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"Tracking Baker Brothers Portfolio – Q1 2022 Update"

"Baker Brothers’ 13F portfolio value decreased from $20.55B to $17.40B this quarter.Horizon Therapeutics was increased while decreasing Legend Biotech.The top three positions are Seagen, Incyte Corporation, and BeiGene, and they add up to almost 68% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 5/16/2022. The 13F portfolio value decreased this quarter from $20.55B to $17.40B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 20 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, Incyte, BeiGene, ACADIA Pharma, and BioMarin Pharma. They add up to ~77% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous the fund’s moves during Q4 2021.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), and Alexion (acquired by AstraZeneca).Stake Increases:Seagen Inc. (SGEN): SGEN is currently the largest position by far at ~39% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then, the activity has been minor. The stock currently trades at ~$177.Note: They have ~25% ownership stake in the business.Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. The stock currently trades at ~$76 and it is a top-three stake at ~17% of the portfolio. There was a ~13% stake increase over the last two quarters at prices between ~$63 and ~$80.Note: Baker Brothers controls ~16.5% of the business.Horizon Therapeutics (HZNP): HZNP is a small 0.54% of the portfolio stake that saw a ~50% stake increase this quarter at prices between ~$86 and ~$110. The stock currently trades below that range at $79.76.Stake Decreases:Legend Biotech (LEGN): The small 0.42% of the portfolio stake in LEGN saw a ~20% reduction during the quarter.Kept Steady:BeiGene Limited (BGNE): The large (top three) ~13% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$162. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.ACADIA Pharmaceuticals (ACAD): The 5.83% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at ~$14.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $82.87, and the stake is at 3.38% of the portfolio.Ascendis Pharma A/S (ASND): The bulk of the current ~3% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Q3 2021 saw a ~28% stake increase at prices between ~$113 and ~$177. The stock currently trades at ~$93.Note: Baker Brothers controls ~8.5% of the business.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. The stock currently trades at ~$379 and the stake is at ~2% of the portfolio.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at $71.58. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at $67.13.Note: Baker Brothers controls ~10% of Madrigal Sciences.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a small position at 1.19% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $10.58.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Kodiak Sciences (KOD): KOD is now a small 0.71% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $7.64. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. They have a ~30% ownership stake in the business.Note: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.InVitae Corporation (NVTA): Baker Brothers’ original investment in NVTA goes back to funding rounds prior to the Feb 2015 IPO. Shares started trading at ~$20 and currently goes for $2.44. Recent activity follows. Q4 2018 saw a ~55% selling at prices between ~$9.50 and ~$15. The position was rebuilt in Q3 2019 at prices between ~$18.50 and ~$27. Q2 & Q4 2020 saw a two-thirds stake increase at prices between ~$12.50 and ~$57.50. There was a ~35% reduction in Q2 2021 at prices between ~$26 and ~$40.50. Next quarter also saw a minor ~4% trimming. The position is now at 0.45% of the portfolio.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $10.65. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Prelude Therapeutics (PRLD): PRLD is a 0.40% of the portfolio position. The stake goes back to funding rounds prior to their IPO last September. Shares started trading at ~$33 and currently goes for $5.22. There was a marginal increase in Q1 2021.Note: Baker Brothers controls ~29% of the business. Julian Baker joined the board in January 2021.IGM Biosciences (IGMS): The 0.48% of the portfolio stake in IGMS goes back to funding rounds prior to the September 2019 IPO. The position has remained almost steady since. There was a marginal increase in Q2 2021. Shares started trading at ~$18 and is currently at around the same price.Note: They have a ~12% ownership stake in the business.Global Blood Therapeutics (GBT), Kymera Therapeutics (KYMR), and Pacific Biosciences (PACB): These two very small (less than ~0.65% of the portfolio each) stakes were kept steady this quarter.Note: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), Achilles Therapeutics (AGLE), Aligos Therapeutics (ALGS), Altimmune (ALT), Amarin (AMRN), Aerovate (AVTE), DBV Technologies (DBVT), Entrada Therapeutics (TRDA), Heron Therapeutics (HRTX), Immatics (IMTX), Immunocore (IMCR), Kystal Biotech (KRYS), Neoleukin Therapeutics (NLTX), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Otonomy (OTIC), Rhythm Pharma (RYTM), Surrozen (SRZN), Talis Biomedical (TLIS), TScan Therapeutics (TCRX), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q1 2022:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 12/1/2021 to 3/15/2022: Form 4 – 3/15 – IGMS – minor. Form 4, 13D/A – 3/10 - INCY – 36.63M shares – 16.5% of business – increase in the low-70s from 33.62M shares, Form 4 – 2/22 – acquisitions in the high-60s, Form 4 – 2/14 – Acquisitions in the high-60s – 32.53M shares, 13D/A – 2/14 – 35.21M shares – 15.9% of business. 13D/A, Form 4s – 3/10 - SGEN – 47.22M shares – 25.7% of business – options related increase. Form 4 – 2/17 – KOD – Acquisitions in the mid-50s – 14.73M shares, 13D/A – 1/31 – 15.57M shares – 30.1% of business, . 13G/A – 2/14 – NVTA – 9.87M shares – 4.4% of business, 13G/A – 2/14 – Rhythm Pharma – RYTM – 3.86M shares – 7.7% of business. 13G/A – 2/14 – Otonomy – OTIC – 7.84M shares – 13.8% of business. 13G/A – 2/14 – ZYME – Zymeworks – 4.98M shares – 9.99% of business. 13G/A – 2/14 – Mereo BioPharma Group – MREO – 64.92M shares – 9.99% of business. 13G – 2/14 – Surrozen – SRZN – 3.33M shares – 9.3% of business. 13G/A – 2/14 – BioCryst Pharma – BCRX – 18.39M shares – 9.91% of business. 13G/A – 2/14 – Verastem – VSTM – 21.49M shares – 11.8% of business. 13G/A – 2/14 – Opthea – OPT – 26.43M shares – 7.5% of business. 13G – 2/14 – Nurix Therapeutics – NRIX – 2.45M shares – 5.5% of business. 13G/A – 2/14 – Heron Therapeutics – HRTX – 8.13M shares – 8% of business. 13G/A – 2/14 – Immatics NA – IMTX – 4.42M shares – 7% of business, Global Blood Therapeutics – GBT – 3.31M shares – 5.15 of business, Aerovate – AVTE – 1.83M shares – 7.5% of business, Ascendis – ASND – 4.54M shares – 8% of business, AMRN – 21.3M shares – 5.4% of business, Altimmune – ALT – 1.94M shares – 4.8% of business, Aligos Therapeutics – ALGS – 2.08M shares – 5.3% of business, Achilles Therapeutics – ACHL – 4.04M shares – 9.99% of business. 2/10 – 13D/A - Aglea Bio Therapeutics - -AGLE – 5.04M shares – 9.9% of business. Bunch of Form 4s. 13D – 12/16 – TRDA – Entrada Therapeutics - 4.7M shares – 15.1% of business."

"Tracking Baker Brothers Portfolio – Q4 2021 Update"

"Baker Brothers’ 13F portfolio value decreased from $22.77B to $20.55B this quarter.Incyte and Legend Biotech stakes were increased this quarter.The top three positions are Seagen, BeiGene, and Incyte Corporation and they add up to almost ~63% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 2/14/2022. The 13F portfolio value decreased this quarter from $22.77B to $20.55B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 18 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, BeiGene, Incyte, Kodiak Sciences, and ACADIA Pharma. They add up to ~74% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous the fund’s moves during Q3 2021.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), and Alexion (acquired by AstraZeneca).Stake Increases:Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. Since then, the activity has been minor. The stock currently trades at $79.67 and it is a top-three stake at ~12% of the portfolio. There was a ~5% stake increase this quarter at ~$72 per share.Note: Regulatory filings since the quarter ended show them owning ~36.63M shares of Incyte. This is compared to ~33.62M shares in the 13F report. The increase happened in the low-70s price range. Julian & Felix Baker also separately own ~550K additional shares. Baker Brothers controls ~16.5% of the business.Legend Biotech (LEGN): The small 0.56% of the portfolio stake in LEGN saw a minor ~5% stake increase during the quarter.Stake Decreases:Seagen Inc. (SGEN): SGEN is currently the largest position by far at over one-third of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then the activity has been minor. The stock currently trades at ~$142.Note: Regulatory filings since the quarter ended show them owning 47.22M shares (25.7% of business). This is compared to 46.89M shares in the 13F Report.Kept Steady:BeiGene Limited (BGNE): The large (top three) 15.38% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$206. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.Kodiak Sciences (KOD): KOD is a large (top five) ~6% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $7.73. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. Last two quarters had seen minor increases. They have a ~30% ownership stake in the business.Note: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.ACADIA Pharmaceuticals (ACAD): The 4.76% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $24.41. There was a marginal increase last quarter.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $77.89, and the stake is at 3.28% of the portfolio. Last quarter saw a marginal increaseAscendis Pharma A/S (ASND): The bulk of the current ~3% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Last quarter saw a ~28% stake increase at prices between ~$113 and ~$177. The stock currently trades at ~$116.Note: Baker Brothers controls ~8.5% of the business.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. The stock currently trades at ~$314 and the stake is at 1.48% of the portfolio.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1.10% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at $99.42. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at $83.21.Note: Baker Brothers controls ~10% of Madrigal Sciences.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a very small position at 0.86% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $16.44.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.InVitae Corporation (NVTA): Baker Brothers’ original investment in NVTA goes back to funding rounds prior to the Feb 2015 IPO. Shares started trading at ~$20 and currently goes for $8.40. Recent activity follows. Q4 2018 saw a ~55% selling at prices between ~$9.50 and ~$15. The position was rebuilt in Q3 2019 at prices between ~$18.50 and ~$27. Q2 & Q4 2020 saw a two-thirds stake increase at prices between ~$12.50 and ~$57.50. There was a ~35% reduction in Q2 2021 at prices between ~$26 and ~$40.50. Last quarter also saw a minor ~4% trimming. The position is now at 0.73% of the portfolio.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $9.75. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Prelude Therapeutics (PRLD): PRLD is a 0.61% of the portfolio position. The stake goes back to funding rounds prior to their IPO last September. Shares started trading at ~$33 and currently goes for $6.96. There was a marginal increase in Q1 2021.Note: Baker Brothers controls ~29% of the business. Julian Baker joined the board in January 2021.IGM Biosciences (IGMS): The 0.45% of the portfolio stake in IGMS goes back to funding rounds prior to the September 2019 IPO. The position has remained almost steady since. There was a marginal increase in Q2 2021. Shares started trading at ~$18 and currently goes for $25.85.Kymera Therapeutics (KYMR), and Pacific Biosciences (PACB): These two very small (less than ~0.65% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes are very small. Positions that are between 0.10% and 0.50% of the portfolio are Adaptimmune Therapeutics plc (ADAP), Aligos Therapeutics (ALGS), Alkermes plc (ALKS), Amarin (AMRN), bluebird bio (BLUE), Cerus Corporation (CERS), ChemoCentryx (CCXI), Chinook Therapeutics (KDNY), DBV Technologies SA (DBVT), Design Therapeutics (DSGN), Entrada Therapeutics (TRDA), Forma Therapeutics (FMTX), Global Blood Therapeutics (GBT), Heron Therapeutics (HRTX), Horizon Therapeutics (HZNP), Immatics NV (IMTX), Immunocore Holdings plc (IMCR), Insmed Incorporated (INSM), Instil Bio (TIL), Kiniksa Pharmaceuticals (KNSA), Krystal Biotech (KRYS), Merus NV (MRUS), Neurocrine Biosciences (NBIX), Nurix Therapeutics (NRIX), Opthea Limited (OPT), Rhythm Pharmaceuticals (RYTM), Talis Biomedical Corporation (TLIS), Travere Therapeutics (TVTX), Ultragenyx Pharmaceutical (RARE), Verastem (VSTM), Verve Therapeutics (VERV), and Zymeworks (ZYME).Note: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), Achilles Therapeutics (AGLE), Aligos Therapeutics (ALGS), Altimmune (ALT), Amarin (AMRN), Aerovate (AVTE), Global Blood Therapeutics (GBT), Heron Therapeutics (HRTX), Immatics (IMTX), Immunocore (IMCR), Kystal Biotech (KRYS), Mereo BioPharma (MREO), Neoleukin Therapeutics (NLTX), Nurix Therapeutics (NRIX), Opthea Ltd. (OPT), Otonomy (OTIC), Rhythm Pharma (RYTM), Surrozen (SRZN), Talis Biomedical (TLIS), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2021:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 10/5/2021 to 12/1/2021: Form 4 – 12/17, 1/4 – INCY – purchases at ~72 – 30.93M + 2.87M = 33.8M shares, Julian & Felix Baker separately owns an additional ~550K shares . Form 4 – 12/2 – SGEN – minor disposals between 160 and 166 . 13D, Form 3 – 12/16 - Entrada – TRDA – 4.7M shares – 15.1% of business. 13G – 11/10 –4.7M shares (15.1% of business) . Form 4 – 11/19 – Talis Bio – TLIS – 50K purchase at $4.365 – 7.05M + 575K shares."

"Tracking Baker Brothers Portfolio – Q3 2021 Update"

"Baker Brothers’ 13F portfolio value remained almost steady at $22.77B this quarter.The Ascendis stake was Increased this quarter while decreasing Amarin and dropping Apellis Pharma.The top three positions are Seagen, BeiGene, and Incyte Corporation and they add up to almost ~64% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 11/15/2021. The 13F portfolio value remained steady this quarter at $22.77B. Although there are ~120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 20 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, BeiGene, Incyte, Kodiak Sciences, and Ascendis Pharma A/S. They add up to ~73% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous the fund’s moves during Q2 2021.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), and Alexion (acquired by AstraZeneca).Note: Regulatory filings since the quarter ended show them owning 4.7M shares (15.1% of business) of Entrada Therapeutics (TRDA). They had an IPO in November. Shares started trading at ~$25 and currently goes for ~$16. Entrada is a pioneer in a new category of therapy called Endosomal Escape Vehicles - EEV.Stake Disposals:Apellis Pharma (APLS): The small 0.63% APLS stake saw a ~36% increase last quarter at prices between ~$41 and ~$65. The stake was sold this quarter at prices between ~$31.50 and ~$70. The stock currently trades at $47.55.Stake Increases:Kodiak Sciences (KOD): KOD is a large (top five) ~6% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $85.56. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76. Last two quarters have seen minor increases. They have a ~29% ownership stake in the business.Note: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.Ascendis Pharma A/S (ASND): The bulk of the current ~3% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. This quarter saw a ~28% stake increase at prices between ~$113 and ~$177. The stock currently trades at ~$133.Note: Baker Brothers controls ~8.5% of the business.ACADIA Pharmaceuticals (ACAD): The ~3% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $23.62. There was a marginal increase this quarter.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $87.22, and the stake is at 2.59% of the portfolio. This quarter saw a marginal increaseKymera Therapeutics (KYMR), Legend Biotech (LEGN), and Pacific Biosciences (PACB): These three very small (less than ~0.65% of the portfolio each) stakes were increased during the quarter.Stake Decreases:InVitae Corporation (NVTA): Baker Brothers’ original investment in NVTA goes back to funding rounds prior to the Feb 2015 IPO. Shares started trading at ~$20 and currently goes for $14.36. Recent activity follows. Q4 2018 saw a ~55% selling at prices between ~$9.50 and ~$15. The position was rebuilt in Q3 2019 at prices between ~$18.50 and ~$27. Q2 & Q4 2020 saw a two-thirds stake increase at prices between ~$12.50 and ~$57.50. There was a ~35% reduction last quarter at prices between ~$26 and ~$40.50. This quarter also saw a minor ~4% trimming. The position is now at 1.23% of the portfolio.Note: Baker Brothers controls ~6% of the business.Amarin Corp plc (AMRN): The original AMRN stake was built in Q3 2016 at prices between ~$2.15 and ~$3.15. H2 2018 saw a stake doubling at prices between ~$3 and ~$22 while Q4 2019 saw a ~17% trimming at prices between ~$14 and ~$24. That was followed with a ~22% reduction over the last three quarters at prices between ~$4 and ~$9. The stock currently trades at $3.46.Note: Baker Brothers controls ~5.5% of Amarin Corp.Kept Steady:Seagen Inc. (SGEN): SGEN is currently the largest position by far at over one-third of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then the activity has been minor. The stock currently trades at ~$153.Note: Baker Brothers controls ~26% of the business.BeiGene Limited (BGNE): The large (top three) 18.60% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$246. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. Since then, the activity has been minor. The stock currently trades at $71.81.Note: Regulatory filings since the quarter ended show them owning ~33.8M shares of Incyte. This is compared to ~32M shares in the 13F report. The increase happened at ~$72 per share. Julian & Felix Baker also separately own ~550K additional shares. Baker Brothers controls ~16% of the business.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase in Q1 2021 at prices between ~$268 and ~$380. The stock currently trades at ~$344 and the stake is at 1.48% of the portfolio.Prelude Therapeutics (PRLD): PRLD is a 1.39% of the portfolio position. The stake goes back to funding rounds prior to their IPO last September. Shares started trading at ~$33 and currently goes for $11.43. There was a marginal increase in Q1 2021.Note: Baker Brothers controls ~29% of the business. Julian Baker joined the board in January 2021.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1.10% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at $89.08. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at ~$142.Note: Baker Brothers controls ~10% of Madrigal Sciences.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $13.27. Baker Brothers’ stake goes back to funding rounds prior to the IPO.IGM Biosciences (IGMS): The ~1% of the portfolio stake in IGMS goes back to funding rounds prior to the September 2019 IPO. The position has remained almost steady since. There was a marginal increase last quarter. Shares started trading at ~$18 and currently goes for $27.21.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a very small position at 0.80% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $13.72.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Heron Therapeutics (HRTX): HRTX is a 0.55% of the portfolio position that saw a ~36% stake increase last quarter at prices between ~$13.25 and ~$18.50. The stock is now well below that range at $9.78.Note: Baker Brothers has a ~8% ownership stake in Heron Therapeutics.The rest of the stakes are very small. Positions that are between 0.10% and 0.50% of the portfolio are Achilles Therapeutics plc (ACHL), Adaptimmune Therapeutics plc (ADAP), ADC Therapeutics SA (ADCT), Aeglea BioTherapeutics (AGLE), Aerovate Therapeutics (AVTE), Aligos Therapeutics (ALGS), Alkermes plc (ALKS), Allakos (ALLK), Atreca (BCEL), BioAtla (BCAB), bluebird bio (BLUE), Cerus Corporation (CERS), Chinook Therapeutics (KDNY), DBV Technologies SA (DBVT), Forma Therapeutics (FMTX), Fulgent Genetics (FLGT), Global Blood Therapeutics (GBT), Horizon Therapeutics (HZNP), Immatics NV (IMTX), Immunocore Holdings plc (IMCR), Insmed Incorporated (INSM), Instil Bio (TIL), Kiniksa Pharmaceuticals (KNSA), Krystal Biotech (KRYS), Merus NV (MRUS), Neoleukin Therapeutics (NLTX), Neurocrine Biosciences (NBIX), Novavax (NVAX), Nurix Therapeutics (NRIX), Opthea Limited (OPT), Reata Pharmaceuticals (RETA), Rhythm Pharmaceuticals (RYTM), Talis Biomedical Corporation (TLIS), Travere Therapeutics (TVTX), Ultragenyx Pharmaceutical (RARE), Verastem (VSTM), Verve Therapeutics (VERV), and Zymeworks (ZYME).Note: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), Immunocore (IMCR), Kystal Biotech (KRYS), Mereo Biopharma (MREO), Neoleukin Therapeutics (NLTX), Opthea Ltd. (OPT), Otonomy (OTIC), Rhythm Pharma (RYTM), Talis Biomedical (TLIS), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2021:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 7/5/2021 thru 10/4/2021: Form 4 – 10/4 – INCY – minor – 29.34M shares. 13D/A – 10/1 - KOD – 14.72M shares – 28.5% of business – purchases between ~$84 and ~$96. Form 4 – 9/29 - ~240K shares acquired. – wts exercise related. Form 4 – 9/17 - ~32K shares @ ~$94.40. Form 4 – 9/7 - ~58K shares @ ~$93. Form 4 – 8/19 –~105K shares acquired at ~$88 per share – 13.21M shares total, Form 4 – 8/13 - ~105K shares purchased at ~$87 per share – ~13.1M shares total. 13D/A – 7/26 – 14.32M shares – 27.8% of business. 13D – 7/22 – TScan Therapeutics – TCRX – 1.425M shares – 7.6% of business – purchased at IPO offering price of $15 per share. There is also around 4.3M shares that will convert automatically from Series C preferred at 1:1 basis after IPO. Form 4 – 7/22 – 1.425M shares @ 15 purchase regarding filing. Form 3 – 7/15 – non-voting series C convertible preferred – ~4.4M shares."

"Tracking Baker Brothers Portfolio – Q2 2021 Update"

"Baker Brothers’ 13F portfolio value decreased from $23.07B to $22.77B this quarter.The InVitae stake was reduced this quarter while increasing Apellis Pharma and Heron Therapeutics.The top three positions are Seagen, BeiGene, and Incyte Corporation and they add up to almost ~62% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 08/16/2021. The 13F portfolio value decreased marginally from $23.07B to $22.77B this quarter. Although there are 120 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 19 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, BeiGene, Incyte, Kodiak Sciences, and ACADIA Pharmaceuticals. They add up to ~73% of the portfolio. Please visit our series to get an idea of their investment philosophy and for the fund’s moves during Q1 2021.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), Salix (acquired by Valeant), and Alexion (acquired by AstraZeneca).Note: Regulatory filings since the quarter ended show them owning 1.425M shares of TScan Therapeutics (TCRX) from an IPO allocation at $15 per share. They also have ~4.4M shares from a non-voting series C convertible preferred that they held prior to the IPO.New Stakes:None.Stake Disposals:Alexion Pharmaceuticals (ALXN): ALXN was a 2.65% of the portfolio stake. The position came about as a result of Alexion’s acquisition of Synageva in May 2015. The deal called for $115 cash and 0.6581 shares of Alexion stock for each share of Synageva held. Baker Brothers had ~11.7M share stake in Synageva for which they received Alexion shares. Q2 2017 saw a roughly one-third stake increase at prices between ~$98 and ~$144. There was a ~55% selling last quarter at prices between ~$148 and ~$162 and the remainder was sold this quarter. The elimination followed the announcement of AstraZeneca’s cash-and-stock deal ($60 cash and 2.1243 AZN per ALXN held) for Alexion last December. The deal closed in July.Stake Increases:Seagen Inc. (SGEN): SGEN is currently the largest position by far at almost one-third of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then the activity has been minor. The stock currently trades at ~$173.Note: Baker Brothers controls ~26% of the business.Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. Since then, the activity has been minor. The stock currently trades well below their latest purchase price ranges at $66.32.Note: Baker Brothers controls ~15% of the business.Kodiak Sciences (KOD): KOD is a large (top five) ~6% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $98.49. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76.Note 1: Regulatory filings since the quarter ended show them owning 14.72M shares (28.5% of the business). This is compared to 11.57M shares in the 13F report. The increase happened at prices between ~$84 and ~$96.Note 2: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.Apellis Pharma (APLS) and Heron Therapeutics (HRTX): These two positions saw substantial increases this quarter. The small 0.63% APLS stake saw a ~36% increase at prices between ~$41 and ~$65 and the stock currently trades well below that range at $33.01. HRTX is a 0.55% of the portfolio position that saw a ~36% stake increase at prices between ~$13.25 and ~$18.50. The stock is now well below that range at $10.55.Note: Baker Brothers has a ~8% ownership stake in Heron Therapeutics.Stake Decreases:InVitae Corporation (NVTA): Baker Brothers’ original investment in NVTA goes back to funding rounds prior to the Feb 2015 IPO. Shares started trading at ~$20 and currently goes for $26.52. Recent activity follows. Q4 2018 saw a ~55% selling at prices between ~$9.50 and ~$15. The position was rebuilt in Q3 2019 at prices between ~$18.50 and ~$27. Q2 & Q4 2020 saw a two-thirds stake increase at prices between ~$12.50 and ~$57.50. There was a ~35% reduction this quarter at prices between ~$26 and ~$40.50. The position is now at 1.52% of the portfolio.Note: Baker Brothers controls ~6% of the business.Kept Steady:BeiGene Limited (BGNE): The large (top three) 17.59% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$354. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor.Note: Baker Brothers controls ~13% of the business.ACADIA Pharmaceuticals (ACAD): The 4.49% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $16.79.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $75.88 and the stake is at 2.78% of the portfolio.Ascendis Pharma A/S (ASND): The bulk of the current ~2% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Last major activity was a ~20% stake increase in Q1 2019 at prices between ~$62 and ~$129. The stock currently trades at ~$162.Note: Baker Brothers controls 6.6% of the business.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase last quarter at prices between ~$268 and ~$380. The stock currently trades at ~$297 and the stake is at 1.48% of the portfolio.Prelude Therapeutics (PRLD): PRLD is a 1.90% of the portfolio position. The stake goes back to funding rounds prior to their IPO last September. Shares started trading at ~$33 and currently goes for $31.61. There was a marginal increase last quarter.Note: Baker Brothers controls ~29% of the business. Julian Baker joined the board in January 2021.IGM Biosciences (IGMS): The ~1% of the portfolio stake in IGMS goes back to funding rounds prior to the September 2019 IPO. The position has remained almost steady since. There was a marginal increase last quarter. Shares started trading at ~$18 and currently goes for $63.26.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for $16.43. Baker Brothers’ stake goes back to funding rounds prior to the IPO.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a very small position at 0.88% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $13.31.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at $78.83. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at ~$170.Note: Baker Brothers controls ~10% of Madrigal Sciences.Amarin Corp plc (AMRN): The original AMRN stake was built in Q3 2016 at prices between ~$2.15 and ~$3.15. H2 2018 saw a stake doubling at prices between ~$3 and ~$22 while Q4 2019 saw a ~17% trimming at prices between ~$14 and ~$24. That was followed with a similar reduction over the last two quarters at prices between ~$3.60 and ~$8.80. The stock currently trades at $4.99.Note: Baker Brothers controls ~7% of Amarin Corp.Global Blood Therapeutics (GBT): GBT is a small 0.49% of the portfolio position built over the last two quarters at prices between ~$37.50 and ~$74.50. The stock currently trades well below those ranges at $26.12.The rest of the stakes are very small. Positions that are between 0.10% and 0.50% of the portfolio are Achilles Therapeutics plc (ACHL), Adaptimmune Therapeutics plc (ADAP), ADC Therapeutics SA (ADCT), Aeglea BioTherapeutics (AGLE), Aerovate Therapeutics (AVTE), Aligos Therapeutics (ALGS), Alkermes plc (ALKS), Allakos (ALLK), Atreca (BCEL), Axsome Therapeutics (AXSM), BioAtla (BCAB), Cerus Corporation (CERS), DBV Technologies SA (DBVT), Design Therapeutics (DSGN), Forma Therapeutics (FMTX), Fulgent Genetics (FLGT), Horizon Therapeutics (HZNP), Immatics NV (IMTX), Immunocore Holdings plc (IMCR), Insmed Incorporated (INSM), Instil Bio (TIL), Kiniksa Pharmaceuticals (KNSA), Kymera Therapeutics (KYMR), Krystal Biotech (KRYS), Legend Biotech (LEGN), Merus NV (MRUS), Neoleukin Therapeutics (NLTX), Neurocrine Biosciences (NBIX), Novavax (NVAX), Nurix Therapeutics (NRIX), Opthea Limited (OPT), Pacific Biosciences (PACB), Reata Pharmaceuticals (RETA), Rhythm Pharmaceuticals (RYTM), Talis Biomedical Corporation (TLIS), Ultragenyx Pharmaceutical (RARE), Verastem (VSTM), Verve Therapeutics (VERV), and Zymeworks (ZYME).Note: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), IGM Biosciences (IGMS), Immunocore (IMCR), Kystal Biotech (KRYS), Mereo Biopharma (MREO), Neoleukin Therapeutics (NLTX), Opthea Ltd. (OPT), Otonomy (OTIC), Rhythm Pharma (RYTM), Talis Biomedical (TLIS), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2021:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q1 2021 and Q2 2021.Regulatory filings through 7/5/2021: 13D – 5/20 – Immunocore – IMCR – 3.35M shares – 7.7% of business. Also 13G – 2/16. 13D/A – 5/18 – INCY – 32.16M shares – 14.6% of business. 13D/A – 5/18 – SGEN - 47.37M shares – 26.1% of business. 13G/A – 5/10 – Verastem – VSTM – 18.69M shares – 10.9% of business. 13G – 4/12 – Otonomy – OTIC – 7.22M shares – 14.9% of business. 13G/A – 4/9 – Idera Pharma – IDRA – 2.07M shares – 4.9% of business. 13G/A – 1/29 – 4.6M shares – 12% of business. 13D/A – 4/2 – Talis Biomedical – TLIS – 37.43M shares – 67.5% of business, 13D – 2/26 - similar. 13D/A – 3/19 – Aeglea BioTherapeutics – AGLE – 4.9M shares – 9.9% of business, 13D – 3/5 – similar, 13G/A – 2/16 - similar. 13D/A – 3/5 – KOD – 14.05M shares – 27.4% of business. 13D/A – 11/24 – similar. 13G/A – 2/16 – Ascendis Pharma – ASND – 3.54M shares – 6.6% of business. 13G/A – 2/16 – Heron Therapeutics – HRTX – 8.06M shares – 8.7% of business. 13G/A – 2/16 – Invitae – NVTA – 15.77M shares – 8.9% of business. 13G/A – 2/16 – Rhythm Pharma – RYTM – 2.31M shares – 5.2% of business. 13G/A – 2/16 – Madrigal Pharma – MDGL – 1.5M shares – 9.7% of business. 13G – 2/16 – Mereo Biopharma – MREO – 39.63M shares – 11.4% of business. 13G/A – 2/16 – AMRN - ~28M shares - 7.2% of business. 13G/A – 2/16 – BCRX – 18.1M shares – 9.95% of business. 13G/A – 2/16 – InflaRx NV – IFRX – 856K shares – 3% of business. 13G – Opthea Ltd. – OPT – 33.96M shares – 9.8% of business. 13G/A – 2/16 – Cerus Corp – CERS – 13.71M shares – 8.2% of business. 13G/A – 2/16 – Krystal Biotech – KRYS – 699K shares – 3.5% of business. 13G – 2/5 – ZYME – 4.9M shares – 9.99% of business, 13D/A – 1/29 - similar. 13D/A – 1/29 – IGMS – 3.16M shares – 12.4% of business. 13D/A – 1/5 – similar. 13D/A – 12/11/2020 – similar. 13D/A – 1/29 – Prelude Therapeutics – PRLD – 10.13M shares – 28.8% of business. 13D/A – 12/23/2020 – Neoleukin Therapeutics – NLTX – 4.23M shares – 9.98% of business. 13D/A – 12/4/2020 – BGNE – 153.9M ordinary shares (each ADS is 13 ordinary shares) – 13% of business."

"Tracking Baker Brothers Portfolio – Q1 2021 Update"

"Baker Brothers’ 13F portfolio value decreased from $26.54B to $23.07B this quarter.The large stake in Alexion Pharmaceuticals was decreased during the quarter.The top three positions are Seagen, BeiGene, and Incyte Corporation and they add up to almost ~57% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F stock portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 05/17/2021. The 13F portfolio value decreased ~13% from $26.54B to $23.07B this quarter. Although there are 126 positions in the 13F portfolio, the holdings are concentrated among a few large stakes. There are 18 positions that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Seagen, BeiGene, Incyte, Kodiak Sciences, and ACADIA Pharmaceuticals. They add up to ~69% of the portfolio.Baker Brothers, a biotech investment firm, was founded by Julian & Felix Baker in 2000. Despite a losing win-record, the firm has managed to post outstanding returns thru prudent position sizing. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), and Salix (acquired by Valeant). Also, last December, AstraZeneca (AZN) agreed to acquire Alexion in a cash-and-stock deal ($60 cash and 2.1243 AZN per ALXN held).New Stakes:None.Stake Disposals:None.Stake Increases:Incyte Corporation (INCY): INCY was already a 1.67M share stake in their first 13F filing in Q2 2003. The stake had roughly doubled by 2006. The 2007-2008 timeframe saw the position increased from ~3.2M shares to ~11.1M shares at prices in the high single digits. Major activity in the last decade follows. Q3 2015 saw a ~30% stake increase at prices between ~$105 and ~$130. Q1 2016 saw another ~20% stake increase at prices between ~$65 and ~$100. That was followed with a ~45% stake increase in Q1 2017 at prices between ~$100 and ~$150. Since then, the activity has been minor. The stock currently trades at $82.13.Note: Baker Brothers controls ~15% of the business.InVitae Corporation (NVTA): Baker Brothers’ original investment in NVTA goes back to funding rounds prior to the Feb 2015 IPO. Shares started trading at ~$20 and currently goes for $32.12. Recent activity follows. Q4 2018 saw a ~55% selling at prices between ~$9.50 and ~$15. The position was rebuilt in Q3 2019 at prices between ~$18.50 and ~$27. Q2 & Q4 2020 saw a two-thirds stake increase at prices between ~$12.50 and ~$57.50. There was a marginal further increase this quarter. The position is now at 2.61% of the portfolio.Note: Baker Brothers controls ~9% of the business.Prelude Therapeutics (PRLD): PRLD is a 1.90% of the portfolio position. The stake goes back to funding rounds prior to their IPO last September. Shares started trading at ~$33 and currently goes for $26.70. There was a marginal increase this quarter.Note: Baker Brothers controls ~29% of the business. Julian Baker joined the board in January 2021.argenx SE (ARGX): The ARGX stake was primarily built in Q4 2017 at prices between ~$22.50 and ~$63. There was a ~10% stake increase this quarter at prices between ~$268 and ~$380. The stock currently trades at ~$312 and the stake is at 1.34% of the portfolio.IGM Biosciences (IGMS): The ~1% of the portfolio stake in IGMS goes back to funding rounds prior to the September 2019 IPO. The position has remained almost steady since. There was a marginal increase this quarter. Shares started trading at ~$18 and currently goes for $81.96.Global Blood Therapeutics (GBT): GBT is a small 0.57% of the portfolio position built over the last two quarters at prices between ~$37.50 and ~$74.50. The stock currently trades at $33.50.BioCryst Pharmaceuticals (BCRX): BCRX is a very long-term stake that has been in the portfolio since 2004. It is still a very small position at 0.56% of the portfolio. Last major activity was in 2019 when Q2 to Q4 saw a roughly one-third selling at prices between ~$1.60 and ~$8.70. The stock currently trades at $15.89.Note: Baker Brothers controls ~10% of BioCryst Pharmaceuticals.Stake Decreases:Alexion Pharmaceuticals (ALXN): ALXN is now a 2.65% of the portfolio stake. The position came about as a result of Alexion’s acquisition of Synageva in May 2015. The deal called for $115 cash and 0.6581 shares of Alexion stock for each share of Synageva held. Baker Brothers had ~11.7M share stake in Synageva for which they received Alexion shares. Q2 2017 saw a roughly one-third stake increase at prices between ~$98 and ~$144. There was a ~55% selling this quarter at prices between ~$148 and ~$162. The reduction followed the announcement of AstraZeneca’s deal for Alexion last December. The stock is currently at ~$184.Amarin Corp plc (AMRN): The original AMRN stake was built in Q3 2016 at prices between ~$2.15 and ~$3.15. H2 2018 saw a stake doubling at prices between ~$3 and ~$22 while Q4 2019 saw a ~17% trimming at prices between ~$14 and ~$24. That was followed with a similar reduction over the last two quarters at prices between ~$3.60 and ~$8.80. The stock currently trades at $4.25.Note: Baker Brothers controls ~7% of Amarin Corp.Kept Steady:Seagen Inc. (SGEN): SGEN is currently the largest position by far at 28.46% of the entire portfolio. It is a very long-term stake that has been in the portfolio for over fifteen years. The position was built to ~20.5M shares in the 2004-2011 timeframe at prices between low-single-digits and low-20s. Q1 2014 to Q1 2016 saw another stake doubling at prices between ~$30 and ~$55. Since then the activity has been minor. The stock currently trades at ~$150.Note: Baker Brothers controls ~26% of the business.BeiGene Limited (BGNE): The large (top three) 17.61% BGNE stake has been in the portfolio since their US listing in Q1 2016. Shares started trading at ~$24 and currently goes for ~$315. Q4 2016 saw a stake doubling at prices between ~$28 and ~$36. H1 2018 saw the stake built from ~3.8M shares to ~12M shares at prices between ~$100 and ~$215. Since then, the activity has been minor. The stock currently trades at ~$315.Note: Baker Brothers controls ~13% of the business.Kodiak Sciences (KOD): KOD is a large (top five) ~7% of the portfolio position. The original stake goes back to funding rounds prior to its Q4 2018 IPO. Shares started trading at ~$10 and currently goes for $92.58. Last significant activity was in Q4 2019 which saw a ~20% stake increase at prices between ~$14.50 and ~$76.Note 1: Baker Brothers controls ~27% of the business.Note 2: In December 2019, Baker Brothers stuck a deal for a capped 4.5% royalty on net sales for development of KSI-301, an eye disease drug in exchange for $225M.ACADIA Pharmaceuticals (ACAD): The 4.69% ACAD stake was established in the 2012-2013 timeframe at very low prices. Last major activity was in Q4 2018 when there was a ~40% stake increase at prices between ~$14 and ~$22. The stock currently trades at $23.97.BioMarin Pharmaceutical (BMRN): A small stake in BMRN was first purchased in 2006 but was eliminated the following year at higher prices. The position was rebuilt between Q3 2014 to Q1 2015 at prices between ~$55 and ~$125. Last major activity was a ~60% stake increase in 2017 at prices between ~$80 and ~$95. The stock is now at $83.04.Ascendis Pharma A/S (ASND): The bulk of the current ~2% of the portfolio stake in ASND was built in 2017 at prices between ~$20 and ~$40. Last major activity was a ~20% stake increase in Q1 2019 at prices between ~$62 and ~$129. The stock currently trades at ~$127.Note: Baker Brothers controls 6.6% of the business.AbCellera Biologics (ABCL): ABCL had an IPO in December 2020. Shares started trading at ~$49 and currently goes for ~$19. Baker Brothers’ stake goes back to funding rounds prior to the IPO.Madrigal Pharmaceuticals (MDGL) and Mirati Therapeutics (MRTX): These two small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Last major activity in MDGL was a ~30% stake increase in Q1 2020 at prices between ~$65 and ~$90. The stock is now at $97.62. Last major activity in MRTX was a ~50% selling in Q3 2019 at prices between ~$76 and ~$106. The stock currently trades at ~$159.Note: Baker Brothers controls ~10% of Madrigal Sciences.The rest of the positions are very small. Positions that are between 0.10% and 0.50% of the portfolio are Achilles Therapeutics plc (ACHL), Adaptimmune Therapeutics plc (ADAP), ADC Therapeutics SA (ADCT), Aeglea BioTherapeutics (AGLE), Aligos Therapeutics (ALGS), Alkermes plc (ALKS), Allakos (ALLK), Altimmune (ALT), Apellis Pharmaceuticals (APLS), Atreca (BCEL), Axsome Therapeutics (AXSM), BioAtla (BCAB), Cerus Corporation (CERS), ChemoCentryx (CCXI), DBV Technologies SA (DBVT), Design Therapeutics (DSGN), Forma Therapeutics (FMTX), Fulgent Genetics (FLGT), Heron Therapeutics (HRTX), Horizon Therapeutics (HZNP), Immatics NV (IMTX), Immunocore Holdings plc (IMCR), Instil Bio (TIL), Insmed Incorporated (INSM), Kiniksa Pharmaceuticals (KNSA), Kymera Therapeutics (KYMR), Krystal Biotech (KRYS), Mereo BioPharma Group plc (MREO), Merus NV (MRUS), Neoleukin Therapeutics (NLTX), Neurocrine Biosciences (NBIX), Novavax (NVAX), Nurix Therapeutics (NRIX), Opthea Limited (OPT), Pacific Biosciences (PACB), Protagonist Therapeutics (PTGX), Reata Pharmaceuticals (RETA), Rhythm Pharmaceuticals (RYTM), Talis Biomedical Corporation (TLIS), Ultragenyx Pharmaceutical (RARE), Verastem (VSTM), and Zymeworks (ZYME).Note: Baker Brothers has significant ownership stakes in the following businesses – Aeglea BioTherapeutics (AGLE), Heron Therapeutics (HRTX), IGM Biosciences (IGMS), Idera Pharma (IDRA), Immunocore (IMCR), InflaRx NV (IFRX), Kystal Biotech (KRYS), Mereo Biopharma (MREO), Neoleukin Therapeutics (NLTX), Opthea Ltd. (OPT), Otonomy (OTIC), Rhythm Pharma (RYTM), Talis Biomedical (TLIS), Verastem (VSTM), and Zymeworks (ZYME).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q1 2021:Source: John Vincent. Data constructed from Baker Brothers’ 13F filings for Q4 2020 and Q1 2021."

