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
- $176.5B
- 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. Roughly 6% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+19.1%
Market
+17.5%
Sector
-5.4%
Subsector
+6.0%
Stock-specific
+1.1%
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% | $62.0B | 73% |
| 2 | AXP | 31.8% | $56.1B | 43% |
| 3 | KO | 15.8% | $28.0B | 57% |
| 4 | MCO | 7.1% | $12.6B | 65% |
| 5 | KR | 1.8% | $3.1B | 72% |
| 6 | V | 1.6% | $2.9B | 56% |
| 7 | MA | 1.3% | $2.3B | 52% |
| 8 | VRSN | 1.2% | $2.2B | 94% |
| 9 | COF | 1.0% | $1.7B | 40% |
| 10 | DPZ | 0.8% | $1.4B | 93% |
| 11 | AON | 0.7% | $1.3B | 55% |
| 12 | NUE | 0.6% | $1.0B | 72% |
| 13 | AMZN | 0.3% | $525M | 52% |
| 14 | LPX | 0.3% | $457M | 74% |
| 15 | NYT | 0.2% | $352M | 96% |
65% 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
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