Full Breakdown
Berkshire Hathaway’s Portfolio Concentration Highlights Apple, American Express, and Coca-Cola
9/9/2026, 3:18:21 PM
Core Event – Three Stocks Account for Roughly Half of the Disclosed Equity
Berkshire Hathaway’s Form 13F for the quarter ended June 30 2026, released on August 14, shows that Apple, American Express, and Coca-Cola together represent about 50 % of the disclosed U.S.–listed equity holdings. Apple comprises 22.04 %, American Express 17.14 %, and Coca-Cola 10.86 % (source 1; source 3). The filing excludes cash, Treasury holdings, wholly owned businesses such as BNSF and GEICO, and any non-U.S. listings, so the concentration applies only to the reported stock portfolio.
Background & Context – Buffett’s Long-Term Philosophy and the Transition to Greg Abel
Warren Buffett built Berkshire around a handful of “anchor” businesses that he has held through multiple market cycles. Apple was added in 2016 and is treated as a legacy consumer franchise rather than a short-term tech bet (source 1). After Buffett retired at the end of 2025, Greg Abel assumed the chief executive role and pledged to maintain a quality-business, reasonable-price, long-hold approach (source 4). Abel’s early actions include expanding Berkshire’s stake in Alphabet and resuming share-buyback activity that had paused in early 2026 (source 6; source 8).
Data & Statistics – Weightings, Recent Performance, and New Purchases
| Holding | Weight in disclosed equity | Recent operating snapshot |
|---|---|---|
| Apple (AAPL) | 22.04 % | Q2 revenue $109.42 B (+16.4 % YoY); EPS $2.02 vs. $1.89 estimate; P/E 42; ROE 171.4 %; ROIC 53.3 % (source 1) |
| American Express (AXP) | 17.14 % | Q2 revenue $19.64 B (+10 %); EPS $4.53 vs. $4.40 estimate; dividend $0.95 per share (up from $0.60 in 2023) (source 2) |
| Coca-Cola (KO) | 10.86 % | No specific quarterly numbers provided; noted for unchanged share count over decades (source 3) |
| Alphabet (GOOGL/GOOG) | — (non-U.S. listed) | Additional $17 B purchased in the June-ended quarter, bringing total recent purchases to over $82 B (source 6) |
| Berkshire share buybacks | — | $234 M repurchased in March 2026; $4.53 B authorized in the June-ended quarter; cumulative buybacks since 2018 exceed $82 B (source 8) |
Official Statements & Responses – Management’s View of the Strategy
- Buffett has described Apple as a consumer franchise with strong switching costs, emphasizing its pricing power (source 1).
- Tim Cook called Apple’s June quarter the “strongest June quarter ever,” citing double-digit revenue growth across product lines (source 1).
- Berkshire’s board amendment on July 17 2018 gave Buffett and later Abel broader authority to conduct unlimited share repurchases once the company held at least $30 B in cash and Treasury securities, a policy that underpins recent buyback activity (source 8).
Conflicting Reports & Gaps – Different Portrayals of Berkshire’s Top Holdings
One analysis lists Berkshire’s five largest positions as Apple, American Express, Coca-Cola, Alphabet, and Bank of America, suggesting a broader concentration beyond the three stocks highlighted in the 13F (source 4). The 13F reports only U.S.–listed equity and therefore does not capture Alphabet or Bank of America, which are non-U.S. listings or held through other vehicles.
What’s Next – Upcoming Filings and Earnings
Berkshire’s next Form 13F, typically released about 45 days after the quarter close, will reveal whether the three anchor holdings have been adjusted (source 3). Apple’s scheduled September product launch and its upcoming AI-focused Siri update are expected to influence its quarterly earnings, which could affect Berkshire’s portfolio performance (source 4).