"Tracking Baker Brothers Portfolio – Q4 2020 Update"

"Baker Brothers’ 13F portfolio value increased from $25.03B to $26.54B this quarter.The large stake in BeiGene was decreased during the quarter.The top three positions are Seattle Genetics, BeiGene, and Incyte Corporation and they add up to almost ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 2/16/2021.This quarter, Baker Brothers’ 13F portfolio value increased ~6% from ~$25.03B to ~$26.54B. The top three holdings are at ~53% while the top five holdings are at ~69% of the 13F assets: Seattle Genetics (SGEN), BeiGene (BGNE), Incyte Corporation (INCY), Acadia Pharma (ACAD), and Kodiak Sciences (KOD).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2020. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q3 2020 Update"

"Baker Brothers’ 13F portfolio value increased from $22.67B to $25.03B this quarter.The large stake in BeiGene was increased during the quarter.The top three positions are Seattle Genetics, BeiGene, and Incyte Corporation and they add up to almost ~64% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 11/16/2020.This quarter, Baker Brothers’ 13F portfolio value increased ~10% from ~$22.67B to ~$25.03B. The top three holdings are at ~64% while the top five holdings are at ~75% of the 13F assets: Seattle Genetics (SGEN), BeiGene (BGNE), Incyte Corporation (INCY), Acadia Pharma (ACAD), and Alexion Pharmaceuticals (ALXN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2020. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q2 2020 Update"

"Baker Brothers’ 13F portfolio value increased from $16.24B to $22.67B this quarter.Stakes in InVitae and MyoKardia were increased substantially while reducing Neurocrine Biosciences and Principia Biopharma.The top three positions are Seattle Genetics, Incyte Corporation, and BeiGene Ltd. and they add up to almost ~61% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 08/14/2020.This quarter, Baker Brothers’ 13F portfolio value increased ~40% from ~$16.24B to $22.67B. The top three holdings are at ~60% while the top five holdings are at ~73% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Acadia Pharma (ACAD), and Alexion Pharmaceuticals (ALXN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2020. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q1 2020 Update"

"Baker Brothers’ 13F portfolio value decreased from $18.81B to $16.24B this quarter.Madrigal Pharma stake was increased while decreasing Exact Sciences during the quarter.The top-three positions are Seattle Genetics, Incyte Corporation, and Acadia Pharma and they add up to almost ~61% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 05/15/2020.This quarter, Baker Brothers’ 13F portfolio value decreased ~14% from $18.81B to ~$16.24B. The top three holdings are at ~61% while the top five holdings are at ~75% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), Acadia Pharma (ACAD), BeiGene (BGNE), and Alexion Pharmaceuticals (ALXN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q1 2020. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q4 2019 Update"

"Baker Brothers’ 13F portfolio value increased from $14.70B to $18.81B this quarter.Kodiak Sciences stake was increased while decreasing Amarin Corp during the quarter.The top-three positions are Seattle Genetics, Incyte Corporation, and BeiGene and they add up to almost ~55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 02/14/2020.This quarter, Baker Brothers’ 13F portfolio value increased ~28% from $14.70B to $18.81B. The top three holdings are at ~55% while the top five holdings are at 70% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Acadia Pharma (ACAD), and Alexion Pharmaceuticals (ALXN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2019. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q3 2019 Update"

"Baker Brothers’ 13F portfolio value decreased marginally from $14.71B to $14.70B this quarter.The small InVitae (NVTA) position was more than doubled while decreasing Mirati Therapeutics (MRTX) during the quarter.The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and Acadia (ACAD) and they add up to almost ~55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 11/14/2019.This quarter, Baker Brothers’ 13F portfolio value decreased marginally from $14.71B to $14.70B. The top three holdings are at ~55% while the top five holdings are at 71% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), Acadia Pharma (ACAD), BeiGene (BGNE), and Alexion Pharmaceuticals (ALXN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2019. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q2 2019 Update"

"Baker Brothers’ 13F portfolio value decreased from $15.62B to $14.71B.Neurocrine Biosciences (NBIX) and Heron Therapeutics (HRTX) stakes were increased while reducing Array Biopharma (ARRY) during the quarter.The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and BeiGene (BGNE) and they add up to almost ~52% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 08/14/2019.This quarter, Baker Brothers’ 13F portfolio value decreased ~6% from $15.62B to $14.71B. The top three holdings are at ~52% while the top five holdings are just over two-thirds of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and Acadia Pharma (ACAD).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2019. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q1 2019 Update"

"Baker Brothers’ 13F portfolio value increased from $12.21B to $15.62B.Ascendis Pharma (ASND) and Neurocrine Biosciences (NBIX) stakes were increased while reducing Genomic Health during the quarter.The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and BeiGene (BGNE) and they add up to almost ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 05/14/2019.This quarter, Baker Brothers’ 13F portfolio value increased ~28% from $12.21B to $15.62B. The top three holdings are at ~53% while the top five holdings are just over two-thirds of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and Acadia Pharma (ACAD).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q1 2019. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q4 2018 Update"

"Baker Brothers’ 13F portfolio value decreased from $15.18B to $12.21B.Amarin Corp plc (AMRN) and Acadia Pharma stakes were increased during the quarter.The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and BeiGene (BGNE) and they add up to almost ~55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 02/14/2019.This quarter, Baker Brothers’ 13F portfolio value decreased ~20% from $15.18B to $12.21B. The top three holdings are at ~55% while the top five holdings are close to ~68% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and Genomic Health (GHDX).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2018. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q3 2018 Update"

"Baker Brothers’ 13F portfolio value increased from $13.31B to $15.18B.Amarin Corp plc (AMRN) stake was increased by ~50% during the quarter.The top-three positions are Seattle Genetics (SGEN), Incyte Corporation (INCY), and BeiGene (BGNE) and they add up to almost ~55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 11/14/2018.This quarter, Baker Brothers’ 13F portfolio increased ~14% from $13.31B to $15.18B. The top three holdings are at ~55% while the top five holdings are close to ~69% of the 13F assets: Seattle Genetics (SGEN), Incyte Corporation (INCY), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and Genomic Health (GHDX).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2018. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q2 2018 Update"

"Baker Brothers’ 13F portfolio value increased from $11.80B to $13.31B.BeiGene stake was doubled during the quarter.The top-three positions are Incyte Corporation, Seattle Genetics, and BeiGene and they add up to almost ~56% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 08/14/2018.This quarter, Baker Brothers’ 13F portfolio increased ~13% from $11.80B to $13.31B. The top three holdings are at ~56% while the top five holdings are close to ~69% of the 13F assets: Incyte Corporation (INCY), Seattle Genetics (SGEN), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and BioMarin Pharmaceuticals (BMRN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q2 2018. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Baker Brothers Portfolio – Q1 2018 Update"

"Baker Brothers’ 13F portfolio value increased from $11.54B to $11.80B.BeiGene stake was increased during the quarter.The top-three positions are Incyte Corporation, Seattle Genetics, and BeiGene and they add up to almost ~55% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 05/14/2018.This quarter, Baker Brothers’ 13F portfolio increased ~2% from $11.54B to $11.80B. The top three holdings are at ~55% while the top five holdings are close to ~68% of the 13F assets: Incyte Corporation (INCY), Seattle Genetics (SGEN), BeiGene (BGNE), Alexion Pharmaceuticals (ALXN), and BioMarin Pharmaceuticals (BMRN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q1 2018. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 3/20/2018: Form 4 3/15/2018 & 13D/A 3/6/2018 – IDRA – Idera Pharma – 20.25K shares acquired at $0.47 – warrant exercise – 39M shares (18% of business) – also has ~22M warrants that expire from May 2020 to 2021, Form 4 & 13D/A – 3/12/2018 – GHDX – Genomic Health – minor director share exercise 8.2K shares, 13.9M shares – 40% of business, 13G & 13G/A’s filed on 2/13/2018: Contrafect – CFRX – 7.4M – 10% of business, Ritter Pharma – RTTR – 2.8M – 5.7% of business, Ascendis Pharma – ASND – 2.6M – 7.1% of business, Ablynx NV – ABLX – 4.6M – 6.2% of business, Heron Therapeutics – HRTX – 4.9M - 7.3% of business, Trillium Therapeutics – TRIL – 668K – 5% of business, Versartis – VSAR – 1.45M – 4% of business, Rhythm Pharma – RYTM – 2M – 7.5%, Aevi Genomic Medicine – GNMX – 4M – 6.8%, CymaBay Therapeutics – CBAY – 3M – 6.8% of business, BioCryst Pharma – BCRX – 14M – 14.3%, Aeglea Bio Therapeutics – AGLE – 1.1M – 6.8%, Tonix Pharma – TNXP – 670K – 8.9%, Sangamo Therapeutics – SGMO – 2.1M – 2.5%, Arcturus Therapeutics – ARCT – zero, Catalyst Pharma – CPRX – 5.9M – 5.7%, Cerus Corp – CERS – 9.8M – 8.5%, Amerin Corp – AMRN – 22.7M – 8.4%, Acorda Therapeutics – ACOR – 206K – 0.4%, 13D/A & Form 4 – 2/5/2018 – SGEN – 50M – 32% - 3.85M shares acquired at $52."

"Tracking Baker Brothers Portfolio – Q4 2017 Update"

"Baker Brothers’ 13F portfolio value decreased from $12.33B to $11.54B. The number of positions increased from 121 to 123.BioMarin Pharmaceutical Stake was increased during the quarter.The top-three positions are Incyte Corporation, Seattle Genetics, and Alexion Pharmaceuticals and they add up to almost ~58% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory filed on 02/14/2018.This quarter, Baker Brothers’ 13F portfolio decreased ~6% from $12.33B to $11.54B. The number of holdings increased from 121 to 123. The top three holdings are at ~58% while the top five holdings are close to ~71% of the 13F assets: Incyte Corporation (INCY), Seattle Genetics (SGEN), Alexion Pharmaceuticals (ALXN), Acadia Pharmaceuticals (ACAD), and BioMarin Pharmaceuticals (BMRN).The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q4 2017. For a look at how the portfolio has progressed, please see our :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 1/29/2018: 13D/A – 1/22/2018 – BGNE – BeiGene - 156M shares – 22.4% of business, 1/18/2018 – Form 4 – 2M shares purchased at $101, Form4 – 1/17/2018 – BLCM – Bellicum Pharma. - around 800K shares disposed in the low-8s. 13G/A – 1/10/2018 – AKAO - Achaogen – 122K shares – 0.3% of business. Form 4 – 1/4/2018 – IDRA - Idera Pharma - ~29K shares acquired at $2.21 as a result of grants issued, Form 4 – 1/3/2018 – GHDX - Genomic Health – very small acquisition at $34.2, Form 4 – 1/3/2018 – INCY – small acquisition at $94.71, Form 4 – 11/29/2017 – ACAD – 39.4K shares acquired at $1.38 as a result of warrant exercise, Form 4 & 13D/A – 11/20/2017 – MRTX - Mirati Therapeutics – 1.9M shares acquired at $12.99 – warrant exercise – 2.7M shares – 9.99% of business, 13D – 11/16/2017 – ERYP - Erytech Pharma. – 4.9M shares – 27.3% of business – overall cost-basis is ~$24.50 (~3M shares in the public offering @ $23.26 & 1.8M shares for 47.5M before),"

"Tracking Baker Brothers Portfolio – Q3 2017 Update"

"Baker Brothers’ 13F portfolio increased from $11.44B to $12.33B. The number of positions increased from 120 to 121.BeiGene Ltd. Stake was increased while reducing Achaogen.The top-three positions are Incyte Corporation, Seattle Genetics, and Alexion Pharmaceuticals and they add up to almost ~62% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Baker Brothers’ 13F portfolio on a quarterly basis. It is based on Baker Brothers’ regulatory 13F Form filed on 11/14/2017.Baker Brothers was founded by Julian & Felix Baker in 2000. Despite a less than ~50% win-record, the firm has managed to post outstanding returns thru prudent position sizing. Over the years, the firm had a number of home runs as the invested firms got acquired at huge premiums. Recent M&A winners include Pharmacyclics (acquired by AbbVie), Synageva (acquired by Alexion), and Salix (acquired by Valeant).Assets Under Management (AUM) is at around $12.5B. They invest in over a 100 companies although only around 20 are sized above 0.5% of the portfolio. As a percentage of AUM, allocation to the highest conviction picks can be very high at over 30%.This quarter, Baker Brothers’ 13F portfolio increased ~8% from $11.44B to $12.33B. The number of holdings increased from 120 to 121. The top three holdings are at ~62% while the top five holdings are close to ~75% of the 13F assets: Incyte Corporation (INCY), Seattle Genetics (SGEN), Alexion Pharmaceuticals (ALXN), Acadia Pharmaceuticals (ACAD), and BioMarin Pharmaceuticals (BMRN).Notes: a) Regulatory Filings on 1/22/2018 indicate Baker Brothers owning 22.4% of BeiGene Ltd (BGNE). Around 2M ADS shares were purchased following a secondary offering at $101 per share bringing the total ADS shares held to ~5.81M. The ownership stake also includes ~75.8M ordinary shares also held (equivalent to 5.83M ADS shares, 1 ADS share = 13 ordinary shares). Including those, the position sizing is close to 10% of the portfolio, and b) Regulatory Filings after the quarter ended show them owning 4.9M shares (27.3% of business) of Erytech Pharma S/A (ERYP). The position was acquired at a cost-basis of ~$24.50: around 3M shares in the public offering at $23.26 and the rest for $47.5M before. For investors attempting to follow Baker Brothers, these two stocks are good to consider for further research.The spreadsheet below highlights changes to Baker Brothers’ 13F holdings in Q3 2017:To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 8/14/2023. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2023.During Q2 2023, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased from ~$325B to ~$348B. The top five positions account for ~80% of the portfolio: Apple Inc., Bank of America, American Express, Coca Cola, and Chevron. There are 46 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.In Q2 2023, Berkshire Hathaway repurchased ~3.92M Class B Equivalent Shares for a total outlay of ~$1.30B. The pace of repurchases came down substantially from the $4.44B figure last quarter. The average price paid was ~$333. Book Value as of Q2 2023 was ~$252 per share. So, the repurchase happened at ~132% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$359. Please see below for the details of the Repurchase Computation:Note 1: Berkshire Hathaway has a ~10% stake in BYD Company (BYDDY) at a cost-basis of ~8 HKD per share. It currently trades in Hong Kong at ~246 HKD. Berkshire’s ownership is down from ~20% as of Q3 2022.Note 2: It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo. The stakes were increased to ~8.5% each this quarter. The 2021 AR had the following regarding the initial purchases in three of them: 5.6% ownership stake in ITOCHU Corporation (ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (MSBHF) at a cost-basis of $25.72, and 5.7% ownership stake in Mitsui & Company (MITSF) at a cost-basis of $17.29. ITOCF, MSBHF, and MITSF currently trade at $39.23, $49.42, and $38.98 respectively.New Stakes:D R Horton Inc. (DHI), NVR Inc. (NVR), and Lennar Corp (LEN.B): These are the new positions this quarter. The 0.21% of the portfolio DHI stake was established at prices between ~$96 and ~$123 and the stock currently trades at the top of that range at ~$123. NVR and LEN.B are minutely small new stakes established during the quarter.Stake Disposals:McKesson Corp (MCK): MCK was a 0.25% of the portfolio position established during the two quarters through Q3 2022 at prices between ~$245 and ~$336. There was a one-third reduction in the last two quarters at prices between ~$335 and ~$398. The disposal this quarter was at prices between ~$354 and ~$427. The stock is now at ~$438.Marsh & McLennan (MMC): MMC was a small 0.02% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction next quarter at prices between ~$139 and ~$161. The stake was almost eliminated in Q4 2021 at prices between ~$151 and ~$174. The remainder stake was eliminated this quarter. The stock is now at ~$192.Vitesse Energy (VTS): Vitesse Energy is a spin-off from Jefferies that started trading in January. A small stake was established last quarter but was disposed this quarter.Stake Increases:Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend, and the transaction came with warrants to purchase 83.86M shares at $59.62. In Q1 2022, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. That was followed with a ~22M share net-increase in Q2 2022 at prices between ~$57 and ~$60. The next quarter also saw a ~23% stake increase at prices between ~$57 and ~$75. The stock currently trades at $65.11. There was a ~1% further increase this quarter.Note: Including warrants, Berkshire owns close to one-third of the business (~290M shares).Capital One Financial (COF): The 0.39% of the portfolio stake in COF was purchased last quarter at prices between ~$90 and ~$122. There was a ~25% stake increase this quarter at prices between ~$86 and ~$114. The stock currently trades at ~$109.Stake Decreases:Chevron Corp (CVX): CVX is a large (top five) 5.56% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase next quarter at prices between ~$102 and ~$119. Q1 2022 saw a whopping ~315% stake increase at prices between ~$119 and ~$171. The last quarter saw a ~20% reduction at prices between ~$152 and ~$188. That was followed with a ~7% trimming this quarter. The stock currently trades at ~$164.Note: Berkshire has a ~6.5% ownership stake in the business.Note 2: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Activision Blizzard (ATVI): ATVI is a 0.35% of the portfolio position established in Q4 2021 at prices between ~$57 and ~$81. Next quarter saw the stake increased by ~340% at prices between ~$63 and ~$82. There was a one-third reduction over the last three quarters. That was followed with a ~70% reduction this quarter. The stock currently trades at ~$91.Note: Microsoft (MSFT) agreed to acquire Activision Blizzard in a $95 per share all-cash deal announced last April.General Motors (GM): GM is a 0.24% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. That was followed with a ~15% reduction in Q2 2022 at prices between ~$31.50 and ~$43. The last quarter also saw a ~20% selling at prices between ~$33 and ~$43. That was followed by a ~45% reduction this quarter at prices between ~$31.50 and ~$38. The stock currently trades at ~$34. Berkshire’s cost-basis on GM is ~$31.Celanese Corp (CE): The 0.18% CE stake was purchased over the last three quarters at prices between ~$88 and ~$174 and the stock currently trades at ~$124. There was a ~40% selling this quarter at prices between ~$100 and ~$118.Globe Life (GL): The minutely small 0.08% stake in GL was reduced by ~60% during the quarter.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~51%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity had been minor. The stock currently trades at ~$179.Note: Berkshire has a ~6% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~9% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor. The stock currently trades at ~$31.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~13%. The increase this quarter is due to the of General RE’s equity holdings to Berkshire’s 13F report.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~10 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 3.32% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of ~$34.25.Moody’s Inc. (MCO): MCO is a 2.46% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$339. Berkshire controls ~13% of the business.Citigroup Inc. (C ) and HP Inc. (HPQ): The 0.73% of the portfolio stake in Citigroup was purchased in Q1 2022 at prices between ~$53 and ~$68 and it is now below the low end of that range at ~$44.10. HPQ is a ~1% of the portfolio stake established in Q1 2022 at prices between ~$34 and ~$40 and the stock currently trades below the low end of that range at ~$32.DaVita Inc. (DVA): DVA is a 0.83% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$107 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~40%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$208 and the position is at 0.83% of the portfolio (~10% of the business).Kroger Company (KR): KR is a 0.67% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The three quarters through Q3 2022 saw a ~20% selling at prices between ~$44 and ~$52. The stock currently trades at $48.56.Note: Berkshire’s ownership stake in Kroger is ~7%.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced last May. Last November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. The stock currently trades at $24.30, and the stake is at 0.60% of the portfolio.Aon plc (AON): AON is a 0.43% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$322. There was marginal trimming last quarter.Paramount Global (PARA): PARA is a 0.43% of the portfolio position purchased in Q1 2022 at prices between $27.85 and $38.48. There was a ~14% stake increase next quarter at prices between ~$24.25 and ~$38. That was followed with a similar increase during Q3 2022 at prices between ~$19 and ~$27. The stock currently trades below the low end of their purchase price ranges at $14.93.Charter Communications (CHTR): CHTR is a 0.40% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. H2 2021 saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$427 compared to Berkshire’s cost-basis of ~$178.Amazon.com (AMZN): AMZN is a 0.40% of the portfolio stake established in Q1 2019 at prices between ~$75 and ~$91 and increased by ~11% next quarter at prices between ~$85 and ~$98. The stock currently trades at ~$141.Snowflake Inc. (SNOW): SNOW had an IPO in September 2020. Shares started trading at ~$229 and currently goes for ~$153. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$10 and currently goes for $7.94. Berkshire’s ~$1B stake goes back to a funding round in early 2021.Ally Financial (ALLY): The 0.22% ALLY stake saw a whopping ~235% increase in Q2 2022 at prices between ~$32 and ~$53. The stock currently trades below that range at $28.30.Note: Berkshire has a ~9.5% ownership stake in Ally Financial.T-Mobile US (TMUS): TMUS is a small 0.21% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$140.Markel Corp (MKL): The 0.19% MKL stake was built during H2 2022 at prices between ~$1187 and ~$1504 and it now goes for ~$1505.Liberty Media Formula One (FWONK): FWONK is a small 0.17% of the portfolio position built at prices between ~$52 and ~$70. The stock is now at ~$70.Louisiana-Pacific (LPX): The 0.15% LPX position was established during Q4 2022 at prices between ~$48.40 and ~$65 and it is now at $63.87. There was a ~22% stake increase next quarter at prices between ~$51 and ~$66.Note: Berkshire has a ~9.8% ownership stake in the business.Floor & Décor Holdings (FND): The 0.14% of the portfolio FND position was established in Q3 2021 at prices between ~$104 and ~$131. Q1 2022 saw a ~470% stake increase at prices between ~$81 and ~$130. The stock is now at ~$105.StoneCo Ltd. (STNE): STNE is a 0.04% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at $13.43.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Diageo plc (DEO), Jefferies Financial Group (JEF), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), MasterCard Inc. (MA), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q1 2023 and Q2 2023.6/28/2023: OXY stake increased by 1% to 224M shares.5/2023: Todd Combs Interview - . PARA stake was acquired at ~$28 per share cost-basis - $2.5B investment.6/19/2023: Berkshire increased stake in the 5 Japanese trading houses to ~8.5% each - .5/15/2023: PR: General RE holdings separately listed previously is now consolidated in into Berkshire 13F - .4/11/2023: Berkshire increased stake in the 5 Japanese trading houses to ~7.4% each - .Bullish Rating Reasoning submitted at SA: Berkshire stock is trading near its intrinsic value. This was validated by Warren Buffett himself as Berkshire repurchased $4.44B worth of shares in Q1 2023.REMINDER: Update the note about Book Value and Repurchases using my . NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note. For Q4, add a comment after releasing the article (done 2/25/2023): Note: In Q1 2023, Berkshire Hathaway repurchased ~14.37M Class B Equivalent Shares for a total outlay of ~$4.44B. The average price paid was ~$309. Book Value as of Q1 2023 was ~$235 per share. So, the repurchase happened at ~131% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$324.2/16/2023: SRG – a reader pointed out that Buffett has not been listed as a ~5% owner since their April 2021 proxy statement. So, may be include this info as well after verifying it.Cost-basis Info from 2022 AR – 3/2023: The information which used to appear in the Chairman’s Letter under Investments is no longer published. Previous Info follow: Cost-Basis: AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~168, CVX - 89.42, KO – 3.25, GM – 30.51, Itochu – ITOCF – 23.52, Mitsubishi – MSBHF – 25.72, Mitsui – MITSF – 17.29, MCO – 10.05, USB – 37.53, VZ – 59.10. Previous Info: ABBV – 91.37, GS – 71.54, JPM – 109, LUV – 41.55, MRK – ~83, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 2/15/2023 to 5/15/2023: None."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2023 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$299B to ~$325B.Their largest three holdings are at ~63% of the entire portfolio.Berkshire Hathaway added Capital One Financial while dropping Bank of New York Mellon, RH Inc., Taiwan Semi, and US Bancorp.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 5/15/2023. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2022.During Q1 2023, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased from ~$299B to ~$325B. The increase was primarily due to the of General RE’s equity holdings to Berkshire’s 13F report. They were reported separately before. The top five positions account for ~77% of the portfolio: Apple Inc., Bank of America, American Express, Coca Cola, and Chevron. There are 46 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: In Q1 2023, Berkshire Hathaway repurchased ~14.37M Class B Equivalent Shares for a total outlay of ~$4.44B. The average price paid was ~$309. Book Value as of Q1 2023 was ~$235 per share. So, the repurchase happened at ~131% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$324.Note 2: Berkshire Hathaway has a ~10% stake in BYD Company (BYDDY) at a cost-basis of ~8 HKD per share. It currently trades in Hong Kong at ~267 HKD. Berkshire’s ownership is down from ~20% as of Q3 2022.Note 3: It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo. The stakes were increased to ~7.4% each this quarter. The 2021 AR had the following regarding these positions – 5.6% ownership stake in ITOCHU Corporation (ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (MSBHF) at a cost-basis of $25.72, and 5.7% ownership stake in Mitsui & Company (MITSF) at a cost-basis of $17.29. ITOCF, MSBHF, and MITSF currently trade at $34.67, $39.92, and $31.55 respectively.New Stakes:Capital One Financial (COF): The 0.29% of the portfolio stake in COF was purchased this quarter at prices between ~$90 and ~$122 and the stock currently trades just below that range at ~$89.Diageo plc (DEO) and Vitesse Energy (VTS): The very small DEO stake was part of General RE’s equity holdings, which is now consolidated in Berkshire’s 13F report. Vitesse Energy is a spin-off from Jefferies that started trading in January.Stake Disposals:Bank of New York Mellon Corp (BK): BK was a 0.38% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. Q3 2022 saw a ~14% selling at prices between ~$39 and ~$45. That was followed with a ~60% reduction last quarter at prices between ~$37 and ~$46. The disposal this quarter was at prices between ~$43 and ~$52. The stock currently trades at $40.70. Berkshire’s cost-basis on BK was ~$46 per share.RH Inc. (RH): The 0.21% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. Q1 2022 saw another ~20% stake increase at prices between ~$321 and ~$538. The position was sold this quarter at prices between ~$238 and ~$347. The stock currently trades at ~$265.Taiwan Semi (TSM): TSM is a now a small 0.21% of the portfolio stake. A fairly large stake was purchased last quarter at prices between ~$69 and ~$92. Last quarter saw the position sold down by ~85% at prices between ~$60 and ~$83. The remainder stake was sold this quarter. The stock currently trades at $85.66.US Bancorp (USB): The USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. Q3 2022 saw a ~35% reduction at prices between ~$40 and ~$49. The last quarter saw another ~90% selling at prices between ~$39 and ~$46. The stock is now at $29.65. The remainder stake was sold this quarter. Berkshire’s cost-basis was ~$38.Stake Increases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~46%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity had been minor. The stock currently trades at ~$172.Note: Berkshire has a ~6% ownership stake in the business. The increase this quarter is due to the of General RE’s equity holdings to Berkshire’s 13F report.Bank of America (BAC): Berkshire established this large (top three) ~9% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor. The stock currently trades at $27.65.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~13%. The increase this quarter is due to the of General RE’s equity holdings to Berkshire’s 13F report.Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend, and the transaction came with warrants to purchase 83.86M shares at $59.62. In Q1 2022, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. That was followed with a ~22M share net-increase in Q2 2022 at prices between ~$57 and ~$60. The next quarter also saw a ~23% stake increase at prices between ~$57 and ~$75. The stock currently trades at $58.52.Note: Including warrants, Berkshire owns ~28% of the business (~277M shares). The increase this quarter is due to the of General RE’s equity holdings to Berkshire’s 13F report.Citigroup Inc. (C ) and HP Inc. (HPQ): The 0.80% of the portfolio stake in Citigroup was purchased in Q1 2022 at prices between ~$53 and ~$68 and it is now below the low end of that range at ~$46. HPQ is a ~1% of the portfolio stake established in Q1 2022 at prices between ~$34 and ~$40 and the stock currently trades below the low end of that range at $29.57.Note: The increases this quarter is due to the of General RE’s equity holdings to Berkshire’s 13F report.Paramount Global (PARA): PARA is a 0.64% of the portfolio position purchased in Q1 2022 at prices between $27.85 and $38.48. There was a ~14% stake increase next quarter at prices between ~$24.25 and ~$38. That was followed with a similar increase during Q3 2022 at prices between ~$19 and ~$27. The stock currently trades below the low end of their purchase price ranges at $15.81. There was a marginal increase this quarter.Markel Corp (MKL): The 0.19% MKL stake was built over the last two quarters at prices between ~$1187 and ~$1504 and it now goes for ~$1371.Note: The marginal increase this quarter is due to the of General RE’s equity holdings to Berkshire’s 13F report.Stake Decreases:Chevron Corp (CVX): CVX is a large (top five) 6.65% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase next quarter at prices between ~$102 and ~$119. Q1 2022 saw a whopping ~315% stake increase at prices between ~$119 and ~$171. This quarter saw a ~20% reduction at prices between ~$152 and ~$188. The stock currently trades at ~$157.Note: Berkshire has a ~7% ownership stake in the business.Note 2: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Activision Blizzard (ATVI): ATVI is a 1.30% of the portfolio position established in Q4 2021 at prices between ~$57 and ~$81. Next quarter saw the stake increased by ~340% at prices between ~$63 and ~$82. Q2 2022 also saw a ~6% further increase. The stock currently trades at ~$78. There was a one-third reduction over the last three quarters.Note: Microsoft (MSFT) agreed to acquire Activision Blizzard in a $95 per share all-cash deal announced last April. UK regulators blocked the deal last month.General Motors (GM): GM is a 0.45% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. That was followed with a ~15% reduction in Q2 2022 at prices between ~$31.50 and ~$43. This quarter also saw a ~20% selling at prices between ~$33 and ~$43. The stock currently trades at $32.37. Berkshire’s cost-basis on GM is ~$31.Aon plc (AON): AON is a 0.42% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$334. There was marginal trimming this quarter.Amazon.com (AMZN): AMZN is a 0.34% of the portfolio stake established in Q1 2019 at prices between ~$75 and ~$91 and increased by ~11% next quarter at prices between ~$85 and ~$98. The stock currently trades at ~$111. This quarter saw marginal trimming.Celanese Corp (CE): The 0.30% CE stake was purchased over the last three quarters at prices between ~$88 and ~$174 and the stock currently trades at ~$105. This quarter saw a minor ~9% trimming.McKesson Corp (MCK) and Ally Financial (ALLY): MCK is a 0.25% of the portfolio position established during the two quarters through Q3 2022 at prices between ~$245 and ~$336. There was a one-third reduction in the last two quarters at prices between ~$335 and ~$398. The stock is now at ~$391. The 0.23% ALLY stake saw a whopping ~235% increase in Q2 2022 at prices between ~$32 and ~$53. The stock currently trades at $25.56. There was minor trimming in the last two quarters.Note: Berkshire has a ~9.5% ownership stake in Ally Financial.Kept Steady:American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~10 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 3.87% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of ~$40.Moody’s Inc. (MCO): MCO is a 2.32% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$311. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a 0.90% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$97 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~40%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$226 and the position is at 0.83% of the portfolio (~10% of the business).Kroger Company (KR): KR is a 0.76% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The three quarters through Q3 2022 had seen a ~20% selling at prices between ~$44 and ~$52. The stock currently trades at ~$49.Note: Berkshire’s ownership stake in Kroger is ~7%.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced last May. Last November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. The stock currently trades at $28.47, and the stake is at 0.55% of the portfolio.Charter Communications (CHTR): CHTR is a 0.42% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. H2 2021 saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$343 compared to Berkshire’s cost-basis of ~$178.Snowflake Inc. (SNOW): SNOW had an IPO in September 2020. Shares started trading at ~$229 and currently goes for ~$172. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.T-Mobile US (TMUS): TMUS is a small 0.23% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$145.Liberty Media Formula One (FWONK): FWONK is a small 0.18% of the portfolio position built at prices between ~$52 and ~$70. The stock is now at ~$75.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$10 and currently goes for ~$6. Berkshire’s ~$1B stake goes back to a funding round in early 2021 when the valuation was ~$30B. The current valuation is ~$27B.Floor & Décor Holdings (FND): The 0.11% of the portfolio FND position was established in Q3 2021 at prices between ~$104 and ~$131. Q1 2022 saw a ~470% stake increase at prices between ~$81 and ~$130. The stock is now at ~$92.Louisiana-Pacific (LPX): The 0.10% LPX position was established last quarter at prices between ~$48.40 and ~$65 and it is now at $63.74. There was a ~22% stake increase last quarter at prices between ~$51 and ~$66.Note: Berkshire has a ~9.8% ownership stake in the business.StoneCo Ltd. (STNE): STNE is a 0.03% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at $14.10.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Marsh & McLennan (MMC): MMC is a small 0.02% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction next quarter at prices between ~$139 and ~$161. The stake was almost eliminated in Q4 2021 at prices between ~$151 and ~$174. The stock is now at ~$182.Globe Life (GL), Jefferies Financial Group (JEF), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q4 2022 and Q1 2023.Cost-basis Info from 2022 AR – 3/2022: Cost-Basis: AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~168, CVX - 89.42, KO – 3.25, GM – 30.51, Itochu – ITOCF – 23.52, Mitsubishi – MSBHF – 25.72, Mitsui – MITSF – 17.29, MCO – 10.05, USB – 37.53, VZ – 59.10. Previous Info: ABBV – 91.37, GS – 71.54, JPM – 109, LUV – 41.55, MRK – ~83, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 11/14/2022 to 2/14/2023 (Berkshire): 13G/13Gas – 2/14 – RH – 2.36M shares – 9.9% of business, CVX – 167.35M shares – 8.7% of business, LPX – Louisiana Pacific - 7.04M shares – 9.8% of business, CE – Celanese – 9.71M shares – 9% of business, ATVI – 52.72M shares – 6.7% of business, ALLY – 29.8M shares – 9.98% of business, BK – 25.07M shares – 3.1% of business, KR – 50M shares – 7% of business, AAPL – 915.56M shares – 5.8% of business, OXY – 278.2M shares – 28% of business, KHZ – 422.64M shares – 34.5% of business, STOR – zero, . 13G/A – 2/9-10 – STT – State Street’s Berkshire ownership details - 72M shares – 5.52% of business, Vanguard’s ownership details – 138.24M shares – 10.62% of business, FMR’s ownership details – 31933 shares – 5.35% of business. BlackRock’s ownership details – 104M shares – 8% of business. 13D/A – 11/23 – Buffett’s ownership details – 15.5% of business.Regulatory filings from 11/14/2022 to 2/14/2023 (Buffett Warren E): 11/23 – Form 4, 13D/A – Berkshire holding related – 227.4K Class A shares and 276 class B shares held – 15.5% of the economic interest."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2022 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$296B to ~$299B.Their largest three holdings are at ~60% of the entire portfolio.Berkshire Hathaway increased Louisiana-Pacific while decreasing US Bancorp, Bank of New York Mellon, Taiwan Semi, and McKesson Corp.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 2/14/2023. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2022.During Q4 2022, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~$296B to ~$299B. The top five positions account for ~76% of the portfolio: Apple Inc., Bank of America, Chevron, Coca Cola, and American Express. There are 47 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: Berkshire Hathaway also has a ~130M share position in BYD Company (BYDDY) at a cost-basis of ~8 HKD per share. It currently trades in Hong Kong at ~239 HKD. Berkshire’s ownership is down from 225M shares as of Q3 2022.Note 2: It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo. The stakes were increased to ~6.5% each this quarter. The 2021 AR had the following regarding these positions – 5.6% ownership stake in ITOCHU Corporation (ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (MSBHF) at a cost-basis of $25.72, and 5.7% ownership stake in Mitsui & Company (MITSF) at a cost-basis of $17.29. ITOCF, MSBHF, and MITSF currently trade at $31.44, $34.94, and $29.91 respectively.Note 3: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $12.22. SRG is an REIT spinoff from Sears that started trading in July 2015.New Stakes:None.Stake Disposals:None.Stake Increases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~39%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity had been minor. The stock currently trades at ~$153. There was a marginal increase this quarter.Note: Berkshire has a ~5.8% ownership stake in the business.Paramount Global (PARA): PARA is a 0.53% of the portfolio position purchased in Q1 2022 at prices between $27.85 and $38.48. There was a ~14% stake increase next quarter at prices between ~$24.25 and ~$38. That was followed with a similar increase last quarter at prices between ~$19 and ~$27. The stock currently trades near the low end of their purchase price ranges at $22.45. There was a minor ~3% stake increase this quarter.Louisiana-Pacific (LPX): The 0.10% LPX position was established last quarter at prices between ~$48.40 and ~$65 and it is now at $66.65. There was a ~22% stake increase this quarter at prices between ~$51 and ~$66.Note: Berkshire has a ~9.8% ownership stake in the business.Stake Decreases:Chevron Corp (CVX): CVX is a large (top three) ~10% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase next quarter at prices between ~$102 and ~$119. Q1 2022 saw a whopping ~315% stake increase at prices between ~$119 and ~$171. The stock currently trades at ~$172. There were minor increases in the last two quarters and a marginal reduction this quarter.Note: Berkshire has a ~8.7% ownership stake in the business.Note 2: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Activision Blizzard (ATVI): ATVI is a 1.35% of the portfolio position established in Q4 2021 at prices between ~$57 and ~$81. Next quarter saw the stake increased by ~340% at prices between ~$63 and ~$82. Q2 2022 also saw a ~6% further increase. The stock currently trades at ~$77. There was a ~25% reduction over the last two quarters.Note: Microsoft (MSFT) is acquiring Activision Blizzard in a $95 per share all-cash deal announced last April. In December, FTC filed an antitrust lawsuit to block the merger.Kroger Company (KR): KR is a 0.75% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $43.63. Last three quarters had seen a ~20% selling at prices between ~$44 and ~$52. There was a marginal further trimming this quarter.Note: Berkshire’s ownership stake in Kroger is ~7%.Bank of New York Mellon Corp (BK): BK is a 0.38% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. Last quarter saw a ~14% selling at prices between ~$39 and ~$45. That was followed with a ~60% reduction this quarter at prices between ~$37 and ~$46. The stock currently trades at $51.71. Berkshire’s cost-basis on BK is ~$46 per share.McKesson Corp (MCK) and Ally Financial (ALLY): MCK is a 0.36% of the portfolio position established during the last two quarters at prices between ~$245 and ~$336. There was a ~11% trimming this quarter. The stock is now at ~$366. The 0.24% ALLY stake saw a whopping ~235% increase in Q2 2022 at prices between ~$32 and ~$53. The stock currently trades at ~$32.61. There was marginal trimming this quarter.Note: Berkshire has a ~9.8% ownership stake in Ally Financial.Taiwan Semi (TSM): TSM is a now a small 0.21% of the portfolio stake. A fairly large stake was purchased last quarter at prices between ~$69 and ~$92. This quarter saw the position sold down by ~85% at prices between ~$60 and ~$83. The stock currently trades at ~$98.US Bancorp (USB): The USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. Last quarter saw a ~35% reduction at prices between ~$40 and ~$49. This quarter saw another ~90% selling at prices between ~$39 and ~$46. The stock is now at $49.13. Berkshire’s cost-basis is ~$38.Kept Steady:Bank of America (BAC): Berkshire established this large (top three) ~11% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $35.62. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~13%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~10 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.43% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $39.88.Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend, and the transaction came with warrants to purchase 83.86M shares at $59.62. In Q1 2022, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. That was followed with a ~22M share net-increase in Q2 2022 at prices between ~$57 and ~$60. The stock currently trades at $66.34. Last quarter also saw a ~23% stake increase at prices between ~$57 and ~$75.Note: Including warrants, Berkshire owns ~28% of the business (~277M shares).Moody’s Inc. (MCO): MCO is a 2.30% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$309. Berkshire controls ~13% of the business.Citigroup Inc. (C ) and HP Inc. (HPQ): The 0.83% of the portfolio stake in Citigroup was purchased in Q1 2022 at prices between ~$53 and ~$68 and it is now below the low end of that range at $51.61. HPQ is a 0.94% of the portfolio stake established in Q1 2022 at prices between ~$34 and ~$40 and the stock currently trades below the low end of that range at $30.40.DaVita Inc. (DVA): DVA is a 0.90% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$83 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~40%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$214 and the position is at 0.88% of the portfolio (~10% of the business).Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced last May. Last November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. The stock currently trades at ~$35, and the stake is at 0.83% of the portfolio.General Motors (GM): GM is a 0.56% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. That was followed with a ~15% reduction in Q2 2022 at prices between ~$31.50 and ~$43. The stock currently trades at $42.43. Berkshire’s cost-basis on GM is ~$31. Last quarter also saw a ~5% trimming.Aon plc (AON): AON is a 0.44% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$312.Charter Communications (CHTR): CHTR is a 0.43% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. H2 2021 saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$400 compared to Berkshire’s cost-basis of ~$178.Celanese Corp (CE): The 0.33% CE stake was purchased over the last three quarters at prices between ~$88 and ~$174 and the stock currently trades at ~$122.Amazon.com (AMZN): AMZN is a 0.30% of the portfolio stake established in Q1 2019 at prices between ~$75 and ~$91 and increased by ~11% next quarter at prices between ~$85 and ~$98. The stock currently trades at $99.70.Snowflake Inc. (SNOW): SNOW had an IPO in September 2020. Shares started trading at ~$229 and currently goes for ~$171. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.T-Mobile US (TMUS): TMUS is a small 0.25% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$148.RH Inc. (RH): The 0.21% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. Q1 2022 saw another ~20% stake increase at prices between ~$321 and ~$538. The stock currently trades at ~$327. Last quarter also saw a ~9% stake increase.Note: Berkshire controls ~9.9% of the business.Markel Corp (MKL): The 0.21% MKL stake was built over the last two quarters at prices between ~$1187 and ~$1504 and it now goes for ~$1348.Liberty Media Formula One (FWONK): FWONK is a small 0.15% of the portfolio position built at prices between ~$52 and ~$70. The stock is now at ~$71.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$10 and currently goes for ~$5. Berkshire’s ~$1B stake goes back to a funding round in early 2021 when the valuation was ~$30B. Current valuation is ~$18B.Floor & Décor Holdings (FND): The 0.11% of the portfolio FND position was established in Q3 2021 at prices between ~$104 and ~$131. Q1 2022 saw a ~470% stake increase at prices between ~$81 and ~$130. The stock is now at ~$100.StoneCo Ltd. (STNE): STNE is a 0.03% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at $9.76.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Marsh & McLennan (MMC): MMC is a small 0.02% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction next quarter at prices between ~$139 and ~$161. The stake was almost eliminated in Q4 2021 at prices between ~$151 and ~$174. The stock is now at ~$167.Globe Life (GL), Jefferies Financial Group (JEF), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q3 2022 and Q4 2022.11/2022 – Berkshire increased stakes in the 5 Japanese trading firms - .12/20/2022 – Charlie Rose Interview - – The initial purchase of ATVI was made at ~77 per share. The rest was purchased after the deal announcement.Bullish Rating Reasoning submitted at SA: Berkshire stock is trading near its intrinsic value. This was validated by Warren Buffett himself as Berkshire repurchased $4.05B worth of shares in H1 2022.REMINDER: Update the note about Book Value and Repurchases using my . NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note: Note: In Q2 2022, Berkshire Hathaway repurchased ~3.62M Class B Equivalent Shares for a total outlay of ~$1.03B. The average price paid was ~$284. Book Value as of Q2 2022 was ~$213 per share. So, the repurchase happened at ~133% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$306.Cost-basis Info from 2022 AR – 3/2022: Cost-Basis: AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~168, CVX - 89.42, KO – 3.25, GM – 30.51, Itochu – ITOCF – 23.52, Mitsubishi – MSBHF – 25.72, Mitsui – MITSF – 17.29, MCO – 10.05, USB – 37.53, VZ – 59.10. Previous Info: ABBV – 91.37, GS – 71.54, JPM – 109, LUV – 41.55, MRK – ~83, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 8/16/2022 to 11/14/2022 (Berkshire): 13G/A – 11/10 – USB – 53.05M shares – 3.6% of business. 13G/A – 9/9 – OXY – 272.22M shares – 26.8% of business.Regulatory filings from 8/16/2022 to 11/14/2022 (Buffett Warren E): Form 4 – 9/28 – OXY - ~5M shares increase at prices between ~58 an ~61.50 – 194.35M shares total."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2022 Update"

"Berkshire Hathaway's 13F stock portfolio value decreased from ~$300B to ~$296B.Their largest three holdings are at ~60% of the entire portfolio.Berkshire Hathaway added Taiwan Semi and increased Occidental Petroleum and Paramount Global while decreasing US Bancorp and Bank of New York Mellon.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2022. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2022.During Q3 2022, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value decreased ~$300B to ~$296B. The top five positions account for ~75% of the portfolio: Apple Inc., Bank of America, Chevron, Coca Cola, and American Express. There are 47 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: In Q3 2022, Berkshire Hathaway repurchased ~3.62M Class B Equivalent Shares for a total outlay of ~$1.04B. The average price paid was ~$287. Book Value as of Q2 2022 was ~$207 per share. So, the repurchase happened at ~139% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$309.Note 2: Berkshire Hathaway also has a 182M share position in BYD Company (BYDDY) at a cost-basis of ~8 HKD per share. It currently trades in Hong Kong at ~191 HKD. Berkshire’s ownership is down from 225M shares as of last quarter.Note 3: The 2021 AR listed the following investments that are not in the 13F report – 5.6% ownership stake in ITOCHU Corporation (ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (MSBHF) at a cost-basis of $25.72, and 5.7% ownership stake in Mitsui & Company (MITSF) at a cost-basis of $17.29. ITOCF, MSBHF, and MITSF currently trade at $30, $31.35, and $27.19 respectively. It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo.Note 4: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $11.80. SRG is an REIT spinoff from Sears that started trading in July 2015.New Stakes:Taiwan Semi (TSM), Louisiana-Pacific (LPX), and Jefferies Financial Group (JEF): These are the new positions this quarter. TSM is a 1.39% of the portfolio stake purchased at prices between ~$69 and ~$92 and the stock currently trades at $72.80. The 0.10% LPX position was established at prices between ~$48.40 and ~$65 and it is now at $58.90. JEF is a minutely small stake established during the quarter.Stake Disposals:Store Capital (STOR): The STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. Q1 2022 saw the stake sold down by ~40% at prices between ~$28.75 and ~$34.60. That was followed with a ~55% reduction last quarter at prices between ~$25 and ~$31. The remainder stake was disposed during the quarter. The stock is now at $31.65.Note: Store Capital is getting acquired by GIC and Oak Street in a $32.25 per share all-cash deal announced in September.Stake Increases:Chevron Corp (CVX): CVX is a large (top three) ~8% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase next quarter at prices between ~$102 and ~$119. Q1 2022 saw a whopping ~315% stake increase at prices between ~$119 and ~$171. The stock currently trades at ~$187. There were minor increases in the last two quarters.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend, and the transaction came with warrants to purchase 83.86M shares at $59.62. In Q1 2022, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. That was followed with a ~22M share net-increase last quarter at prices between ~$57 and ~$60. The stock currently trades at $73.28. This quarter also saw a ~23% stake increase at prices between ~$57 and ~$75.Note: Including warrants, Berkshire owns ~28% of the business (~277M shares).Paramount Global (PARA): PARA is a 0.59% of the portfolio position purchased in Q1 2022 at prices between $27.85 and $38.48. There was a ~14% stake increase last quarter at prices between ~$24.25 and ~$38. That was followed with a similar increase this quarter at prices between ~$19 and ~$27. The stock currently trades below the low end of their purchase price ranges at $18.49.Celanese Corp (CE): The 0.30% CE stake was purchased over the last three quarters at prices between ~$88 and ~$174 and the stock currently trades at ~$105.RH Inc. (RH): The 0.20% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. Q1 2022 saw another ~20% stake increase at prices between ~$321 and ~$538. The stock currently trades at ~$285. This quarter also saw a ~9% stake increase.Note: Berkshire controls ~9.8% of the business.Stake Decreases:Activision Blizzard (ATVI): ATVI is a 1.51% of the portfolio position established in Q4 2021 at prices between ~$57 and ~$81. Next quarter saw the stake increased by ~340% at prices between ~$63 and ~$82. Last quarter also saw a ~6% further increase. The stock currently trades at ~$74. There was a ~12% trimming this quarter.Note: Microsoft (MSFT) is acquiring Activision Blizzard in a $95 per share all-cash deal announced in April.US Bancorp (USB): The ~1% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. This quarter saw a ~35% reduction at prices between ~$40 and ~$49. The stock is now at $43.85, and Berkshire’s cost-basis is ~$38.Note: Regulatory filings since the quarter ended show them owning 53.05M shares (~3.6% of the business) of USB. This is compared to 77.79M shares in the 13F report.Bank of New York Mellon Corp (BK): BK is a 0.81% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. This quarter saw a ~14% selling at prices between ~$39 and ~$45. The stock currently trades at $43.58. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is ~7%.Kroger Company (KR): KR is a 0.74% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $46.56. Last three quarters have seen a ~20% selling at prices between ~$44 and ~$52.Note: Berkshire’s ownership stake in Kroger is ~6.9%.General Motors (GM): GM is a 0.54% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. That was followed with a ~15% reduction last quarter at prices between ~$31.50 and ~$43. The stock currently trades at $39.93. Berkshire’s cost-basis on GM is ~$31. This quarter also saw a ~5% trimming.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~42%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$148.Note: Berkshire has a ~5.6% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~10% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $37.76. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~13%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~9 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 3.67% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $36.82.Moody’s Inc. (MCO): MCO is a ~2% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$294. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a ~1% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$72 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~40%.Citigroup Inc. (C ) and HP Inc. (HPQ): The 0.78% of the portfolio stake in Citigroup was purchased in Q1 2022 at prices between ~$53 and ~$68 and it is now below the low end of that range at ~$49. HPQ is a 0.88% of the portfolio stake established in Q1 2022 at prices between ~$34 and ~$40 and the stock currently trades below the low end of that range at $30.43.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced last May. Last November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. The stock currently trades at ~$44.20, and the stake is at 0.81% of the portfolio.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$190 and the position is at 0.75% of the portfolio (~10% of the business).Amazon.com (AMZN): AMZN is a 0.41% of the portfolio stake established in Q1 2019 at prices between ~$75 and ~$91 and increased by ~11% next quarter at prices between ~$85 and ~$98. The stock currently trades at $98.49.Aon plc (AON): AON is a 0.40% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$291.Charter Communications (CHTR): CHTR is a 0.39% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. H2 2021 saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$388 compared to Berkshire’s cost-basis of ~$178.McKesson Corp (MCK), Markel Corp (MKL), and Ally Financial (ALLY): These three positions were built over the last two quarters. MCK is a 0.37% of the portfolio position established at prices between ~$245 and ~$336 and it is now at ~$361. The 0.17% MKL stake was built at prices between ~$1187 and ~$1504 and it now goes for ~$1271. The 0.28% ALLY stake saw a whopping ~235% increase last quarter at prices between ~$32 and ~$53. The stock currently trades well below that range at ~$28.Snowflake Inc. (SNOW): SNOW had an IPO in September 2020. Shares started trading at ~$229 and currently goes for ~$158. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.T-Mobile US (TMUS): TMUS is a small 0.24% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$145.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$10 and currently goes for $4.35. Berkshire’s ~$1B stake goes back to a funding round in early 2021 when the valuation was ~$30B. Current valuation is ~$16B.Liberty Media Formula One (FWONK): FWONK is a small 0.15% of the portfolio position built at prices between ~$52 and ~$70. The stock is now at $56.67.Floor & Décor Holdings (FND): The minutely small 0.11% of the portfolio FND position was established in Q3 2021 at prices between ~$104 and ~$131. Q1 2022 saw a ~470% stake increase at prices between ~$81 and ~$130. The stock is now well below their purchase price ranges at $77.47.StoneCo Ltd. (STNE): STNE is a 0.03% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at $10.95.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Marsh & McLennan (MMC): MMC is a small 0.02% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction next quarter at prices between ~$139 and ~$161. The stake was almost eliminated in Q4 2021 at prices between ~$151 and ~$174. The stock is now at ~$165.Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q2 2022 and Q3 2022.6/15/2022 – Berkshire BYD exact cost-basis is ~8 HKD. It was mentioned by Mohnish Pabrai in an Investor’s Podcast interview (around minute 26) – might modify the current USD cost-basis from next update -Q2 2022 Bullish Rating Reasoning submitted at SA: Berkshire stock is trading near its intrinsic value. This was validated by Warren Buffett himself as Berkshire repurchased $4.05B worth of shares in H1 2022.11/16/2019 – READER REQUEST - Could you add the total dividends per quarter & value$ for all the privately owned BRK companies such as See's Geico PCP better HomesReal estate Energy cos RRs? – I replied saying updates based on 10Q/10K is what you might be looking for and said that I will try to do something along those lines soon.REMINDER: Update the note about Book Value and Repurchases using my . NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note: Note: In Q2 2022, Berkshire Hathaway repurchased ~3.62M Class B Equivalent Shares for a total outlay of ~$1.03B. The average price paid was ~$284. Book Value as of Q2 2022 was ~$213 per share. So, the repurchase happened at ~133% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$306.Cost-basis Info from 2022 AR – 3/2021: Cost-Basis: AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~168, CVX - 89.42, KO – 3.25, GM – 30.51, Itochu – ITOCF – 23.52, Mitsubishi – MSBHF – 25.72, Mitsui – MITSF – 17.29, MCO – 10.05, USB – 37.53, VZ – 59.10. Previous Info: ABBV – 91.37, GS – 71.54, JPM – 109, LUV – 41.55, MRK – ~83, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 5/16/2022 to 8/16/2022 (Berkshire): 13D/A – 8/3 – DVA - 36.1M shares – 39.5% of business. 13D/A – 6/15 – Buffet’s ownership disclosure. 13G – 5/25 – HPQ – 121M shares – 11.4% of business.Regulatory filings from 5/16/2022 to 8/16/2022 (Buffett Warren E): Form 4 – 8/8 – OXY - ~6.5M shares purchased at prices between 57.30 & 60, 188.37M shares, Form 4/A – 7/19 – 242K shares acquired at 59.67 – 181.7M shares, Form 4 – 7/18 - ~2M shares acquired at prices between 56.15 and 59.67, 181.7M shares, Form 4 – 7/13 - ~4.2M shares acquired at prices between $57.4 and $59.9, 179.7M shares, Form 4 – 7/7 - ~12M shares acquired at prices between 57.3 and 59, 175.4M shares, Form 4 – 7/1 - ~10M shares acquired at prices between 57.7 and 60.4, Form 4 – 6/27 – 900K shares acquired at 55.5 – 153.5M shares, Form 4 – 6/22 - ~10M shares acquired at prices between 54.96 and 56.42. 13D/A, Form 4 – 6/15 – Buffett ownership of Berkshire related."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2022 Update"

