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
- $252M
- Holdings
- 28
- Top-10 weight
- 92%
- As of
- 2026-03-31
- Filed
- 2026-06-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-04-30 → 2026-03-31), modeled subset of holdings. Roughly 1% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+14.9%
Market
+17.8%
Sector
-9.0%
Subsector
+5.7%
Stock selection
+0.1%
Top holdings
22 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 | AAPL | 35.1% | $62M | 78% |
| 2 | AXP | 31.8% | $56M | 44% |
| 3 | KO | 15.8% | $28M | 53% |
| 4 | MCO | 7.1% | $13M | 68% |
| 5 | KR | 1.8% | $3M | 69% |
| 6 | V | 1.6% | $3M | 54% |
| 7 | MA | 1.3% | $2M | 51% |
| 8 | VRSN | 1.2% | $2M | 91% |
| 9 | COF | 1.0% | $2M | 43% |
| 10 | DPZ | 0.8% | $1M | 91% |
| 11 | AON | 0.7% | $1M | 53% |
| 12 | NUE | 0.6% | $1M | 70% |
| 13 | AMZN | 0.3% | $525346 | 48% |
| 14 | LPX | 0.3% | $457489 | 73% |
| 15 | NYT | 0.2% | $351664 | 94% |
93% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-06-14.
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