Berkshire Hathaway · Warren Buffett
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $299.3B
- Holdings
- 29
- Top-10 weight
- 88%
- As of
- 2026-06-30
- Filed
- 2026-08-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Roughly 39% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+17.4%
Market
+13.5%
Sector
-3.7%
Subsector
+0.6%
Stock selection
+6.9%
Top holdings
29 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | AAPLApple Inc. | 22.0% | $66.0B | 88% |
| 2 | AXPAmerican Express Company | 17.1% | $51.3B | 45% |
| 3 | KOCoca-Cola Company | 10.9% | $32.5B | 51% |
| 4 | GOOGLmodeled on GOOGAlphabet Inc. | 9.4% | $28.2B | 57% |
| 5 | BACBank of America Corp | 9.2% | $27.5B | 43% |
| 6 | CVXChevron Corporation | 4.7% | $14.0B | 20% |
| 7 | OXYOccidental Petroleum Corporation | 4.3% | $12.9B | 32% |
| 8 | CBChubb Limited | 3.9% | $11.7B | 40% |
| 9 | MCOMoody's Corporation | 3.7% | $11.2B | 78% |
| 10 | GOOGAlphabet Inc. Class C | 3.2% | $9.6B | 57% |
| 11 | KHCKraft Heinz Company | 2.6% | $7.7B | 68% |
| 12 | DVADaVita Inc. | 2.1% | $6.4B | 97% |
| 13 | DALDelta Air Lines, Inc. | 1.8% | $5.4B | 53% |
| 14 | SIRISiriusXM Holdings Inc. | 1.2% | $3.7B | 95% |
| 15 | VRSNVeriSign, Inc. | 0.8% | $2.3B | 90% |
90% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 103 filings from 2000-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 8.6
- median 8.6
- Top 5 weight
- —
- no median
- Top 10 weight
- 88.5%
- median 83.8%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 29 positions at 2026-06-30.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Warren Buffett's.