"Berkshire Hathaway's 13F stock portfolio value decreased from ~$364B to ~$300B.Their largest three holdings are at ~60% of the entire portfolio.Berkshire Hathaway increased Occidental Petroleum, Ally Financial and Paramount Global while decreasing Store Capital and General Motors.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 8/15/2022. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2022.During Q2 2022, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value decreased ~18% from ~$364B to ~$300B. The top five positions account for ~74% of the portfolio: Apple Inc., Bank of America, Coca Cola, Chevron, and American Express. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: In Q2 2022, Berkshire Hathaway repurchased ~3.62M Class B Equivalent Shares for a total outlay of ~$1.03B. The average price paid was ~$284. Book Value as of Q2 2022 was ~$213 per share. So, the repurchase happened at ~133% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$307.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~8 HKD per share. It currently traded in Hong Kong at ~285 HKD.Note 3: The 2021 AR listed the following investments that are not in the 13F report – 5.6% ownership stake in ITOCHU Corporation (ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (MSBHF) at a cost-basis of $25.72, and 5.7% ownership stake in Mitsui & Company (MITSF) at a cost-basis of $17.29. ITOCF, MSBHF, and MITSF currently trade at $27.93, $31.80, and $22.74 respectively. It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo.Note 4: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $13.68. SRG is an REIT spinoff from Sears that started trading in July 2015.New Stakes:None.Stake Disposals:Verizon Communications (VZ): The VZ position was built in H2 2020 at prices between $54 and $62. Last quarter saw the position almost eliminated at prices between ~$51 and ~$55. The remainder stake was disposed this quarter. The stock currently trades at $45.80.Royalty Pharma plc (RPRX): RPRX stake was purchased in Q3 2021 at prices between ~$36 and ~$42. There was a roughly one-third selling in Q4 2021 at prices between ~$35 and ~$42.50. Last quarter saw the position reduced by another ~85% at prices between ~$37.50 and ~$42.50. The remainder stake was eliminated during the quarter. The stock is now at $44.35.Stake Increases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~41%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$173.Note: Apple stock split 4-for-1 last August. The prices quoted above are adjusted. Berkshire has a ~5.6% ownership stake in the business.Chevron Corp (CVX): CVX is a large (top five) 7.79% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase next quarter at prices between ~$102 and ~$119. Last quarter saw a whopping ~315% stake increase at prices between ~$119 and ~$171. The stock currently trades at ~$156. There was a marginal further increase this quarter.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend, and the transaction came with warrants to purchase 83.86M shares at $59.62. Last quarter, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. That was followed with a ~22M share net-increase this quarter at prices between ~$57 and ~$60. The stock currently trades at $63.51.Note: Regulatory filings since the quarter ended show them owning 188.37M shares. This is compared to 158.5M shares in the 13F report. The increased happened at prices up to ~$60.40 per share. Including warrants, Berkshire owns ~27% of the business (~272M shares).Activision Blizzard (ATVI): ATVI is a 1.77% of the portfolio position established in Q4 2021 at prices between ~$57 and ~$81. Last quarter saw the stake increased by ~340% at prices between ~$63 and ~$82. This quarter also saw a ~6% further increase. The stock currently trades at $80.92.Note: Microsoft (MSFT) is acquiring Activision Blizzard in a $95 per share all-cash deal announced in April.Paramount Global (PARA): PARA is a 0.64% of the portfolio position purchased last quarter at prices between $27.85 and $38.48 and it is now just below the low end of that range at $27.20. There was a ~14% stake increase this quarter at prices between ~$24.25 and ~$38.Celanese Corp (CE), McKesson Corp (MCK), Markel Corp (MKL), and Ally Financial (ALLY): These four positions were built over the last two quarters. The 0.36% CE stake was purchased at prices between ~$118 and ~$174 and the stock currently trades at the low end of that range at ~$118. MCK is a 0.20% of the portfolio position established at prices between ~$245 and ~$336 and it is now at ~$374. The 0.20% MKL stake was built at prices between ~$1187 and ~$1504 and it now goes for ~$1264. The 0.33% ALLY stake saw a whopping ~235% increase this quarter at prices between ~$32 and ~$53. The stock currently trades at $36.90.Stake Decreases:US Bancorp (USB): The 1.84% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $49.30, and Berkshire’s cost-basis is ~$38. They control ~9.5% of the business. There was a ~5% trimming this quarter.Kroger Company (KR): KR is a 0.83% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $49.08. Last two quarters have seen a ~15% selling at prices between ~$43.50 and ~$62.Note: Berkshire’s ownership stake in Kroger is ~7.2%.General Motors (GM): GM is a 0.56% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. That was followed with a ~15% reduction this quarter at prices between ~$31.50 and ~$43. The stock currently trades at $38.99. Berkshire’s cost-basis on GM is ~$31.Store Capital (STOR): The STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. Last quarter saw the stake sold down by ~40% at prices between ~$28.75 and ~$34.60. That was followed with a ~55% reduction this quarter at prices between ~$25 and ~$31. The stock is now at $29.22.Kept Steady:Bank of America (BAC): Berkshire established this large (top three) ~11% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $36.64. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~13%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~9 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.14% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $38.83.Moody’s Inc. (MCO): MCO is a 2.24% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$322. Berkshire controls ~13% of the business.Citigroup Inc. (C ) and HP Inc. (HPQ): The 0.85% of the portfolio stake in Citigroup was purchased last quarter at prices between ~$53 and ~$68 and it is now near the low end of that range at $54.18. HPQ is a 1.14% of the portfolio stake established last quarter at prices between ~$34 and ~$40 and the stock currently trades near the low end of that range at $34.50.Bank of New York Mellon Corp (BK): BK is a ~1% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $45.03. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.3%.DaVita Inc. (DVA): DVA is a ~1% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$93 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~40%.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced last May. Last November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. The stock currently trades at ~$45, and the stake is at 0.76% of the portfolio.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$204 and the position is at 0.71% of the portfolio (~10% of the business).Charter Communications (CHTR): CHTR is a 0.60% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. H2 2021 saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$483 compared to Berkshire’s cost-basis of ~$178.Aon plc (AON): AON is a 0.39% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$301.Amazon.com (AMZN): AMZN is a 0.38% of the portfolio stake established in Q1 2019 at prices between ~$75 and ~$91 and increased by ~11% next quarter at prices between ~$85 and ~$98. The stock currently trades at ~$145.Note: The prices quoted above are adjusted for the 20-for-1 stock split in June.Snowflake Inc. (SNOW): SNOW had an IPO in September 2020. Shares started trading at ~$229 and currently goes for ~$167. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.T-Mobile US (TMUS): TMUS is a small 0.23% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$147.Liberty Media Formula One (FWONK): FWONK is a small 0.15% of the portfolio position built over the last two quarters at prices between ~$52 and ~$70. The stock is now at ~$70.RH Inc. (RH): The 0.15% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. Last quarter saw another ~20% stake increase at prices between ~$321 and ~$538. The stock currently trades at ~$329.Note: Berkshire controls ~9% of the business.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$10 and currently goes for $5.52. Berkshire’s ~$1B stake goes back to a funding round in early 2021 when the valuation was ~$30B. Current valuation is ~$18B.Floor & Décor Holdings (FND): The minutely small 0.06% of the portfolio FND position was established in Q3 2021 at prices between ~$104 and ~$131 and it is now at $99.46. Last quarter saw a ~470% stake increase at prices between ~$81 and ~$130.StoneCo Ltd. (STNE): STNE is a 0.03% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at $11.79.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Marsh & McLennan (MMC): MMC is a small 0.02% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction next quarter at prices between ~$139 and ~$161. The stake was almost eliminated in Q4 2021 at prices between ~$151 and ~$174. The stock is now at ~$173.Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q1 2022 and Q2 2022.6/15/2022 – Berkshire BYD exact cost-basis is ~8 HKD. It was mentioned by Mohnish Pabrai in an Investor’s Podcast interview (around minute 26) – might modify the current USD cost-basis from next update -Q1 2022 Bullish Rating Reasoning submitted at SA: Berkshire stock is trading at a discount to its intrinsic value. This was validated by Warren Buffett himself as they repurchased $3.02B worth of shares last quarter.11/16/2019 – READER REQUEST - Could you add the total dividends per quarter & value$ for all the privately owned BRK companies such as See's Geico PCP better HomesReal estate Energy cos RRs? – I replied saying updates based on 10Q/10K is what you might be looking for and said that I will try to do something along those lines soon.REMINDER: Update the note about Book Value and Repurchases using my . NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note: Note: In Q1 2022, Berkshire Hathaway repurchased ~9.83M Class B Equivalent Shares for a total outlay of $3.02B. The average price paid was ~$307. Book Value as of Q1 2022 was ~$234 per share. So, the repurchase happened at ~131% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$313.Cost-basis Info from 2021 AR – 3/2021: Cost-Basis: AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~168, CVX - 89.42, KO – 3.25, GM – 30.51, Itochu – ITOCF – 23.52, Mitsubishi – MSBHF – 25.72, Mitsui – MITSF – 17.29, MCO – 10.05, USB – 37.53, VZ – 59.10. Previous Info: ABBV – 91.37, GS – 71.54, JPM – 109, LUV – 41.55, MRK – ~83, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 2/15/2022 to 5/16/2022 (Berkshire): 13G/A – 5/6 – OXY – 220.23M shares (includes wts) – 21.6% of business. The 100K preferred shares is an April 2019 investment that pays has $100K per share liquidation value and pays 8% dividend meanwhile. That deal helped close OXY’s acquisition of Anadarko in August 2019 (they bid over Chevron’s offer), 13G – ¾ - 113.67M shares (includes wts) – 11.2% of business.Regulatory filings from 2/15/2022 to 5/16/2022 (Buffett Warren E): Form 4s – 5/12 – OXY - ~900K shares @ ~$57.30, 143.16M shares & 100K preferred stock total – 5/4 - ~5.7M shares between 56 & 58.4 – 142.26M shares & 100K preferred stock total – 3/16 - ~18M shares purchased at prices between $53.75 and $55.40 – 3/11 - ~27M shares purchased at prices between 51.4 & 58.4 – ¾ - 45.5M shares at prices between 47.6 & 567.3, Form 3 – ¾ - 29.81M shares, 100K preferred stock, and warrants to purchase 83.86M shares @ 59.62. Form 4s – 4/6 – HPQ - ~11M shares @ prices between 34.9 and 36.4, 120.95M shares total, Form 3 – 4/6 – 109.82M shares."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2022 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$331B to ~$364B.Their largest three holdings are at ~62% of the entire portfolio.Berkshire Hathaway added Occidental Petroleum, HP, Citigroup, and Paramount Global while reducing Verizon Communications. They also increased Chevron while dropping AbbVie and Bristol-Myers Squibb.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 5/16/2022. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2021.During Q1 2022, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~10% from ~$331B to ~$364B. The top five positions account for ~76% of the portfolio: Apple Inc., Bank of America, American Express, Chevron, and Coca Cola. There are 47 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: In Q1 2022, Berkshire Hathaway repurchased ~9.83M Class B Equivalent Shares for a total outlay of $3.02B. The average price paid was ~$307. The Class B shares currently trade at ~$315. Book Value as of Q1 2022 was ~$234 per share. So, the repurchase happened at ~131% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value.Note 2: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $8.34. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 3: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at ~$65.Note 4: The 2021 AR listed the following investments that are not in the 13F report – 5.6% ownership stake in ITOCHU Corporation (ITOCF) at a cost-basis of $23.52, 5.5% ownership stake in Mitsubishi Corporation (MSBHF) at a cost-basis of $25.72, and 5.7% ownership stake in Mitsui & Company (MITSF) at a cost-basis of $17.29. ITOCF, MSBHF, and MITSF currently trade at $27.42, $33.40, and $24.05 respectively. It was disclosed in August 2020 that Berkshire had built ~5% stakes in five Japanese trading businesses: ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo.New Stakes:Occidental Petroleum (OXY): Berkshire made a $10B investment in OXY in April 2019 through 100,000 preferred shares that has a liquidation value of $100,000 per share. Those shares pay 8% dividend and the transaction came with warrants to purchase 83.86M shares at $59.62. During the quarter, Berkshire purchased ~136.4M shares at prices between ~$31 and ~$59 per share. The stock currently trades at $67.94.Note: Including warrants, Berkshire owns 21.6% of the business (~220M shares).Citigroup Inc. (C ), HP Inc. (HPQ), and Paramount Global (PARA): The 0.81% of the portfolio stake in Citigroup was purchased at prices between ~$53 and ~$68 and it is now just below that range at $51.05. HPQ is a ~1% of the portfolio stake established this quarter at prices between ~$34 and ~$40 and the stock currently trades at $39.62. PARA is a 0.72% of the portfolio position purchased at prices between $27.85 and $38.48 and it now goes for $32.32.Celanese Corp (CE), McKesson Corp (MCK), Markel Corp (MKL), and Ally Financial (ALLY): These are very small (less than ~0.35% of the portfolio each) stakes established this quarter.Stake Disposals:Wells Fargo & Co. (WFC): WFC was a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last three quarters of 2020 had seen another ~85% reduction at prices between ~$21 and ~$33. Q1 2021 saw the position almost eliminated at prices between ~$29.70 and ~$41. The remainder stake was disposed this quarter. Berkshire’s cost-basis was ~$24.50. The stock currently trades at $43.71.AbbVie Inc. (ABBV) and Bristol-Myers Squibb (BMY): Berkshire added these two picks in Q3 2020. The stakes received an allocation of ~$1.8B each that quarter. The ABBV position was increased by ~20% in Q4 2020 at prices between ~$81 and ~$109. The three quarters through Q3 2021 had seen a ~45% reduction at prices between ~$106 and ~$121. Last quarter saw another ~80% selling at prices between ~$107 and ~$136. The elimination this quarter was at prices between ~$132 and ~$164. The stock currently trades at ~$155. BMY position had seen a one-third selling over the three quarters through Q3 2021 at prices between ~$59 and ~$69. It was sold down by ~75% last quarter at prices between ~$53.50 and ~$62.50. The position was sold this quarter at prices between ~$61.50 and ~$74. It currently trades at $78.22.Note: Berkshire’s overall cost-basis on ABBV and BMY were ~$91 and ~$60 per share respectively.Stake Increases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~43%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$149.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.6% ownership stake in the business.Chevron Corp (CVX): CVX is a 7.13% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91 and increased by ~10% next quarter. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while in Q3 2021 there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase last quarter at prices between ~$102 and ~$119. This quarter saw a whopping ~315% stake increase at prices between ~$119 and ~$171. The stock currently trades at ~$174.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Activision Blizzard (ATVI) and Liberty Media Formula One (FWONK): ATVI is a 1.42% of the portfolio position established last quarter at prices between ~$57 and ~$81 and the stock currently trades at $78.54. This quarter saw the stake increased by ~340% at prices between ~$63 and ~$82. FWONK is a minutely small 0.15% of the portfolio position built over the last two quarters at prices between ~$52 and ~$70. The stock is now at $61.42.Note: Microsoft (MSFT) is acquiring Activision Blizzard in a $95 per share all-cash deal announced last month.General Motors (GM): GM is a 0.75% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. The stock currently trades at $38.10. Berkshire’s cost-basis on GM is ~$31. This quarter saw a minor ~3% stake increase.Note: Berkshire’s ownership stake in General Motors is ~4%.RH Inc. (RH): The 0.19% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. This quarter saw another ~20% stake increase at prices between ~$321 and ~$538. It is now at ~$298.Note: Berkshire controls ~9% of the business.Floor & Décor Holdings (FND): The minutely small 0.11% of the portfolio FND position was established in Q3 2021 at prices between ~$104 and ~$131 and it is now well below that range at $72.10. This quarter saw a ~470% stake increase at prices between ~$81 and ~$130.Stake Decreases:Kroger Company (KR): KR is a 0.92% of the portfolio position established in Q4 2019 at prices between $24 and $29. The five quarters through Q3 2021 had seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $51.23. There was a minor ~6% trimming this quarter.Note: Berkshire’s ownership stake in Kroger is ~8%.Verizon Communications (VZ): The VZ position was built in H2 2020 at prices between $54 and $62 and the stock is now at $48.94. This quarter saw the position almost eliminated at prices between ~$51 and ~$55.Store Capital (STOR): The 0.12% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. This quarter saw the stake sold down by ~40% at prices between ~$28.75 and ~$34.60. The stock is now at $27.50.Royalty Pharma plc (RPRX): The 0.02% of the portfolio RPRX stake was purchased in Q3 2021 at prices between ~$36 and ~$42 and the stock currently trades at $41.36. There was a roughly one-third selling last quarter at prices between ~$35 and ~$42.50. This quarter saw the position reduced by another ~85% at prices between ~$37.50 and ~$42.50.Kept Steady:Bank of America (BAC): Berkshire established this large (top three) ~12% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of ~$36. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is at ~13%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~9 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~20% and ~9.2% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 3.53% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of ~$43.Moody’s Inc. (MCO): MCO is a 2.29% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$293. Berkshire controls ~13% of the business.US Bancorp (USB): The 1.85% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $49.65, and Berkshire’s cost-basis is ~$38. They control ~10% of the business.DaVita Inc. (DVA): DVA is a 1.12% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$99 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~38%.Bank of New York Mellon Corp (BK): BK is a ~1% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $44.59. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.3%.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. Last November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. The stock currently trades at $40.23 and the stake is at 0.80% of the portfolio.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$169 and the position is at 0.78% of the portfolio (~10% of the business).Charter Communications (CHTR): CHTR is a 0.51% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Last two quarters saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$472 compared to Berkshire’s cost-basis of ~$178.Amazon.com (AMZN): AMZN is a 0.48% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$2307.Aon plc (AON): AON is a 0.39% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$279.Snowflake Inc. (SNOW): SNOW had an IPO last September. Shares started trading at ~$229 and currently goes for ~$146. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$10 and currently goes for $4.08. Berkshire’s ~$1B stake goes back to a funding round in early 2021 when the valuation was ~$30B. Current valuation is ~$20B.T-Mobile US (TMUS): TMUS is a small 0.19% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$129.StoneCo Ltd. (STNE): STNE is a 0.03% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at ~$8.90.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Marsh & McLennan (MMC): MMC is a small 0.02% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction last quarter at prices between ~$139 and ~$161. The stake was almost eliminated last quarter at prices between ~$151 and ~$174. The stock is now at ~$159.Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q4 2021 and Q1 2022.4/6/2022 – HPQ - HP Inc. Purchase filed under Buffett Warren E – 120.95M shares at prices around the mid-30s. & .Q2 2021 Bullish Rating Reasoning submitted at SA: Berkshire stock is trading at a discount to its intrinsic value. This was validated by Warren Buffett himself as they repurchased $6.57B worth of shares last quarter.11/16/2019 – READER REQUEST - Could you add the total dividends per quarter & value$ for all the privately owned BRK companies such as See's Geico PCP better HomesReal estate Energy cos RRs? – I replied saying updates based on 10Q/10K is what you might be looking for and said that I will try to do something along those lines soon.REMINDER: Update the note about Book Value and Repurchases using my . NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note: Note: In Q1 2021, Berkshire Hathaway repurchased ~27.5M Class B Equivalent Shares for a total outlay of $6.57B. The average price paid was ~$239. Book Value as of Q1 2021 was ~$195 per share. So, the repurchase happened at ~123% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$288.Cost-basis Info from 2020 AR – 3/2021: Cost-Basis: ABBV – 91.37, AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~173, CVX - ~83, KO – 3.25, GM – 30.51, Itochu – ITOCY – 22.90, MRK – ~83, MCO – 10.05, USB - ~38, VZ – 59.24. Previous Info: GS – 71.54, JPM – 109, LUV – 41.55, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 11/16/2021 to 2/14/2022: 13G/As – 2/14 – KHZ – 510.7M shares – 41.7% of business (includes 3G holdings due to voting relationship, USB – 144.73M shares – 9.8% of business, SNOW – 6.125M shares – 2% of business, RH – 1.82M shares – 8.5% of business, KR – 61.41M shares – 8.4% of business, LBTYK – 0, STNE – 10.695M shares – 4.1% of business, GM – 60M shares – 4.1% of business, AXTA – 0. 13D/A – 2/14 – DVA – 36.1M shares – 37.5% of business.12/10/2021 – NU – Berkshire $500M at $30B valuation in early 2021 prior to the IPO.11/3/2021 – LSXMA – Liberty’s filing has the following which indicates an exchange was done with WEB – “On November 1, 2021, Liberty entered into an Exchange Agreement (the “Exchange Agreement”) with the counterparties thereto (collectively, the “Holders”) to acquire an aggregate of 43,658,800 shares of Common Stock in exchange (the “Exchange”) for the issuance by Liberty to the Holders of an aggregate of 5,347,320 shares of Liberty’s Series A Liberty SiriusXM Common Stock, par value $0.01 per share, in a transaction intended to qualify as a reorganization within the meaning of Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). The exchange ratio was market-based with no premium. ” - ."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2021 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$293B to ~$331B.Their largest three holdings are at over two-thirds of the entire portfolio.Berkshire Hathaway increased Chevron while reducing AbbVie, Marsh & McLennan, Bristol-Myers Squibb, Visa, and Royalty Pharma during the quarter. They also dropped Teva.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 2/14/2022. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2021.During Q4 2021, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~13% from ~$293B to ~$331B. The top five positions account for ~79% of the portfolio: Apple Inc., Bank of America, American Express, Coca Cola, and Kraft Heinz. There are 42 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q3 2021, Berkshire Hathaway repurchased 27.20M Class B Equivalent Shares for a total outlay of $7.63B. The average price paid was ~$280. Book Value as of Q3 2021 was ~$210 per share. So, the repurchase happened at ~133% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$316.New Stakes:NU Holdings (NU), Activision Blizzard (ATVI), and Liberty Media Formula One (FWONK): These are the new positions this quarter. NU had an IPO in December. Shares started trading at ~$10 and currently goes for $9.15. Berkshire’s ~$1B stake goes back to a funding round in early 2021 when the valuation was ~$30B. Current valuation is ~$40B. ATVI is a 0.29% of the portfolio position established this quarter at prices between ~$57 and ~$81 and the stock currently trades at $81.52. FWONK is a minutely small 0.04% of the portfolio position established during the quarter.Note: Microsoft (MSFT) is acquiring Activision Blizzard in a $95 per share all-cash deal announced last month.Stake Disposals:Teva Pharmaceuticals (TEVA): TEVA was a 0.14% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The elimination this quarter was at prices between ~$7.90 and ~$10.20. The stock currently trades at $8.46.Sirius XM Holdings (SIRI): The disposal came about as a result of an exchange offer with Liberty Sirius XM done in .Stake Increases:Chevron Corp (CVX): CVX is a 1.36% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91 and increased by ~10% next quarter. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while last quarter there was a ~25% stake increase at prices between ~$94 and ~$106. That was followed with another one-third increase this quarter at prices between ~$102 and ~$119. The stock currently trades at ~$134.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. In November, Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business. This accounts for the ~9% stake increase this quarter. The stock currently trades at $51.34.RH Inc. (RH): The 0.29% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$427. There were minor increases in the last four quarters.Note: Berkshire controls 8.5% of the business.Floor & Décor Holdings (FND): The minutely small 0.03% of the portfolio FND position was established last quarter at prices between ~$104 and ~$131 and it is now at ~$108. There was a minor ~3% increase this quarter.Stake Decreases:Kroger Company (KR): KR is a 0.84% of the portfolio position established in Q4 2019 at prices between $24 and $29. Last five quarters had seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $46.41. There was a marginal reduction this quarter.Note: Berkshire’s ownership stake in Kroger is 8.4%.Charter Communications (CHTR): CHTR is a 0.75% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Last two quarters saw another ~25% reduction at prices between ~$605 and ~$821. The stock currently trades at ~$610 compared to Berkshire’s cost-basis of ~$178. They are harvesting gains.AbbVie Inc. (ABBV), and Bristol-Myers Squibb (BMY): Berkshire added these two picks in Q3 2020. The stakes received an allocation of ~$1.8B each that quarter. The ABBV position was increased by ~20% in Q4 2020 at prices between ~$81 and ~$109. Last three quarters had seen a ~45% reduction at prices between ~$106 and ~$121. This quarter saw another ~80% selling at prices between ~$107 and ~$136. The stock currently trades at ~$145 and the stake is now minutely small at 0.12% of the portfolio. BMY position had seen a one-third selling over the last three quarters at prices between ~$59 and ~$69. It was sold down by ~75% this quarter at prices between ~$53.50 and ~$62.50. It currently trades at ~$68.Note: Berkshire’s overall cost-basis on ABBV and BMY were ~$91 and ~$60 per share respectively.Marsh & McLennan (MMC): MMC was a small 0.14% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Q2 2021 saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction last quarter at prices between ~$139 and ~$161. The stake was almost eliminated this quarter at prices between ~$151 and ~$174. The stock is now at ~$154.Note: Berkshire likely avoided disclosing this stake in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.Royalty Pharma plc (RPRX): The 0.10% of the portfolio RPRX stake was purchased last quarter at prices between ~$36 and ~$42 and the stock currently trades at $40.34. There was a roughly one-third selling this quarter at prices between ~$35 and ~$42.50.MasterCard Inc. (MA) and Visa Inc. (V): These two small stakes have seen trimming in the last two quarters.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~48%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$173.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.4% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~14% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $47.79. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~9 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 3.53% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of ~$35.Moody’s Inc. (MCO): MCO is a 2.91% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$330. Berkshire controls ~13% of the business.Verizon Communications (VZ): The 2.49% VZ position was built in H2 2020 at prices between $54 and $62 and the stock is now at $53.36. There was a ~8% stake increase in Q1 2021.Note 1: Verizon is currently trading below Berkshire’s overall cost-basis of ~$59 per share.Note 2: Berkshire likely avoided disclosing this stake in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.US Bancorp (USB): The 2.15% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $58.61, and Berkshire’s cost-basis is ~$38. They control ~10% of the business.Bank of New York Mellon Corp (BK): BK is a 1.27% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $62.23. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.4%.DaVita Inc. (DVA): DVA is a 1.24% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$117 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~38%.General Motors (GM): GM is a 1.06% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. H1 2021 saw a ~17% selling at prices between $40.50 and $64. The stock currently trades at $49.67. Berkshire’s cost-basis on GM is ~$31.Note: Berkshire’s ownership stake in General Motors is 4.1%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$216 and the position is at ~1% of the portfolio (~10% of the business).Snowflake Inc. (SNOW): SNOW had an IPO last September. Shares started trading at ~$229 and currently goes for ~$300. Berkshire acquired ~2% of the business at the IPO price of ~$120 per share.Amazon.com (AMZN): AMZN is a 0.54% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3130.Aon plc (AON): AON is a 0.40% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Next quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$285.Store Capital (STOR): The 0.25% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at $30.48.T-Mobile US (TMUS): TMUS is a small 0.18% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$127.StoneCo Ltd. (STNE): STNE is a 0.05% position purchased in Q4 2018 at ~$21 per share. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94. The stock is currently at ~$13.Note: Berkshire has a 4.1% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Wells Fargo & Co. (WFC): WFC is now a minutely small position. It is a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last three quarters of 2020 had seen another ~85% reduction at prices between ~$21 and ~$33. Q1 2021 saw the position almost eliminated at prices between ~$29.70 and ~$41. Berkshire’s cost-basis is ~$24.50. The stock currently trades at $58.38.Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), and Vanguard S&P 500 Index (VOO): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $9.29. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at ~$63.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q3 2021 and Q4 2021.12/10/2021 – NU – Berkshire $500M at $30B valuation in early 2021 prior to the IPO.11/3/2021 – LSXMA – Liberty’s filing has the following which indicates an exchange was done with WEB – “On November 1, 2021, Liberty entered into an Exchange Agreement (the “Exchange Agreement”) with the counterparties thereto (collectively, the “Holders”) to acquire an aggregate of 43,658,800 shares of Common Stock in exchange (the “Exchange”) for the issuance by Liberty to the Holders of an aggregate of 5,347,320 shares of Liberty’s Series A Liberty SiriusXM Common Stock, par value $0.01 per share, in a transaction intended to qualify as a reorganization within the meaning of Section 368(a)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”). The exchange ratio was market-based with no premium. ” - .Q2 2021 Bullish Rating Reasoning submitted at SA: Berkshire stock is trading at a discount to its intrinsic value. This was validated by Warren Buffett himself as they repurchased $7.63B worth of shares this quarter.11/16/2019 – READER REQUEST - Could you add the total dividends per quarter & value$ for all the privately owned BRK companies such as See's Geico PCP better HomesReal estate Energy cos RRs? – I replied saying updates based on 10Q/10K is what you might be looking for and said that I will try to do something along those lines soon.REMINDER: Update the note about Book Value and Repurchases using my . NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note: Note: In Q1 2021, Berkshire Hathaway repurchased ~27.5M Class B Equivalent Shares for a total outlay of $6.57B. The average price paid was ~$239. Book Value as of Q1 2021 was ~$195 per share. So, the repurchase happened at ~123% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$288.Cost-basis Info from 2020 AR – 3/2021: Cost-Basis: ABBV – 91.37, AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~173, CVX - ~83, KO – 3.25, GM – 30.51, Itochu – ITOCY – 22.90, MRK – ~83, MCO – 10.05, USB - ~38, VZ – 59.24. Previous Info: GS – 71.54, JPM – 109, LUV – 41.55, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings from 8/17/2021 to 11/16/2021: 13G/A – 11/1 – LSXMA – 20.21M shares – 19.7% of business."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2021 Update"

"Berkshire Hathaway's 13F stock portfolio value remained almost steady at ~$293B.Their largest three holdings are at two-thirds of the entire portfolio.Berkshire Hathaway increased Chevron while reducing Charter Communications, AbbVie, Marsh & McLennan, and Bristol-Myers Squibb during the quarter. They also dropped Merck.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/15/2021. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2021.During Q1 2021, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value remained almost steady at ~$293B. The top five positions account for three-quarters of the portfolio: Apple Inc., Bank of America, American Express, Coca Cola, and Kraft Heinz. There are 41 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q3 2021, Berkshire Hathaway repurchased 27.20M Class B Equivalent Shares for a total outlay of $7.63B. The average price paid was ~$280. Book Value as of Q3 2021 was ~$210 per share. So, the repurchase happened at ~133% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$283.New Stakes:Royalty Pharma plc (RPRX) and Floor & Décor Holdings (FND): These are the two new positions this quarter. The 0.16% of the portfolio RPRX stake was purchased at prices between ~$36 and ~$42 and the stock currently trades near the top end of that range at ~$42. The 0.03% of the portfolio FND position was established at prices between ~$104 and ~$131 and it is now above that range at ~$138.Stake Disposals:Merck & Company (MRK): The MRK position was established in Q3 2020 and increased by ~30% next quarter at prices between ~$75 and ~$84. Last two quarters had seen a ~70% selling at prices between ~$69 and ~$81. The elimination this quarter was at prices between ~$72 and ~$79. The stock currently trades at $84.11.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. There was a ~60% selling in Q1 2021 at prices between ~$23.50 and ~$26.75. Last quarter saw the stake almost sold out at prices between ~$25 and ~$28.50. The stock is now at $28.91. The remainder position was disposed this quarter.Organon & Company (OGN): OGN was a minutely small 0.02% of the portfolio position that came about as a result of the spinoff of Organon from Merck in May. Merck shareholders got one share of Organon for every ten shares of Merck held. Berkshire has a position in Merck. OGN shares started trading at ~$33 and currently goes for $33.54. The stake was sold during the quarter at prices between ~$28.50 and ~$35.75.Stake Increases:Chevron Corp (CVX): CVX is a ~1% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91 and increased by ~10% next quarter. Q1 2021 saw a ~50% selling at prices between ~$85 and ~$112 while this quarter there was a ~25% stake increase at prices between ~$94 and ~$106. The stock currently trades at ~$117.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity. Their original cost-basis on CVX was ~$83 per share.Stake Decreases:US Bancorp (USB): The 2.56% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $60.52 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. There was minor selling in the last four quarters.Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. This quarter saw another similar reduction at prices between ~$701 and ~$821. The stock currently trades at ~$689 compared to Berkshire’s cost-basis of ~$178. They are harvesting gains.AbbVie Inc. (ABBV), and Bristol-Myers Squibb (BMY): Berkshire added these two picks from the big-pharma sector in Q3 2020. The stakes received an allocation of ~$1.8B each that quarter. The 0.53% ABBV position was increased by ~20% in Q4 2020 at prices between ~$81 and ~$109. Last three quarters have seen a ~45% reduction at prices between ~$106 and ~$121. The stock currently trades at ~$116. BMY is a 0.44% position that saw a ~10% increase in Q4 2020. Last three quarters have seen a one-third selling at prices between ~$59 and ~$69. It currently trades at ~$59.Note: Berkshire’s overall cost-basis on ABBV and BMY were ~$91 and ~$60 per share respectively.Marsh & McLennan (MMC): MMC is a small 0.14% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase next quarter at prices between ~$108 and ~$122. Last quarter saw an about turn: ~20% selling at prices between ~$122 and ~$142. That was followed with a roughly one-third reduction this quarter at prices between ~$139 and ~$161. The stock is now at ~$169.Note: Berkshire likely avoided disclosing this stake in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.MasterCard Inc. (MA) and Visa Inc. (V): These two small stakes were each trimmed by ~5% during the quarter.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~43%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$151.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.4% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~15% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of ~$47. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~8 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at ~4% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of ~$37.Moody’s Inc. (MCO): MCO is a ~3% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$402. Berkshire controls ~13% of the business.Verizon Communications (VZ): The ~3% VZ position was built in H2 2020 at prices between $54 and $62 and the stock is now at ~$52. There was a ~8% stake increase in Q1 2021.Note 1: Verizon is currently trading below Berkshire’s overall cost-basis of ~$59 per share.Note 2: Berkshire likely avoided disclosing this stake in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.DaVita Inc. (DVA): DVA is a 1.43% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$102 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~34%.Bank of New York Mellon Corp (BK): BK is a 1.28% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at ~$59. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.4%.General Motors (GM): GM is a 1.08% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. Last two quarters had seen a ~17% selling at prices between $40.50 and $64. The stock currently trades at $62.61. Berkshire’s cost-basis on GM is ~$31.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. The stock currently trades at $55.36.Note: Regulatory filings from earlier this month indicates that Berkshire exchanged their 43.66M share stake in Sirius XM for 5.35M additional shares of Liberty Sirius XM Class A tracking stock in a transaction with the parent business.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$240 and the position is at 0.90% of the portfolio (~10% of the business).Kroger Company (KR): KR is a 0.85% of the portfolio position established in Q4 2019 at prices between $24 and $29. Last five quarters had seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $41.69.Snowflake Inc. (SNOW): SNOW had an IPO in September. Shares started trading at ~$229 and currently goes for ~$402. Berkshire acquired the shares at the IPO price of ~$120 per share.Amazon.com (AMZN): AMZN is a 0.60% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3541.Aon plc (AON): AON is 0.43% of the portfolio position established in Q1 2021 at prices between ~$202 and ~$234. Last quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades at ~$303.RH Inc. (RH): The 0.41% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$651. Berkshire controls ~9% of the business. There were minor increases in the last three quarters.Store Capital (STOR): The 0.27% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at ~$34.T-Mobile US (TMUS): TMUS is a small 0.23% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$118.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.14% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $9.30.StoneCo Ltd. (STNE): STNE is a 0.13% position purchased in Q4 2018 at ~$21 per share compared to the current price of ~$29. Q1 2021 saw a ~25% reduction at prices between ~$60 and ~$94.Note: Berkshire has a ~8% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Wells Fargo & Co. (WFC): WFC is now a minutely small position. It is a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last three quarters of 2020 had seen another ~85% reduction at prices between ~$21 and ~$33. Q1 2021 saw the position almost eliminated at prices between ~$29.70 and ~$41. Berkshire’s cost-basis is ~$24.50. The stock currently trades at $50.37.Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), Procter & Gamble (PG), Sirius XM Holdings (SIRI), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), and Vanguard S&P 500 Index (VOO): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $15.45. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at ~$78.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/18/2021 thru 8/17/2021: 13D/A – 8/4 – DVA – 36.1M shares – 34.4% of business. 13D/A – 6/23 – BRK – Buffet ownership – 238.6K class A & 2412 Class B shares. Details a number of donations to charitable foundations made."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2021 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $270.44B to $293.02B this quarter.Their largest three holdings are at ~64% of the entire portfolio.Berkshire Hathaway increased Kroger while reducing Merck and Liberty Global during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/16/2021. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2021.During Q1 2021, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~8% from $270.44B to $293.02B. The top five positions account for three-quarters of the portfolio: Apple Inc., Bank of America, American Express, Coca Cola, and Kraft Heinz. There are 42 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q2 2021, Berkshire Hathaway repurchased 21.64M Class B Equivalent Shares for a total outlay of $6.03B. The average price paid was ~$279. Book Value as of Q2 2021 was ~$206 per share. So, the repurchase happened at ~135% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$289.New Stakes:Organon & Company (OGN): OGN is a minutely small 0.02% of the portfolio position that came about as a result of the spinoff of Organon from Merck in May. Merck shareholders got one share of Organon for every ten shares of Merck held. Berkshire has a position in Merck. OGN shares started trading at ~$33 and currently goes for $35.38.Stake Disposals:Axalta Coating Systems (AXTA): AXTA was a small 0.15% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. Last quarter saw a ~40% selling at prices between ~$26.75 and ~$31. The elimination this quarter was at prices between $29.50 and $33.75. The stock currently trades at ~$31. Berkshire had a ~6% ownership stake in the business as of last quarter.Biogen Inc. (BIIB): The minutely small 0.07% stake in BIIB was disposed during the quarter.Stake Increases:Kroger Company (KR): KR is a 0.81% of the portfolio position established in Q4 2019 at prices between $24 and $29. Last five quarters have seen a ~225% stake increase at prices between ~$30 and ~$40. The stock currently trades at $45.44.RH Inc. (RH): The 0.42% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$688. Berkshire controls ~9% of the business. There were minor increases in the last three quarters.Aon plc (AON): AON is 0.36% of the portfolio position established last quarter at prices between ~$202 and ~$234. This quarter saw a ~7% increase at prices between ~$230 and ~$259. The stock currently trades well above those ranges at ~$281Stake Decreases:US Bancorp (USB): The 2.51% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $56.76 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. There was marginal selling in the last three quarters.General Motors (GM): GM is a 1.21% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. Last two quarters have seen a ~17% selling at prices between $40.50 and $64. The stock currently trades at $50.47. Berkshire’s cost-basis on GM is ~$31.Chevron Corp (CVX): CVX is a 0.83% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91 and increased by ~10% next quarter. Last quarter saw a ~50% selling at prices between ~$85 and ~$112. This quarter also saw a minor ~2% trimming. The stock currently trades at ~$101.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed later disclosed the activity. Their overall cost-basis on CVX was ~$83 per share.AbbVie Inc. (ABBV), Merck & Company (MRK), and Bristol-Myers Squibb (BMY): Berkshire added these three picks from the big-pharma sector in Q3 2020. The stakes received an allocation of ~$1.8B each that quarter. The 0.79% ABBV position was increased by ~20% in Q4 2020 at prices between ~$81 and ~$109 and it currently trades at ~$120. Last two quarters have seen a ~20% reduction at prices between ~$102 and ~$117. The 0.24% MRK stake saw a ~28% increase in Q4 2020 at prices between ~$75 and ~$84 and it is now at $78.83. Last two quarters have seen a ~70% selling at prices between ~$69 and ~$81. BMY is a 0.60% position that saw a ~10% increase in Q4 2020. BMY currently trades at ~$69. Last two quarters have seen a ~20% selling at prices between ~$59 and ~$67.Note: Berkshire’s overall cost-basis on ABBV, MRK, and BMY were ~$91, ~$83, and ~$60 per share respectively.Marsh & McLennan (MMC): MMC is a small 0.24% of the portfolio stake established in Q3 2020 at prices between ~$107 and ~$119 and it now goes for ~$155. There was a ~25% stake increase in Q4 2020 at prices between ~$103 and ~$119. That was followed with a similar increase last quarter at prices between ~$108 and ~$122. This quarter saw an about turn: ~20% selling at prices between ~$122 and ~$142.Note: Berkshire likely avoided disclosing this stake in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. There was a ~60% selling last quarter at prices between ~$23.50 and ~$26.75. This quarter saw the stake almost sold out at prices between ~$25 and ~$28.50. The stock is now at $28.46.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~42%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$150.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.4% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~14% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of ~$41. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~8 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.53% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $37.91.Moody’s Inc. (MCO): MCO is a ~3% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$382. Berkshire controls ~13% of the business.Verizon Communications (VZ): The ~3% VZ position was built in H2 2020 at prices between $54 and $62 and the stock is now at ~$56. There was a ~8% stake increase last quarter. For investors attempting to follow, VZ is a good option to consider for further research.Note 1: Verizon is currently trading below Berkshire’s overall cost-basis of ~$59 per share.Note 2: Berkshire likely avoided disclosing this stake in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.DaVita Inc. (DVA): DVA is a 1.48% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$133 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~34%.Charter Communications (CHTR): CHTR is a 1.28% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Since then, the activity has been minor. The stock currently trades at ~$788 compared to Berkshire’s cost-basis of ~$178.Bank of New York Mellon Corp (BK): BK is a 1.27% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $53.80. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.4%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$212 and the position is at ~1% of the portfolio (~10% of the business).Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. The stock currently trades at $47.83.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.Amazon.com (AMZN): AMZN is a 0.63% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3242.Snowflake Inc. (SNOW): SNOW had an IPO in September. Shares started trading at ~$229 and currently goes for ~$278. Berkshire acquired the shares at the IPO price of ~$120 per share.Store Capital (STOR): The 0.30% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at $35.69.T-Mobile US (TMUS): TMUS is a small 0.24% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$141.StoneCo Ltd. (STNE): STNE is a 0.24% position purchased in Q4 2018 at ~$21 per share compared to the current price of ~$50. Last quarter saw a ~25% reduction at prices between ~$60 and ~$94.Note: Berkshire has a ~8% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.14% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $9.48.Sirius XM Holdings (SIRI): The 0.10% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. Q2 2020 saw a ~60% selling at prices between $4.50 and $6.50. The stock is currently at $6.12. There was a ~12% trimming last quarter.Wells Fargo & Co. (WFC): WFC is now a minutely small position. It is a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last three quarters of 2020 had seen another ~85% reduction at prices between ~$21 and ~$33. Last quarter saw the position almost eliminated at prices between ~$29.70 and ~$41. Berkshire’s cost-basis is ~$24.50. The stock currently trades at $48.71.Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $14.58. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at $64.54.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q1 2021 and Q2 2021.11/16/2019 – READER REQUEST - Could you add the total dividends per quarter & value$ for all the privately owned BRK companies such as See's Geico PCP better HomesReal estate Energy cos RRs? – I replied saying updates based on 10Q/10K is what you might be looking for and said that I will try to do something along those lines soon.REMINDER: Update the note about Book Value and Repurchases. For repurchase info in the quarterly report, search for “total number of shares purchased” in the quarterly reports. For book value, look in the Consolidated Balance Sheet Line that reads “Berkshire Hathaway Shareholders’ Equity”- 447,987 for Q1 2021. Divide that number by the number of Class A shares outstanding which is listed in the 2nd last line in the Consolidated Statements of Earnings – 1,533,284. For Q1 2021, Class A Book Value is therefore ~$292,175. Divide that by 1500 to get Class B Book Value of ~195. NOTE: The quarterly reports except Q4 come before 13Fs. So, for Q1 to Q3 include something like the following as a Note: Note: In Q1 2021, Berkshire Hathaway repurchased ~27.5M Class B Equivalent Shares for a total outlay of $6.57B. The average price paid was ~$239. Book Value as of Q1 2021 was ~$195 per share. So, the repurchase happened at ~123% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$288.Cost-basis Info from 2020 AR – 3/2021: Cost-Basis: ABBV – 91.37, AXP – 8.49, AAPL - 34.26, BAC – 14.17, BK – 43.66, CHTR – ~173, CVX - ~83, KO – 3.25, GM – 30.51, Itochu – ITOCY – 22.90, MRK – ~83, MCO – 10.05, USB - ~38, VZ – 59.24. Previous Info: GS – 71.54, JPM – 109, LUV – 41.55, UAL – 54.47, V – 34, WFC – 20.36.Regulatory filings thru 5/18/2021: 13G/A – 4/12 – Vanguard ownership of Berkshire – 135.79M shares – 10.17% of business."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2021 Update"

