According to Berkshire Hathaway’s latest 13F filing, Buffett’s U.S. equity portfolio remains highly concentrated, continuing a decades-long hallmark of his investment approach. As of the end of March, approximately 67%—or more than two-thirds—of Berkshire’s roughly $263 billion U.S. stock portfolio was concentrated in just five companies.
The filing shows that Berkshire’s U.S. equity holdings span about two dozen companies, with the top five heavyweights commanding absolute dominance. Ranking first is Apple (AAPL), with a position valued at approximately $58 billion, representing about 22% of the portfolio; second is integrated payments company American Express(AXP), with a position of roughly $46 billion, accounting for about 17%; these two stocks together already comprise nearly 40% of the portfolio. They are followed by Coca-Cola (KO) at approximately $30 billion (about 12%), Bank of America (BAC) at roughly $25 billion (about 10%), and Chevron (CVX) at approximately $17.5 billion (about 7%). In total, these five stocks carry about two-thirds of the roughly $263 billion portfolio.
The second tier includes Occidental Petroleum and Alphabet shares, which Berkshire first disclosed in the third quarter of 2025 and has continued to add to. It should be noted that the 13F filing does not capture the full picture of Berkshire; its stakes in Japan’s five major trading houses are traded overseas, and its dozens of wholly owned operating entities are not reflected in such filings at all. Also worth noting is that as of the end of March, Berkshire held approximately $397 billion in cash and U.S. Treasury bills, a sum that already exceeds its entire U.S. stock portfolio.
This high concentration is a deliberate choice by Buffett. Buffett would rather own a few businesses he understands thoroughly than broadly hold hundreds of companies he knows only superficially. The top five holdings perfectly align with this philosophy; these are companies he has researched and held for years or even decades, possessing enduring brands and long records of dividend payments.
Although Buffett stepped down as chief executive officer at the end of last year, he still dominates investment decisions as chairman. Last week, he told CNBC that Berkshire’s multi-billion-dollar bet on Alphabet was initiated by him personally, rather than by new CEO Greg Abel.
For ordinary investors, the obvious takeaway is the importance of conviction—Buffett does not spread his capital across his twentieth-best idea, but rather allocates positions large enough to move the needle on overall returns. However, before emulating this approach, one must examine the supporting environment. Berkshire’s five core holdings are built atop dozens of wholly owned operating entities, a massive insurance business, and a $397 billion cash reserve. Even if its largest holding were cut in half, Berkshire could still continue compounding returns, whereas an ordinary investor who concentrates two-thirds of their savings into just five stocks would have no such buffer.
In summary, Buffett supports his highly concentrated investment strategy through decades of in-depth research and a robust financial structure. This model works effectively for professional investors with substantial resources and deep knowledge, but ordinary investors, before imitating it, should fully recognize the vast differences between themselves and Berkshire in terms of resources, risk tolerance, and research depth, and should make decisions with prudence.
