high oil prices to strengthen its financial standing.
Moody’s: A Thriving Investment Worth $11.7 Billion
Moody’s (NYSE: MCO) holds the position as the third longest-held stock in Buffett’s portfolio, having been purchased since 2000. The return on this investment is impressive, with Berkshire’s stake up over 4,600% from what he originally paid.
The agency’s growth over the last decade has been driven largely by its Investors Services segment, which rates debt securities for various entities. However, with the central bank’s recent rate hikes, focus is shifting to Moody’s Analytics, a sector providing risk assessment solutions for businesses.
Kraft Heinz: A Mixed Bag at $9.8 Billion
While Moody’s has proven to be a stellar investment, Kraft Heinz (NASDAQ: KHC) stands out as one of Buffett’s less successful adventures. In a 2019 interview, he acknowledged that Berkshire overpaid in the 2015 merger.
On the brighter side, Kraft Heinz offers a consistent 5.2% dividend yield and focuses on essential consumer goods. Despite the company’s 200 brands ensuring steady cash flow, its sales volume has been declining. Price increases have softened the blow, but Kraft Heinz is burdened with nearly $29 billion in goodwill and about $19.4 billion in long-term debt, limiting its financial flexibility.
Chubb: Insurance with Stability at $7.2 Billion
Lastly, we have Chubb (NYSE: CB), a property and casualty insurance company that recently garnered Buffett’s interest starting in July 2023. This stock allows for a build-up of confidence in the insurance sector.
Despite the perceived dullness of insurance, Chubb’s business model is quite profitable. It can increase premiums following catastrophic events and justify price hikes due to the inevitability of loss events. The company is also expected to benefit from higher yields in ultra-safe Treasury bills amid the Federal Reserve’s recent rate hikes.
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Bank of America and American Express are advertising partners of Motley Fool Money. Sean Williams has positions in Bank of America. The Motley Fool has positions in and recommends Apple, Bank of America, Berkshire Hathaway, Chevron, and Moody’s. The Motley Fool recommends Kraft Heinz and Occidental Petroleum. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