"Berkshire Hathaway's 13F stock portfolio value increased marginally from ~$270B to ~$270.44B this quarter.Their largest three holdings are at ~63% of the entire portfolio.Berkshire Hathaway added Aon plc while reducing Wells Fargo and dropping Synchrony Financial & Suncor Energy during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/17/2021. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2020.During Q1 2021, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased marginally from ~$270B to ~$270.44B. The top five positions account for three-quarters of the portfolio: Apple Inc., Bank of America, American Express, Coca Cola, and Kraft Heinz. There are 43 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q1 2021, Berkshire Hathaway repurchased ~27.5M Class B Equivalent Shares for a total outlay of $6.57B. The average price paid was ~$239. Book Value as of Q1 2021 was ~$195 per share. So, the repurchase happened at ~123% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$288.New Stakes:Aon plc (AON): AON is 0.35% of the portfolio position established this quarter at prices between ~$202 and ~$234 and the stock currently trades well above that range at ~$254.Stake Disposals:Synchrony Financial (SYF): SYF was a 0.26% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The disposal this quarter was at prices between $33.50 and $43. The stock is now at $45.85.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Suncor Energy (SU): The 0.09% SU stake was purchased in Q4 2018 at prices between $26 and $40. Q4 2019 saw a ~40% stake increase at prices between $29 and $33. There was another ~30% stake increase in Q2 2020 at prices between $14.25 and $21.30. Last quarter saw a similar reduction at prices between ~$11 and ~$19. The position was disposed this quarter at prices between $16.75 and $23.50. The stock is now at ~$24.Note: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Stake Increases:Marsh & McLennan (MMC) and Verizon Communications (VZ): These two stakes established in Q3 2020 were increased substantially over the last two quarters. MMC is a small 0.24% of the portfolio stake established at prices between ~$107 and ~$119 and it now goes for ~$134. There was a ~25% stake increase last quarter at prices between ~$103 and ~$119. That was followed with a similar increase this quarter at prices between ~$108 and ~$122. The large 3.42% VZ position was built over the last two quarters at prices between $54 and $62 and the stock is now at ~$57. There was a ~8% stake increase this quarter. For investors attempting to follow, these two are good options to consider for further research.Note 1: Verizon is currently trading below Berkshire’s overall cost-basis of ~$59 per share.Note 2: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed in February disclosed the activity.Kroger Company (KR): KR is a 0.68% of the portfolio position established in Q4 2019 at prices between $24 and $29. Last four quarters have seen a ~170% stake increase at prices between ~$30 and ~$38.75. The stock currently trades at $37.20.RH Inc. (RH): The 0.39% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$628. Berkshire controls ~9% of the business. There were marginal increases in the last two quarters.Stake Decreases:US Bancorp (USB): The 2.65% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $60.85 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. There was marginal selling in the last two quarters.General Motors (GM): GM is a 1.42% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. Last few quarters have seen only minor adjustments. This quarter saw a ~8% trimming. The stock currently trades at ~$56. Overall, Berkshire’s cost-basis on GM is ~$31.Chevron Corp (CVX): CVX is a 0.92% of the portfolio position purchased in Q3 2020 at prices between ~$72 and ~$91 and increased by ~10% last quarter. This quarter saw a ~50% selling at prices between ~$85 and ~$112. The stock currently trades at ~$106.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed yesterday disclosed the activity. Their overall cost-basis on CVX was ~$83 per share.AbbVie Inc. (ABBV), Merck & Company (MRK), and Bristol-Myers Squibb (BMY): Berkshire added these three picks from the big-pharma sector in Q3 2020. The stakes received an allocation of ~$1.8B each that quarter. The 0.92% ABBV position was increased by ~20% last quarter at prices between ~$81 and ~$109 and it currently trades at ~$117. This quarter saw a ~10% trimming. The 0.51% MRK stake saw a ~28% increase last quarter at prices between ~$75 and ~$84 and it is now at $79.50. There was a ~38% selling this quarter at prices between ~$72 and ~$85. BMY is a 0.72% position that saw a ~10% increase last quarter. BMY currently trades at $65.60. This quarter saw a ~7% trimming.Note: Berkshire’s overall cost-basis on ABBV & MRK were ~$91 & ~$83 per share respectively.StoneCo Ltd. (STNE): STNE is a 0.24% position purchased in Q4 2018 at ~$21 per share compared to the current price of ~$60. This quarter saw a ~25% reduction at prices between ~$60 and ~$94.Note: Berkshire has a ~8% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Axalta Coating Systems (AXTA): AXTA is a small 0.15% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. This quarter saw a ~40% selling at prices between ~$26.75 and ~$31. The stock currently trades at $32.45. Berkshire owns ~6% of the business.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. There was a ~60% selling this quarter at prices between ~$23.50 and ~$26.75. The stock is now at ~$28 and the stake is at 0.10% of the 13F portfolio.Sirius XM Holdings (SIRI): The 0.10% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. Q2 2020 saw a ~60% selling at prices between $4.50 and $6.50. The stock is currently at $5.87. There was a ~12% trimming this quarter.Wells Fargo & Co. (WFC): WFC is now a minutely small position. It is a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last three quarters had seen another ~85% reduction at prices between ~$21 and ~$33. This quarter saw the position almost eliminated at prices between ~$29.70 and ~$41. Berkshire’s cost-basis is ~$24.50. The stock currently trades at ~$47.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~40%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$125.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.4% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~15% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of ~$42. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~8 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.82% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $43.70.Moody’s Inc. (MCO): MCO is a 2.72% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$324. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a 1.44% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$122 compared to Berkshire’s overall cost-basis of ~$45 per share. Q3 2020 saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~32%.Bank of New York Mellon Corp (BK): BK is a 1.27% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $50.75. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.4%.Charter Communications (CHTR): CHTR is a 1.19% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Since then, the activity has been minor. The stock currently trades at ~$686 compared to Berkshire’s cost-basis of ~$178.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. The stock currently trades at ~$41.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$218 and the position is at 0.94% of the portfolio (~10% of the business).Amazon.com (AMZN): AMZN is a 0.61% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3232.Snowflake Inc. (SNOW): SNOW had an IPO in September. Shares started trading at ~$229 and currently goes for ~$224. Berkshire acquired the shares at the IPO price of ~$120 per share.Store Capital (STOR): The 0.30% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at $33.54.T-Mobile US (TMUS): TMUS is a small 0.24% of the portfolio stake purchased in Q3 2020 at prices between ~$104 and ~$119 and more than doubled next quarter at prices between ~$110 and ~$135. It currently trades at ~$135.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.18% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $10.67.Biogen Inc. (BIIB), Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These very small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at ~$16. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at ~$39.60.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Berkshire Hathaway’s 13F filings for Q4 2020 and Q1 2021.Cost-basis, Book Value, and Repurchase Info from 2019 AR – 2/25/2020: Cost-Basis: AXP – 8.49, AAPL - ~141, BAC – 13.25, BK – 45.36, CHTR – 174, AXP – 3.25, DAL – 44.07, GS – 71.54, JPM – 109, MCO – 10.05, LUV – 41.55, UAL – 54.47, USB – 38.18, V – 34, WFC – 20.36. Book Value: $262,278, , Repurchase Info: for 2019, aggregate outlay for repurchases were $5B.Regulatory filings thru 2/16/2021: 13G/As and D/As – 2/16 – KHZ – 325.4M shares – deemed 541.3M shares due to agreements with 3G, GM – 72.5M shares – 5.1% of business, LSXMK – 43.21M shares – 18.8% of business, STOR – 24.42M shares – 9.3% of business, BAC – 1.03B shares – 11.9% of business, LBTYK – 18.01M shares – 9.9% of business, BK – 74.35M shares – 8.4% of business, RH – 1.73M shares – 8.5% of business, USB – 149.45M shares – 9.9% of business, AXTA – 23.4M shares – 9.9% of business, AAPL – 907.56M shares – 5.4% of business, VRSN – 12.82M shares – 11.2% of business, LILAK – 2.63M shares – 5.4% of business, DVA – 36.1M shares – 33% of business, 13G – 2/12 – STT – 75.13M shares – 5.48% of business, 13G/A – 2/10 – Vanguard Group Filing – 135.15M shares – 9.86% of business, BlackRock filing – 7.9% of business, E.W. Scripps – SSP – 23.08M shares – 24.9% of business."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2020 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$236B to ~$270B this quarter.Their largest three holdings are at ~63% of the entire portfolio.Berkshire Hathaway increased Verizon Communications & T-Mobile US while reducing Wells Fargo & Suncor Energy during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/16/2021. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2020.During Q1 2020, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~14% from ~$236B to ~$270B. The top five positions account for almost three-quarters of the portfolio: Apple Inc., Bank of America, Coca Cola, American Express, and Kraft Heinz. There are 44 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q3 2020, Berkshire Hathaway repurchased ~45M Class B Equivalent Shares for a total outlay of $9.26B. The average price paid was ~$206. Book Value as of Q3 2020 was ~$174 per share. So, the repurchase happened at ~118% of Book Value. The Class B shares currently trade at ~$245.New Stakes:None.Stake Disposals:Barrick Gold (GOLD): The very small 0.15% of the portfolio GOLD stake was purchased in Q2 2020 at prices between $18.50 and $28.25 and the stock currently trades at $21.70. There was a ~43% selling last quarter at prices between ~$26 and ~$30.50. The disposal this quarter was at prices between ~$22 and ~$29.JPMorgan Chase (JPM: A ~1% stake in JPM was established in Q3 2018 at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase in Q1 2019 at prices between $97 and $107. Q2 2020 saw a ~60% selling at prices between $84 and $114. The position was almost eliminated last quarter at prices between ~$91 and ~$104. The stock currently trades at ~$145. The remainder stake was eliminated this quarter.PNC Financial (PNC): The 0.09% PNC stake was established in Q3 2018 at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. Last three quarters saw the position disposed at prices between ~$109 and ~$149. The stock is now at ~$170.M&T Bank (MTB) and Pfizer Inc. (PFE): These two very small stakes were sold during the quarter. The PFE stake was established last quarter while the MTB position was a very long term stake that had been in the portfolio for over two decades.Stake Increases:Chevron Corp (CVX), Marsh & McLennan (MMC), and Verizon Communications (VZ): These three stakes established last quarter were increased substantially this quarter. CVX is a 1.52% of the portfolio position purchased last quarter at prices between ~$72 and ~$91 and increased by ~10% this quarter. The stock currently trades at $93.13. The large 3.19% VZ position was built over the last two quarters at prices between $54 and $62 and the stock is now near the low end of that range at $54.15. MLM is a small 0.18% of the portfolio stake established at prices between ~$107 and ~$119 and it now goes for ~$115. There was a ~25% stake increase this quarter at prices between ~$103 and ~$119. For investors attempting to follow, these three are good options to consider for further research.Note: Berkshire likely avoided disclosing these stakes in the Q3 2020 13F filing by making use of the “”. An amendment filed yesterday disclosed the activity.AbbVie Inc. (ABBV), Merck & Company (MRK), and Bristol-Myers Squibb (BMY): Berkshire added these three picks from the big-pharma sector last quarter. The stakes received an allocation of ~$1.8B each last quarter. The ~1% ABBV position was increased by ~20% this quarter at prices between ~$81 and ~$109 and it currently trades at ~$104. The 0.87% MRK stake saw a ~28% increase during the quarter at prices between ~$75 and ~$84 and it is now at $74.25. BMY is a 0.77% position that saw a ~10% increase this quarter. BMY currently trades at $59.40.Kroger Company (KR): KR is a 0.39% of the portfolio position established in Q4 2019 at prices between $24 and $29. Last three quarters have seen a ~77% stake increase at prices between ~$30 and ~$37. The stock currently trades at $33.66.RH Inc. (RH): The 0.29% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$487. Berkshire controls ~9% of the business. There was a marginal increase this quarter.T-Mobile US (TMUS): TMUS is a small 0.26% of the portfolio stake purchased last quarter at prices between ~$104 and ~$119 and more than doubled this quarter at prices between ~$110 and ~$135. It currently trades at ~$122.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~44%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$133. Last two quarters saw minor trimming.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.4% ownership stake in the business.US Bancorp (USB): The 2.26% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $48.65 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. There was marginal selling this quarter.General Motors (GM): GM is a ~1% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. Last few quarters have seen only minor adjustments. The stock currently trades at $53.46. Overall, Berkshire’s cost-basis on GM is ~$32. Berkshire controls ~5% of the business.Wells Fargo & Co. (WFC): WFC is now a 0.59% of the 13F portfolio position. It is a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last three quarters have seen another ~85% reduction at prices between ~$21 and ~$33. Berkshire’s cost-basis is ~$24.50. The stock currently trades at $34.79.Suncor Energy (SU): The 0.09% SU stake was purchased in Q4 2018 at prices between $26 and $40. Q4 2019 saw a ~40% stake increase at prices between $29 and $33. There was another ~30% stake increase in Q2 2020 at prices between $14.25 and $21.30. This quarter saw a similar reduction at prices between ~$11 and ~$19. The stock is now at $18.79.Note: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Liberty LiLAC Group (LILA) (LILAK): The minutely small 0.01% of the portfolio stake in LILAK saw a minor reduction this quarter.Kept Steady:Bank of America (BAC): Berkshire established this large (top three) ~11% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $34.27. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80. Since then, the activity has been minor.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~7 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.18% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $35.36.Moody’s Inc. (MCO): MCO is a 2.65% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$280. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a 1.57% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$104 compared to Berkshire’s overall cost-basis of ~$45 per share. Last quarter saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~32%.Charter Communications (CHTR): CHTR is a 1.28% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Since then, the activity has been minor. The stock currently trades at ~$619 compared to Berkshire’s cost-basis of ~$178.Bank of New York Mellon Corp (BK): BK is a 1.14% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $42.75. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is 8.4%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$198 and the position is at ~1% of the portfolio (~10% of the business).Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Q2 2020 saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. The stock currently trades at $42.80.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.Amazon.com (AMZN): AMZN is a 0.64% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3269.Snowflake Inc. (SNOW): SNOW had an IPO in September. Shares started trading at ~$229 and currently goes for ~$295. Berkshire acquired the shares at the IPO price of ~$120 per share.StoneCo Ltd. (STNE): STNE is a 0.44% position purchased in Q4 2018 at ~$21 per share compared to the current price of $93.81.Note: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Store Capital (STOR): The 0.31% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Q2 2020 saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at $33.27.Synchrony Financial (SYF): SYF is a 0.26% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $37.90.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Axalta Coating Systems (AXTA): AXTA is a small 0.25% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $27.13. Berkshire owns ~10% of the business.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $25.87 and the stake is at 0.23% of the 13F portfolio.Sirius XM Holdings (SIRI): The 0.12% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. Q2 2020 saw a ~60% selling at prices between $4.50 and $6.50. The stock is currently at $5.99.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.15% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $11.37.Biogen Inc. (BIIB), Globe Life (GL), Johnson & Johnson (JNJ), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These very small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $18.53. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at ~$69.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q4 2020:Regulatory filing thru 11/16/2020: Form 3, 13G – 9/28 – SNOW – 6.125M shares (15.2% of business. - 9/4/2020 – Reduced WFC - reduced from 237.6M shares to 137.56M shares – 3.3% of business. Form 4, 13D/A – 9/17 – DVA – 2M shares disposed @ ~$88, 36.1M shares remain (31.7% of business). Form 4 – 9/11 – AXTA – 535K shares disposed @ 22.63. 23.54M shares remain. Form 4 – 9/4 – LBTYK – 1.3M shares disposed @ 22.31.8/30/2020 – Berkshire invested in 5 Japanese trading companies ~5% each. Press release:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2020 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$202B to ~$229B this quarter.Their largest three holdings are at two-thirds of the entire portfolio.Berkshire Hathaway reduced financials while adding several positions in the big-pharma area.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/16/2020. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2020.During Q1 2020, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~13% from ~$202B to ~$229B. The top five positions account for more than three-quarters of the portfolio: Apple Inc., Bank of America, Coca Cola, American Express, and Kraft Heinz. There are 46 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: In Q3 2020, Berkshire Hathaway repurchased ~45M Class B Equivalent Shares for a total outlay of $9.26B. The average price paid was ~$206. Book Value as of Q3 2020 was ~$174 per share. So, the repurchase happened at ~118% of Book Value. The Class B shares currently trade at ~$233.Note 2: it was in August that Berkshire had invested 5% passive stake each in 5 Japanese trading companies.New Stakes:AbbVie Inc. (ABBV), Merck & Company (MRK), Bristol-Myers Squibb (BMY), and Pfizer Inc. (PFE): Berkshire added these four picks from the big-pharma sector this quarter. ABBV, MRK, and BMY received an allocation of ~$1.8B each while the PFE stake is much smaller at ~$135M. ABBV traded between ~$86 and ~$101 during the quarter and it currently goes for $98.36. MRK traded between ~$77 and ~$87 during the quarter and it currently goes for $80.18. BMY traded between ~$57.50 and ~$63.75 during the quarter and it currently goes for ~$64.50. PFE traded between ~$33.50 and ~$39.25 during the quarter and it currently goes for $37.33.Snowflake Inc. (SNOW) and T-Mobile US (TMUS): SNOW had an IPO in September. Shares started trading at ~$229 and currently goes for ~$242. Berkshire acquired the shares at the IPO price of ~$120 per share. TMUS is a very small 0.12% of the portfolio stake purchased at prices between ~$104 and ~$119 and it currently trades at ~$129.Stake Disposals:Costco Wholesale (COST): COST was a long-term position that was in the portfolio for almost two decades. This quarter saw the 0.65% of the portfolio stake disposed at prices between ~$303 and ~$359. The stock currently trades at ~$380. Berkshire had a ~10x return on the position over the holding period.Stake Increases:Bank of America (BAC): Berkshire established this large (top three) ~11% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $27.58. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase next quarter. Q2 2019 also saw a ~4% stake increase. There was a ~9% stake increase this quarter at prices between ~$23 and ~$27.Note: Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.General Motors (GM): GM is a ~1% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. This quarter also saw a ~7% stake increase. The stock currently trades at $42.13. Overall, Berkshire’s cost-basis on GM is ~$32. Berkshire controls ~5.5% of the business.Kroger Company (KR): KR is a 0.37% of the portfolio position established in Q4 2019 at prices between $24 and $29. Last two quarters have seen a ~30% stake increase at prices between ~$30 and ~$36.60. The stock currently trades at $32.30.Liberty LiLAC Group (LILA) (LILAK): The minutely small 0.01% of the portfolio stake in LILAK saw a minor increase during the quarter.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~48%. It was built between Q1 2016 and Q1 2018 at a cost-basis of ~$35 per share. Since then, the activity has been minor. The stock currently trades at ~$120. This quarter saw a ~4% trimming.Note: Apple stock split 4-for-1 in August. The prices quoted above are adjusted. Berkshire has a ~5.8% ownership stake in the business.DaVita Inc. (DVA): DVA is a 1.35% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$113 compared to Berkshire’s overall cost-basis of ~$45 per share. This quarter saw a ~5% (2M shares) selling at $88 per share.Note: Berkshire’s ownership stake in DaVita is ~32%.Wells Fargo & Co. (WFC): WFC is now a 1.31% of the 13F portfolio position. It is a very long-term stake. Recent activity follows: 2019 saw a ~25% selling at prices between $43 and $55. Last two quarters have seen another ~60% reduction at prices between ~$23 and ~$33. Berkshire’s cost-basis is ~$24.50. The stock currently trades at $24.90.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $21.85 and the stake is at 0.23% of the 13F portfolio. This quarter saw a ~5% trimming at $22.31.Axalta Coating Systems (AXTA): AXTA is a small 0.23% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $28.30. Berkshire owns ~10% of the business. This quarter saw a ~3% trimming at $22.63.Barrick Gold (GOLD): The very small 0.15% of the portfolio GOLD stake was purchased last quarter at prices between $18.50 and $28.25 and the stock currently trades at $25.86. There was a ~43% selling this quarter at prices between ~$26 and ~$30.50.JPMorgan Chase (JPM: A ~1% stake in JPM was established in Q3 2018 at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase in Q1 2019 at prices between $97 and $107. The stock currently trades at ~$117. Last quarter saw a ~60% selling at prices between $84 and $114. The remaining position was almost eliminated this quarter at prices between ~$91 and ~$104.PNC Financial (PNC): The 0.09% PNC stake was established in Q3 2018 at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. There was a ~80% selling over the last two quarters at prices between $85 and $131. The stock is now at ~$126.M&T Bank (MTB): The very small 0.12% of the portfolio MTB stake was reduced this quarter.Kept Steady:American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~6 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.26% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $32.15.Moody’s Inc. (MCO): MCO is a 3.12% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$276. Berkshire controls ~13% of the business.US Bancorp (USB): The ~2% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $44.28 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. There was marginal selling last quarter.Charter Communications (CHTR): CHTR is a 1.42% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$641 compared to Berkshire’s cost-basis of ~$178. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Since then, the activity has been minor.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$195 and the position is at 1.15% of the portfolio (~10% of the business). Q1 2020 saw minor trimming.Bank of New York Mellon Corp (BK): BK is a 1.09% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $39.71. There was a ~10% trimming last quarter. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is ~9%.Amazon.com (AMZN): AMZN is a 0.73% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3131. There was marginal trimming in Q1 2020.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. Last quarter saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. The stock currently trades at $42.80.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.Sirius XM Holdings (SIRI): The 0.12% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. Last quarter saw a ~60% selling at prices between $4.50 and $6.50. The stock is currently at $6.37.StoneCo Ltd. (STNE): STNE is a 0.33% position purchased in Q4 2018 at ~$21 per share compared to the current price of $65.52.Note: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Store Capital (STOR): The 0.29% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. Last quarter saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at $32.60.RH Inc. (RH): The 0.29% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$408. Berkshire controls ~9% of the business.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.17% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $9.63.Suncor Energy (SU): The 0.10% SU stake was purchased in Q4 2018 at prices between $26 and $40. Q4 2019 saw a ~40% stake increase at prices between $29 and $33. There was another ~30% stake increase last quarter at prices between $14.25 and $21.30. The stock is now at ~$15.Note: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Synchrony Financial (SYF): SYF is a 0.23% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $31.11. Q1 2020 saw a ~3% trimming.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Biogen Inc. (BIIB), Globe Life (GL), Johnson & Johnson (JNJ), MasterCard Inc. (MA), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These very small positions (less than ~1% of the portfolio each) were kept steady this quarter. Berkshire’s ownership stake in Global Life is ~6%.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at ~$16. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs). The ADR (BYDDY) currently trades at $46.79.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q3 2020:Regulatory filings thru 8/15/2020: Form 4 – 8/4 – BAC - ~13.5M shares purchased @ ~24.85 – 1.032B shares total. Form 4 – 7/30 - ~21M shares purchased @ ~24.75 – 1.02B shares total. Form 4 – 7/27 - ~16.5M shares purchased @ ~24.25 – 998M shares total. Form 4 – 7/10 – LBTYK – 481K shares disposed – 19.3M shares remain. 7/10 – Form 3 – 19.79M shares. Form 4 – 6/19 – LSXMK – 340K shares acquired @ 25.47 – 43.21M shares total. Form 4 – 6/9 – 7.18M shares acquired @ 25.47, 42.87M shares total. Form 4 – 6/3 – 450K shares purchased @ 37.35 – 35.69M shares total. Form 4 – 5/29 - ~2.4M shares acquired @ ~36.25 – 35.24M shares total. Form 4 – 5/26 – ~2M shares acquired @ ~32.25 – 32.87M shares total."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2020 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$176B to ~$202B this quarter.Their largest three holdings are at ~64% of the entire portfolio.Berkshire Hathaway eliminated the large stake in the big-four airlines and decreased several businesses in the financial sector during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2020. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2020.During Q1 2020, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~15% from $176B to $202B. The top five positions account for more than three-quarters of the portfolio: Apple Inc., Bank of America, Coca Cola, American Express, and Kraft Heinz. There are 41 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q2 2020, Berkshire Hathaway repurchased ~29M Class B Equivalent Shares for a total outlay of ~$5.1B. The average price paid was ~$176. Book Value as of Q2 2020 was ~$163 per share. So, the repurchase happened at ~108% of Book Value. Over the last few quarters, Berkshire has repurchased shares up to ~140% of Book Value. The Class B shares currently trade at ~$211.New Stakes:Barrick Gold (GOLD): The very small 0.28% of the portfolio GOLD stake was purchased this quarter at prices between $18.50 and $28.25 and the stock currently trades at ~$27.Stake Disposals:United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. 2018 had seen a ~22% selling at prices between $63 and $98. The entire ~8% of the business stake was disposed at ~$28 in April. This is compared to their overall cost-basis of ~$55 - lost around half their investment over a holding period of just over three years. The stock currently goes for $36.18.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The entire ~10% of the business stake was disposed at ~$11 in April. This is compared to their overall cost-basis of ~$40 - lost around 75% of their investment over a holding period of just over three years. The stock is now at $13.33.Southwest Airlines (LUV): LUV was a ~1% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The entire ~10% of the business stake was disposed at ~$30 in April. This is compared to their overall cost-basis of ~$42 - lost ~30% of their investment over a holding period of just over three years. The stock is now at $34.90.Restaurant Brands International (QSR): QSR is a 0.19% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide. The stake was disposed during the quarter at prices between $33 and $60. The stock currently trades at $54.42.Note: Berkshire’s stake in the business was ~4.2% as of last quarter.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. There was a ~20% increase in Q2 2018 at prices between $49 and $56 and that was followed with a ~8% increase in Q1 2019 at ~$49.50. The entire ~11% of the business stake was disposed at ~$22 in April. This is compared to their overall cost-basis of ~$44 - lost around half their investment over a holding period of just over three years. The stock currently trades at $28.95.Goldman Sachs (GS): GS was a minutely small 0.17% of the portfolio stake as of last quarter. It was established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follows: Q3 2018 saw a ~40% stake increase at prices between $220 and $243 while in Q4 2019 there was a ~35% selling at prices between $197 and $232. Last quarter saw another ~85% selling at prices between ~$135 and ~$250. The remainder position was disposed this quarter. GS currently trades at ~$208. Their overall cost-basis was ~$72 per share.Occidental Petroleum (OXY):. The 0.32% of the portfolio OXY stake was purchased in Q3 2019 at prices between $42 and $53 and increased by ~150% next quarter at prices between $37 and $44. The disposal this quarter was at prices between $10.75 and $24.50. The stock currently trades at $14.64.Note: Berkshire also has warrants to purchase 80M shares of OXY at $62.50 per share. That came about as part of a $10B funding deal (perpetual preferred stock with 8% annual dividend) done in May last year. The dividend was paid in common stock rather than cash in April.Stake Increases:Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. This quarter saw another ~27% stake increase primarily thru the $25.47 per share rights offering the company announced in May. The stock currently trades at $35.95.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.Kroger Company (KR): KR is a 0.37% of the portfolio position established in Q4 2019 at prices between $24 and $29. This quarter saw a ~15% stake increase at prices between $30 and $34. The stock currently trades at $35.39.Store Capital (STOR): The 0.29% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. This quarter saw a ~30% stake increase at prices between $14.50 and $26.50. The stock is now at $25.26.Suncor Energy (SU): The 0.16% SU stake was purchased in Q4 2018 at prices between $26 and $40. Q4 2019 saw a ~40% stake increase at prices between $29 and $33. There was another ~30% stake increase this quarter at prices between $14.25 and $21.30. The stock is now at ~$17.Note: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Stake Decreases:Wells Fargo & Co. (WFC): WFC is now a ~3% of the 13F portfolio position. It is a very long-term stake. Recent activity follows: last year saw a ~25% selling at prices between $43 and $55. This quarter saw another ~27% selling at prices between $22.50 and $33.30. Berkshire’s cost-basis is at ~$24.50 and their ownership stake is ~6%. The stock currently trades at $25.30.US Bancorp (USB): The 2.40% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $37.78 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. There was marginal selling this quarter.Bank of New York Mellon Corp (BK): BK is a 1.38% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at ~$37.53. There was a ~10% trimming this quarter. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is ~9%.Charter Communications (CHTR): CHTR is a 1.31% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$605 compared to Berkshire’s cost-basis of ~$178. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Q2 2019 saw a ~5% trimming and that was followed with a ~4% trimming this quarter.JPMorgan Chase (JPM: The ~1% JPM stake was established in Q3 2018 at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase in Q1 2019 at prices between $97 and $107. The stock currently trades at ~$102. This quarter saw a ~60% selling at prices between $84 and $114.Sirius XM Holdings (SIRI): The 0.15% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. This quarter saw a ~60% selling at prices between $4.50 and $6.50. The stock is currently at ~$6.PNC Financial (PNC): The 0.28% PNC stake was established in Q3 2018 at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. There was a ~40% selling this quarter at prices between $95 and $131. The stock is now at ~$112.M&T Bank (MTB), MasterCard Inc. (MA), and Visa Inc. (V): These small (less than ~1% of the portfolio each) positions were sold down during the quarter.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~44%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. Since then, the activity has been minor. The stock currently trades at ~$460.Note: Berkshire’s overall cost-basis on Apple is ~$141 per share. They have a ~6% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~11% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $26.47. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase next quarter. Q2 2019 also saw a ~4% stake increase.Note: Regulatory filings since the quarter ended show them owning 1.032B shares. This is compared to 925M shares in the 13F report. The increase happened at an average cost of ~$25 per share. Berkshire’s overall cost-basis is ~$14 and ownership stake is ~12%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~6 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~18% and ~9.5% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 5.13% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $35.59.Moody’s Inc. (MCO): MCO is a 3.35% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$281. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a 1.49% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$82 compared to Berkshire’s overall cost-basis of ~$45 per share. Last quarter saw minor trimming.Note: Berkshire’s ownership stake in DaVita is ~30%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$207 and the position is at 1.31% of the portfolio (~10% of the business). Last quarter saw minor trimming.General Motors (GM): GM is a 0.93% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. The stock currently trades at $27.86. Overall, Berkshire’s cost-basis on GM is ~$32. Q4 2019 saw a ~3% stake increase while last quarter there was marginal trimming. Berkshire controls ~5.2% of the business.Amazon.com (AMZN): AMZN is a 0.73% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$3148. There was marginal trimming last quarter.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $21.54 and the stake is at 0.29% of the 13F portfolio.Axalta Coating Systems (AXTA): AXTA is a small 0.27% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $23.90. Berkshire owns ~10% of the business.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.26% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $11.50.Synchrony Financial (SYF): SYF is a 0.22% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $24.93. Last quarter saw a ~3% trimming.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.RH Inc. (RH): The 0.21% of the portfolio RH position was established in Q3 2019 at prices between $119 and $174 and increased by ~40% next quarter at prices between $165 and $242. It is now at ~$314. Berkshire controls ~9% of the business.StoneCo Ltd. (STNE): STNE is a 0.27% position purchased in Q4 2018 at ~$21 per share compared to the current price of $48.21.Note: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Biogen Inc. (BIIB), Costco Wholesale (COST), Globe Life (GL), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), and Vanguard S&P 500 Index (VOO): These very small positions (less than ~0.5% of the portfolio each) were kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $12.72. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $18.82.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/16/2020:13G/A – 5/7 – LUV – sold April 21 stake at ~$30, DAL – sold April 7 at ~$22, AAL – sold April 8 at ~$11, UAL – sold April 20 at ~$28,"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2020 Update"

