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
- $287.6B
- Holdings
- 28
- Top-10 weight
- 91%
- 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 37% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+17.3%
Market
+14.6%
Sector
-4.3%
Subsector
+0.7%
Stock selection
+6.3%
Top holdings
28 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. | 22.9% | $66.0B | 86% |
| 2 | AXPAmerican Express Company | 17.8% | $51.3B | 47% |
| 3 | KOCoca-Cola Company | 11.3% | $32.5B | 53% |
| 4 | GOOGLmodeled on GOOGAlphabet Inc. | 9.8% | $28.2B | 60% |
| 5 | BACBank of America Corp | 9.6% | $27.5B | 40% |
| 6 | CVXChevron Corporation | 4.9% | $14.0B | 22% |
| 7 | OXYOccidental Petroleum Corporation | 4.5% | $12.9B | 33% |
| 8 | MCOMoody's Corporation | 3.9% | $11.2B | 68% |
| 9 | GOOGAlphabet Inc. Class C | 3.3% | $9.6B | 60% |
| 10 | KHCKraft Heinz Company | 2.7% | $7.7B | 68% |
| 11 | DVADaVita Inc. | 2.2% | $6.4B | 96% |
| 12 | DALDelta Air Lines, Inc. | 1.9% | $5.4B | 55% |
| 13 | SIRISiriusXM Holdings Inc. | 1.3% | $3.7B | 94% |
| 14 | VRSNVeriSign, Inc. | 0.8% | $2.3B | 89% |
| 15 | KRKroger Co. | 0.8% | $2.2B | 67% |
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 53 filings from 2013-06-30 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 8.0
- median 5.6
- Top 5 weight
- —
- no median
- Top 10 weight
- 90.7%
- median 91.2%
- 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 28 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.