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
- $177M
- Holdings
- 22
- Top-10 weight
- 98%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Stock selection (residual return) detracted about 5% of the gross return over this window — the factor legs carried the book.
Gross
+19.1%
Market
+17.8%
Sector
-5.0%
Subsector
+6.3%
Stock selection
-1.0%
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 | 54% |
| 12 | NUE | 0.6% | $1M | 70% |
| 13 | AMZN | 0.3% | $525346 | 48% |
| 14 | LPX | 0.3% | $457489 | 73% |
| 15 | NYT | 0.2% | $351664 | 94% |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
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.