"Berkshire Hathaway's 13F stock portfolio value decreased from ~$242B to ~$176B this quarter.Their largest three holdings are at ~57% of the entire portfolio.Berkshire Hathaway reduced Goldman Sachs stake to a minutely small position during the quarter. They also sold their large stake in the big-four airlines last month.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2020. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2019.During Q4 2019, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value decreased ~28% from $242B to $176B. The top five positions account for more than two-thirds of the portfolio: Apple Inc., Bank of America, Coca Cola, American Express, and Wells Fargo. There are 47 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q1 2020, Berkshire Hathaway repurchased ~5.5M Class B Equivalent Shares for a total outlay of ~$1.2B. The average price paid was ~$215. Book Value as of Q1 2020 was ~$153 per share. So, the repurchase happened at ~140% of Book Value. The Class B shares currently trade at ~$169.New Stakes:None.Stake Disposals:Phillips 66 (PSX) and Travelers Companies (TRV): These two minutely small stakes were disposed during the quarter.Stake Increases:Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. There was a ~20% increase in Q2 2018 at prices between $49 and $56 and that was followed with a ~8% increase in Q1 2019 at ~$49.50. This quarter also saw a marginal increase. The stock currently trades at $19.19.Note: The entire ~11% of the business stake was disposed at ~$22 last month. This is compared to their overall cost-basis of ~$44 - lost around half their investment over a holding period of just over three years.PNC Financial (PNC): The 0.50% PNC stake was established in Q3 2018 at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. The stock is now at $97.25. Q1 2019 also saw a ~5% stake increase and that was followed with a similar increase this quarter.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. 2018 had seen a ~22% selling at prices between $63 and $98. It currently goes for $19.92. This quarter also saw a minor increase.Note: The entire ~8% of the business stake was disposed at ~$28 last month. This is compared to their overall cost-basis of ~$55 - lost around half their investment over a holding period of just over three years.Stake Decreases:Goldman Sachs (GS): GS is now a minutely small 0.17% of the portfolio stake. It was established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follows: Q3 2018 saw a ~40% stake increase at prices between $220 and $243 while last quarter there was a ~35% selling at prices between $197 and $232. This quarter saw another ~85% selling at prices between ~$135 and ~$250. GS currently trades at ~$172. Their overall cost-basis was ~$72 per share.JPMorgan Chase (JPM: The ~3% JPM stake was established in Q3 2018 at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase in Q1 2019 at prices between $97 and $107. The stock currently trades at ~$86. There was a ~3% trimming this quarter.DaVita Inc. (DVA): DVA is a 1.65% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$79 compared to Berkshire’s overall cost-basis of ~$45 per share. This quarter saw minor trimming.Note: Berkshire’s ownership stake in DaVita is ~30%.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$217 and the position is at 1.31% of the portfolio (~10% of the business). This quarter saw minor trimming.Southwest Airlines (LUV): LUV is a ~1% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The stock is now at ~$24.Note: The entire ~10% of the business stake was disposed at ~$30 last month. This is compared to their overall cost-basis of ~$42 - lost ~30% of their investment over a holding period of just over three years.General Motors (GM): GM is a 0.88% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. The stock currently trades at $22.63. Overall, Berkshire’s cost-basis on GM is ~$32. Last quarter saw a ~3% stake increase while this quarter there was marginal trimming. Berkshire controls ~5.2% of the business.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share and the stock is currently at $31.44. This quarter saw marginal trimming.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.Amazon.com (AMZN): AMZN is a 0.59% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at ~$2410. There was marginal trimming this quarter.Sirius XM Holdings (SIRI): The 0.37% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $5.34. This quarter saw minor trimming.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at ~$9. There was a ~3% trimming in Q2 2018 and a similar reduction next quarter. Last two quarters saw minor trimming.Note: The entire ~10% of the business stake was disposed at ~$11 last month. This is compared to their overall cost-basis of ~$40 - lost around 75% of their investment over a holding period of just over three years.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $21.36 and the stake is at 0.25% of the 13F portfolio. This quarter saw marginal trimming.Axalta Coating Systems (AXTA): AXTA is a small 0.24% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $19.70. Berkshire owns ~10% of the business. This quarter saw marginal trimming.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.22% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $11.21. This quarter saw marginal trimming.Synchrony Financial (SYF): SYF is a 0.18% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $16.54. This quarter saw a ~3% trimming.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Suncor Energy (SU): The 0.13% SU stake was purchased in Q4 2018 at prices between $26 and $40. Last quarter saw a ~40% stake increase at prices between $29 and $33. The stock is now well below those ranges at ~$16. There was marginal trimming this quarter.Note: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Biogen Inc. (BIIB) and Liberty LiLAC Group (LILA) (LILAK): These two minutely small positions (less than ~0.10% of the portfolio each) saw marginal trimming this quarter.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake by far at ~36%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. Since then, the activity has been minor. The stock currently trades at ~$308.Note: Berkshire’s overall cost-basis on Apple is ~$141 per share. They have a ~5.6% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~11% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $21.44. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase next quarter. Q2 2019 also saw a ~4% stake increase.Note: Berkshire’s overall cost-basis is ~$13 and ownership stake is 10.7%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~6 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Wells Fargo & Co. (WFC): WFC is Buffett’s fifth-largest stake at 5.28% of the 13F portfolio. It is a very long-term stake. Recent activity follows: last year saw a ~25% selling at prices between $43 and $55. Berkshire’s cost-basis is at ~$24.50 and their ownership stake is 8.4%. The stock currently trades at $23.36.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.59% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $29.20.Moody’s Inc. (MCO): MCO is a ~3% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$251. Berkshire controls ~13% of the business.US Bancorp (USB): The 2.60% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $30.68 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. Q4 2018 and Q2 2019 also saw minor increases.Bank of New York Mellon Corp (BK): BK is a 1.53% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at ~$32. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is ~10%. For investors attempting to follow, BK is a good option to consider for further research.Charter Communications (CHTR): CHTR is a 1.35% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$503 compared to Berkshire’s cost-basis of ~$178. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Q2 2019 also saw a ~5% trimming.Occidental Petroleum (OXY) and RH Inc. (RH): These were the two new positions in Q3 2019. Both were increased last quarter. The 0.32% of the portfolio OXY stake was purchased at prices between $42 and $53 and increased by ~150% last quarter at prices between $37 and $44. The stock currently trades at ~$14. The 0.15% of the portfolio RH position was established at prices between $119 and $174 and increased by ~40% last quarter at prices between $165 and $242. It is now at ~$155. Berkshire controls ~9% of the business.Note: Berkshire also has warrants to purchase 80M shares of OXY at $62.50 per share. That came about as part of a $10B funding deal (perpetual preferred stock with 8% annual dividend) done in May last year. The dividend was paid in common stock rather than cash last month.Store Capital (STOR): The 0.19% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $17.15.StoneCo Ltd. (STNE): STNE is a 0.18% position purchased in Q4 2018 at ~$21 per share compared to the current price of ~$22.Note: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Restaurant Brands International (QSR): QSR is a 0.19% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades at $51.42. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Costco Wholesale (COST), Globe Life (GL), Johnson & Johnson (JNJ), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Kroger Company (KR), Procter & Gamble (PG), SPDR S&P 500 Index (SPY), United Parcel Service (UPS), Vanguard S&P 500 Index (VOO), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) were kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $6.92. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $11.20.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q1 2020:Regulatory filings thru 2/14/2020: 13G & 13G/As filed on 2/14/2020 – AAPL – 250.9M shares – 5.6% of business, GM – 75M shares – 5.2% of business, BK – 89M shares – 9.9% of business, DAL – 70.9M shares – 11% of business, RH – 1.71M shares – 9% of business, USB – 151M shares – 9.8% of business, AAL – 42.5M shares – 9.7% of business, WFC – 347.6M shares – 8.4% of business, GS – 12.44M shares – 3.6% of business, KHC – 325.4M shares, BAC – 948.8M shares – 10.7% of business, 13G/A – 11/27 – LUV – 53.65M shares – 10.2% of business."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2019 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$215B to ~$242B this quarter.Their largest three holdings are at ~52% of the entire portfolio.Berkshire Hathaway added Kroger and increased Occidental Petroleum & Suncor while reducing Wells Fargo, Goldman Sachs, Travelers, and Phillips 66.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/14/2020. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2019.During Q4 2019, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~13% from $215B to $242B. The top five positions account for more than two-thirds of the portfolio: Apple Inc., Bank of America, Coca Cola, American Express, and Wells Fargo. There are 49 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New Stakes:Kroger Company (KR), Biogen Inc. (BIIB), SPDR S&P 500 Index (SPY), and Vanguard S&P 500 Index (VOO): These are minutely small new positions established this quarter.Note: Although the relative size of the position is small, the 18.94M shares Kroger stake is ~2.4% of the business. The stock traded between $24 and $29 during the quarter and currently is near the top end of that range.Stake Disposals:None.Stake Increases:General Motors (GM): GM is a 1.26% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. The stock currently trades at $34.76. Overall, Berkshire’s cost-basis on GM is ~$32. This quarter saw a ~3% stake increase. Berkshire controls ~5.2% of the business.Occidental Petroleum (OXY) and RH Inc. (RH): These were the two new positions last quarter. Both were increased this quarter. The 0.32% of the portfolio OXY stake was purchased at prices between $42 and $53 and increased by ~150% during the quarter at prices between $37 and $44. The stock currently trades at $41.60. The 0.15% of the portfolio RH position was established at prices between $119 and $174 and increased by ~40% during this quarter at prices between $165 and $242. It is now at $238. Berkshire controls ~9% of the business.Note: Berkshire also has warrants to purchase 80M shares of OXY at $62.50 per share. That came about as part of a $10B funding deal (perpetual preferred stock with 8% annual dividend) done in May last year. For investors attempting to follow, OXY is a good option to consider for further research.Suncor Energy (SU): The 0.20% SU stake was purchased in Q4 2018 at prices between $26 and $40 and it now goes for $29.78. This quarter saw a ~40% stake increase at prices between $29 and $33.Note: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~30%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. Since then, the activity has been minor. The stock currently trades at ~$325. Last two quarters have seen marginal selling.Note: Berkshire’s overall cost-basis on Apple is ~$141 per share. They have a ~5.6% ownership stake in the business.Bank of America (BAC): Berkshire established this large (top three) ~13.5% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $34.85. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase next quarter. Q2 2019 also saw a ~4% stake increase. There was marginal trimming this quarter.Note: Berkshire’s overall cost-basis is ~$13 and ownership stake is 10.7%.Wells Fargo & Co. (WFC): WFC is Buffett’s fifth-largest stake at 7.18% of the 13F portfolio. It is a very long-term stake. Recent activity follows: last year saw a ~25% selling at prices between $43 and $55. The stock currently trades at $48.22. Berkshire’s cost-basis is at ~$24.50 and their ownership stake is 8.4%.Bank of New York Mellon Corp (BK): BK is a 1.66% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follows: 2017 saw a ~180% increase at prices between $43.50 and $55 while 2018 saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $45.90. Berkshire’s cost-basis on BK is ~$46 per share and ownership stake is ~10%. For investors attempting to follow, BK is a good option to consider for further research. This quarter saw a ~1.5% trimming.Goldman Sachs (GS): GS is a 1.14% of the portfolio stake established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follows: Q3 2018 saw a ~40% stake increase at prices between $220 and $243 while this quarter there was a ~35% selling at prices between $197 and $232. GS currently trades at ~$237. Their overall cost-basis is ~$127 per share.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 0.50% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $29.20. There was a ~3% trimming in Q2 2018 and a similar reduction next quarter. This quarter also saw a ~3% trimming.Note: Berkshire controls ~10% of AAL.Phillips 66 (PSX) and Travelers Companies (TRV): These two very small stakes were almost eliminated during the quarter.Kept Steady:American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~6 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.32% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about because of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $26.88.JPMorgan Chase (JPM) and PNC Financial (PNC): These two positions established in Q3 2018 saw substantial increases over the next two quarters. The 3.43% JPM stake was established at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase in Q1 2019 at prices between $97 and $107. The stock currently trades at ~$138. The 0.57% PNC stake was established at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. The stock is now at ~$154. Q1 2019 also saw a ~5% stake increase.US Bancorp (USB): The 3.24% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $55.11 and Berkshire’s cost-basis is ~$38. They control ~10% of the business. Q4 2018 and Q2 2019 also saw minor increases.Moody’s Inc. (MCO): MCO is a 2.42% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$278. Berkshire controls ~13% of the business.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $58.90 and the stake is at 1.71% of the portfolio. There was a ~20% increase in Q2 2018 at prices between $49 and $56 and that was followed with a ~8% increase in Q1 2019 at ~$49.50.Note: Berkshire controls ~11% of DAL and their overall cost-basis is ~$44.Southwest Airlines (LUV): LUV is a 1.20% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The stock is now at ~$58.Note: Berkshire owns ~10% of LUV and their overall cost-basis is ~$42.DaVita Inc. (DVA): DVA is a 1.20% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$86 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~30%.Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$535 compared to Berkshire’s cost-basis of ~$178. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Q2 2019 also saw a ~5% trimming.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$210 and the position is at 1.14% of the portfolio (~10% of the business).Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share and the stock is currently at $49.72.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $79.55. The stake is at 0.80% of the portfolio. 2018 had seen a ~22% selling at prices between $63 and $98.Note: Berkshire controls ~8% of UAL and their overall cost-basis is ~$55.Amazon.com (AMZN): AMZN is a 0.41% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% next quarter at prices between $1693 and $1963. The stock currently trades at $2135.Sirius XM Holdings (SIRI): The 0.40% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $7.21. Last quarter also saw marginal trimming.Synchrony Financial (SYF): SYF is a 0.31% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $33.75.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Axalta Coating Systems (AXTA): AXTA is a small 0.30% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at ~$30. Berkshire owns ~10% of the business.Store Capital (STOR): The 0.29% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $38.80.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $19.45 and the stake is at 0.25% of the 13F portfolio.StoneCo Ltd. (STNE): STNE is a 0.23% position purchased in Q4 2018 at ~$21 per share compared to the current price of ~$42.Note: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Restaurant Brands International (QSR): QSR is a 0.22% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $67.24. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.18% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $12.22.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Globe Life (GL), United Parcel Service (UPS), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) were kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $37.72. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $11.32.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q4 2019:Regulatory filings thru 11/14/2019: Form 3 – 11/12 – LUV – 53.65M shares, 13D/A – 11/12 – DVA – 38.57M shares – 29.7% of business, Form 4 – 10/15 – BAC - minor.11/3/2019 – – – See REMINDER note below for the actual calculation of Book Value & Repurchase. Book Value: ~$243,483 (397,609/1,633,002) per class A share or ~$162 per class B share. Repurchase Info: ~$440M outlay to purchase ~1458 Class A Equivalent shares in Q2. H1 2019 saw a total outlay of $2.1B for repurchases.REMINDER: Torchmark was renamed Globe Life. The change was made in the spreadsheet but not in the article. Should do that in the next round…"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2019 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from ~$208B to ~$215B this quarter.Their largest three holdings are at ~49% of the entire portfolio.Berkshire Hathaway added Occidental Petroleum and RH Inc. while reducing Wells Fargo.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2019. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2019.During Q3 2019, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~3% from $208B to $215B. The top five positions account for two-thirds of the portfolio: Apple Inc., Bank of America, Coca Cola, Wells Fargo, and American Express. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q3 2019, Berkshire Hathaway repurchased ~2.2M Class B Equivalent Shares for a total outlay of $440M. The average price paid was ~$200. Book Value as of Q3 2019 was ~$162 per share. So, the repurchase happened at ~124% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$219.New Stakes:Occidental Petroleum (OXY) and RH Inc. (RH): These are the two new positions this quarter. The 0.15% of the portfolio OXY stake was purchased at prices between $42 and $53 and the stock currently trades well below that range at $37.76. The 0.10% of the portfolio RH position was established at prices between $119 and $174 and it is now at ~$175.Note: Berkshire also has warrants to purchase 80M shares of OXY at $62.50 per share. That came about as part of a $10B funding deal (perpetual preferred stock with 8% annual dividend) done in May. For investors attempting to follow, OXY is a good option to consider for further research.Stake Disposals:Red Hat Inc.: Red Hat was a 0.47% of the portfolio position established in Q4 2018 and increased by ~22% next quarter. Last October, IBM agreed to acquire Red Hat for $190 per share cash. That transaction closed in July thus eliminating this position.Stake Increases:None.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~26%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. Since then, the activity has been minor. The stock currently trades at ~$263.Note: Berkshire’s overall cost-basis on Apple is ~$141 per share. They have a ~5% ownership stake in the business.Wells Fargo & Co. (WFC): WFC is Buffett’s fourth-largest stake at 8.89% of the 13F portfolio. Recent activity follow: last two quarters saw a ~8% selling at prices between $43 and $52. The stock currently trades at $53.49. Berkshire’s cost-basis is at ~$24.50.Sirius XM Holdings (SIRI): The 0.40% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $6.98. This quarter saw marginal trimming.Phillips 66 (PSX): The minutely small 0.25% of the portfolio PSX position saw a ~7% trimming this quarter.Kept Steady:Bank of America (BAC): Berkshire established this large (top three) ~13% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $32.70. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase next quarter. Last quarter also saw a ~4% stake increase.Note: Berkshire’s overall cost-basis is ~$13.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~5 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.24% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $30.96.US Bancorp (USB): The 3.41% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $58.57 and Berkshire’s cost-basis is ~$38. There was a ~4% stake increase in Q4 2018 and that was followed with a ~2% stake increase last quarter.JPMorgan Chase (JPM) and PNC Financial (PNC): These two positions established in Q3 2018 saw substantial increases over the next two quarters. The 3.26% JPM stake was established at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase in Q1 2019 at prices between $97 and $107. The stock currently trades at ~$129. The 0.57% PNC stake was established at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. The stock is now at ~$149. Q1 2019 also saw a ~5% stake increase.Moody’s Inc. (MCO): MCO is a 2.35% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$219. Berkshire controls ~13% of the business.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $56.55 and the stake is at 1.90% of the portfolio. There was a ~20% increase in Q2 2018 at prices between $49 and $56 and that was followed with a ~8% increase in Q1 2019 at ~$49.50.Note: Berkshire controls ~10% of DAL and their overall cost-basis is ~$44.Goldman Sachs (GS): GS is a 1.77% of the portfolio stake established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follow: Q3 2018 saw a ~40% stake increase at prices between $220 and $243. GS currently trades at ~$219. Their overall cost-basis is ~$127 per share.Bank of New York Mellon Corp (BK): BK is a 1.70% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follow: 2017 saw a ~180% increase at prices between $43.50 and $55 while last year saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $48.42. Berkshire’s cost-basis on BK is ~$46 per share. For investors attempting to follow, BK is a good option to consider for further research.Southwest Airlines (LUV): LUV is a 1.35% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The stock is now at $57.63.Note: Berkshire owns ~9.5% of LUV and their overall cost-basis is ~$42.General Motors (GM): GM is a 1.26% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. The stock currently trades at $36.80. Overall, Berkshire’s cost-basis on GM is ~$32.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$187 and the position is at 1.14% of the portfolio (~10% of the business).Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$480 compared to Berkshire’s cost-basis of ~$178. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction in Q1 2019 at prices between $285 and $366. Last quarter also saw a ~5% trimming.DaVita Inc. (DVA): DVA is a ~1% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at ~$70 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~30%.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $92.52. The stake is at 0.90% of the portfolio. Last year had seen a ~22% selling at prices between $63 and $98.Note: Berkshire controls ~8% of UAL and their overall cost-basis is ~$55.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share and the stock is currently at $47.36.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 0.55% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $28.77. There was a ~3% trimming in Q2 2018 and a similar reduction next quarter.Note: Berkshire controls ~9% of AAL.Amazon.com (AMZN): AMZN is a 0.43% of the portfolio stake established in Q1 2019 at prices between $1500 and $1820 and increased by ~11% last quarter at prices between $1693 and $1963. The stock currently trades at $1755.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.14% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $9.37.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $21.82 and the stake is at 0.31% of the 13F portfolio.Synchrony Financial (SYF): SYF is a 0.33% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $36.73.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Store Capital (STOR): The 0.32% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $39.97.Axalta Coating Systems (AXTA): AXTA is a small 0.34% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $29.29. Berkshire owns 10.1% of the business.Suncor Energy (SU) and StoneCo Ltd. (STNE): These two stakes were established in Q4 2018. The 0.16% SU stake was purchased at prices between $26 and $40 and it now goes for $32.08. STNE is a 0.23% position purchased at ~$21 per share compared to the current price of ~$37.Note 1: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Note 2: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Restaurant Brands International (QSR): QSR is a 0.28% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $67.29. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Travelers Companies (TRV): TRV is a very small 0.43% position purchased in Q3 2018 at prices between $112 and $134 and it currently trades at ~$134.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $42.94. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $9.67.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q3 2019:8/3/2019 – – See REMINDER note below for the actual calculation of Book Value & Repurchase. Book Value: ~$236230 (397,609/1,634,962) per class A share or ~$157 per class B share. Repurchase Info: ~$695M worth of shares repurchased at ~$200 per class B equivalent share. H1 2019 saw a total outlay of $2.1B for repurchases.Regulatory filings thru 8/14/2019: None."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2019 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $199B to $208B this quarter.Their largest three holdings are at ~47% of the entire portfolio.Berkshire Hathaway increased Amazon during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2019. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2019.During Q2 2019, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~4% from $199B to $208B. The top five positions account for ~65% of the portfolio: Apple Inc., Bank of America, Coca Cola, Wells Fargo, and American Express. There are 44 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In H1 2019, Berkshire Hathaway repurchased ~10.45M Class B Equivalent Shares for a total outlay of $2.1B. The average price paid was ~$201. Book Value as of Q2 2019 was ~$157 per share. So, the repurchase happened at ~128% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$196.New Stakes:None.Stake Disposals:USG Corporation (USG): USG was a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. In March 2018, USG board rejected a $42 per share cash offer by Germany’s Knauf. Partly in response, Berkshire Hathaway disclosed in a regulatory filing in the following month that they would vote against USG directors in the upcoming annual meeting. In June 2018, USG accepted a $44 per share cash offer (includes 50c special dividend) from Knauf and that transaction closed this April. Buffett controlled around 31% of the business and his cost-basis was ~$19.Stake Increases:Bank of America (BAC): Berkshire established this large (top three) ~13% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $26.42. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase next quarter. This quarter also saw a ~4% stake increase.Note: Berkshire’s overall cost-basis is ~$13.US Bancorp (USB): The 3.34% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $50.90 and Berkshire’s cost-basis is ~$38. There was a ~4% stake increase in Q4 2018 and that was followed with a ~2% stake increase this quarter.Amazon.com (AMZN): AMZN is a 0.49% of the portfolio stake established last quarter at prices between $1500 and $1820 and increased by ~11% this quarter at prices between $1693 and $1963. The stock currently trades at $1763.Red Hat Inc. (RHT): RHT is a 0.47% of the portfolio position established in Q4 2018 and increased by ~22% last quarter. Last October, IBM agreed to acquire Red Hat for $190 per share cash. The transaction closed last month. There was a marginal increase this quarter.Stake Decreases:Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$375 compared to Berkshire’s cost-basis of ~$178. The six quarters thru Q4 2018 had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction last quarter at prices between $285 and $366. This quarter also saw a ~5% trimming.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~24%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. Since then, the activity has been minor. The stock currently trades at ~$203.Note: Berkshire’s overall cost-basis on Apple is ~$141 per share. They have a ~5% ownership stake in the business.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~5 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Wells Fargo & Co. (WFC): WFC is Buffett’s fourth-largest stake at 9.32% of the 13F portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $43.97. Berkshire’s cost-basis is at ~$24.50. The six quarters thru Q4 2018 had seen marginal trimming and that was followed with a ~4% selling last quarter.Kraft Heinz Co. (KHC): KHC is currently a fairly large position at 4.86% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $25.52.JPMorgan Chase (JPM) and PNC Financial (PNC): These two positions established in Q3 2018 saw substantial increases over the next two quarters. The 3.20% JPM stake was established at prices between $104 and $119 and increased by ~40% next quarter at prices between $92 and $115. There was another ~20% stake increase last quarter at prices between $97 and $107. The stock currently trades at ~$105. The 0.57% PNC stake was established at prices between $134 and $146 and increased by just over one-third next quarter at prices between $110 and $140. The stock is now at ~$125. Last quarter also saw a ~5% stake increase.Moody’s Inc. (MCO): MCO is a 2.32% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$207. Berkshire controls ~13% of the business.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $57.23 and the stake is at 1.93% of the portfolio. There was a ~20% increase in Q2 2018 at prices between $49 and $56 and that was followed with a ~8% increase last quarter at ~$49.50.Note: Berkshire controls ~10% of DAL and their overall cost-basis is ~$44.Goldman Sachs (GS): GS is a 1.80% of the portfolio stake established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follow: Q3 2018 saw a ~40% stake increase at prices between $220 and $243. GS currently trades at ~$196. Their overall cost-basis is ~$127 per share.Bank of New York Mellon Corp (BK): BK is a 1.72% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follow: 2017 saw a ~180% increase at prices between $43.50 and $55 while last year saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $41.96. Berkshire’s cost-basis on BK is ~$46 per share. For investors attempting to follow, BK is a good option to consider for further research.General Motors (GM): GM is a 1.34% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase in Q4 2018 at prices between $30.50 and $38.50. The stock currently trades at $37.19. Overall, Berkshire’s cost-basis on GM is ~$32.Southwest Airlines (LUV): LUV is a 1.31% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The stock is now at $48.76.Note: Berkshire owns ~9.5% of LUV and their overall cost-basis is ~$42.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$202 and the position is at 1.30% of the portfolio (~10% of the business).DaVita Inc. (DVA): DVA is a ~1% of the portfolio position that was aggressively built over several quarters in the 2012-13 timeframe at prices between $30 and $49. The stock currently trades at $58.17 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~23%. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for ~$82. The stake is at 0.92% of the portfolio. Last year had seen a ~22% selling at prices between $63 and $98.Note: Berkshire controls ~8% of UAL and their overall cost-basis is ~$55.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share and the stock is currently at that price.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 0.68% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $26.10. There was a ~3% trimming in Q2 2018 and a similar reduction next quarter.Note: Berkshire controls ~9% of AAL.Sirius XM Holdings (SIRI): The 0.37% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $6.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.19% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $6.30.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $25.75 and the stake is at 0.35% of the 13F portfolio.Synchrony Financial (SYF): SYF is a 0.35% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $32.84.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Store Capital (STOR): The 0.30% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $35.97.Axalta Coating Systems (AXTA): AXTA is a small 0.35% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $27.55. Berkshire owns 10.1% of the business.Suncor Energy (SU) and StoneCo Ltd. (STNE): These two stakes were established in Q4 2018. The 0.16% SU stake was purchased at prices between $26 and $40 and it now goes for $27.91. STNE is a 0.20% position purchased at ~$21 per share compared to the current price of ~$34.Note 1: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Note 2: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Restaurant Brands International (QSR): QSR is a 0.28% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $73.87. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Travelers Companies (TRV): TRV is a very small 0.43% position purchased in Q3 2018 at prices between $112 and $134 and it currently trades at ~$144.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $38.40. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $10.65.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q2 2019:5/18/2019 – there was a comment saying that we ignore the New England Asset Management Inc. filing and that pension etc. assets are not in there. That filing has ~$5B and lists Berkshire Hathaway & General RE as filers. Might look to see what that is… I replied to a comment on this on 8/24/2022 with the following: “Thank you for your comment. This issue comes up every few quarters in my updates. NEAM portfolio is not really a secret and their story is well known and public. Please see https://www.neamgroup.com/our-story - specialized investment company for insurance clients acquired by General RE in 1995 which was in turn acquired by Berkshire in 1998. The 13F that shows the details of their equity portfolio is at https://www.sec.gov/Archives/edgar/data/1004244/000108514622003133/xslForm13F_X01/infotable.xml .”Regulatory Filings thru 5/16/2019: Form 4 3/13 – DAL – minor increase at $49.94 – 70910456 shares remain, 3/8 - ~5.4M shares acquired at ~$49.40, 3/5 – Form 3 – 65.5M shares.2/25/2019 – Becky Quick Interview – a) Annual Letter - his AL was focused on the American Tailwind (last) section. b) One big change – includes two measures with the percentage change in BV to be dropped from next year. Five Groves – 1) non-insurance businesses that Berkshire owns (energy & railroad was said as redwoods in the grove but declined to name the woods in decay – of the $24B in operating earnings, those two earned $8B, or a third), 2) equities owned, 3) insurance companies, 4) treasuries and cash, and 5) businesses that you own part of, not all of, c) GAAP Earnings – the operating earnings was $24.8B and earnings $4B - $20.6B paper loss is now part of it (first time because of GAAP rule change) and ~$3B write-off on Kraft, d) Vice Chairman’s Greg Abel & Ajit Jain Compensation - ~$18M each, d) Performance of the money managers Ted Weschler Todd Combs – slightly behind S&P over the ~8-year period – manage $13B each and they are doing better than Buffett, e) Kraft Heinz – at $34, ~$70B EV earning ~$6B and for 2019 it may go down – not very attractive to buy more but won’t sell because of the size – if managing millions would have sold – it is still a good business though. Costco’s Kirkland signature does 50% more than their brands which is the real problem – they don’t have the upper hand with retail now and so diminished pricing power – that will continue – also PE has upped pricing & so 3G cannot go and buy at reasonable prices, f) Opinion on Market – incredibly cheap if long interest rates stay at 3% for the next 30 years. For a ten year holding period, would choose S&P over treasury in a second, g) Why not active in Equity & buybacks in Q4 – may have been looking for a large deal but they liked equities in Q4 – expects to be net buyers in 2019, h) Apple – price going down is good because the company aims to be cash neutral – also, BRK will buy at lower prices, i) GE – should sell assets and applauded the medical deal with Danaher for ~$21B cash that will be used to de-lever - ~$206B ($100B equity, $100B debt, & $5-6B preferreds) for two good businesses is the way he looks at it – has to still de-lever, j) Pension Liabilities – not a problem anymore in corporate America as defined benefit plans are gone – old businesses have those but should be manageable. Not true in the public sector – anyone looking for new factories in one of the states should consider this – also individuals – as states will eventually up taxes to pay for this – Becky mentioned New Jersey & Illinois but Buffett did not want to name names. Also about Charlie’s criticism of California driving rich people out – Florida & Texas has no income tax and their retirement plans are probably pretty decent shape compared to old industrial states, k) Wealth Tax – we do undertax the wealthy – so kind of endorses politicians who want to raise – cortez (70% over 10M), warren (welath tax over 50M), sanders (estate tax going up 77%), l) Why Financials? – 6 of top-10 holdings are banks – good things to say about Bofa & the CEO. On banks in general & JPM in particular - A business that earns 15% or 16% or 17% on net tangible equity, that’s incredible in a world of 3% bonds, m) Misc – Electric cars in our future much earlier than autonomous – BYD was Charlie’s buy ten years ago – have done fine. On BITCOIN – it is a delusion basically – no value. Blockchain has value."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2019 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $183B to $199B this quarter.Their largest three holdings are at ~46% of the entire portfolio.Berkshire Hathaway added Amazon during the quarter. They also increased JPMorgan Chase while reducing Charter Communications.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2019. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2018.During Q4 2018, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~9% from $183B to $199B. The top five positions account for ~64% of the portfolio: Apple Inc., Bank of America, Wells Fargo, Coca Cola, and American Express. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: In Q1 2019, Berkshire Hathaway repurchased ~6.5M class B shares at ~$201 and 1258 class A shares for a total outlay of $1.7B. Book Value as of Q1 2019 was ~$150 per share. So, the repurchase happened at ~134% of Book Value. In July 2018, Berkshire had announced a plan to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$203.New Stakes:Amazon.com (AMZN): AMZN is a 0.43% of the portfolio stake established this quarter at prices between $1500 and $1820 and the stock currently trades above that range at $1884.Stake Disposals:Verizon Communications (VZ): The minutely small remainder stake in VZ was disposed this quarter.Stake Increases:JPMorgan Chase (JPM) and PNC Financial (PNC): These two positions established in Q3 2018 saw substantial increases over the last two quarters. The 3.02% JPM stake was established at prices between $104 and $119 and increased by ~40% last quarter at prices between $92 and $115. There was another ~20% stake increase this quarter at prices between $97 and $107. The stock currently trades at ~$111. The 0.53% PNC stake was established at prices between $134 and $146 and increased by just over one-third last quarter at prices between $110 and $140. The stock is now at ~$130. This quarter also saw a ~5% stake increase.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $55.30 and the stake is now at 1.84% of the portfolio. There was a ~20% increase in Q2 2018 at prices between $49 and $56 and that was followed with a ~8% increase this quarter at ~$49.50.Note: Berkshire controls ~10% of DAL and their overall cost-basis is ~$44.Red Hat Inc. (RHT): RHT is a 0.47% of the portfolio position established last quarter and increased by ~22% this quarter. Last October, IBM agreed to acquire Red Hat for $190 per share cash. The stock is now at ~$186.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s third-largest stake at 9.93% of the 13F portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $46.24. Berkshire’s cost-basis is at ~$24.50. Last six quarters had seen marginal trimming and that was followed with a ~4% selling this quarter.Southwest Airlines (LUV): LUV is a 1.40% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The stock is now at $52.24. There was minor trimming in the last three quarters.Note: Berkshire owns ~9.5% of LUV and their overall cost-basis is ~$42.Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$380 compared to Berkshire’s cost-basis of ~$178. Last six quarters had seen a combined ~25% selling at prices between $250 and $395 and that was followed with a ~20% reduction this quarter at prices between $285 and $366.Phillips 66 (PSX): PSX is now a very small 0.26% of the portfolio stake. It is a long-term position. Recent activity follow: Q2 & Q3 2015 saw a huge position (~62M shares) built at prices between $70.50 and $84.50. In Q1 2018, Phillips 66 repurchased 35M shares from Berkshire at $93.725 per share. There was a ~24% selling in Q2 2018 at prices between $95 and $122 and that was followed with a ~56% reduction next quarter at prices between $109 and $123. Last quarter saw another ~23% selling at prices between $78.50 and $118 and that was followed with a ~50% reduction this quarter at prices between $86 and $99. The stock is now at $88.01.Note: Berkshire avoided disclosing PSX stake build-up in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the activity. Berkshire controlled ~16% of PSX at the time.Kept Steady:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~22% and Berkshire’s ownership is at ~5% of the business. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. Since then, the activity has been minor. The stock currently trades at ~$190.Note: As of Q4 2018, Berkshire’s overall cost-basis on Apple was ~$141 per share.Bank of America (BAC): Berkshire established this large (top three) ~12% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $28.71. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase in Q3 2018 at prices between $27.75 and $31.80 and a marginal increase last quarter.Note: Berkshire’s ownership stake in Bank of America is ~9.5% and their overall cost-basis as of Q4 2018 is $12.68.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~5 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Kraft Heinz Co. (KHC): KHC is currently a large position at 5.33% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is ~$30 per share compared to the current price of $32.44.US Bancorp (USB): The 3.12% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase in Q3 2018 at prices between $50 and $55. The stock is now at $51.35 and Berkshire’s cost-basis is ~$38. There was a ~4% stake increase last quarter.Moody’s Inc. (MCO): MCO is a 2.24% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$189. Berkshire controls ~13% of the business.Bank of New York Mellon Corp (BK): BK is a ~2% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follow: 2017 saw a ~180% increase at prices between $43.50 and $55 while last year saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $46.84. Berkshire’s cost-basis on BK is ~$46 per share.Goldman Sachs (GS): GS is a 1.77% of the portfolio stake established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follow: Q3 2018 saw a ~40% stake increase at prices between $220 and $243. It currently trades at ~$199. Their overall cost-basis is ~$127 per share.General Motors (GM): GM is a 1.34% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase last quarter at prices between $30.50 and $38.50. The stock currently trades at $37.35. Overall, Berkshire’s cost-basis on GM is ~$32.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at ~$198 and the position is at 1.18% of the portfolio (~10% of the business).DaVita Inc. (DVA): DVA is a ~1% of the portfolio position that was aggressively built-up over several quarters in the 2012-13 time frame at prices between $30 and $49. The stock currently trades at $50.29 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~23%. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. The stock is now at $38.51.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for ~$82. The stake is at 0.88% of the portfolio. Last year had seen a ~22% selling at prices between $63 and $98.Note: Berkshire controls ~8% of UAL and their overall cost-basis is ~$55.USG Corporation (USG): USG was a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. In March 2018, USG board rejected a $42 per share cash offer by Germany’s Knauf. Partly in response, Berkshire Hathaway disclosed in a regulatory filing in April that they would vote against USG directors in the upcoming annual meeting. In June, USG accepted a $44 per share cash offer (includes 50c special dividend) from Knauf and that transaction closed last month. Buffett controlled around 31% of the business and his cost-basis was ~$19.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 0.70% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $32.17. There was a ~3% trimming in Q2 2018 and a similar reduction next quarter.Note: Berkshire controls ~9% of AAL.Sirius XM Holdings (SIRI): The 0.39% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $5.66.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.34% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $11.48.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $25.03 and the stake is at 0.34% of the 13F portfolio.Synchrony Financial (SYF): SYF is a 0.33% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $35.02.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Store Capital (STOR): The 0.31% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $34.10.Axalta Coating Systems (AXTA): AXTA is a small 0.31% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $25.67. Berkshire owns 10.1% of the business.Suncor Energy (SU) and StoneCo Ltd. (STNE): These two stakes were established last quarter. The 0.17% SU stake was purchased at prices between $26 and $40 and it now goes for $32.41. STNE is a 0.29% position purchased at ~$21 per share compared to the current price of $26.93. For investors attempting to follow, these are good options to consider for further research.Note 1: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Note 2: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Restaurant Brands International (QSR): QSR is a 0.28% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $67.82. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Travelers Companies (TRV): TRV is a very small 0.39% position purchased in Q3 2018 at prices between $112 and $134 and it currently trades at ~$148.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $45.57. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $12.37.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q1 2019:TO DO – Berkshire Hathaway 2018 Annual Letter & NotesTO DO:The Book Value (BV) of Berkshire Hathaway per is $211,750 per BRK.A share or $141.17 per BRK.B share compared to $172,108 per BRK.A share or $114.74 per BRK.B share in the last AR. The stock ended the year at $295,755 or 140% of BV - the premium over book value has remained relatively steady over the last year as that percentage was at 142% ($244,102 share price) EOY 2016. Buffett’s repurchase criterion is 120% of BV or $254,100. The premium to book value remained somewhat steady as the stock rose ~21% over the last year compared to book value growth of ~23%. Net earnings are at $27,326 per BRK.A share. Excluding one-time gain due to tax changes, the earnings are $9,659 per BRK.A share for a ttm-PE of ~31. This is compared to a ttm-PE of ~17 last year and ~13 the year before.Historical Book Value (BV) and Market Value Growth:Book Value CAGR 1965-2017 is at 19.1% and for 2016 it is 23%.Market Value CAGR 1965-2016 is at 20.9% vs 9.9% for S&P 500. For 2017, it is ~21% which is around the same as the performance of the S&P 500 index.Earnings per Share (EPS):Excluding one-time tax gain, earnings at $9,659 for 2017 vs $14,645 in 2016 vs $14,656 in 2015 vs $12,092 in 2014 vs $11,850 in 2013 and $8,977 in 2012 per BRK.A share.  One-third decrease compared to marginal YOY increase last year and 21% YOY increase the year before. Roughly a third of Berkshire earnings are realized gains (after tax) historically. For 2017, that figure was $1.4B.Intrinsic Business Value:Plans to continue building Berkshire’s per-share intrinsic value by:Focusing on increasing earning power at subsidiaries both organically and through bolt-on acquisitions,Growth of equity investments,Repurchasing when there is meaningful discount to intrinsic value,Making acquisitions while rarely issuing new shares.Co-Managers:2017: they now manage $25B. Teva Pharmaceuticals positon is a purchase by one of them.2016: Together, they now manage $21B. Apple & American Airlines were first established by one of them.2015: Precision Castparts acquisition partly credited to Todd Combs. In their investment management roles, Todd Combs and Ted Weschler are each managing $9B each.2014: their roles were expanded to also include running businesses - they took over as Chairman of one business each - combined, those businesses are very small earning around $100M annually - Buffett’s way of developing a deep-bench!2013: Todd Combs and Ted Weschler invested $7B each and they outperformed Buffett in 2013.Long-term economic goal:Maximize average rate of gain in intrinsic business value on a per share basis. Preference is to own a diversified group of businesses with consistent above-average ROC and second choice is to own parts of such businesses (security ownership of Berkshire’s insurance subsidiaries).Look-through earnings relevance:“Undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire as if they had been distributed to us”. So,It is preferable to purchase $2 of earnings that are not reportable rather than $1 of reportable earnings for the same acquisition cost, andLook-through earnings realistically portray yearly gain from operations.Use of leverage:Buffett dedicated a section basically discouraging investors from using leverage.Selling businesses:No interest in selling good businesses Berkshire owns. Sub-par businesses are also not sold as long as they are able to generate at-least some cash and managers/labor relations are good. Capex decisions for the latter are made in a much more cautious fashion compared to the former - it is unlikely that sub-par businesses will see increased profitability with increased spending.BV growth vs S&P 500 Performance Comparison:While this comparison is shown in the first page of the Annual Letter, it has become less meaningful over time. The reasoning has to do with how Berkshire’s business structure has evolved: equity holdings tend to move with S&P 500 and that is now a much smaller portion of overall value. Also S&P 500 gains are reported at 100% while Berkshire’s realized gains get reported at 65% because of taxes.Also, there is another major shortcoming with this comparison: The carrying value of the businesses that are controlled by Berkshire is much more than their carrying value and so the BV far understates Berkshire’s Intrinsic Value (IV). But, IV by definition (discounted value of cash that can be taken out during the remaining lifetime) is an estimate and so is not quoted in any of the releases.Below is a YoY comparison of Berkshire Hathaway’s largest equity investments:A huge increase in the Apple position and the drop in the large stake in International Business Machines are the main changes.Bank of America is new in this year’s list as their warrants at strike $7.14 were exercised.Bank of New York Mellon, BYD Company, and General Motors came into the list as their market values have made them one of the top investments in Berkshire’s portfolio. Sanofi, United Continental Holdings and USG Corporation slipped out of the list for the same reason. International Business Machines on the other hand was sold out.Below is a comparison of Berkshire Hathaway's asset distribution in the "Insurance and Other" area for the last three years:The equity exposure is at ~54%. Debt holdings have dropped from ~21% in 2012 to just ~7% in 2017. Berkshire has been on record consistently to state the relative valuation edge for equities compared to bonds in the current low-interest rate environment. Cash on the other hand has gone up from 24% to 34%. It is probable that Berkshire would look to allocate some of that cash this year.() are a treasure trove of information and are a very good option for anyone starting out on individual investing.Regulatory Filings thru 2/15/2019: 13G & 13G/A’s on 2/14 – AAPL - 255,300,329 shares – 5.4% of business, LBTYK – 19.79M+many pension related – 9.7%+others, WFC – 451,358,102 shares – 9.9% of business, AAL – 43.7M shares – 9.5%, LUV – 54.85M shares – 9.8%, UAL – 21.94M shares – 8.1%, DAL – 65.54M shares – 9.6%, GS – 18.78M shares – 5.1%, BAC – 918.9M shares – 9.5%, BK – 92M shares – 9.6%, GM – 72.3M shares – 5.1%, USB – 147.8M shares – 9.2%, 13G – 2/13 – STT -"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2018 Update"

"Berkshire Hathaway's 13F stock portfolio value decreased from $221B to $183B this quarter.Their largest three holdings are at ~44% of the entire portfolio.Berkshire Hathaway increased several financials while dropping Oracle.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/14/2019. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2018.During Q4 2018, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value decreased ~17% from $221B to $183B. The top five positions account for ~63% of the portfolio: Apple Inc., Bank of America, Wells Fargo, Coca Cola, and American Express. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New Stakes:Red Hat Inc. (RHT), Suncor Energy (SU), and StoneCo Ltd. (STNE): These are the three new stakes established this quarter. RHT is a 0.40% of the portfolio position. Last October, IBM agreed to acquire Red Hat for $190 per share cash. The stock is now at ~$180. The 0.16% SU stake was purchased at prices between $26 and $40 and it now goes for $32.55. STNE is a 0.14% position purchased at ~$21 per share compared to the current price of $21.27. For investors attempting to follow, these are good options to consider for further research.Note 1: Berkshire has a ~11% ownership stake in StoneCo. In October 2018, WSJ reported that Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August 2018 while the STNE purchase was following its IPO in October 2018.Note 2: Suncor Energy has had a roundtrip in the portfolio. It was a 0.48% position purchased in Q2 2013 at prices between $27 and $32. That stake was disposed during Q2 & Q3 2016 at prices between $25.50 and $29.Stake Disposals:Oracle Corp (ORCL): ORCL was a ~1% position purchased last quarter at prices between $45 and $52 and disposed this quarter at prices between $42.50 and $52. It now goes for $51.48.Stake Increases:Bank of America (BAC): Berkshire established this large (top three) ~12% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $28.39. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase last quarter at prices between $27.75 and $31.80 and a marginal increase this quarter.Note: Berkshire’s ownership stake in Bank of America is ~9.5%.US Bancorp (USB): The 3.23% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. H1 2018 had seen a ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase last quarter at prices between $50 and $55. The stock is now at $50.46 and Berkshire’s cost-basis is ~$38. There was a ~4% stake increase this quarter.JPMorgan Chase (JPM), PNC Financial (PNC), and Travelers Companies (TRV): These new positions established last quarter saw substantial increases this quarter. The 2.67% JPM stake was established at prices between $104 and $119 and increased by ~40% this quarter at prices between $92 and $115. The stock currently trades at ~$102. The 0.53% PNC stake was established at prices between $134 and $146 and increased by just over one-third this quarter at prices between $110 and $140. The stock is now at ~$121. TRV is a very small 0.39% position purchased at prices between $112 and $134 and it currently trades at ~$127.Bank of New York Mellon Corp (BK): BK is a ~2% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. Recent activity follow: 2017 saw a ~180% increase at prices between $43.50 and $55 while last year saw another one-third increase at prices between $44.50 and $58.50. The stock currently trades at $51.77. Berkshire’s cost-basis on BK is ~$45 per share.General Motors (GM): GM is a 1.32% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. There was a ~38% stake increase this quarter at prices between $30.50 and $38.50. The stock currently trades at $38.89. Overall, Berkshire’s cost-basis on GM is ~$32.Stake Decreases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~22% and Berkshire’s ownership is at ~5% of the business. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. The stock currently trades at ~$171. There was a ~5% stake increase in Q2 2018. Last quarter saw a marginal increase while this quarter there was a similar reduction.Note: As of Q4 2017, Berkshire’s overall cost-basis on Apple was ~$126 per share. Berkshire has increased the position by ~50% since at higher prices.Wells Fargo & Co. (WFC): WFC is Buffett’s third-largest stake at 10.74% of the 13F portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $48.52. Berkshire’s cost-basis is at ~$24.50. Last six quarters have seen marginal trimming.Southwest Airlines (LUV): LUV is a 1.39% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Q2 2018 saw another ~20% stake increase at prices between $50 and $57. The stock is now at $58. There was minor trimming in the last two quarters.Note: Berkshire owns ~9.5% of LUV.Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established during the last three quarters of 2014 at prices between $118 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at ~$342 compared to Berkshire’s cost-basis of ~$178. Last six quarters have seen a combined ~25% selling at prices between $250 and $395.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for ~$88. The stake is at ~1% of the portfolio. The last four quarters have seen a ~22% selling at prices between $63 and $98.Note: Berkshire controls ~8% of UAL.Phillips 66 (PSX): PSX is now a small 0.56% of the portfolio stake. It is a long-term position. Recent activity follow: Q2 & Q3 2015 saw a huge position (~62M shares) built at prices between $70.50 and $84.50. In Q1 2018, Phillips 66 repurchased 35M shares from Berkshire at $93.725 per share. There was a ~24% selling in Q2 2018 at prices between $95 and $122 and that was followed with a ~56% reduction last quarter at prices between $109 and $123. This quarter saw another ~23% selling at prices between $78.50 and $118. The stock is now at $95.65.Note: Berkshire avoided disclosing PSX stake build-up in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the activity. Berkshire controlled ~16% of PSX at the time.Kept Steady:American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~5 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Kraft Heinz Co. (KHC): KHC is currently a large position at 7.66% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $47.34.Moody’s Inc. (MCO): MCO is a 1.89% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$164. Berkshire controls ~13% of the business.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $50.48 and the stake is now at 1.79% of the portfolio. There was a ~20% increase in Q2 2018 at prices between $49 and $56.Note: Berkshire controls ~9.5% of DAL.Goldman Sachs (GS): GS is a 1.67% of the portfolio stake established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Recent activity follow: last quarter saw a ~40% stake increase at prices between $220 and $243. It currently trades at ~$193.DaVita Inc. (DVA): DVA is a ~1% of the portfolio position that was aggressively built-up over several quarters in the 2012-13 time frame at prices between $30 and $49. The stock currently trades at $58.09 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~23%. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The buying continued till Q2 2014 at prices up to $63. The stock currently trades at $175 and the position is at ~1% of the portfolio (~10% of the business).Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. The stock is now at $40.36.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $43.05. Buffett controls around 31% of the business and his cost-basis is ~$19.Note: In March 2018, USG board rejected a $42 per share cash offer by Germany’s Knauf. Partly in response, Berkshire Hathaway disclosed in a regulatory filing in April that they would vote against USG directors in the upcoming annual meeting. In June, USG accepted a $44 per share cash offer (includes 50c special dividend) from Knauf.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 0.77% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $36.11. There was a ~3% trimming in Q2 2018 and a similar reduction last quarter.Note: Berkshire controls ~9% of AAL.Sirius XM Holdings (SIRI): The 0.43% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $5.92.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.36% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $17.28.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $24.08 and the stake is at 0.31% of the 13F portfolio.Axalta Coating Systems (AXTA): AXTA is a small 0.31% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $26.47. Berkshire owns 10.1% of the business.Store Capital (STOR): The 0.29% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $31.96.Synchrony Financial (SYF): SYF is a 0.27% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $30.83.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Restaurant Brands International (QSR): QSR is a 0.24% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $63.83. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), Verizon Communications (VZ), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $42.88. SRG is an REIT spinoff from Sears that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $13.16.Note 3: Per last year’s , Berkshire had a $1.7B position in Sanofi – it is not in the 13F report as they hold the securities listed in Euronext Paris which is outside the realm of US 13F securities. The current does not show this as a top holding as it probably dropped off the top-fifteen.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q4 2018:11/3 – - Book value per class A equivalent share was $228,712 at Sept. 30, 2018. Buybacks: From Dec. 31, 2017 and Sept. 30, 2018, about 4.14M of class B shares were acquired; during that same time 25.9M class B shares were issued either through class A share conversions or stock options exercised. Per , Berkshire bought back shares at an average price of $312,806.74 per A share and $207.09 per B share – current PPS is around that range. BAC may have been increased to 900M shares (9.2% of business) – 13F has 679M shares.10/28 – – around $600M in Paytm and StoneCo.13G/A – 9/10- PSX – 22.19M shares – 4.8% of business.Regulatory Filings thru 11/15/2018: Several Form 4s etc for minor transactions by Ajith Jain & a 13D/A 10/1 by Bill Gates. 13D/A – 11/13 – DVA – 38.57M shares – 23.2% of business, 13G – 11/9 – StoneCo – 14.17M shares – 11.3% of business, 13G/A – 9/10 – PSX – 22.2M shares – 4.8% of business,"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2018 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $196B to $221B this quarter.Their largest three holdings are at ~48% of the entire portfolio.Berkshire Hathaway increased several financials substantially while reducing Phillips 66.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2018. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2018.During Q3 2018, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~13% from $196B to $221B. The top five positions account for around two-thirds of the portfolio: Apple Inc., Bank of America, Wells Fargo, Coca Cola, and Kraft Heinz Co. There are 43 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note 1: As of Q3 2018, Berkshire had repurchased ~4.14M class B shares at ~$207 per share. Book Value as of Q3 2018 was ~$153 per share. So, the repurchase happened at ~135% of Book Value. In July, Berkshire had to make their re-purchase criteria to be more flexible – instead of the 120% of Book Value criteria, Buffett & Munger had to agree that Berkshire was trading below intrinsic value. The Class B shares currently trade at ~$216.Note 2: Last Month, WSJ reported Berkshire had invested ~$300M each in two Fintech’s – India’s Paytm and Brazil’s StoneCo (STNE). The Paytm investment was made in August while the STNE purchase was immediately following its IPO last month. Regulatory filings from earlier this month show Berkshire holding 14.17M shares (11.3% of business) of StoneCo. The stock currently trades at $23.44, well below the IPO price of ~$31. For investors attempting to follow, STNE is a good option to consider for further research.New Stakes:JPMorgan Chase (JPM), Oracle Corp (ORCL), PNC Financial (PNC), and Travelers Companies (TRV): These are the new positions this quarter. The 1.82% JPM stake was established at prices between $104 and $119 and the stock currently trades at ~$107. ORCL is a ~1% position purchased at prices between $45 and $52 and it now goes for $48.84. PNC and TRV are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Sanofi (SNY) and Wal-Mart Stores (WMT): These are very small positions (less than ~0.1% of the portfolio each) disposed this quarter.Note: The 13F stake in Sanofi was a minutely small 0.08% of the portfolio position. Per last year’s , Berkshire had a $1.7B position in Sanofi - so in addition to the very small ADR stake listed in the 13F report, Berkshire held Sanofi securities listed in Euronext Paris. The current does not show this as a top holding as it probably dropped off the top-fifteen.Stake Increases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~26% and Berkshire’s ownership is at ~5% of the business. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase in Q1 2018 at prices between $155 and $182. The stock currently trades at ~$187. There was a ~5% stake increase last quarter and a marginal increase this quarter.Note: As of Q4 2017, Berkshire’s overall cost-basis on Apple was ~$126 per share. Berkshire has increased the position by ~50% since at higher prices.Bank of America (BAC): Berkshire established this large (top three) 11.69% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $27.21. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. There was a ~30% stake increase this quarter at prices between $27.75 and $31.80.Note: Berkshire’s ownership stake in Bank of America is ~8.5%.US Bancorp (USB): The ~3% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. Last two quarters had seen a combined ~16% increase at prices between $49 and $58 and that was followed with a ~25% increase this quarter at prices between $50 and $55. The stock is now at $54 and Berkshire’s cost-basis is ~$38.Goldman Sachs (GS): GS is a 1.86% of the portfolio stake established in Q4 2013. Berkshire received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213 while last quarter saw a ~20% increase at prices between $220 and $260. That was followed with a ~40% stake increase this quarter at prices between $220 and $243. It currently trades at ~$203.Bank of New York Mellon Corp (BK): BK is a 1.80% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. Q1 2017 saw a ~50% increase at prices between $43.50 and $49 and that was followed with another similar increase the following quarter at prices between $46 and $51. There was a ~20% further increase in Q4 2017 at prices between $51 and $55. The stock currently trades at $48.23. Berkshire’s cost-basis on BK is ~$45 per share. Last two quarters had seen a combined ~7% increase at prices between $50 and $58.50 and that was followed with a ~20% increase this quarter at prices between $50 and $56.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $56.43 and the stake is now at 1.71% of the portfolio. There was a ~20% increase last quarter at prices between $49 and $56 and that was followed with a ~3% increase this quarter.Note: Berkshire controls ~9.5% of DAL.General Motors (GM): GM is a 0.80% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. The stock currently trades at $35.23. Overall, Berkshire’s cost-basis on GM is ~$30. There were marginal increases in the last two quarters.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s third-largest stake at 10.52% of the 13F portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $52.15. Berkshire’s cost-basis is at ~$24.50. Last five quarters have seen marginal trimming.Southwest Airlines (LUV): LUV is a 1.58% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. Last quarter saw another ~20% stake increase at prices between $50 and $57. The stock is now at $52.48. There was marginal trimming this quarter.Note: Berkshire owns ~9.5% of LUV.Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at ~$321 compared to Berkshire’s cost-basis of ~$178. Last five quarters have seen a combined ~22% selling at prices between $230 and $395.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for ~$92. The stake is at ~1% of the portfolio. There was minor selling in the last three quarters.Note: Berkshire controls ~9% of UAL.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 0.82% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $38.11. There was a ~3% trimming last quarter and a similar reduction this quarter.Note: Berkshire controls ~9% of AAL.Phillips 66 (PSX): PSX is now a small 0.79% of the portfolio stake. It is a long-term position. Recent activity follow: Q2 & Q3 2015 saw a huge position (~62M shares) built at prices between $70.50 and $84.50. In Q1 2018, Phillips 66 repurchased 35M shares from Berkshire at $93.725 per share. There was a ~24% selling last quarter at prices between $95 and $122 and that was followed with a ~56% reduction this quarter at prices between $109 and $123. The stock is now at $95.60. Berkshire’s cost-basis as of Q4 2017 was $78.31.Note: Berkshire avoided disclosing PSX stake build-up in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the activity. Berkshire controlled ~16% of PSX at the time.Kept Steady:American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Kraft Heinz Co. (KHC): KHC is currently the fifth-largest 13F position at 8.12% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $52.64.Note: In February it was announced that Warren Buffett from Kraft Heinz board this year as he decreases his travel commitments.Moody’s Inc. (MCO): MCO is a 1.87% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$146. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a 1.25% of the portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $64.35 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~23%. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The following quarter saw a one-third increase at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $151 and the position is at 0.94% of the portfolio (~10% of the business).Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. The stock is now at $40.71.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $42.68. Buffett controls around 31% of the business and his cost-basis is ~$19.Note: In March, USG board rejected a $42 per share cash offer by Germany’s Knauf. Partly in response, Berkshire Hathaway disclosed in a regulatory filing in April that they would vote against USG directors in the upcoming annual meeting. In June, USG accepted a $44 per share cash offer (includes 50c special dividend) from Knauf.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.42% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled next quarter at prices between $16.50 and $22. The stock currently trades at $22.67.Sirius XM Holdings (SIRI): The 0.39% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $6.25.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $23.80 and the stake is at 0.35% of the 13F portfolio. There was a ~7% trimming in Q1 2018 while last quarter saw a similar increase.Axalta Coating Systems (AXTA): AXTA is a small 0.32% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $25.01. Berkshire owns 10.1% of the business. Last quarter saw a ~4% increase.Synchrony Financial (SYF): SYF is a 0.29% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $26.92.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share.Store Capital (STOR): The 0.23% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $29.43.Restaurant Brands International (QSR): QSR is a 0.23% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $55.39. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), Verizon Communications (VZ), and Visa Inc. (V): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $37.28. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $13.66.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q3 2018:8/16/2018: A reader pointed out that Synchrony Financial was a split-off NOT spin-off. Made a correction request and edited the content for Q2 2018.8/5/2018: - Approximately 70% of the aggregate fair value of “Investments in Equity Securities” was concentrated in five companies (American Express Company – $14.9 billion; Apple Inc. – $47.2 billion; Bank of America Corporation – $19.7 billion; The Coca-Cola Company – $17.5 billion and Wells Fargo & Company – $26.4 billion). For AAPL - $47.2B (~254M shares) compared to $40.7B allocation as of 3/31/2018 (~243M shares) compared to $28.2B as of 12/31/2017 (~166M shares).7/18/2018 – Berkshire to make re-purchase criteria to be more flexible – 120% of BV no longer applies – instead, Buffett & Munger has to agree it is trading below intrinsic value, conservatively determined…Regulatory Filings thru 8/14/2018: 13G/A (amendment) 8/10, Form 3 8/6 – AXTA – 24.26M shares – 10.1% of business, 13D – 7/23 – Gates Foundation holds 65.97M shares of BRK.B – 4.9% of business, 13D/A 7/18, Form 4 7/17 – Buffett’s similar filing, Form 4 – 6/28, 5/25, 5/16 – Ajith Jain similar filing, Form 4 6/18 – Munger similar filing, 13D/A – 6/11 – USG – 43.4M shares – 31.1% of business,"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2018 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $189B to $196B this quarter.Their largest three holdings are at ~47% of the entire portfolio.Berkshire Hathaway increased US Bancorp, Goldman Sachs, Southwest Airlines, and Delta Airlines while reducing Phillips 66.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2018. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2018.During Q2 2018, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value increased ~4% from $189B to $196B. The top five positions account for two-thirds of the portfolio: Apple Inc., Wells Fargo, Kraft Heinz Co., Bank of America, and Coca Cola. There are 41 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Note: Last month, Berkshire to make their re-purchase criteria to be more flexible – 120% of BV no longer applies – instead, Buffett & Munger has to agree it is trading below intrinsic value, conservatively determined.New Stakes:None.Stake Disposals:Monsanto Company (MON): The 1.17 % MON position was established in Q4 2016 at prices between $98 and $106. The position was more than doubled over the last three quarters. In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal and that transaction closed in June.Verisk Analytics (VRSK): The minutely small 0.02% VRSK stake was reduced by ~80% last quarter and disposed this quarter.Stake Increases:Apple Inc. (AAPL): AAPL is currently the largest 13F portfolio stake at ~24% and Berkshire’s ownership is at ~5% of the business. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase in Q4 2017 at prices between $154 and $176 and that was followed with a ~45% increase last quarter at prices between $155 and $182. The stock currently trades at ~$210. There was a ~5% stake increase this quarter.Note: As of Q4 2017, Berkshire’s overall cost-basis on Apple was ~$126 per share.US Bancorp (USB): The 2.57% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $53.17. Last two quarters have seen a combined ~16% increase at prices between $49 and $58.Bank of New York Mellon Corp (BK): BK is a 1.79% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. Q1 2017 saw a ~50% increase at prices between $43.50 and $49 and that was followed with another similar increase the following quarter at prices between $46 and $51. There was a ~20% further increase in Q4 2017 at prices between $51 and $55. The stock currently trades at $50.97. Berkshire’s cost-basis on BK is ~$43 per share. Last two quarters have seen a combined ~7% increase at prices between $50 and $58.50.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $54.76 and the stake is now at 1.61% of the portfolio. There was a ~20% increase this quarter at prices between $49 and $56.Note: Berkshire controls ~9.5% of DAL.Goldman Sachs (GS): GS is a 1.49% of the portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213 while this quarter saw a ~20% increase at prices between $220 and $260. It currently trades at ~$230.Southwest Airlines (LUV): LUV is a 1.47% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. This quarter saw another ~20% stake increase at prices between $50 and $57. The stock is now at $59.09.Note: Berkshire owns ~9.5% of LUV.General Motors (GM): GM is a ~1% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. By Q3 2017, the position size had increased by around six-times (10M shares to 60M shares). Q4 2017 saw a reduction: ~17% selling at prices between $40.50 and $46.50. The stock currently trades at $36.20. Overall, Berkshire’s cost-basis on GM is ~$30. There was a marginal increase this quarter.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.54% of the portfolio stake established in Q4 2017 at prices between $11.20 and $19.33 and more than doubled last quarter at prices between $16.50 and $22. The stock currently trades at $22.12. This quarter also saw a ~7% increase.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $26.71 and the stake is at 0.38% of the 13F portfolio. There was a ~7% trimming last quarter while this quarter saw a similar increase.Axalta Coating Systems (AXTA): AXTA is a small 0.38% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $30.25. Berkshire owns 10.1% of the business. This quarter saw a ~4% increase.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 14.54% of the 13F portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $58.07. Berkshire’s cost-basis is at ~$24.50. Last four quarters have seen marginal trimming.Phillips 66 (PSX): PSX is a ~2% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). The bulk of the current stake was built in Q2 & Q3 2015 at prices between $70.50 and $84.50. Last quarter, Phillips 66 repurchased 35M shares from Berkshire at $93.725 per share. The stock currently trades at ~$121. There was a ~24% selling this quarter at prices between $95 and $122.Note 1: Berkshire’s cost-basis as of Q4 2017 was $78.31.Note 2: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controlled ~16% of PSX at the time.Charter Communications (CHTR): CHTR is a ~1% of the portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at ~$308 compared to Berkshire’s cost-basis of ~$178. Last three quarters have seen a combined ~12% selling at prices between $262 and $388.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $81.44. The stake is at ~1% of the portfolio. There was minor selling in the last two quarters.Note: Berkshire controls ~9% of UAL.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 1.27% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $37.09. There was a ~3% trimming this quarter.Note: Berkshire controls ~9% of AAL.Kept Steady:Kraft Heinz Co. (KHC): KHC is currently the third-largest 13F position at 10.46% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $59.52.Note: In February, it was announced that Warren Buffett from Kraft Heinz board this year as he decreases his travel commitments.Bank of America (BAC): Berkshire established this large (top three) 10.78% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $30.79. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held.Note: Berkshire’s ownership stake in Bank of America is ~6.5%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Moody’s Inc. (MCO): MCO is a 2.15% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$171. Berkshire controls ~13% of the business.DaVita Inc. (DVA): DVA is a 1.37% of the portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $72.18 compared to Berkshire’s overall cost-basis of ~$45 per share.Note: Berkshire’s ownership stake in DaVita is ~22%. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. The stock is now at $46.37.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The following quarter saw a one-third increase at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $154 and the position is at 0.91% of the portfolio (~10% of the business).USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $43.15. Buffett controls around 31% of the business and his cost-basis is ~$19.Note: In March, USG board rejected a $42 per share cash offer by Germany’s Knauf. Partly in response, Berkshire Hathaway disclosed in a regulatory filing in April that they would vote against USG directors in the upcoming annual meeting. In June, USG accepted a $44 per share cash offer (includes 50c special dividend) from Knauf.Sirius XM Holdings (SIRI): The 0.48% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $6.96.Synchrony Financial (SYF): SYF is a 0.35% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $30.01.Note: Synchrony is the private label credit-card business split-off from GE that started trading in August 2014 at ~$23 per share. It has seen recent super-investor interest: Baupost Group has a ~10% portfolio stake.Restaurant Brands International (QSR): QSR is a 0.26% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $62.21. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Sanofi (SNY): The 13F stake in Sanofi is a minutely small 0.08% of the portfolio position. Per last year’s , Berkshire had a $1.7B position in Sanofi - so in addition to the very small ADR stake listed in the 13F report, Berkshire held Sanofi securities listed in Euronext Paris. The current does not show this as a top holding as it probably dropped off the top-fifteen.Store Capital (STOR): The 0.25% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $28.51.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), Verizon Communications (VZ), Visa Inc. (V), and Wal-Mart Stores (WMT): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $49.78. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $11.37.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/16/2018: 13D/A – 5/11/2018 – DVA – 38.6M shares – 22.1% of business, 13G – 4/20/2018 – TMK – 6.4M shares – 5.6% of business, 13D/A – 4/12/2018 & 3/26/2018 – USG – 43.4M shares – 31% of business – plans to vote against the 4 board members, 13G/A – 2/21/2018 – PSX – 45.7M shares – 9.8% of business.5/7/2018: – AAPL - $40.7B allocation as of 3/31/2018 (~243M shares) compared to $28.2B as of 12/31/2017 (~166M shares).2/23/2018 - – KHC – to reduce travel commitments.3/5/2018: DONE 5/16/2018 in Q1 2018 Update - Correction needed in KHC description from next round: Noticed that the following info was incorrect: “The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year.” The highlighted should read “in early 2015.”2/20/2018 – DONE 5/16/2018 in Q1 2018 Update - Reader question on accuracy of PSX & GM trading info: The question was “on the GM part , can you recheck your info ? I think soon after his disclosure of buying , he sold 10 Million , and then added again. On PSX didn't he buy , then dump it completely ...and then buy again ?” and my reply was “On GM, the trading pattern was as follows: the initial position was 10M shares in Q1 2012. It was built up to 40M shares by Q4 2013. The following quarter saw a 25% reduction (10M shares). It was then built back up to 60M shares as of Q3 2017. That 10M share reduction may be what you are referring to. I usually summarize long-term positions with multiple trades to mention only the big changes. I will look into making the info more accurate in the next round. On PSX, it appeared that in Q2 2015, they disposed the position and then bought more the following quarter. It was because Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “section 13(f) Confidential Treatment Requests”. Also, Q1 2014 had seen a ~19M share reduction due to Berkshire purchasing an operating business from PSX in exchange of those shares.”"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2018 Update"

"Berkshire Hathaway's 13F stock portfolio value decreased from $191B to $189B this quarter.Their largest three holdings are at ~45% of the entire portfolio.Berkshire Hathaway increased Apple, Monsanto, and Teva while reducing Phillips 66.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s 13F stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2018. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2017.During Q1 2018, Berkshire Hathaway’s (BRK.A) (BRK.B) 13F stock portfolio value decreased marginally from $191B to $189B. The top five positions account for ~65% of the portfolio: Apple Inc., Wells Fargo, Bank of America, Kraft Heinz Co., and Coca Cola. There are 43 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New Stakes:None.Stake Disposals:International Business Machines (IBM): The original IBM position was purchased in Q3 2011 at prices between $158 and $185. As of Q4 2016, the share count had gone up by almost 40% through periodic purchases. There was an about-turn in Q1 2017: ~21% selling at prices between $166 and $182 and that was followed with another ~16% reduction in early May at prices between $150 and $160. H2 2017 saw the stake almost sold out at prices between $140 and $162. The stock currently trades at ~$144. The minutely small position that remained was eliminated this quarter.Note: Berkshire’s cost-basis on IBM was ~$170 per share.Graham Holdings (GHC): The minutely small 0.03% position in GHC was disposed this quarter.Stake Increases:Apple Inc. (AAPL): AAPL is the largest 13F portfolio stake at 21.27%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase last quarter at prices between $154 and $176 and that was followed with a ~45% increase this quarter at prices between $155 and $182. The stock currently trades at ~$186. Berkshire Hathaway owns ~4.9% of the outstanding shares of Apple Inc.Note: As of Q4 2017, Berkshire’s overall cost-basis on Apple was ~$126 per share.US Bancorp (USB): The 2.43% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $51.12. There was a ~4% increase this quarter.Bank of New York Mellon Corp (BK): BK is a 1.70% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. Q1 2017 saw a ~50% increase at prices between $43.50 and $49 and that was followed with another similar increase the following quarter at prices between $46 and $51. There was a ~20% further increase last quarter at prices between $51 and $55. The stock currently trades at $56.89. Berkshire’s cost-basis on BK is ~$42 per share. There was a ~2% stake increase this quarter.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $52.37 and the stake is now at 1.55% of the portfolio. There was a marginal increase this quarter.Note: Berkshire controls ~8% of DAL.Monsanto Company (MON): The 1.17 % MON position was established in Q4 2016 at prices between $98 and $106 and the stock currently trades at ~$125. In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal. The last two quarters had seen a combined ~46% stake increase at prices between $115 and $122 and that was followed with a ~62% increase this quarter at prices between $116 and $124.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.37% of the portfolio stake established last quarter at prices between $11.20 and $19.33 and more than doubled this quarter at prices between $16.50 and $22. The stock currently trades at $20.30.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 14.54% of the 13F portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $54.75. Berkshire’s cost-basis is at ~$24.50. Last three quarters have seen marginal trimming.Phillips 66 (PSX): PSX is a 2.32% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). The bulk of the current stake was built in Q2 & Q3 2015 at prices between $70.50 and $84.50. In February, it was that Phillips 66 agreed to repurchase 35M shares from Berkshire at $93.725 per share. Berkshire indicated the transaction’s sole purpose was to eliminate additional regulatory requirements that come with ownership stake above 10%. The stock currently trades at $118.Note 1: Berkshire’s cost-basis as of Q4 2017 was $78.31.Note 2: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controlled ~16% of PSX at the time.Charter Communications (CHTR): CHTR is a 1.35% of the portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at ~$270 compared to Berkshire’s cost-basis of ~$178. There was a ~10% selling in Q4 2017 and that was followed with a ~3% trimming this quarter.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $68.03. The stake is at ~1% of the portfolio. There was marginal selling this quarter.Note: Berkshire controls ~9% of UAL.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $29.08 and the stake is at 0.42% of the 13F portfolio. There was a ~7% trimming this quarter.Sanofi (SNY): The minutely small 0.08% of the portfolio stake in SNY saw marginal trimming this quarter.Note: Per last year’s , Berkshire had a $1.7B position in Sanofi - so in addition to the very small ADR stake listed in the 13F report, Berkshire held Sanofi securities listed in Euronext Paris. This year’s does not show this as a top holding as it probably dropped off the top-fifteen.Verisk Analytics (VRSK): The minutely small 0.02% VRSK stake was reduced by ~80% this quarter.Kept Steady:Bank of America (BAC): Berkshire established this large (top three) 10.78% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $31.22. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held.Note: Berkshire’s ownership stake in Bank of America is ~6.5%.Kraft Heinz Co. (KHC): KHC is currently the fourth-largest 13F stock position at 10.74% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group in early 2015. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $59.04.Note: In February, it was announced that Warren Buffett from Kraft Heinz board this year as he decreases his travel commitments.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.6% and ~9.4% respectively.Moody’s Inc. (MCO): MCO is a 2.11% of the 13F portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$171. Berkshire controls ~13% of the business.Goldman Sachs (GS): GS is a 1.46% of the portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at ~$242.Southwest Airlines (LUV): LUV is a 1.44% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. The stock is now at $51.70.Note: Berkshire owns ~8% of LUV.DaVita Inc. (DVA): DVA is a 1.35% of the portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $66.29 compared to Berkshire’s overall cost-basis of ~$45 per share.Note 1: Berkshire’s ownership stake in DaVita is ~22%. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 1.27% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $43.19. There was a ~2% trimming last quarter.Note: Berkshire controls 9.6% of AAL.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. The stock is now at $44.56.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.General Motors (GM): GM is a ~1% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The position size increased six-times (10M shares to 60M shares) by Q3 2017. Last quarter saw a reduction: ~17% selling at prices between $40.50 and $46.50. The stock currently trades at $36.94. Overall, Berkshire’s cost-basis on GM is $30.16.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $41.43. Buffett controls around 31% of the business and his cost-basis is ~$19.Note: In March, USG board rejected a $42 per share cash offer by Germany’s Knauf. Partly in response, Berkshire Hathaway disclosed in a regulatory filing last month that they would vote against USG directors in the upcoming annual meeting. Earlier this month, USG agreed to open sale talks with Knauf.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The following quarter saw a one-third increase at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $127 and the position is at 0.81% of the portfolio (~10% of the business).Sirius XM Holdings (SIRI): The 0.39% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $6.87.Axalta Coating Systems (AXTA): AXTA is a small 0.37% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $31.30. Berkshire owns ~9.8% of the business.Synchrony Financial (SYF): SYF is a 0.37% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% the following quarter at prices between $28.50 and $31.25. The stock is now at $34.21.Note: Synchrony is the private label credit-card business spinoff from GE that started trading in August 2014 at ~$23 per share. It has seen recent super-investor interest: Baupost Group has a ~10% portfolio stake.Restaurant Brands International (QSR): QSR is a 0.25% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $56.31. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Store Capital (STOR): The 0.25% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $25.52.Costco Wholesale (COST), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), Verizon Communications (VZ), Visa Inc. (V), and Wal-Mart Stores (WMT): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $37.40. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.Note 2: Berkshire Hathaway also has a 225M share position in BYD Company at a cost-basis of ~$1 per share (~$2 per share in terms of ADRs – BYDDY). The ADR currently trades at $13.68.The spreadsheet below highlights changes to Berkshire Hathaway’s 13F stock holdings in Q1 2018:2/27/2017 - OFB Post - Berkshire Hathaway 2017 Annual Letter & Report - NotesThe Book Value (BV) of Berkshire Hathaway per is $211,750 per BRK.A share or $141.17 per BRK.B share compared to $172,108 per BRK.A share or $114.74 per BRK.B share in the last AR. The stock ended the year at $295,755 or 140% of BV - the premium over book value has remained relatively steady over the last year as that percentage was at 142% ($244,102 share price) EOY 2016. Buffett’s repurchase criterion is 120% of BV or $254,100. The premium to book value remained somewhat steady as the stock rose ~21% over the last year compared to book value growth of ~23%. Net earnings are at $27,326 per BRK.A share. Excluding one-time gain due to tax changes, the earnings are $9,659 per BRK.A share for a ttm-PE of ~31. This is compared to a ttm-PE of ~17 last year and ~13 the year before.Historical Book Value (BV) and Market Value Growth:Book Value CAGR 1965-2017 is at 19.1% and for 2016 it is 23%.Market Value CAGR 1965-2016 is at 20.9% vs 9.9% for S&P 500. For 2017, it is ~21% which is around the same as the performance of the S&P 500 index.Earnings per Share (EPS):Excluding one-time tax gain, earnings at $9,659 for 207 vs $14,645 in 2016 vs $14,656 in 2015 vs $12,092 in 2014 vs $11,850 in 2013 and $8,977 in 2012 per BRK.A share.  One-third decrease compared to marginal YOY increase last year and 21% YOY increase the year before. Roughly a third of Berkshire earnings are realized gains (after tax) historically. For 2017, that figure was $1.4B.Intrinsic Business Value:Plans to continue building Berkshire’s per-share intrinsic value by:Focusing on increasing earning power at subsidiaries both organically and through bolt-on acquisitions,Growth of equity investments,Repurchasing when there is meaningful discount to intrinsic value,Making acquisitions while rarely issuing new shares.Co-Managers:2017: they now manage $25B. Teva Pharmaceuticals positon is a purchase by one of them.2016: Together, they now manage $21B. Apple & American Airlines were first established by one of them.2015: Precision Castparts acquisition partly credited to Todd Combs. In their investment management roles, Todd Combs and Ted Weschler are each managing $9B each.2014: their roles were expanded to also include running businesses - they took over as Chairman of one business each - combined, those businesses are very small earning around $100M annually - Buffett’s way of developing a deep-bench!2013: Todd Combs and Ted Weschler invested $7B each and they outperformed Buffett in 2013.Long-term economic goal:Maximize average rate of gain in intrinsic business value on a per share basis. Preference is to own a diversified group of businesses with consistent above-average ROC and second choice is to own parts of such businesses (security ownership of Berkshire’s insurance subsidiaries).Look-through earnings relevance:“Undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire as if they had been distributed to us”. So,It is preferable to purchase $2 of earnings that are not reportable rather than $1 of reportable earnings for the same acquisition cost, andLook-through earnings realistically portray yearly gain from operations.Use of leverage:Buffett dedicated a section basically discouraging investors from using leverage.Selling businesses:No interest in selling good businesses Berkshire owns. Sub-par businesses are also not sold as long as they are able to generate at-least some cash and managers/labor relations are good. Capex decisions for the latter are made in a much more cautious fashion compared to the former - it is unlikely that sub-par businesses will see increased profitability with increased spending.BV growth vs S&P 500 Performance Comparison:While this comparison is shown in the first page of the Annual Letter, it has become less meaningful over time. The reasoning has to do with how Berkshire’s business structure has evolved: equity holdings tend to move with S&P 500 and that is now a much smaller portion of overall value. Also S&P 500 gains are reported at 100% while Berkshire’s realized gains get reported at 65% because of taxes.Also, there is another major shortcoming with this comparison: The carrying value of the businesses that are controlled by Berkshire is much more than their carrying value and so the BV far understates Berkshire’s Intrinsic Value (IV). But, IV by definition (discounted value of cash that can be taken out during the remaining lifetime) is an estimate and so is not quoted in any of the releases.Below is a YoY comparison of Berkshire Hathaway’s largest equity investments:A huge increase in the Apple position and the drop in the large stake in International Business Machines are the main changes.Bank of America is new in this year’s list as their warrants at strike $7.14 were exercised.Bank of New York Mellon, BYD Company, and General Motors came into the list as their market values have made them one of the top investments in Berkshire’s portfolio. Sanofi, United Continental Holdings and USG Corporation slipped out of the list for the same reason. International Business Machines on the other hand was sold out.Below is a comparison of Berkshire Hathaway's asset distribution in the "Insurance and Other" area for the last three years:The equity exposure is at ~54%. Debt holdings have dropped from ~21% in 2012 to just ~7% in 2017. Berkshire has been on record consistently to state the relative valuation edge for equities compared to bonds in the current low-interest rate environment. Cash on the other hand has gone up from 24% to 34%. It is probable that Berkshire would look to allocate some of that cash this year.() are a treasure trove of information and are a very good option for anyone starting out on individual investing.Regulatory Filings thru 2/15/2018: 13G and 13G/As – 2/14 – STOR – 18.6M shares – 9.8% of business, BK – 60.82M shares – 5.9% of business, Liberty Media – 31.09M shares – 13.9% of business, 14.86M shares – 14.5% of business, AAL – 46M shares – 9.6% of business, IBM – ~2M shares – less than 0.1% of business, DAL – 53.1M shares – 7.4% of business, WFC – 484.6M shares – 9.8% of business, USB - 105M shares – 6.3% of business, UAL – 28.2M shares – 9.5% of business, WBC – 0, LUV – 47.7M shares – 8% of business,2/13/2018 - – Phillips 66 bought back 35M shares from Berkshire @ $93.725 per share to bring Berkshire’s ownership stake below 10% - 45.7M shares will remain – 466.5M shares outstanding.11/17/2017 – Dataroma note regarding BAC stake – “A Dataroma user was kind enough to point out that the discrepancy between the 700 million BAC warrants and the reported 679 million BAC shares at qtr-end, is likely due to 21 million shares of BAC being held by a Berkshire subsidiary, New England Asset Management, which is reported separately. It's not clear why this allocation is not included in Berkshire's 13-F filing. Nevertheless, it now appears that Berkshire did not in fact reduce its BAC stake during the quarter.”11/16/2017 – someone asked about when Berkshire bought AXP & KO – I replied saying AXP in 1995 & KO in 1987. Buffett had earlier bought AXP during the salad oil crisis in the 60s and had turned a huge profit a few years later. Might reference this from the next update…"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2017 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $178B to $191B this quarter.Their largest three holdings are at ~42% of the entire portfolio.Berkshire Hathaway increased Apple and Bank of New York Mellon while reducing International Business Machines.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/14/2018. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2017.During Q4 2017, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio value increased ~8% from $178B to $191B. The top five positions account for ~62% of the portfolio: Apple Inc., Wells Fargo, Kraft Heinz Co., Bank of America, and Coca Cola. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New Stakes:Teva Pharmaceuticals (TEVA): TEVA is a very small 0.19% of the portfolio stake established this quarter at prices between $11.20 and $19.33 and the stock currently trades at $19.33.Stake Disposals:None.Stake Increases:Apple Inc. (AAPL): AAPL is now the largest 13F portfolio stake at 14.63%. It was established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January 2017 at prices between $116 and $122. There was another ~23% increase this quarter at prices between $154 and $176. The stock currently trades at $167.US Bancorp (USB): The 2.44% USB stake has been in the portfolio since 2006. The original position was tripled during the 2007-2009 timeframe. It was then kept relatively steady till Q2 2013 when ~17M shares were purchased at prices between $32 and $36. The last significant activity was a ~5% increase in Q1 2015 at prices between $41 and $45. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $55.31. There was a marginal increase this quarter.Bank of New York Mellon Corp (BK): BK is a 1.71% of the 13F portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. Q1 2017 saw a ~50% increase at prices between $43.50 and $49 and that was followed with another similar increase the following quarter at prices between $46 and $51. There was a ~20% further increase this quarter at prices between $51 and $55. The stock currently trades at $55.98.Monsanto Company (MON): The 0.71% MON position was established in Q4 2016 at prices between $98 and $106 and the stock currently trades at $120. In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal. The last two quarters have seen a combined ~46% stake increase at prices between $115 and $122.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 14.54% of the US long portfolio. Recent activity follow: around 9M shares were sold in Q2 2017 at around $53 per share to bring the ownership stake below the 10% threshold. The stock currently trades at $59.55. Berkshire’s cost-basis is at ~$25.50. Last two quarters have seen marginal trimming.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 1.25% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $51.07. There was a ~2% trimming this quarter.Note: Berkshire controls 9.6% of AAL.General Motors (GM): GM is a ~1% of the 13F portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.50 and $35. There was a ~20% increase in Q3 2014 at prices between $32 and $38 and a similar increase in Q3 2015 at prices between $27 and $33.50. Q2 2017 saw another 20% increase at prices between $32.50 and $35.50. There was an about turn this quarter: ~17% selling at prices between $40.50 and $46.50. The stock currently trades at $41.81.International Business Machines (IBM): The original IBM position was purchased in Q3 2011 at prices between $158 and $185. As of Q4 2016, the share count had gone up by almost 40% through periodic purchases. There was an about-turn in Q1 2017: ~21% selling at prices between $166 and $182 and that was followed with another ~16% reduction in early May at prices between $150 and $160. Last quarter saw another one-third reduction at prices between $140 and $156. The remaining position was almost sold out this quarter at prices between $145 and $162. The stock currently trades at ~$155.Note: Berkshire’s cost-basis on IBM was ~$170 per share.Sanofi (SNY): The minutely small 0.09% of the portfolio stake in SNY saw marginal trimming this quarter.Note: Per the , Berkshire has a $1.7B position in Sanofi - so in addition to the ADRs listed in the 13F report, Berkshire also owns Sanofi securities listed in Euronext Paris.Kept Steady:Kraft Heinz Co. (KHC): KHC is currently the third-largest 13F stock position at 13.24% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $71.92.Bank of America (BAC): Berkshire established this large (top five) 10.48% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $32. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held.Note: Berkshire’s ownership stake in Bank of America is ~6.5%.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.5% and ~9.4% respectively.Phillips 66 (PSX): PSX is a fairly large 4.27% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.50 and $82 and that was followed with a stake doubling in Q3 2015 at prices between $70.50 and $84.50. Q2 2016 saw another ~23% increase in the high-70s price range. The stock currently trades at $93.33. Berkshire’s cost-basis is $78.31.Note 1: Earlier this week, it was that Phillips 66 agreed to repurchase 35M shares from Berkshire at $93.725 per share. Berkshire indicated the transaction’s sole purpose was to eliminate additional regulatory requirements that come with ownership stake above 10%.Note 2: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controlled ~16% of PSX at the time.Moody’s Inc. (MCO): MCO is a 1.90% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$164. Berkshire controls 11.5% of the business.Southwest Airlines (LUV): LUV is a 1.63% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. The stock is now at $57.73.Note: Berkshire owns ~7.9% of LUV.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 at prices between $39 and $52. The stock currently trades at $52.20 and the stake is now at 1.56% of the portfolio. There was a ~12% trimming during H1 2017.Note: Berkshire controls ~7.3% of DAL.Charter Communications (CHTR): CHTR is a 1.49% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $359 compared to Berkshire’s cost-basis of around $160. There was a ~10% trimming last quarter.Note: Berkshire controls ~3.4% of CHTR.Goldman Sachs (GS): GS is a 1.46% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at ~$263.DaVita Inc. (DVA): DVA is a 1.29% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $74.75 compared to Berkshire’s overall cost-basis of $45.33.Note 1: Berkshire’s ownership stake in DVA crossed the 20% ownership threshold last quarter as a result of buybacks at DaVita.Note 2: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.United Continental Holdings (UAL): A minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $65.68. The stake is at ~1% of the portfolio.Note: Berkshire controls ~9.3% of UAL.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase in Q2 2017 at a cost-basis of ~$40 per share. The stock is now at $41.77.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $33.88. Buffett controls around 27% of the business and his cost-basis is ~$19.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48. The following quarter saw a one-third increase at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $114 and the position is at 0.78% of the portfolio (~10% of the business).Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $34.92 and the stake is at 0.51% of the 13F portfolio.Note: Berkshire controls 7.9% of Liberty Global.Sirius XM Holdings (SIRI): The 0.39% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Q2 2017 saw selling: ~20% reduction at prices between $4.70 and $5.50. The stock is currently at $6.09.Synchrony Financial (SYF): SYF is a 0.42% of the portfolio position purchased in Q2 2017 at prices between $26.50 and $34.50 and increased by ~20% last quarter at prices between $28.50 and $31.25. The stock is now at $36.70.Note: Synchrony is the private label credit-card business spinoff from GE that started trading in August 2014 at ~$23 per share. It has seen recent super-investor interest: Baupost Group has a ~10% portfolio stake.Axalta Coating Systems (AXTA): AXTA is a small 0.39% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $30.84. Berkshire owns ~9.8% of the business.Restaurant Brands International (QSR): QSR is a 0.27% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $57.71. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Store Capital (STOR): The 0.25% STOR stake was established in Q2 2017 in a private placement transaction at $20.25 per share. The stock is now at $23.41.Costco Wholesale (COST), Graham Holdings (GHC), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Verizon Communications (VZ), Visa Inc. (V), and Wal-Mart Stores (WMT): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $38.96. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q4 2017:8/31/2017 - – AAPL – Buffett bought while Ted/Todd sold – they bought first & Buffett bought considerably more – In Q2, his holding went down two-thirds but Buffett bought and so the net was up. Buffett has not sold a share. Donald Trump – why silent now – not in the business of attacking presidents - . IBM – was wrong in original analysis but may do well eventually – more certain about AAPL future than IBM’s. BAC & WFC – very happy with 700M BAC shares – like business & valuation & management very much – should see that for a very long time. WFC – not concerned as long-term investment. AMZN/WFM – Kraft Heinz impact & other grocery stores – brands/retailers long-term struggle – both are important with one trying to get the upper hand over the other – with strong retailers WMT/COST/AMZN, their position improves – it is moving towards retailers – retailers doing better in this round of the fight. Kraft Heinz – will they buy Mondelez or Unilever – No.Regulatory Filings thru 11/15/2017: 13G/A – BAC – 700M shares – 6.6% of business."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2017 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $162B to $178B this quarter.Their largest three holdings are at ~40% of the entire portfolio.Berkshire Hathaway increased Apple, Monsanto, and Synchrony Financial while reducing International Business Machines and Charter Communications.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2017. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2017.During Q3 2017, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio value increased ~10% from $162B to $178B. The increase was primary due to the exercise of Bank of America warrants during the quarter. The top five positions account for ~60% of the portfolio: Wells Fargo, Kraft Heinz Co., Apple Inc., Coca Cola, and Bank of America. There are 43 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New Stakes:Bank of America (BAC): Berkshire established this large (top five) 9.68% of the portfolio position through the exercise of Bank of America warrants. The warrants had a strike price of $7.14 compared to the current price of $26.24. The cost to exercise was $5B and it was funded using the $5B in 6% preferred stock they held. The 13F lists Berkshire owning 679M shares compared to 700M shares exercised.Note: Berkshire’s ownership stake in Bank of America is 6.5%.Stake Disposals:Wabco Holdings (WBC): A minutely small 0.21% portfolio WBC stake was almost sold out last quarter at prices between $112 and $128. The remainder position was disposed this quarter. The stock is now at ~$144.Stake Increases:Apple Inc. (AAPL): AAPL is a top three 11.63% of the 13F portfolio stake established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January at prices between $116 and $122. The stock currently trades at $171. There was a marginal increase last quarter and that was followed with a ~3% increase this quarter.Monsanto Company (MON): The 0.60% MON position was established in Q4 2016 at prices between $98 and $106 and the stock currently trades at $118. In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal. There was a ~10% increase this quarter.Synchrony Financial (SYF): SYF is a 0.36% of the portfolio position purchased last quarter at prices between $26.50 and $34.50 and increased by ~20% this quarter at prices between $28.50 and $31.25. The stock is now at $32.56.Note: Synchrony is the private label credit-card business spinoff from GE that started trading in August 2014 at ~$23 per share. It has seen super-investor interest in the last year: Baupost Group has a ~10% portfolio stake.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 14.41% of the US long portfolio. Recent activity follow: Q1 2015 saw a ~7M share stake increase at prices between $51 and $56. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.50 and $38. The stock currently trades at $54.04. Berkshire’s cost-basis is at $25.46. Around 9M shares were sold last quarter at around $53 per share to bring the ownership stake below the 10% threshold. There was a marginal trimming this quarter.International Business Machines (IBM): The original IBM position was purchased in Q3 2011 at prices between $158 and $185. As of Q4 2016, the share count had gone up by almost 40% through periodic purchases. There was an about-turn in Q1 2017: ~21% selling at prices between $166 and $182 and that was followed with another ~16% reduction in early May at prices between $150 and $160. This quarter saw another one-third reduction at prices between $140 and $156. The stock currently trades at ~$149 and Berkshire’s cost-basis is at around $170.Charter Communications (CHTR): CHTR is a 1.74% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $337 compared to Berkshire’s cost-basis of around $160. There was a ~10% trimming this quarter.Note: Berkshire controls ~3.4% of CHTR.Kept Steady:Kraft Heinz Co. (KHC): KHC is currently the second-largest 13F stock position at 14.21% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $79.38.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17.5% and ~9.4% respectively.Phillips 66 (PSX): PSX is a fairly large 4.16% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.50 and $82 and that was followed with a stake doubling in Q3 2015 at prices between $70.50 and $84.50. Q2 2016 saw another ~23% increase in the high-70s price range while last quarter saw a ~4% further increase at ~$80. The stock currently trades at $92.83. Berkshire’s cost-basis is $78.31.Note: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controls ~16% of PSX.US Bancorp (USB): USB, a 2.57% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe. In Q2 2013, ~17M shares were purchased at prices between $32 and $36. The last significant activity was a ~5% increase in Q1 2015 at prices between $41 and $45. Berkshire’s cost-basis on USB is $31.80 and the stock is now at $51.83. Buffett controls ~5% of the business.Moody’s Inc. (MCO): MCO is a 1.93% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$143. Berkshire controls 11.5% of the business.Southwest Airlines (LUV): LUV is a 1.50% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% in the following quarter at prices between $49.50 and $59. The stock is now at $53.75Note: Berkshire owns ~7.9% of LUV.Bank of New York Mellon Corp (BK): BK is a ~1.50% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. Q1 2017 saw a ~50% increase at prices between $43.50 and $49 and that was followed with another similar increase last quarter at prices between $46 and $51. The stock currently trades at $51.85.Goldman Sachs (GS): GS is a 1.46% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at ~$237.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 to a ~2% portfolio stake at prices between $39 and $52. The stock currently trades at $48.90. There was a ~12% trimming during H1 2017.Note: Berkshire controls ~7.3% of DAL.General Motors (GM): GM is a 1.36% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.50 and $35. There was a ~20% increase in Q3 2014 at prices between $32 and $38 and a similar increase in Q3 2015 at prices between $27 and $33.50. Last quarter saw another 20% increase at prices between $32.50 and $35.50. The stock currently trades at $43.DaVita Inc. (DVA): DVA is a 1.29% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $54.66 compared to Berkshire’s overall cost-basis of $45.33. For investors attempting to follow Berkshire, DVA is a good option to consider for further research.Note 1: Berkshire’s ownership stake in DVA crossed the 20% ownership threshold last quarter as a result of buybacks at DaVita.Note 2: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 1.26% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. The stock is now at $45.81.Note: Berkshire controls ~9.7% of AAL.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase last quarter at a cost-basis of ~$40 per share. The stock is now at $40.37.Note: LSXMA/LSXMK is trading at a significant NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.United Continental Holdings (UAL): The minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $57.20. The stake is at 0.97% of the portfolio. There was a ~3% trimming last quarter.Note: Berkshire controls ~9.3% of UAL.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $111 and the position is at 0.78% of the portfolio (~10% of the business).USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $34.24. Buffett controls around 27% of the business and his cost-basis is ~$19.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $28.34 and the stake is at 0.52% of the US long portfolio.Note: Berkshire controls 7.9% of Liberty Global.Sirius XM Holdings (SIRI): The 0.43% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Last quarter saw a marginal increase. There was an about-turn last quarter: ~20% reduction at prices between $4.7 and $5.5. The stock is currently at $5.35.Axalta Coating Systems (AXTA): AXTA is a small 0.38% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $31.79. Berkshire owns ~9.8% of the business.Restaurant Brands International (QSR): QSR is a 0.30% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $64.81. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Store Capital (STOR): The 0.26% STOR stake was established last quarter in a private placement transaction at $20.25 per share. The stock is now at $26.02.Costco Wholesale (COST), Graham Holdings (GHC), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Verizon Communications (VZ), Visa Inc. (V), and Wal-Mart Stores (WMT): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Per the , Berkshire has a $1.7B position in Sanofi - so in addition to the ADRs listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Note 2: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $40.28. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q3 2017:8/15/2017 – AXP & KO cost-basis & ownership percentages confused a reader. I offered to separate them out from the next round…Regulatory Filings thru 8/15/2017: 13D - 8/11/2017 – DVA – 38.6M shares – 20.2% of business – buybacks has caused ownership to exceed 20% and that was the reason for this 13D filing. 7/xx/2017 Form 4s & 13D/A – small Munger transaction & 18.7M BRK.B share charitable donation from Buffett. 31.41% aggregate voting power, 17.19% economic interest remains – 282.6K of the A shares and 194.9K of the B shares. Form 4s – 5/31/2017 – LSXMK & LSXMA - ~600K shares acquired at ~$41.50 & ~380K shares acquired at ~$41.60 – 31.1M & 14.9M shares. Form 4s – 5/25/2017 – LSXMK & LSXMA – Similar increase at ~$40. Form 4s – 5/22/2017 – LSXMK & LSXMA – similar increase at ~$38. Form 4s – 5/19/2017 – LSXMA & LSXMK - ~1.9M shares @ ~$36.50 and ~500K shares @ ~$36.60.6/26/2017 – STORE Capital 9.8% investment by Berkshire – STOR - Berkshire Hathaway has invested $377 million in the company, representing 9.8% of total shares outstanding. In the transaction, STORE Capital issued 18.6 million shares of company stock in a private placement to a wholly owned subsidiary of Berkshire Hathaway at a price of $20.25 per share."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2017 Update"

"Berkshire Hathaway's 13F stock portfolio value remained steady at $162B this quarter.Their largest three holdings are at ~45% of the entire portfolio.Berkshire Hathaway increased Bank of New York Mellon, General Motors, and Liberty Sirius XM while reducing International Business Machines.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2017. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2017.During Q2 2017, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio value remained steady at $162B. The top five positions account for ~64% of the portfolio: Kraft Heinz Co., Wells Fargo, Apple Inc., Coca Cola, and American Express. There are 44 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New Stakes:Synchrony Financial (SYF) and Store Capital (STOR): These are the two new positions this quarter. SYF is a 0.32% of the portfolio position purchased at prices between $26.50 and $34.50 and the stock is now at $29.64. The 0.26% STOR stake was established in a private placement transaction at $20.25 per share. The stock is now at $24.24.Note: Synchrony is the private label credit-card business spinoff from GE that started trading in August 2014 at ~$23 per share. It has seen super-investor interest in the last year: Baupost Group has a ~10% portfolio stake.Stake Disposals:General Electric (GE): The minutely small 0.19% of the portfolio stake in GE was disposed of this quarter.Stake Increases:Apple Inc. (AAPL): AAPL is a top-three 11.56% of the 13F portfolio stake established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Q4 2016 saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January at prices between $116 and $122. The stock currently trades at $160. There was a marginal increase this quarter.Bank of New York Mellon Corp (BK): BK is a ~1.6% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. Last quarter saw a ~50% increase at prices between $43.50 and $49 and that was followed with another similar increase this quarter at prices between $46 and $51. The stock currently trades at $52.83.General Motors (GM): GM is a 1.29% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.50 and $35. There was a ~20% increase in Q3 2014 at prices between $32 and $38 and a similar increase in Q3 2015 at prices between $27 and $33.50. This quarter saw another 20% increase at prices between $32.50 and $35.50. The stock currently trades at $35.47.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. There was a ~40% stake increase this quarter at a cost-basis of ~$40 per share. The stock is now at $43.38.Note: LSXMA/LSXMK is trading at a ~15% NAV-discount to the parent’s (SIRI) valuation. For investors attempting to follow Buffett, LSXMA/LSXMK is a good option to consider for further research.Stake Decreases:Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at ~16% of the US long portfolio. Recent activity follow: Q1 2015 saw a ~7M share stake increase at prices between $51 and $56. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.50 and $38. The stock currently trades at $52.84. Berkshire’s cost-basis is at $25.46. Around 9M shares were sold this quarter at around $53 per share to bring the ownership stake below the 10% threshold.International Business Machines (IBM): The original IBM position was purchased in Q3 2011 at prices between $158 and $185. As of Q4 2016, the share count had gone up by almost 40% through periodic purchases. There was an about-turn last quarter: ~21% selling at prices between $166 and $182 and that was followed with another ~16% reduction in early May at prices between $150 and $160. The stock currently trades at ~$142 and Berkshire’s cost-basis is at around $170.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase in Q4 2016 to a ~2% portfolio stake at prices between $39 and $52. The stock currently trades at $50.07. There was a ~8% trimming last quarter and that was followed with another ~4% trimming this quarter.Note: Berkshire controls ~7.3% of DAL.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 1.46% of the portfolio. The original purchase was at prices between $28 and $39 and doubled in Q4 2016 at prices between $36.50 and $50. There was a ~8% increase last quarter while this quarter saw a ~5% reduction. The stock is now at $48.81.Note: Berkshire controls ~9.7% of AAL.United Continental Holdings (UAL): The minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase in Q4 2016 at prices between $52.50 and $76. It currently goes for $66.71. The stake is at 1.18% of the portfolio. There was a ~3% trimming this quarter.Note: Berkshire controls ~9.3% of UAL.Sirius XM Holdings (SIRI): The 0.47% SIRI stake was purchased in Q4 2016 at prices between $4.08 and $4.61. Last quarter saw a marginal increase. There was an about-turn this quarter: ~20% reduction at prices between $4.7 and $5.5. The stock is currently at $5.63.Wabco Holdings (WBC): The minutely small 0.21% portfolio WBC stake was almost sold out this quarter at prices between $112 and $128. The stock is now at $140.Kept Steady:Kraft Heinz Co. (KHC): KHC is currently the largest 13F stock position at 17.20% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $87.02.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17% and ~9.4% respectively.Phillips 66 (PSX): PSX is a fairly large 4.12% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.50 and $82 and that was followed with a stake doubling in Q3 2015 at prices between $70.50 and $84.50. Q2 2016 saw another ~23% increase in the high-70s price range while last quarter saw a ~4% further increase at ~$80. The stock currently trades at $83.88. Berkshire’s cost-basis is $78.31. For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research.Note: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controls ~16% of PSX.US Bancorp (USB): USB, a 2.72% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe. In Q2 2013, ~17M shares were purchased at prices between $32 and $36. The last significant activity was a ~5% increase in Q1 2015 at prices between $41 and $45. Berkshire’s cost-basis on USB is $31.80 and the stock is now at $52.79. Buffett controls ~5% of the business.Charter Communications (CHTR): CHTR is a 1.96% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $401 compared to Berkshire’s cost-basis of around $160.Note: Berkshire controls ~3.5% of CHTR.Moody’s Inc. (MCO): MCO is a 1.85% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$131. Berkshire controls 11.5% of the business.Southwest Airlines (LUV): LUV is a 1.83% portfolio stake purchased in Q4 2016 at prices between $38.50 and $51 and increased by ~10% last quarter at prices between $49.50 and $59. The stock is now at $54.72.Note: Berkshire owns ~7.9% of LUV.DaVita Inc. (DVA): DVA is a 1.54% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $56.92 compared to Berkshire’s overall cost-basis of $45.33.Note 1: Berkshire’s ownership stake in DVA crossed the 20% ownership threshold this quarter as a result of buybacks at DaVita.Note 2: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company.Goldman Sachs (GS): GS is a 1.50% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at ~$227.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $98.85 and the position is at 0.74% of the portfolio (~10% of the business).USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $26.73. Buffett controls around 27% of the business and his cost-basis is ~$19.Monsanto Company (MON): The 0.57% MON position was established in Q4 2016 at prices between $98 and $106 and the stock currently trades at $117. In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $33.51 and the stake is at 0.54% of the US long portfolio.Note: Berkshire controls 7.9% of Liberty Global.Axalta Coating Systems (AXTA): AXTA is a small 0.46% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $29.04. Berkshire owns ~9.8% of the business. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Restaurant Brands International (QSR): QSR is a 0.33% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $60.04. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Costco Wholesale (COST), Graham Holdings (GHC), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Verizon Communications (VZ), Visa Inc. (V), and Wal-Mart Stores (WMT): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Per the , Berkshire has a $1.7B position in Sanofi - so in addition to the ADRs listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Note 2: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $47.61. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.Note 3: Berkshire has a huge 700M share position in Bank of America (BAC) through the ownership of warrants (strike price $7.14, mid-2021 expiry). The cost to exercise is $5B and the current value is ~$17B. Buffett has announced they would convert shortly and that it would be funded using the $5B in 6% preferred stock held.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q2 2017:Regulatory Filings thru 5/16/2017: 13G/A, Form 4, and Form 3s on 4/24 - LSXMA/LSXMK - Increased LSXMA from 10.9 to 13.2 and LSXMK from 23.6 to 27.2 at ~$40. 10% owner Form 3. 23.4M & 10.7M shares - ~10.5%. Form 4 - WFC - 503M to 497M shares @ ~$54. 13G/A - 2/27 - DOW - 0.4/12/2017 - WFC - Berkshire they sold ~7M shares and will sell another ~2M shares so as to bring their percentage ownership stake below 10%."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2017 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $148B to $162B this quarter.Their largest three holdings are at ~46% of the entire portfolio.Berkshire Hathaway increased Apple and Bank of New York Mellon while reducing International Business Machines. They also dropped Twenty First Century Fox.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2017. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2016.During Q1 2017, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased from $147.99B to $161.87B. The top five positions account for ~64% of the portfolio: Kraft Heinz Co., Wells Fargo, Apple Inc., Coca Cola, and American Express. There are 43 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.Stake Disposals:Twenty First Century Fox (FOX) (FOXA): FOXA was a minutely small 0.17% of the US long portfolio stake established in Q4 2014 at prices between $32 and $39 and increased by ~30% the following quarter at prices between $33 and $38. Q3 2015 saw another ~44% increase at prices between $25 and $34.50. The disposal this quarter was at prices between $28.50 and $32.50. The stock currently trades at $27.73.Stake Increases:Apple Inc. (AAPL): AAPL is a top-three 11.48% of the 13F portfolio stake established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. Last quarter saw another ~275% increase at prices between $106 and $118 and that was followed with a stake doubling in January at prices between $116 and $122. The stock currently trades at $156. The activity indicates a clear bullish bias.Southwest Airlines (LUV): LUV is a 1.58% portfolio stake purchased last quarter at prices between $38.50 and $51 and increased by ~10% this quarter at prices between $49.50 and $59. The stock is now above those ranges at $58.03.Note: Berkshire owns ~7.9% of LUV.American Airlines (AAL): AAL stake was first purchased in Q3 2016. The position is now at 1.29% of the portfolio. The original purchase was at prices between $28 and $39 and doubled last quarter at prices between $36.50 and $50. There was a ~8% increase this quarter at prices between $40 and $50. It is now at $46.68.Note: Berkshire controls ~10% of AAL.Bank of New York Mellon Corp (BK): BK is a ~1% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. The stock currently trades at $47.11. Last two quarters had seen marginal increases. This quarter saw a ~50% increase at prices between $43.50 and $49.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. Last quarter saw a ~8% increase at prices between $31 and $36 and that was followed with a marginal increase this quarter. The stock is now at $36.40.Note: Regulatory filings since the quarter ended show Berkshire owning ~38M shares (~10.5% of the business): ~20% stake increase at ~$40 per share after the quarter ended. The activity indicates a bullish bias. The stock is trading at a ~17% NAV-discount to the parent’s valuation. For investors attempting to follow Buffett, LSXMK is a good option to consider for further research.Sirius XM Holdings (SIRI): The 0.55% SIRI stake was purchased last quarter at prices between $4.08 and $4.61 and it currently goes for $4.78. This quarter saw a marginal increase.Note: Berkshire owns ~3.7% of SIRI.Stake Decreases:International Business Machines (IBM): The original IBM position was purchased in Q3 2011 at prices between $158 and $185. As of last quarter, the share count had gone up by almost 40% through periodic purchases. There was an about-turn this quarter: ~21% selling at prices between $166 and $182. The stock currently trades at ~$152 and Berkshire’s cost-basis is at around $170.Note: Buffett disclosed earlier this month that they had reduced IBM position by around one-third: over 10M shares sold after the quarter ended.Delta Air Lines (DAL): DAL was a very small 0.19% position in Q3 2016. The stake saw a whopping ~850% increase last quarter to a ~2% portfolio stake at prices between $39 and $52. The stock currently trades at $49.51. There was a ~8% trimming this quarter.Note: Berkshire controls ~7.5% of DAL.Wabco Holdings (WBC): The minutely small 0.21% portfolio stake in WBC saw a ~13% selling this quarter. Berkshire controls ~5.4% of the business.Kept Steady:Kraft Heinz Co. (KHC): KHC is currently the largest 13F stock position at 18.27% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $89.45.Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 16.49% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $51 and $56. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.50 and $38. The stock currently trades at $53.32. Berkshire’s cost-basis is at $25.46.Note: Regulatory filings last month show Berkshire selling ~7M shares at ~$53 per share. Berkshire previously disclosed that they would sell ~9M shares so as to get their ownership stake below 10% of the business.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~17% and ~9.4% respectively.Phillips 66 (PSX): PSX is a fairly large 3.95% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.50 and $82 and that was followed with a stake doubling in Q3 2015 at prices between $70.50 and $84.50. Q2 2016 saw another ~23% increase in the high-70s price range while last quarter saw a ~4% further increase at ~$80. The stock currently trades at $80.12 which is very close to Berkshire’s overall cost-basis of $78.31. For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research.Note: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controls ~16% of PSX.US Bancorp (USB): USB, a 2.71% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe. In Q2 2013, ~17M shares were purchased at prices between $32 and $36. The last significant activity was a ~5% increase in Q1 2015 at prices between $41 and $45. Berkshire’s cost-basis on USB is $31.80 and the stock is now at $51.77. Buffett controls ~5% of the business.Charter Communications (CHTR): CHTR is a 1.91% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $321 compared to Berkshire’s cost-basis of around $160.Note: Berkshire controls ~3.5% of CHTR.Moody’s Inc. (MCO): MCO is a 1.71% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is $10.05. The stock currently trades at ~$116. Berkshire controls 11.5% of the business.DaVita Inc. (DVA): DVA is a 1.62% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $66.03 compared to Berkshire’s overall cost-basis of $45.33.Note: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.Goldman Sachs (GS): GS is a 1.56% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at ~$225.United Continental Holdings (UAL): The minutely small 0.18% UAL position as of Q3 2016 saw a huge ~540% increase last quarter at prices between $52.50 and $76. It currently goes for $77.79. The stake is at 1.26% of the portfolio.Note: Berkshire controls 9.1% of UAL.General Motors (GM): GM is a ~1% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.50 and $35. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $32 and $37. Q3 2014 saw another ~20% increase at prices between $32 and $38. There was another ~20% increase in Q3 2015 at prices between $27 and $33.50. The stock currently trades at $33.82.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $30.93. Buffett controls around 27% of the business and his cost-basis is ~$19.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $90.11 and the position is at 0.70% of the portfolio (~10% of the business).Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $29.49 and the stake is at 0.61% of the US long portfolio.Note: Berkshire controls 7.9% of Liberty Global.Monsanto Company (MON): The 0.57% MON position was established last quarter at prices between $98 and $106 and the stock currently trades at $117. In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal.Axalta Coating Systems (AXTA): AXTA is a small 0.46% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $31.29. Berkshire owns ~9.8% of the business. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Restaurant Brands International (QSR): QSR is a 0.29% of the 13F portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $59.60. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Liberty LiLAC Group (LILA) (LILAK), Mondelez International (MDLZ), M&T Bank (MTB), MasterCard Inc. (MA), Procter & Gamble (PG), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Verizon Communications (VZ), Visa Inc. (V), and Wal-Mart Stores (WMT): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Per the , Berkshire has a $1.7B position in Sanofi - so in addition to the ADRs listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Note 2: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $39.42. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.Note 3: Berkshire has a huge 700M share position in Bank of America (BAC) through the ownership of warrants (strike price $7.14, mid-2021 expiry). The cost to exercise is $5B and the current value is ~$16.8B. Buffett has said that early cashless conversion could happen if the annual dividends reach 44c (currently at 32c).The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q1 2017:3/24/2017 - OFB Post - Berkshire Hathaway 2016 Annual Letter & Report - NotesThe Book Value (BV) of Berkshire Hathaway per is $172,108 per BRK.A share or $114.74 per BRK.B share compared to $155,501 per BRK.A share or $103.67 per BRK.B share in the last AR. The stock currently trades at $254,702 or 148% of BV - the premium over book value has gone up significantly over the last year as that percentage was at 127% ($198,190 share price) this time last year. Buffett’s repurchase criterion is 120% of BV or $206,530. The premium to book value widened as the stock rose 19.4% over the last year compared to book value growth of 10.7%. Net earnings are at $14,645 per BRK.A share for a ttm-PE of 17.39. This is compared to a ttm-PE of 13.25 last year and 18.29 the year before.Historical Book Value (BV) and Market Value Growth:Book Value CAGR 1965-2016 is at 19% and for 2016 it is 10.7%.Market Value CAGR 1965-2016 is at 20.8% vs 9.7% for S&P 500. For 2016, it is 23.4% vs 12% for S&P 500.Earnings per Share (EPS):$14645 in 2016 vs $14,656 in 2015 vs $12,092 in 2014 vs $11,850 in 2013 and $8,977 in 2012 per BRK.A share.  Marginal decrease compared to 21% YOY increase last year and 2% YOY the year before. Roughly a third of Berkshire earnings are realized gains (after tax) historically. For 2016, that figure was $6.5B.Intrinsic Business Value:Plans to continue building Berkshire’s per-share intrinsic value by:Focusing on increasing earning power at subsidiaries both organically and through bolt-on acquisitions,Growth of equity investments,Repurchasing when there is meaningful discount to intrinsic value,Making acquisitions while rarely issuing new shares.Co-Managers:2016: Together, they now manage $21B. Apple & American Airlines were first established by one of them.2015: Precision Castparts acquisition partly credited to Todd Combs. In their investment management roles, Todd Combs and Ted Weschler are each managing $9B each.2014: their roles were expanded to also include running businesses - they took over as Chairman of one business each - combined, those businesses are very small earning around $100M annually - Buffett’s way of developing a deep-bench!2013: Todd Combs and Ted Weschler invested $7B each and they outperformed Buffett in 2013.Long-term economic goal:Maximize average rate of gain in intrinsic business value on a per share basis. Preference is to own a diversified group of businesses with consistent above-average ROC and second choice is to own parts of such businesses (security ownership of Berkshire’s insurance subsidiaries).Look-through earnings relevance:“Undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire as if they had been distributed to us”. So,It is preferable to purchase $2 of earnings that are not reportable rather than $1 of reportable earnings for the same acquisition cost, andLook-through earnings realistically portray yearly gain from operations.Use of leverage:“We use debt sparingly and, when we do borrow, we attempt to structure our loans on a long-term fixed-rate basis”Selling businesses:No interest in selling good businesses Berkshire owns. Sub-par businesses are also not sold as long as they are able to generate at-least some cash and managers/labor relations are good. Capex decisions for the latter are made in a much more cautious fashion compared to the former - it is unlikely that sub-par businesses will see increased profitability with increased spending.BV growth vs S&P 500 Performance Comparison:While this comparison is shown in the first page of the Annual Letter, it has become less meaningful over time. The reasoning has to do with how Berkshire’s business structure has evolved: equity holdings tend to move with S&P 500 and that is now a much smaller portion of overall value. Also S&P 500 gains are reported at 100% while Berkshire’s realized gains get reported at 65% because of taxes.Also, there is another major shortcoming with this comparison: The carrying value of the businesses that are controlled by Berkshire is much more than their carrying value and so the BV far understates Berkshire’s Intrinsic Value (IV). But, IV by definition (discounted value of cash that can be taken out during the remaining lifetime) is an estimate and so is not quoted in any of the releases.Below is a YoY comparison of Berkshire Hathaway’s largest equity investments:Delta Airlines, Southwest Airlines, and United Continental Holdings are large new stakes in 2016. Berkshire also has a stake in American Airlines but that did not make the list as it is not a top stake. USG made the list this time as it has become a large stake because of price increase. AT&T & Deere & Co. are no longer in the list as they were dropped. Procter & Gamble and Wal-Mart Stores are also not in the list as they have become very small stakes.Below is a comparison of Berkshire Hathaway's asset distribution in the "Insurance and Other" area for the last three years:The equity exposure is at ~53%. It is ~10% below the highs reached in 2013. On the other hand, cash has gone up by two-thirds over that same period. It is probable that Berkshire would look to allocate some of that cash this year.() are a treasure trove of information and are a very good option for anyone starting out on individual investing. Books that Warren Buffett recommended in this year’s letter follow:,.To learn more about how to profit from a strategy of cloning super-investors, check out our book .Notes:Average cost-basis info from 2016 AR: AXP - $8.49, AAPL - $110.17, CHTR - $178.23, KO - $3.25, DAL - $41.85, GS - $57.42, IBM - $170.07, MCO - $10.05, PSX - $78.31, Sanofi - $76.32, LUV - $40.67, USB - $31.80, UAL - $55.48, USG - $19.27, WFC - $25.46. KHC - $30.11 GAAP figure listed in the balance sheet is $47.01- not in the list as it is treated as an investment on the “equity” method - part of control group). Below are the AR 2015 listed investments that are not in the 2016 AR: DVA - $45.53, DE - $81.20, DTV - $59.06, Munich Re - $149.05, PG - $6.40, WMT - $56.09.Regulatory Filings thru 2/15/2017: 13G/As 2/14/2017 - Liberty Media - 0, AAL - 45.54M shares - 8.8%, DE - 0, PSX - 80.69M shares - 15.5%, CHTR - 9.4M shares - 3.5%. 13Gs 2/14/2017 - UAL - 28.95M shares - 9.1%, Liberty Global - 20.18M shares - 7.9%. LUV - 43.2M share s- 7%.11/15/2016 - Add info on the BAC warrants from Q4 2016 Update."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2016 Update"

"Berkshire Hathaway's 13F stock portfolio value increased from $129B to $148B this quarter.Their largest three holdings are at ~48% of the entire portfolio.Berkshire Hathaway increased Apple and the stakes in the major airlines while reducing Wal-Mart & Verizon. They also dropped Deere & Kinder Morgan.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/14/2017. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q3 2016.During Q3 2016, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased from $128.79B to $147.99B. The top five positions account for ~65% of the portfolio: Kraft Heinz Co., Wells Fargo, Coca Cola, International Business Machines, and American Express. There are 44 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:Southwest Airlines (LUV), Monsanto Company (MON), and Sirius XM Holdings (SIRI): These are the new stakes this quarter. LUV is a 1.46% portfolio stake purchased at prices between $38.50 and $51 and the stock is now above that range at $55.31. The 0.57% MON position was established at prices between $98 and $106 and the stock currently trades at $108. The 0.50% SIRI stake was purchased at prices between $4.08 and $4.61 and it currently goes for $4.74.Note 1: Berkshire owns 7% of LUV and 3.5% of SIRI.Note 2: In September 2016, Bayer AG (BAYRY) agreed to acquire Monsanto in a $128 per share cash deal.Stake Disposals:Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75 and $83. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.50. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. Q4 2015 also saw another ~34% increase at prices between $72.50 and $81. Last two quarters had seen a combined ~10% trimming at prices between $76 and $88. The disposal this quarter was at prices between $85 and $104. The stock currently trades at $110. Berkshire’s cost-basis was ~$80 and his ownership stake as of last quarter was ~6.7%. The disposal indicates a bearish bias.Kinder Morgan Inc. (KMI): KMI was a very small 0.36% of the 13F portfolio stake established in Q4 2015 at prices between $14.54 and $32.68. Last quarter saw a ~25% selling at prices between $18 and $23. The remaining position was disposed of this quarter at prices between $19.50 and $23. The stock currently trades at $22.54.Liberty Formula One (FWONA) (FWONK) previously Liberty Media (LMCA) (LMCK): FWONA was a petite 0.10% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then had been kept steady. Q4 2015 saw the stake almost doubled at prices between $20 and $22.41 and that was followed with another ~29% increase the following quarter at prices between $18.56 and $22.62. The pattern reversed last quarter: ~40% reduction at prices between $19 and $29. The disposal this quarter was at prices between $22 and $33. The stock is currently at $30.98.Note 1: Liberty Media acquired Formula One in a deal that closed last month. Following the transaction, the name & stock tickers were changed to Liberty Media Formula One and FWONA/FWONK respectively.Note 2: The shares held showed a ~75% reduction in Q2 2016 due to the recapitalization of Liberty Media in April 2016: Liberty Media Corporation shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire had 30M shares of Liberty Media Corporation for which they received 7.5M shares of Liberty Media Group. The prices quoted above are adjusted for this transaction.Lee Enterprises (LEE) and NOW Inc. (DNOW): These are minutely small positions (less than ~0.1% of the portfolio each) disposed of this quarter.Stake Increases:Apple Inc. (AAPL): AAPL is ~4.5% of the 13F portfolio stake established in Q1 2016 at prices between $93 and $110 and increased by ~55% the following quarter at prices between $90 and $112. This quarter saw another ~275% increase at prices between $106 and $118. The stock currently trades at $135. The activity indicates a clear bullish bias.American Airlines (AAL), Delta Air Lines (DAL), and United Continental Holdings (UAL): AAL, DAL, and UAL stakes were first added last quarter. AAL is a 1.44% portfolio position established at prices between $28 and $39 and doubled this quarter at prices between $36.50 and $50. It is now at $46.57. DAL was a very small 0.19% position last quarter. The stake saw a whopping ~850% increase to a ~2% portfolio stake this quarter at prices between $39 and $52. The stock currently trades at $49.86. The similarly small 0.18% UAL position also saw a huge ~540% increase to a 1.43% portfolio stake this quarter at prices between $52.50 and $76. It currently goes for $73.74.Note 1: Combined, the positions in the four major airlines add up to ~$9.4B (~6.5% portfolio stake).Note 2: Berkshire controls 8.8% of AAL, 9.1% of UAL, and 8.2% of DAL.Bank of New York Mellon Corp (BK): BK is a 0.69% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.50 and $25. The stake was increased by 30% in Q2 2013 at prices between $26.50 and $30.50. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~20% reduction at prices between $36 and $45. The stock currently trades at $46.82. Last two quarters have seen marginal increases.Stake Decreases:Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It was built up to a ~3% portfolio stake as of Q1 2016. Last two quarters had seen a ~76% combined reduction at prices between $63 and $74. The remaining position was almost sold out (~90% reduction) this quarter at prices between $67 and $72. The stock currently trades at $68.66. Berkshire’s cost-basis was ~$56. The large reduction in a long-term stake indicates a clear bearish bias.Verizon Communications (VZ): VZ position was established in Q1 2014 at prices between $46 and $49. It was increased by ~36% the following quarter at prices between $46 and $50. The 0.61% portfolio position was almost sold out (less than 1000 shares remain) this quarter at prices between $46 and $54. The stock currently trades at $48.27.Kept Steady:Kraft Heinz Co. (KHC): KHC is currently the largest 13F stock position at 19.21% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $90.81.Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 17.86% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $51 and $56. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.50 and $38. The stock currently trades at $57.98. Berkshire’s cost-basis is at ~$25.50.Note: Per a regulatory filing, Berkshire’s stake in WFC has crossed the 10% ownership threshold as a result of Wells Fargo’s buybacks.American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last ~4 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~15.6% and ~9.3% respectively.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 9.11% of the portfolio. The original position was purchased in Q3 2011 at prices between $158 and $185. Since then, the share count has gone up by almost 40% through periodic purchases. The stock currently trades at ~$180 and Berkshire’s cost-basis is at around $170. Buffett controls 8.5% of the business. For investors attempting to follow Buffett, IBM is a good option to consider for further research.Phillips 66 (PSX): PSX is a fairly large 4.71% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.50 and $82 and that was followed with a stake doubling in Q3 2015 at prices between $70.50 and $84.50. Q2 2016 saw another ~23% increase in the high-70s price range while last quarter saw a ~4% further increase at ~$80. The stock currently trades at $79.98 which is very close to Berkshire’s overall cost-basis. For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research.Note: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up. Berkshire controls 15.5% of PSX.US Bancorp (USB): USB, a ~3% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe. In Q2 2013, ~17M shares were purchased at prices between $32 and $36. The last significant activity was a ~5% increase in Q1 2015 at prices between $41 and $45. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $54.55. Buffett controls 4.7% of the business.Charter Communications (CHTR): CHTR is a 1.84% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Q2 2016 saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $322 compared to Berkshire’s cost-basis of around $160.Note: Berkshire controls 3.5% of CHTR.Goldman Sachs (GS): GS is a 1.77% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at ~$250.DaVita Inc. (DVA): DVA is a 1.67% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $64.73 compared to Berkshire’s overall cost-basis of $45.33.Note: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.Moody’s Inc. (MCO): MCO is a 1.57% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at ~$109. Berkshire controls 11.5% of the business.General Motors (GM): GM is a 1.18% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.50 and $35. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $32 and $37. Q3 2014 saw another ~20% increase at prices between $32 and $38. There was another ~20% increase in Q3 2015 at prices between $27 and $33.50. The stock currently trades at $37.24.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $33.41. Buffett controls around 27% of the business and his cost-basis is ~$19.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April 2016. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. Last quarter saw a ~8% increase at prices between $31 and $36 and the stock is now at $35.92.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $82.68 and the position is at 0.67% of the portfolio (~10% of the business).Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.50 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Q2 2016 saw a ~17% further increase at prices between $27 and $39. The stock is now at $35.51 and the stake is at 0.56% of the US long portfolio.Note: Berkshire controls 7.9% of Liberty Global.Axalta Coating Systems (AXTA): AXTA is a small 0.43% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades at $29.66. Berkshire owns ~9.8% of the business. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Restaurant Brands International (QSR): QSR is a 0.27% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades well above that range at $54.53. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide.Note: Berkshire’s stake in the business is ~4.2%.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.17% of the US long portfolio stake established in Q4 2014 at prices between $32 and $39 and increased by ~30% the following quarter at prices between $33 and $38. Q3 2015 saw another ~44% increase at prices between $25 and $34.50. The stock currently trades at $30.30.Liberty LiLAC Group (LILA) (LILAK): Liberty LiLAC is a very small 0.06% stake. It saw a huge ~350% increase in Q2 2016 but relative to the size of the portfolio, the allocation is minutely small.Procter & Gamble (PG): PG position is minutely small at 0.02% of the 13F portfolio. The original stake was huge but was almost eliminated in Q1 2016 as a result of a deal with Procter & Gamble for Duracell: $4.2B in PG stock was exchanged for a recapitalized Duracell. The transaction closed on February 29, 2016.Costco Wholesale (COST), M&T Bank (MTB), MasterCard Inc. (MA), Torchmark Corporation (TMK), General Electric (GE), Sanofi (SNY), Verisk Analytics (VRSK) Graham Holdings (GHC), Johnson & Johnson (JNJ), Mondelez International (MDLZ), United Parcel Service (UPS), Visa Inc. (V) and Wabco Holdings (WBC): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Berkshire controls ~6% of Wabco Holdings.Note 2: Per the , Berkshire has a $1.9B position in Sanofi - so in addition to the ADRs listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Note 3: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG) at a cost-basis of $36.50 in his personal portfolio. It currently trades at $44.39. SRG is an REIT spinoff from Sears (SHLD) that started trading in July 2015.Note 4: Berkshire has a huge 700M share position in Bank of America (BAC) through the ownership of warrants (strike price $7.14, 2021 expiry). The cost to exercise is $5B and the current value is ~$16.8B. Berkshire will probably wait till 2021 to exercise.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q4 2016:Q3 2016 10Q Notes; IBM - Unrealized losses at September 30, 2016 included $941 million related to our investment in IBM common stock of which $855 million had been in a continuous unrealized loss position for more than twelve months. Unrealized losses represented 7% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost. RBI Preferred - We own Class A 9% Cumulative Compounding Perpetual Preferred Shares of RBI (“RBI Preferred”) having a stated value of $3 billion. RBI, domiciled in Canada, is the ultimate parent company of Burger King and Tim Hortons. The RBI Preferred is entitled to dividends on a cumulative basis of 9% per annum plus an additional amount, if necessary, to produce an after-tax yield to Berkshire as if the dividends were paid by a U.S.-based company. The RBI Preferred is redeemable at the option of RBI beginning on December 12, 2017. If not redeemed prior to December 12, 2024, we can cause RBI to redeem the RBI Preferred. In either case, the redemption price will be 109.9% of the stated value of such shares.13D/G/A, Form 3/4 etc. thru 11/15/2016: Form 4 - 8/23 to 9/19/2016 - PSX - increase to 80.69M shares at cost-basis of ~$77.50."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2016 Update"

"Berkshire Hathaway's 13F stock portfolio decreased from $129.70B to $128.79B this quarter.Their largest three holdings are at ~52% of the entire portfolio.Berkshire Hathaway added all four major airlines while reducing Wal-Mart and dropping Suncor Energy.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2016. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q2 2016.During Q3 2016, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio decreased marginally from $129.70B to $128.79B. The top five positions account for ~70% of the portfolio: Kraft Heinz Co., Wells Fargo, Coca Cola, International Business Machines, and American Express. There are 46 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:American Airlines (AAL), Delta Air Lines (DAL), and United Continental Holdings (UAL): AAL, DAL, and UAL are the new additions this quarter. AAL is a 0.62% portfolio stake established at prices between $28 and $39 and it is now well above that range at $43.40. DAL is a very small 0.19% position purchased at prices between $35.50 and $41 and it currently trades at $47.47. The 0.18% UAL position was established at prices between $39 and $54 and it is now at $62.94.Note: Warren Buffett also disclosed that Berkshire Hathaway has also established a position in Southwest Airlines (LUV) after the quarter ended.Stake Disposals:Suncor Energy (SU): SU was a small 0.48% of the US long portfolio position first purchased in Q2 2013 at prices between $27 and $32. 2014 saw a ~24% increase at prices between $28 and $43. Q3 2015 saw another roughly one-third increase at prices between $25 and $29. The disposal over the last two quarters happened at prices between $25.50 and $29. The stock currently trades at $29.32.Media General (MEG): MEG was a minutely small 0.05% portfolio stake disposed of this quarter. Although the relative size of the position was small, it should be noted that Berkshire controlled ~2.7% of Media General as of last quarter.Stake Increases:Bank of New York Mellon Corp (BK): BK is a 0.65% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~18% reduction at prices between $36 and $45. The stock currently trades at $47.53. This quarter saw a marginal increase.Charter Communications (CHTR): CHTR is a 1.98% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. Last quarter saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $263 compared to Berkshire’s cost-basis of around $160. This quarter saw a very minor increase.Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares. This quarter saw a ~8% increase at prices between $31 and $36 and the stock is now at $35.41.Phillips 66 (PSX): PSX is a fairly large 5.05% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.79 and $81.63 and that was followed with a stake doubling in Q3 2015 at prices between $70.55 and $84.32. Last quarter saw another ~23% increase in the high-70s price range while this quarter saw a ~4% further increase at ~$80. The stock currently trades at $83.36 which is very close to Berkshire’s overall cost-basis. For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research. This quarter saw a very minor ~2% further increase.Note: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.49 and $46. The three quarters thru Q1 2016 had also seen a combined ~30% increase at prices between $30 and $50. Last quarter saw a ~17% further increase at prices between $27 and $39. The stock is now at $30.66 and the stake is at 0.72% of the US long portfolio. This quarter saw a ~3% further increase.Visa Inc. (V) and Wabco Holdings (WBC): These two very small positions (less than ~0.5% of the portfolio each) saw very minor increases this quarter.Note: Although the relative size of the position is small, it should be noted that Berkshire controls ~6% of Wabco Holdings.Stake Decreases:Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. Q4 2015 also saw another ~34% increase at prices between $72.89 and $80.91. The stock currently trades at $91.62 compared to Berkshire’s cost-basis of ~$80. The stake is at 1.40% of the portfolio and they control 6.7% of the business. Last two quarters have seen a combined ~10% trimming at prices between $76 and $88.Note: Berkshire avoided disclosing DE stake build-up in Q3 2014 by making use of the “”.Kinder Morgan Inc. (KMI): KMI is a very small 0.36% of the 13F portfolio stake established in Q4 2015 at prices between $14.54 and $32.68. This quarter saw a ~25% selling at prices between $18 and $23. The stock currently trades at $20.97.Liberty Media (LMCA) (LMCB) (LMCK): LMCA is a petite 0.10% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then had been kept steady. Q4 2015 saw the stake almost doubled at prices between $20 and $22.41 and that was followed with another ~29% increase the following quarter at prices between $18.56 and $22.62. The pattern reversed this quarter: ~40% reduction at prices between $19 and $29. The stock is currently at $30.24.Note: The shares held showed a ~75% reduction in Q2 2016 due to the recapitalization of Liberty Media in April: Liberty Media Corporation shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire had 30M shares of Liberty Media Corporation for which they received 7.5M shares of Liberty Media Group. The prices quoted above are adjusted for this transaction.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It had since been built up to a 2.94% portfolio stake as of Q1 2016. Last two quarters have seen a ~76% combined reduction at prices between $63 and $74. The stock currently trades at $70.49 and the stake is now at 0.73%. Berkshire’s cost-basis is at around $56. The large reduction in a long-term stake indicates a clear bearish bias.Kept Steady:American Express (AXP) and Coca Cola (KO): These two very large stakes were kept steady during the last 3.5 years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~15.6% and ~9.3% respectively.Apple Inc. (AAPL): AAPL is 1.34% of the 13F portfolio stake established in Q1 2016 at prices between $93 and $110 and increased by ~55% last quarter at prices between $90 and $112. The stock currently trades at $106.DaVita Inc. (DVA): DVA is a 1.98% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $60.59 compared to Berkshire’s overall cost-basis of $45.33.Note: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.General Motors (GM): GM is a 1.23% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97. There was another ~22% increase in Q3 2015 at prices between $27.28 and $33.33. The stock currently trades at $33.28.Goldman Sachs (GS): GS is a 1.37% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at $209.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 10.02% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the share count has gone up by almost 40% through periodic purchases. The stock currently trades at $158 and Berkshire’s cost-basis is at around $170. Buffett controls 8.5% of the business. For investors attempting to follow Buffett, IBM is a good option to consider for further research.Note: Berkshire Hathaway’s had the following regarding the IBM investment: “Unrealized losses at September 30, 2016 included $941 million related to our investment in IBM common stock of which $855 million had been in a continuous unrealized loss position for more than twelve months. Unrealized losses represented 7% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost.” IBM stock traded at ~$159 at the time.Kraft Heinz Co. (KHC): KHC is currently the largest 13F stock position at 22.63% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $80.08.Moody’s Inc. (MCO): MCO is a 1.78% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at $100. Berkshire controls 11.5% of the business.Procter & Gamble (PG): PG position is now minutely small at 0.02% of the 13F portfolio. The original stake was huge but was almost eliminated in Q1 2016 as a result of a deal with Procter & Gamble for Duracell: $4.2B in PG stock was exchanged for a recapitalized Duracell. The transaction closed on February 29, 2016.Restaurant Brands International (QSR): QSR is a 0.29% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades just above that range at $43.01. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide. Berkshire’s stake in the business is ~4.2%.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.17% of the US long portfolio stake established in Q4 2014 at prices between $32 and $39 and increased by ~30% the following quarter at prices between $33 and $38. Q3 2015 saw another ~44% increase at prices between $25 and $34.50. The stock currently trades at $27.52.US Bancorp (USB): USB, a 2.83% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe. In Q2 2013, ~17M shares were purchased at prices between $32 and $36. The last significant activity was a ~5% increase in Q1 2015 at prices between $41 and $45. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $48.73. Buffett controls 4.7% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~12% stake increase at prices between $30 and $33. The stock currently trades at $27.13. Buffett controls around 27% of the business and his cost-basis is ~$19. For investors attempting to follow Berkshire, USG is a good option to consider for further research.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34 and $49.50. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44 and $49. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $78.81 and the position is at 0.79% of the portfolio (~10% of the business). There was marginal trimming last quarter at ~$90 per share.Verizon Communications (VZ): VZ is a small 0.61% of the US long portfolio position established in Q1 2014 at prices between $46 and $49. It was increased by ~36% the following quarter at prices between $46 and $50. The stock currently trades near the low end of those ranges at $46.18.Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 16.49% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $51 and $56. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.50 and $38. The stock currently trades at $53.22. Berkshire’s cost-basis is at ~$25.50.Note: Per a regulatory filing, Berkshire’s stake in WFC has crossed the 10% ownership threshold as a result of Wells Fargo’s buybacks.Axalta Coating Systems (AXTA): AXTA is a small 0.51% of the portfolio stake established in Q2 2015 at prices between $28 and $36 and increased by ~16% the following quarter at prices between $24.50 and $33.50. The stock currently trades near the low end of those ranges at $25.85. Although the position relative to the size of the portfolio is small, it is very significant that Berkshire owns ~9.8% of the business. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Liberty LiLAC Group (LILA) (LILAK): Liberty LiLAC is a very small 0.09% stake. It saw a huge ~350% increase last quarter but relative to the size of the portfolio, the allocation is minutely small.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Lee Enterprises (LEE), MasterCard Inc. (MA), M&T Bank (MTB), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), and Verisk Analytics (VRSK): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Per the , Berkshire has a $1.9B position in Sanofi - so in addition to the ADRs listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Note 2: Since November 2015, Warren Buffett is known to own ~8% of Seritage Growth Properties (SRG), the REIT spinoff from Sears (SHLD) at a cost-basis of $36.50 in his personal portfolio. SRG currently trades at $47.69.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q3 2016:Buffett’s personal investment in Seritage (SRG) - The came on December 10th 2015. Might mention it from Q2 2016 update.Q2 2016 10Q Notes: IBM - Unrealized losses at June 30, 2016 included approximately $1.5 billion related to our investment in IBM common stock (of which $848 million related to IBM shares that had been in a continuous unrealized loss position for more than twelve consecutive months), which represented 11% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost. RBI Preferred - We own Class A 9% Cumulative Compounding Perpetual Preferred Shares of RBI (“RBI Preferred”) having a stated value of $3 billion. RBI, domiciled in Canada, is the ultimate parent company of Burger King and Tim Hortons. The RBI Preferred is entitled to dividends on a cumulative basis of 9% per annum plus an additional amount, if necessary, to produce an after-tax yield to Berkshire as if the dividends were paid by a U.S.-based company.13D/G/A, Form 3/4 thru 8/15/2016: PSX - Form 4 - 6/14&7&1/2016, 5/26&23/2016 - ~750K& ~450K & ~500K & ~650K & ~800K shares purchased @~80.Q1 2016 10Q Notes: IBM - “Unrealized losses at March 31, 2016 included approximately $1.5 billion related to our investment in IBM common stock, which represented 11% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost.” PCP - Closed January 29, 2016. PG Duracell transaction - Closed Feb 29, 2016 - $4.2B fair value in PG shares exchanged for Duracell. Holds $2.1B liquidation amount of Wrigley preferred stock. Dow Chemical - Holds 3M shares ($1000 liquidation value per share) of cumulative convertible perpetual 8.5% preferred stock ($41.32 strike - implies conversion to 72.6M shares).13D/G/A, Form 3/4 thru 5/17/2016: VRSN - Form 4 - 5/3/2016 - 12,952,745 shares - Marginal reduction at ~$90 per share. WFC - Form 3 & 13G/A -3/28/2016 - Notice as it crossed 10% due to repurchases - 506,308,470 shares - 10%.:Ownership Stakes: Updated ownership stakes in the big four: Berkshire increased its ownership interest last year in each of its “Big Four” investments – American Express, Coca-Cola, IBM and Wells Fargo. We purchased additional shares of IBM (increasing our ownership to 8.4% versus 7.8% at yearend 2014) and Wells Fargo (going to 9.8% from 9.4%). At the other two companies, Coca-Cola and American Express, stock repurchases raised our percentage ownership. Our equity in Coca-Cola grew from 9.2% to 9.3%, and our interest in American Express increased from 14.8% to 15.6%.Average cost-basis info: AXP - $8.49, T - $27.55, CHTR - $161.06, KO - $3.25, DVA - $45.53, DE - $79.99, GS - $57.42, IBM - $170.19, MCO - $10.05, Munich Re - $149.05 (previous info), PSX - $78.67, PG - $6.40, Sanofi - $76.73, USB - $31.80, USG - $19.27 (previous info), WMT - $56.58, and WFC - $25.46.13D/G/A, Form 3/4 thru 2/17/2016: AXTA - 13G/A 2/16/2016 - 23.32M shares - 9.8%. WFC - 13G/A 2/16/2016 - 506.3M shares - 9.9%. CHTR - 13G/A 2/16/2016 -10.28M shares - 9.2%. IBM - 13G/A 2/16/2016 - 81.04M shares - 8.4%. LMCA/LMCK - 13G 2/16/2016 - 15.39M shares - 6.9% - LMCK, 7.8M shares - 7.6%. Total - 14.5%. DE - 13G 2/16/2016 - 22.88M shares - 7.2%. CBI - 13G/A 2/16/2016 -3.5M shares - 3.3% - may be 8/31/2015 data (date of event). USB - 13G/A 2/16/2016 - 103.3M shares - 5.9%. WBC - 13G/A 2/16/2016 - 3.33M shares - 5.8%. KHC - 13G/A 2/16/2016 - 619M shares - 51% with 3G, 325.6M shares by Berkshire. PSX - 13G/A 2/16/2016 - 61.5M shares - 11.5%. PSX - Form 4 - 2/12/2016 - 75.55M shares.: Munich RE Stake Reduction: Per the article, the stake was reduced from 9.7% to 4.6%."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2016 Update"

"Berkshire Hathaway's 13F stock portfolio increased from $128.57B to $129.70B this quarter.Warren Buffett's largest three holdings are at ~54% of the entire portfolio.Berkshire Hathaway increased Apple and Phillips 66 during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/15/2016. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q1 2016.During Q2 2016, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $128.57B to $129.70B. The top five positions account for over two-thirds of the portfolio: Kraft Heinz Co., Wells Fargo, Coca Cola, International Business Machines, and American Express. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:Liberty SiriusXM Group (LSXMA) (LSXMK): The tracking stock was acquired as a result of Liberty Media’s recapitalization in April. Shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire held 30M shares of Liberty Media for which he received the same amount of Liberty SiriusXM Group shares.Stake Disposals:None.Note: Berkshire Hathaway received 3M shares of Liberty Braves Group (BATRA) (BATRB) (BATRK) as a result of Liberty Media’s recapitalization (see above). The shares were apparently disposed of during the quarter.Stake Increases:Apple Inc. (AAPL): AAPL is 1.12% of the 13F portfolio stake established last quarter at prices between $93 and $110 and increased by ~55% this quarter at prices between $90 and $112. The stock currently trades near the top end of those ranges at $110.Phillips 66 (PSX): PSX is a fairly large 4.82% of the portfolio stake. It is a long-term position. As of Q4 2014, the stake was very small at ~0.5% of the portfolio (~6.5M shares). Q1 2015 saw a ~14% increase at prices between $59 and $80. The following quarter saw an additional ~300% increase at prices between $76.79 and $81.63 and that was followed with a stake doubling in Q3 2015 at prices between $70.55 and $84.32. Last quarter saw another ~23% increase in the high-70s price range while this quarter saw a ~4% further increase at ~$80. The stock currently trades at $78.59 which is very close to Berkshire’s overall cost-basis. For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research.Note: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.49 and $46. Last three quarters had also seen a combined ~30% increase at prices between $30 and $50. This quarter saw a ~17% further increase at prices between $26.71 and $38.52. The stock is now at $31.59 and the stake is at 0.60% of the US long portfolio.Liberty LiLAC Group (LILA) (LILAK): Liberty LiLAC is a very small 0.10% stake. It saw a huge ~350% increase this quarter but relative to the size of the portfolio, the allocation is minutely small.Stake Decreases:Charter Communications (CHTR): CHTR is a 1.65% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. This quarter saw a ~10% trimming at prices between $198 and $233. The stock currently trades at $261 compared to Berkshire’s cost-basis of around $160.Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. Q4 2015 also saw another ~34% increase at prices between $72.89 and $80.91. The stock currently trades at $78.28 which is very near Berkshire’s cost-basis of ~$80. The stake is at 1.37% of the portfolio and they control ~7% of the business. This quarter saw a ~6% trimming.Liberty Media (LMCA) (LMCB) (LMCK): LMCA is a petite 0.11% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then had been kept steady. Q4 2015 saw the stake almost doubled at prices between $20 and $22.41 and that was followed with another ~29% increase last quarter at prices between $18.56 and $22.62. The stock is currently at $22.05.Note: The 75% reduction in the share count of this position is due to the recapitalization of Liberty Media in April: Liberty Media Corporation shareholders received 1 share of Liberty SiriusXM Group, 0.25 shares of Liberty Media Group and 0.1 shares of Liberty Braves Group for each share held. Berkshire had 30M shares of Liberty Media Corporation for which they received 7.5M shares of Liberty Media Group. The prices quoted above are adjusted for this transaction.Suncor Energy (SU): SU is a small 0.48% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. 2014 saw a ~24% increase at prices between $27.74 and $43.08. Q3 2015 saw another roughly one-third increase at prices between $24.81 and $29.04. This quarter saw an about turn: ~26% selling at prices between $25.65 and $29.37. The stock currently trades at $28.35.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $81.81 and the position is at 0.86% of the portfolio (~10% of the business). There was marginal trimming this quarter at ~$90 per share.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 2.26% position. Recent activity follow: Q1 2014 saw a 17% increase at prices between $72.66 and $78.91 while Q3 2015 saw a ~7% trimming at prices between $63.10 and $73.88. There was a ~27% reduction this quarter at prices between $63.15 and $73.02. The stock currently trades at $73.32. Berkshire’s cost-basis is at around $56.Kept Steady:American Express (AXP) and Coca Cola (KO): These are very large stakes that were kept steady during the last thirteen quarters. Buffett has said these two positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively and the ownership stakes are at ~15.6% and ~9.3% respectively.Bank of New York Mellon Corp (BK): BK is a 0.62% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~18% reduction at prices between $36 and $45. The stock currently trades at $40.16.DaVita Inc. (DVA): DVA is a 2.30% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $68.33 compared to Berkshire’s overall cost-basis of $45.33.Note: In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.General Motors (GM): GM is a 1.09% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97. There was another ~22% increase in Q3 2015 at prices between $27.28 and $33.33. The stock currently trades at $31.86.Goldman Sachs (GS): GS is a 1.26% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at $166.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 9.51% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the share count has gone up by almost 40% through periodic purchases. The stock currently trades at $162 and Berkshire’s cost-basis is at around $170. Buffett is very bullish on IBM and controls 8.5% of the business. For investors attempting to follow Buffett, IBM is a good option to consider for further research.Note: Berkshire Hathaway’s had the following regarding the IBM investment: “Unrealized losses at June 30, 2016 included approximately $1.5 billion related to our investment in IBM common stock (of which $848 million related to IBM shares that had been in a continuous unrealized loss position for more than twelve consecutive months), which represented 11% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost.” IBM stock traded at ~$152 at the time.Kinder Morgan Inc. (KMI): KMI is a very small 0.38% of the 13F portfolio stake established in Q4 2015 at prices between $14.54 and $32.68. The stock currently trades at $21.30.Kraft Heinz Co. (KHC): KHC is currently the largest 13F stock position at 22.21% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a ~$4B net investment in 2013 for half of Heinz and a ~$5B investment for the acquisition of Kraft Foods Group earlier this year. Berkshire’s cost-basis on KHC is below $30 per share compared to the current price of $89.08.Moody’s Inc. (MCO): MCO is a 1.78% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at $105. Berkshire controls 11.5% of the business.Procter & Gamble (PG): PG position is now minutely small at 0.02% of the 13F portfolio. The original stake was huge but was almost eliminated last quarter as a result of a deal with Procter & Gamble for Duracell: $4.2B in PG stock was exchanged for a recapitalized Duracell. The transaction closed on February 29, 2016.Restaurant Brands International (QSR): QSR is a 0.27% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades at $47.48. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide. Berkshire’s stake in the business is ~4.2%.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.19% of the US long portfolio stake established in Q4 2014 at prices between $31.77 and $39.01 and increased by ~31% the following quarter at prices between $32.80 and $38.40. Q3 2015 saw another ~44% increase at prices between $25.19 and $34.49. The stock currently trades at $25.85.US Bancorp (USB): USB, a 2.64% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. The last significant activity was a 4.57% increase in Q1 2015 at prices between $40.94 and $45.12. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $42.98. Buffett controls 4.7% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $28.27. Buffett controls around 27% of the business and his cost-basis is at around $19. For investors attempting to follow Berkshire, USG is a good option to consider for further research.Verizon Communications (VZ): VZ is a small 0.65% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% the following quarter at prices between $45.94 and $50.05. The stock currently trades outside those ranges at $53.61.Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 17.50% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $50.72 and $56.17. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.66 and $38.20. The stock currently trades at $48.27. Berkshire’s cost-basis is at ~$25.50.Note: Per a regulatory filing, Berkshire’s stake in WFC has crossed the 10% ownership threshold as a result of Wells Fargo’s buybacks.Axalta Coating Systems (AXTA): AXTA is a small 0.48% of the portfolio stake established in Q2 2015 at prices between $27.62 and $36.37 and increased by ~16% the following quarter at prices between $24.49 and $33.52. The stock currently trades at $28.30. Although the position relative to the size of the portfolio is small, it is very significant that Berkshire owns ~9.8% of the business. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Lee Enterprises (LEE), MasterCard Inc. (MA), M&T Bank (MTB), Media General (MEG), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Visa Inc. (V), and Wabco Holdings (WBC): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Although the relative sizes of the positions are small, it should be noted that Berkshire controls ~2.7% of Media General and ~6% of Wabco Holdings.Note 2: Per the , Berkshire has a $1.9B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q2 2016:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2016 Update"

"Berkshire Hathaway's 13F stock portfolio decreased from $131.86B to $128.57B this quarter.Warren Buffett's largest three holdings are at ~52% of the entire portfolio.Berkshire Hathaway added Apple, dropped AT&T, and increased Phillips 66 and Liberty Global plc during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/16/2016. Please visit our article series for an idea on how his holdings have progressed over the years and for the moves in Q4 2015.During Q1 2016, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio decreased 2.49% from $131.86B to $128.57B. The top-five positions account for over two-thirds of the portfolio: Kraft Heinz Co., Wells Fargo, Coca Cola, International Business Machines, and American Express. There are 44 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:Apple Inc. (AAPL): AAPL is 0.83% of the 13F portfolio stake established this quarter at prices between $93 and $110. The stock currently trades near the low end of that range at $93.88.Stake Disposals:AT&T Inc. (T): The original AT&T stake was acquired in Q3 2015 as a result of AT&T’s merger with DIRECTV that closed in July 2015. Berkshire held 31.35M shares of DIRECTV for which they received 59.32M shares (1:1.892 conversion ratio) of AT&T and $28.50 per share in cash. As a percentage of the portfolio, the position was relatively small at 1.22%. The DIRECTV stake was from Q3 2011 at a cost-basis in the low-40s. Last quarter saw a ~22% reduction at prices between $32.31 and $34.93 and the elimination this quarter was at prices between $33.51 and $39.45. Berkshire Hathaway harvested long-term gains from this position.Precision Castparts (PCP): The 0.74% of the portfolio PCP stake was built up over several quarters through Q1 2015. The bulk of the buying happened in the latter two quarters at prices between $200 and $241. On August 10th 2015, Berkshire Hathaway agreed to acquire PCP in a $235 per share cash deal and the transaction closed in January.Stake Increases:Liberty Media (LMCA) (LMCB) (LMCK): LMCA is a petite 0.89% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then had been kept steady. Last quarter saw the stake almost doubled at prices between $20 and $22.41 and that was followed with another ~29% increase this quarter at prices between $18.56 and $22.62. The stock is currently at $18.76.Note: On 4/15/2016, Liberty Media Corporation recapitalized its common stock into three tracking stocks, Liberty SiriusXM Group (LSXMA) (LSXMB) (LSXMK), Liberty Braves Group (BATRA) (BATRB) (BATRK) and Liberty Media Group (LMCA) (LMCB) (LMCK). Shareholders got 1 share of LSXMA/LSXMB/LSXMK, 0.25 shares of LMCA/LMCB/LMCK and 0.1 shares of BATRA/BATRB/BATRK for each share held. The prices quoted above for LMCA are adjusted for this transaction.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake in Q1 2014. The reduction was due to a deal whereby Berkshire bought an operating business of PSX in exchange for ~19M shares of PSX stock. The position was further reduced by one-third the following quarter at prices between $76.69 and $86.33. Q1 2015 saw an about-turn: ~14% increase at prices between $59 and $80. Q2 2015 saw a ~300% increase at prices between $76.79 and $81.63 and that was followed with a stake doubling in the following quarter at prices between $70.55 and $84.32. This quarter also saw another ~23% increase in the high-70s price range. The stock currently trades at $78.68 which is very close to Berkshire’s overall cost-basis. The current position is fairly large at 5.09% of the portfolio (~14.4% of the business). For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research.Note 2: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.49 and $46. The stock is now at $37.59 and the stake is at 0.68% of the US long portfolio. Last three quarters have seen a combined ~30% increase at prices between $30 and $50.Bank of New York Mellon Corp (BK): BK is a 0.60% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~18% reduction at prices between $36 and $45. This quarter saw a ~4% increase. The stock currently trades at $39.74.Charter Communications (CHTR): CHTR is a 1.63% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase the following quarter at prices between $167 and $195. The stock currently trades at $204 compared to Berkshire’s cost-basis of $161.06. They control ~9% of the business. This quarter saw a marginal increase.Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. Last quarter also saw another ~34% increase at prices between $72.89 and $80.91. The stock currently trades at $83.63 which is very near Berkshire’s cost-basis of ~$80. The stake is at 1.39% of the portfolio and they control ~7.4% of the business. This quarter saw a very minor increase.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 9.57% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the stake has gone up by almost 40% through periodic purchases. The stock currently trades at $149. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls 8.5% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Note: Berkshire Hathaway’s had the following regarding the IBM investment: “Unrealized losses at March 31, 2016 included approximately $1.5 billion related to our investment in IBM common stock, which represented 11% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost.”Visa Inc. (V): Visa is a very small 0.61% of the portfolio stake. The position saw a minor increase this quarter.Stake Decreases:Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 2.61% position. The last significant activity was a 17% increase in Q1 2014 at prices between $72.66 and $78.91. Q3 2015 saw a ~7% trimming at prices between $63.10 and $73.88. The stock currently trades at $66. Berkshire’s cost-basis is at around $56. This quarter saw a ~3% stake increase.Procter & Gamble (PG): PG position is now minutely small at 0.02% of the 13F portfolio. The original stake was huge but was almost eliminated this quarter as a result of a deal with Procter & Gamble for Duracell: $4.2B in PG stock was exchanged for a recapitalized Duracell. The transaction closed on February 29, 2016.Wabco Holdings (WBC): The very small 0.27% position saw a ~3% trimming this quarter. As a percentage of the business, the stake is significant at ~6%.MasterCard Inc. (MA): MA is a very small 0.36% of the 13F portfolio stake. The position saw a ~6% reduction this quarter.Kept Steady:American Express (AXP) and Coca Cola (KO): These are very large stakes that were kept steady during the last twelve quarters. Buffett has said these two positions will be held “permanently”. Berkshire’s cost-basis on AXP and KO are at around $8.49 and $3.25 respectively.Note: Per AR 2015, Coca-Cola ownership grew from 9.2% to 9.3% and American Express from 14.8% to 15.6% due to buybacks.DaVita Inc. (DVA): DVA is a 2.20% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $77.07 compared to Berkshire’s overall cost-basis of $45.33. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.General Motors (GM): GM is a 1.22% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97. There was another ~22% increase in Q3 2015 at prices between $27.28 and $33.33. The stock currently trades at $30.68.Goldman Sachs (GS): GS is a 1.34% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Q3 2015 saw a ~13% reduction at prices between $172 and $213. It currently trades at $155.Kinder Morgan Inc. (KMI): KMI is a very small 0.37% of the 13F portfolio stake established last quarter at prices between $14.54 and $32.68. The stock currently trades at $17.22.Kraft Heinz Co. (KHC): KHC is currently the largest 13F stock position at 19.90% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a $4.25B investment in 2013 for half of Heinz and a $5B investment for the acquisition of Kraft Foods Group earlier this year. All told, Berkshire’s cost-basis on KHC is just below $30 per share compared to the current price of $85.87.Moody’s Inc. (MCO): MCO is a 1.85% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at $94.77. Berkshire controls 11.5% of the business.Restaurant Brands International (QSR): QSR is a 0.25% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades at $40.25. It started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide. Berkshire’s stake in the business is ~4.2%.Suncor Energy (SU): SU is a small 0.65% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. 2014 saw a ~24% increase at prices between $27.74 and $43.08. Q3 2015 saw another roughly one-third increase at prices between $24.81 and $29.04. The stock currently trades at $27.13.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.19% of the US long portfolio stake established in Q4 2014 at prices between $31.77 and $39.01 and increased by ~31% the following quarter at prices between $32.80 and $38.40. Q3 2015 saw another ~44% increase at prices between $25.19 and $34.49. The stock currently trades at $28.93.US Bancorp (USB): USB, a 2.69% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. Q1 2015 saw a 4.57% increase at prices between $40.94 and $45.12 and that was followed with marginal increases in the following two quarters. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $41.69. Buffett controls 4.7% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $28.24. Buffett controls around 27% of the business and his cost-basis is at around $19. For investors attempting to follow Berkshire, USG is a good option to consider for further research.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $85.15. The current position is at ~10% of the business.Note: A Form 4 regulatory filing on 5/3/2016 shows Berkshire owning 12.95M shares compared to 12.99M shares in the 13F - marginal reduction at ~$90 per share.Verizon Communications (VZ): VZ is a small 0.63% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% the following quarter at prices between $45.94 and $50.05. The stock currently trades just outside those ranges at $51.22.Wells Fargo & Co. (WFC): WFC is Buffett’s second-largest stake at 18.04% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $50.72 and $56.17. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.66 and $38.20. The stock currently trades at $48.26. Berkshire’s cost-basis is at ~$25.50. Last quarter saw a 2% increase at prices between $51 and $56.Note: Per a regulatory filing, Berkshire’s stake in WFC has crossed the 10% ownership threshold as a result of Wells Fargo’s buybacks.Axalta Coating Systems (AXTA): AXTA is a small 0.53% of the portfolio stake established in Q2 2015 at prices between $27.62 and $36.37 and increased by ~16% the following quarter at prices between $24.49 and $33.52. The stock currently trades at $28.68. Although the position relative to the size of the portfolio is small, it is very significant that Berkshire owns ~9.8% of the business. Last quarter saw a marginal increase. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Lee Enterprises (LEE), Liberty LiLAC Group (LILA) (LILAK), M&T Bank (MTB), Media General (MEG), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), and Verisk Analytics (VRSK): These are very small positions (less than ~0.5% of the portfolio each) kept steady this quarter.Note 1: Although the relative size of the position is small, it should be noted that Berkshire controls ~2.7% of Media General.Note 2: Per the , Berkshire has a $1.9B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q1 2016:Note: 13F HR/A, 13D/G/A, Form 3/4 since 8/14/2015: 9/9/2015 Form 4 shows PSX ownership at 61.49M shares. 9/4/2015 13FHR/A: Adds new entries for PSX. Include this in the next report. 8/28/2015 Form 3 & 4 Filing showed them owning 54.8M shares of Phillips 66 (PSX). Most probably, this was the one holding that was withheld in the 13F. Also, the reporting on this holding says the stake was reduced significantly in Q1 2014. This reduction was actually due to a deal whereby Berkshire bought an operating business of PSX in exchange for ~19M shares of PSX stock they held. Details here: .Note: Berkshire has already doubled his investment in HNZ. See details at http://www.bloomberg.com/news/articles/2015-07-06/buffett-s-kraft-heinz-bet-valued-at-24-billion-in-debut and http://www.bloomberg.com/news/articles/2015-03-25/3g-capital-berkshire-to-buy-kraft-foods-merge-it-with-heinz. A 7/2/2015 shows them owning ~325M shares.Note: There was a note in the Q2 2015 13F (IT) that some confidential information is withheld. So, be on the look-out for a new holding for Q2 2015 in the next report.: Book Value increased from $146,963 to $149,735 per Class A share. Float also increased from $83.5B to $85.1B - $99.82 per Class B share - Buffett’s repurchase criterion is 120% of BV.11/14/2014: P&G Duracell deal with Berkshire Hathaway - .2/2016 - OFB Post - Berkshire Hathaway 2015 Annual Letter & Report - NotesThe Book Value (BV) of Berkshire Hathaway per is $155,501 per BRK.A share or $103.67 per BRK.B share compared to $146,186 per BRK.A share or $97.46 per BRK.B share. The stock currently trades at $198,190 or 127% of BV - the premium over book value has gone down significantly over the last year as that percentage was at 151.25% ($221,180 share price) this time last year. Buffett’s repurchase criterion is 120% of BV or $186,601. The premium to book value has narrowed as the stock lost 12.5% over the last year compared to book value growth of 6.4%. Net earnings are at $14,656 per BRK.A share for a ttm-PE of 13.52. This is compared to a ttm-PE of 18.29 last year and 14.66 the year before.Historical Book Value (BV) and Market Value Growth:Book Value CAGR 1965-2015 is at 19.2% and for 2015 it is 6.4%.Market Value CAGR 1965-2015 is at 20.8% vs 9.7% for S&P 500. For 2015, it is (12.5%) vs 1.4% for S&P 500.Earnings per Share (EPS):$14,656 in 2015 vs $12,092 in 2014 vs $11,850 in 2013 and $8,977 in 2012 per BRK.A share.  21% YOY increase compared to 2% YOY last year and 32% the year before. The increases are attributable to impressive cash generation of its operating entities. It was also helped by realized investment gains (after tax) of $4,092 in 2015. PE is 13.52 including investment gains. This time last year, PE was at 18.29.  Roughly a third of Berkshire earnings are realized gains historically.Intrinsic Business Value:The two quantitative components of value:Per-share investments grew 8.3% to $159,794. The growth achieved is marginally lower compared to 8.4% in 2014. CAGR since 1970 is at 18.9% but was only 6.6% in the 2000-2010 time period: long-term growth is stunning but recent growth is lower, andPre-tax earnings from businesses other than investments increased 2.1% to $12,304. CAGR since 1970 is 23.7%. It is higher compared to 20.6% reported last year mainly because Berkshire changed reporting so as to include insurance earnings. Those businesses has become more predictable and profitable and hence the change. Earlier, the assumption was that underwriting businesses will breakeven over the long-term but Berkshire has done substantially better over the last two decades.The third is a measure of the efficacy with which retained earnings will be deployed in the future - the subjective component.Growing operating earnings is the main focus. Berkshire did a few deals recently whereby ownership stakes in businesses were exchanged for parts of operating businesses: Phillips 66 and Graham Holdings shares were exchanged in 2014 in tax-free transactions. Also, they have a contract with Procter and Gamble to acquire Duracell the same way. It is set to close on February 29, 2016. For 2016, contribution from this area should be substantially higher as Duracell & Precision Castparts will be included.Plans to continue building Berkshire’s per-share intrinsic value by:Focusing on increasing earning power at subsidiaries both organically and through bolt-on acquisitions,Growth of equity investments,Repurchasing when there is meaningful discount to intrinsic value,Making acquisitions while rarely issuing new shares.Non-insurance businesses:Earned $18.8B in 2015 compared to $17.5B in 2014 and $15.5B in 2013.“Powerhouse Five”: Berkshire Hathaway Energy (BHE - formerly MidAmerican Energy), BNSF, IMC (Iscar), Lubrizol, and Marmon - $13.1B of the 2015 earnings is from these five businesses. This is compared to $12.5B last year.Due to the addition of Precision Castparts, “Powerhouse Five” is set to become “Powerhouse Six” from 2016.For 2015, they contracted for 29 bolt-on acquisitions - $634 million in aggregate. Last year, they contracted for 31 bolt-on acquisitions - $7.8B in aggregate. Also, Duracell close is delayed - H2 2015 was the projection in the last AR. It is now expected to close on February 29, 2016.Berkshire Hathaway Energy (BHE) & BNSF Railway are capital intensive businesses with a huge amount of regulated assets partially funded by long-term debt. The debt coverage is very good (8:1 for BNSF currently). Even under worst-case assumptions about economic conditions, earnings should cover interest payments easily. Further, the 8:1 coverage ratio is based on EBIT rather than EBITDA. EBITDA to interest is the commonly used measure but that is flawed as it ignores the capital-intensive nature of the business.Manufacturing, service & retail operations: ROC at 18.4% after-tax on $25.6B of tangible assets. This is compared to 18.7% and $24B last year.Finance Products: 34,397 homes sold compared to ~31K last year - $12.8B mortgage portfolio down slightly from $13B last year. Mortgage originations by Clayton are pristine as they are incentivized to do so - they keep 100% of the originations and so losses are theirs - no securitizations at all. Also, they borrow short-term and lend long-term. This may be viewed as a recipe for disaster, as there is no hedge against the risk of short-term rates rising sharply. However, Berkshire has a natural hedge - they have $20B in cash-equivalents that earn short-term rates.Underwriting profit at the insurance businesses stood at $1.8B for 2015 compared to $2.7B for 2014.Van Tuyl Automotive named Berkshire Hathaway Automotive - consists of 81 auto dealerships in 10 states.3G Capital Partnerships:3G’s methods are diametrically opposite compared to Berkshire’s approach to investing in businesses: Berkshire lets acquired businesses operate on their own in a decentralized fashion (except capital allocation) and avoids mass layoffs. 3G’s methods on the other hand are focused on changing the business to reach optimum profitability quickly - it generally involves cost cuts and layoffs. However, the following commonality makes 3G a very good partner: 3G and Berkshire are both focused on buying, building, and holding businesses that satisfy basic needs and desires.Co-Managers:2015: Precision Castparts acquisition partly credited to Todd Combs. In their investment management roles, Todd Combs and Ted Weschler are each managing $9B each.2014: their roles were expanded to also include running businesses - they took over as Chairman of one business each - combined, those businesses are very small earning around $100M annually - Buffett’s way of developing a deep-bench!2013: Todd Combs and Ted Weschler invested $7B each and they outperformed Buffett in 2013.Long-term economic goal:Maximize average rate of gain in intrinsic business value on a per share basis. Preference is to own a diversified group of businesses with consistent above-average ROC and second choice is to own parts of such businesses (security ownership of Berkshire’s insurance subsidiaries).Look-through earnings relevance:“Undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire as if they had been distributed to us”. So,It is preferable to purchase $2 of earnings that are not reportable rather than $1 of reportable earnings for the same acquisition cost, andLook-through earnings realistically portray yearly gain from operations.“Big Four investments” (AXP, KO, IBM, WFC) - Berkshire’s share of their earnings was $4.7B - this is compared to the $1.8B dividends that is reported. But, since these are excellent businesses, the unreported $3B in earnings are as valuable as the $1.8B reported.Use of leverage:“We use debt sparingly and, when we do borrow, we attempt to structure our loans on a long-term fixed-rate basis”Selling businesses:No interest in selling good businesses Berkshire owns. Sub-par businesses are also not sold as long as they are able to generate at-least some cash and managers/labor relations are good. Capex decisions for the latter are made in a much more cautious fashion compared to the former - it is unlikely that sub-par businesses will see increased profitability with increased spending. Couple of excellent quotes in this regard:“The projections will be dazzling and the advocates sincere, but, in the end, major additional investment in a terrible industry usually is about as rewarding as struggling in quicksand.)”“Gin rummy managerial behavior (discard your least promising business at each turn) is not our style. We would rather have our overall results penalized a bit than engage in that kind of behavior.”BV growth vs S&P 500 Performance Comparison:While this comparison is shown in the first page of the Annual Letter, it has become less meaningful over time. The reasoning has to do with how Berkshire’s business structure has evolved: equity holdings tend to move with S&P 500 and that is now a much smaller portion of overall value. Also S&P 500 gains are reported at 100% while Berkshire’s realized gains get reported at 65% because of taxes.Also, there is another major shortcoming with this comparison: The carrying value of the businesses that are controlled by Berkshire is much more than their carrying value and so the BV far understates Berkshire’s Intrinsic Value (IV). But, IV by definition (discounted value of cash that can be taken out during the remaining lifetime) is an estimate and so is not quoted in any of the releases.Below is a YoY comparison of Berkshire Hathaway’s largest equity investments:AT&T, Charter Communications, and Phillips are new in the 2015 list as they have become large stakes. DirecTV is no longer in the list because of the AT&T acquisition. Munich RE and USG Corporation did not make the list as they are no longer in the top stakes. A regulatory filing in December 2015 showed Berkshire’s stake in Munich RE has dropped from 11.8% to 4.6% of the business.Below is a comparison of Berkshire Hathaway's asset distribution in the "Insurance and Other" area for the last three years:The equity exposure is at ~52%. It is ~10% below the highs reached in 2013. On the other hand, cash has gone up by ~44% over that same period. It is probable that Berkshire would look to allocate some of that cash this year.Expects America to do well for the foreseeable future:It is incorrect to say that the next generation will not live as well as we do. The current 2% real growth in annual GDP should ensure over one-third increase in per-capita GDP growth over 25 years (assuming population growth remains steady at 0.8% and GDP growth also remains steady at 2%). As the country is starting from a high base of about $56,000 in per-capita GDP, the small 1.2% net increase per year still translates to a huge $19,000 increase in real GDP per capita or $76,000 gain for a family of four.() are a treasure trove of information and are a very good option for anyone starting out on individual investing. Two books that Warren Buffett recommended in this year’s letter follow:: My 40-year adventure with one of America's outstanding communications companies by Philip Beuth and K.C. Schulberg,: Words of Wisdom from the Partnership Letters of the World's Greatest Investor by Jeremy C. Miller.To learn more about how to profit from a strategy of cloning super-investors, check out our book .:Berkshire did a few deals whereby ownership stakes in businesses were exchanged for parts of operating businesses: Phillips 66 and Graham Holdings shares were exchanged in tax-free transactions. Also, they have a contract with Procter and Gamble to acquire Duracell the same way.Average cost-basis info: AXP - $8.49, KO - $3.25, DVA - $45.53, DE - $81.20, DTV - $59.06, GS - $57.42, IBM - $170.93, MCO - $10.05, Munich Re - $149.05, PG - $6.40, Sanofi - $77.63, USB - $31.30, USG - $19.27, WMT - $56.09, WFC - $24.55.Ownership stake increases due to buybacks: KO: 9.1% to 9.2%, AXP: 14.2% to 14.8%, WFC: 9.2% to 9.4%."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2015 Update"

"Berkshire Hathaway's 13F stock portfolio increased from $127.41B to $131.86B this quarter.Warren Buffett's largest three holdings are at ~51% of the entire portfolio.Berkshire Hathaway added Kinder Morgan while significantly reducing AT&T.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/16/2016. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q3 2015.During Q4 2015, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased 3.49% from $127.41B to $131.86B. The top-five positions account for over two-thirds of the portfolio: Wells Fargo, Kraft Heinz Co., Coca Cola, International Business Machines, and American Express. There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:Kinder Morgan Inc. (KMI): KMI is a very small 0.30% of the 13F portfolio stake established this quarter at prices between $14.54 and $32.68. The stock currently trades at $15.62.Stake Disposals:Chicago Bridge & Iron (CBI): CBI was a minutely small 0.06% of the US long portfolio position as of last quarter. It was sold out this quarter at prices between $37.58 and $45.48. The original stake was purchased in Q1 2013 at prices between $46 and $62. It was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. Q4 2014 saw another 12% increase at prices between $65.51 and $87.65. In Q2 2015 there was an about turn: ~13% reduction at prices between $47.65 and $58.63. Last quarter saw another ~79% reduction at prices between $37.24 and $53.26. The stock currently trades at $33.Stake Increases:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 19.78% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $50.72 and $56.17. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.66 and $38.20. The stock currently trades at $48.21. Berkshire’s cost-basis is at around $25 and the ownership stake is at ~9.9%. This quarter saw a 2% increase at prices between $51 and $56.Axalta Coating Systems (AXTA): AXTA is a small 0.47% of the portfolio stake established in Q2 2015 at prices between $27.62 and $36.37 and increased by ~16% last quarter at prices between $24.49 and $33.52. The stock currently trades near the low end of that range at $24.54. Although the position relative to the size of the portfolio is small, it is very significant that Berkshire owns ~9.8% of the business. This quarter saw a marginal increase. For investors attempting to follow Berkshire, AXTA is a good option to consider for further research.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.49 and $46. The stock is now at $33.96 and the stake is at 0.63% of the US long portfolio. Last two quarters have seen a combined ~12% increase at prices between $37.50 and $51.10.Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. The stock currently trades at $79.81. The stake is at 1.32% of the portfolio and Buffett controls 7.2% of the business. This quarter also saw another ~34% increase at prices between $72.89 and $80.91.Stake Decreases:AT&T Inc. (T): The AT&T stake was acquired last quarter as a result of AT&T’s merger with DIRECTV that closed in July 2015. Berkshire held 31.35M shares of DIRECTV for which they received 59.32M shares (1:1.892 conversion ratio) of AT&T and $28.50 per share in cash. As a percentage of the portfolio, the position is relatively small at 1.22%. The original DIRECTV stake was from Q3 2011 at a cost-basis in the low-40s and so the stake has more than doubled over the last four years. This quarter saw a ~22% reduction at prices between $32.31 and $34.93. Berkshire Hathaway is harvesting long-term gains from this position.Wabco Holdings (WBC): The very small 0.26% position saw a ~6% trimming this quarter. As a percentage of the business, the stake is significant at 5.8%.Kept Steady:American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last eleven quarters. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 and ownership stakes are at 14.8%, 9.2%, and 1.9% respectively.Bank of New York Mellon Corp (BK): BK is a 0.63% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55. The five quarters thru Q3 2015 had seen an about turn as there was a combined ~18% reduction at prices between $36 and $45. The stock currently trades at $34.53.Charter Communications (CHTR): CHTR is a 1.43% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. In Q2 2015, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase last quarter at prices between $167 and $195. The stock currently trades at $169. Berkshire controls 9.2% of the business.DaVita Inc. (DVA): DVA is a 2.04% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at $62.64. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.Note: Per AR, Berkshire’s overall cost-basis on DVA is $45.53.General Motors (GM): GM is a 1.29% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97. There was another ~22% increase last quarter at prices between $27.28 and $33.33. The stock currently trades at $28.57.Goldman Sachs (GS): GS is a 1.50% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. Last quarter saw a ~13% reduction at prices between $172 and $213. It currently trades at $149.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 8.46% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the stake has gone up by almost 40% through periodic purchases. The stock currently trades at $123. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls 8.4% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Kraft Heinz Co. (KHC): KHC is currently the second-largest 13F stock position at 17.97% of the portfolio. Kraft Heinz started trading in July 2015 with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a $4.25B investment in 2013 for half of Heinz and a $5B investment for the acquisition of Kraft Foods Group earlier this year. All told, Berkshire’s cost-basis on KHC is just below $30 per share compared to the current price of $72.31.Liberty Media (LMCA) (LMCK): LMCA is a petite 0.68% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then had been kept steady. Last quarter saw the stake almost doubled at prices between $34.72 and $38.63. The stock is currently at $32.68.Moody’s Inc. (MCO): MCO is a 1.88% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at $83.72. Berkshire controls 11.5% of the business.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake in Q1 2014. The reduction was due to a deal whereby Berkshire bought an operating business of PSX in exchange for ~19M shares of PSX stock. The position was further reduced by one-third the following quarter at prices between $76.69 and $86.33. Q1 2015 saw an about-turn: ~14% increase at prices between $59 and $80. Q2 2015 saw a ~300% increase at prices between $76.79 and $81.63 and that was followed with a stake doubling last quarter at prices between $70.55 and $84.32. The stock currently trades at $78.21. The current position is fairly large at 3.71% of the portfolio (~11.5% of the business). For investors attempting to follow Berkshire Hathaway, PSX is a good option to consider for further research.Note 1: The latest regulatory Form 4 filing (02/12/2016) shows them owning 75.55M shares of PSX. This is compared to 61.49M shares in the 13F. Most of the buying happened in the high-70s.Note 2: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up.Precision Castparts (PCP): The 0.74% of the portfolio PCP stake was built up over several quarters through Q1 2015. The bulk of the buying happened in the latter two quarters at prices between $200 and $241.Note: On August 10th 2015, Berkshire Hathaway agreed to buy PCP in a $235 per share cash deal and the transaction closed last month.Restaurant Brands International (QSR): QSR is a 0.24% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades below that range at $33.82. The stock started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide. Berkshire’s stake in the business is ~4.2%.Suncor Energy (SU): SU is a small 0.59% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. 2014 saw a ~24% increase at prices between $27.74 and $43.08. Last quarter saw another roughly one-third increase at prices between $24.81 and $29.04. The stock currently trades below those ranges at $22.33.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.18% of the US long portfolio stake established in Q4 2014 at prices between $31.77 and $39.01 and increased by ~31% the following quarter at prices between $32.80 and $38.40. Last quarter saw another ~44% increase at prices between $25.19 and $34.49. The stock currently trades near the low end of those ranges at $25.61.US Bancorp (USB): USB, a 2.75% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. Q1 2015 saw a 4.57% increase at prices between $40.94 and $45.12 and that was followed with marginal increases in the following two quarters. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $40.19. Buffett controls 4.7% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $20.59. Buffett controls around 27% of the business and his overall cost-basis is at around $19. For investors attempting to follow Berkshire, USG is a good option to consider for further research.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $79.68. The current position is at ~10% of the business.Verizon Communications (VZ): VZ is a small 0.53% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% the following quarter at prices between $45.94 and $50.05. The stock currently trades at $50.22.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 2.61% position. The last significant activity was a 17% increase in Q1 2014 at prices between $72.66 and $78.91. Last quarter saw a ~7% trimming at prices between $63.10 and $73.88. The stock currently trades at $65.88. Berkshire’s cost-basis is at around $56.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Lee Enterprises (LEE), Liberty LiLAC Group (LILA) (LILAK), M&T Bank (MTB), MasterCard Inc. (MA), Media General (MEG), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), and Visa Inc. (V): These are very small positions (less than ~0.6% of the portfolio each) kept steady this quarter.Note 1: Although the relative size of the position is small, it should be noted that Berkshire controls ~2.7% of Media General.Note 2: The DNOW position was established in Q2 2014 as a result of National Oilwell Varco’s spin-off of its distribution business.Note 3: Per the , Berkshire has a $2.03B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris. The only other large non-US individual stock position reported in the AR is Munich RE at $4B (11.8% of the business).The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q4 2015:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2015 Update"

"Berkshire Hathaway's 13F stock portfolio increased from $109.57B to $127.41B this quarter.Warren Buffett's largest three holdings are at ~50% of the entire portfolio.Berkshire Hathaway increased Phillips 66 and General Motors while dropping Viacom during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/16/2015. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q2 2015.During Q3 2015, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased 16.27% from $109.57B to $127.41B. The increase is primarily due to the large stake in Kraft Heinz that became a 13F position this quarter. The top-five positions account for over two-thirds of the portfolio: Wells Fargo (18.95%), Kraft Heinz Co. (18.04%), Coca Cola (12.60%), International Business Machines (9.22%), and American Express (8.82%). There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:AT&T Inc. (T): The AT&T stake was acquired this quarter as a result of AT&T’s merger with DIRECTV that closed in July. Berkshire held 31.35M shares of DIRECTV for which they received 59.32M shares (1:1.892 conversion ratio) of AT&T and $28.50 per share in cash. As a percentage of the portfolio, the position is relatively small at 1.52%. The original DIRECTV stake is from Q3 2011 at a cost-basis in the low-40s and so the stake has more than doubled over the last four years.Kraft Heinz Co. (KHC): KHC is currently the second-largest 13F stock position at 18.04% of the portfolio. Kraft Heinz started trading in July with Berkshire owning just over 325M shares (~27% of the business). The stake came about as a result of two transactions with 3G capital as partner: a $4.25B investment in 2013 for half of Heinz and a $5B investment for the acquisition of Kraft Foods Group earlier this year. All told, Berkshire’s cost-basis on KHC is just below $30 per share compared to the current price of $71.65.Note: Liberty LiLAC Group (LILA) (LILAK) is another new position in the 13F portfolio. It is a minutely small 0.02% stake that came about as a result of the spinoff of Liberty LiLAC Group (Latin American assets of the parent company) from Liberty Global. The shares are structured currently as a tracking stock with plans for an eventual spinoff.Stake Disposals:Viacom Inc. (VIAB): The original VIAB stake was acquired in Q1 & Q2 2012 at a cost-basis in the high-40s. Last quarter saw a ~32% reduction at prices between $64.39 and $72.24 and that was followed by the elimination this quarter at prices between $38.15 and $64.61. The stock currently trades at $51.97. It was a very small 0.33% portfolio stake.Note: DIRECTV and Kraft Foods Group are two other positions no longer in the 13F portfolio as a result of merger transactions. DIRECTV was a 2.66% of the portfolio position while Kraft Foods Group was a minutely small 0.02% stake.Stake Increases:Charter Communications (CHTR): CHTR is a 1.42% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. Last quarter, the position was again increased by ~42% at prices between $168 and $193 and that was followed with another ~21% increase this quarter at prices between $167 and $195. The stock currently trades at $186.General Motors (GM): GM is a 1.18% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: ~10% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97. There was another ~22% increase this quarter at prices between $27.28 and $33.33. The stock currently trades at $35.17.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 9.22% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the stake has gone up by almost 40% through periodic purchases. The stock currently trades at $134. This quarter saw a marginal further increase. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls ~8% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Liberty Media (LMCA) (LMCK): LMCA is a petite 0.63% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then had been kept steady. This quarter saw the stake almost doubled at prices between $34.72 and $38.63. The stock is currently at $41.47.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake in Q1 2014. The reduction was due to a deal whereby Berkshire bought an operating business of PSX in exchange for ~19M shares of PSX stock. The position was further reduced by one-third the following quarter at prices between $76.69 and $86.33. Q1 2015 saw an about-turn: ~14% increase at prices between $59 and $80. Last quarter saw a ~300% increase at prices between $76.79 and $81.63 and that was followed with a stake doubling this quarter at prices between $70.55 and $84.32. The stock currently trades at $91.10. The current position is fairly large at 3.71% of the portfolio (~11.5% of the business).Note 1: Berkshire avoided disclosing PSX stake in the original Q2 2015 13F by making use of the “”. An amendment filed on 9/4/2015 disclosed the huge stake build up.Suncor Energy (SU): SU is a small 0.63% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. Last year saw a ~24% increase at prices between $27.74 and $43.08. This quarter saw another roughly one-third increase at prices between $24.81 and $29.04. The stock currently trades at $28.73.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.19% of the US long portfolio stake established in Q4 2014 at prices between $31.77 and $39.01 and increased by ~31% the following quarter at prices between $32.80 and $38.40. This quarter saw another ~44% increase at prices between $25.19 and $34.49. The stock currently trades at $30.30.US Bancorp (USB): USB, a 2.74% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. Q1 2015 saw a 4.57% increase at prices between $40.94 and $45.12 and that was followed with marginal increases in the last two quarters. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $43.11. Buffett controls 4.7% of the business.Axalta Coating Systems (AXTA): AXTA is a small 0.46% of the portfolio stake established last quarter at prices between $27.62 and $36.37 and increased by ~16% this quarter at prices between $24.49 and $33.52. The stock currently trades at $28.97. Although the position relative to the size of the portfolio is small, it is very significant that Berkshire owns ~9.8% of the business.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.49 and $46. The stock is now at $42.64 and the stake is at 0.64% of the US long portfolio. This quarter saw a ~9% increase.Stake Decreases:Bank of New York Mellon Corp (BK): BK is a 0.62% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55. Last five quarters have seen an about turn as there was a combined ~18% reduction at prices between $36 and $45. The stock currently trades at $42.93.Chicago Bridge & Iron (CBI): CBI is a minutely small 0.06% of the US long portfolio position. The original stake was purchased in Q1 2013 at prices between $46 and $62. It was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. Q4 2014 saw another 12% increase at prices between $65.51 and $87.65. Last quarter, there was an about turn: ~13% reduction at prices between $47.65 and $58.63. This quarter saw another ~79% reduction at prices between $37.24 and $53.26. The stock currently trades at $42.18.Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. The stock currently trades at $74.70. The stake is at ~1% of the portfolio and Buffett controls ~5% of the business. This quarter saw a marginal reduction. For investors attempting to follow Berkshire, DE is a good option to consider for further research.Goldman Sachs (GS): GS is a 1.49% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. This quarter saw a ~13% reduction at prices between $172 and $213. It currently trades at $192.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 2.86% position. The last significant activity was a 17% increase in Q1 2014 at prices between $72.66 and $78.91. This quarter saw a ~7% trimming at prices between $63.10 and $73.88. The stock currently trades at $57.87. Berkshire’s cost-basis is at around $56.Media General (MEG) and Wabco Holdings (WBC): These are very small positions (less than ~0.3% of the portfolio each) reduced further this quarter.Note 1: Although the relative sizes of the positions are small, it should be noted that Berkshire controls ~2.7% of Media General and ~6.3% of Wabco Holdings.Kept Steady:American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last ten quarters. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 and ownership stakes are at 14.8%, 9.2%, and 1.9% respectively.DaVita Inc. (DVA): DVA is a 2.19% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at around $73.51. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.Note: (TO Add from Q4 2015 Update): Per 2014 AR, Berkshire’s overall cost-basis on DVA is $45.53.Moody’s Inc. (MCO): MCO is a 1.90% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at $98.09. The stock returned around 48% in 2013, 23% in 2014, and is flat so far this year. Berkshire controls 11.5% of the business.Precision Castparts (PCP): The 0.76% of the portfolio PCP stake was built up over several quarters through Q1 2015. The bulk of the buying happened in the latter two quarters at prices between $200 and $241. The stock currently trades at $231.Note: On August 10th, Berkshire Hathaway agreed to buy PCP in a $235 per share cash deal.Restaurant Brands International (QSR): QSR is a 0.24% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades at $35.89. The stock started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide. Berkshire’s stake in the business is ~4.2%.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $24.46. Buffett controls around 27% of the business and his overall cost-basis is at around $19.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $83.37. The current position is at ~10% of the business.Verizon Communications (VZ): VZ is a small 0.51% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% the following quarter at prices between $45.94 and $50.05. The stock currently trades just below his purchase price ranges at $45.04.Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 18.95% of the US long portfolio. Q1 2015 saw a ~7M share stake increase at prices between $50.72 and $56.17. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.66 and $38.20. The stock currently trades at $55.26. Berkshire’s cost-basis is at around $25.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Lee Enterprises (LEE), M&T Bank (MTB), MasterCard Inc. (MA), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), and Visa Inc. (V): These are very small positions (less than ~0.6% of the portfolio each) kept steady this quarter.Note 2: The DNOW position was established in Q2 2014 as a result of National Oilwell Varco’s spin-off of its distribution business.Note 3: Per the , Berkshire has a $2.03B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris. The only other large non-US individual stock position reported in the AR is Munich RE at $4B (11.8% of the business). Tesco plc (TSCDY) was a large position listed in the 2013 annual report. Berkshire liquidated that stake in 2014: sold 301M shares and realized $444M in losses.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q3 2015:: Book Value increased from $146,186 to $146,963 per share. Float is down marginally from $84B to $83.5B.Tesco plc exit: EOY 2012 - held 415M shares. Sold 114M shares in 2013 for profit of $43M. Sold remaining 301M shares in 2014 and realized after-tax losses of $444M - about one-fifth of 1% of Berkshire’s net worth.Note on QSR: for some reason, Google Finance brings up the TSE quotes by default. So, be careful when updating the pricing info. A user pointed out this mistake in my Q4 2014 update and I corrected the article."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2015 Update"

"Berkshire Hathaway's US long stock portfolio increased marginally from $107.13B to $107.18B this quarter.Warren Buffett's largest three holdings are at ~51% of the entire portfolio.Berkshire Hathaway added a new stake in Axalta Coating Systems while dropping National Oilwell Varco and Phillips 66.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2015. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q1 2015.During Q2 2015, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $107.13B to $107.18B. The top-five positions account for over two-thirds of the portfolio: Wells Fargo (24.68%), Coca Cola (14.64%), International Business Machines (12.07%), American Express (10.99%), and Wal-Mart (4%). There are 44 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:Axalta Coating Systems (AXTA): AXTA is a small 0.62% of the portfolio stake established this quarter at prices between $27.62 and $36.37. The stock currently trades at $30.39. Although the position relative to the size of the portfolio is small, it is very significant that Berkshire owns ~8.5% of the business.Stake Disposals:National Oilwell Varco Inc. (NOV): NOV was a minutely small 0.09% of the US long portfolio stake as of last quarter. The original position was established in Q2 2012 at prices between $60 and $80.67. It was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57. Last five quarters had seen a combined ~78% reduction at prices between $47.46 and $65.53 before the elimination this quarter. The stock currently trades at $39.57.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s NOW Inc. spinoff. The terms called for NOV shareholders to receive one share of NOW Inc. for every four shares of NOV held.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake in Q1 2014 at prices between $70.67 and $80.35. The position was further reduced by one-third the following quarter at prices between $76.69 and $86.33. Last quarter saw an about-turn: ~14% increase at prices between $59 and $80. The entire position was eliminated this quarter at prices between $76.79 and $81.63. The stock currently trades at $82.25.Stake Increases:Charter Communications (CHTR): CHTR is a 1.36% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled the following quarter at prices between $151 and $164. Q4 2014 saw a further ~25% increase at prices between $140 and $170. Last quarter had seen a minor ~3.5% reduction. This quarter, the position was again increased by ~42% at prices between $168 and $193. The stock currently trades at $180.US Bancorp (USB): USB, a 3.44% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. Last quarter saw a 4.57% increase at prices between $40.94 and $45.12 and that was followed with a marginal increase this quarter. Berkshire’s cost-basis on USB is ~$32 and the stock is now at $45.59. Buffett controls 4.7% of the business.Stake Decreases:Chicago Bridge & Iron (CBI): CBI is a 0.44% of the US long portfolio position. The original stake was purchased in Q1 2013 at prices between $46 and $62. It was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. Q4 2014 saw another 12% increase at prices between $65.51 and $87.65. This quarter, there was an about turn, as the position was reduced by ~13% at prices between $47.65 and $58.63. The stock currently trades at $51.74. Berkshire controls ~8.6% of the business.Viacom (VIAB) & Wabco Holdings (WBC): These are very small (less than ~0.50% of the US long portfolio each) positions that were decreased further during the quarter. The VIAB stake saw a ~32% reduction at prices between $64.39 and $72.24 while the WBC position was reduced marginally. Berkshire controls ~6.5% of WBC.Kept Steady:American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last nine quarters. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 and ownership stakes are at 14.8%, 9.2%, and 1.9% respectively.Bank of New York Mellon Corp (BK): BK is a 0.81% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55. Last three quarters had seen an about turn as there was a combined ~16% reduction at prices between $35.95 and $41.53. The stock currently trades at $44.07.DaVita Inc. (DVA): DVA is a 2.86% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at around $80.28. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. In Q4 2014, the position was increased by another 125% at prices between $80 and $91. The stock currently trades at $94.34. The stake is at 1.57% of the portfolio and Buffett controls ~5% of the business.DIRECTV (DTV): DTV is a 2.71% position first purchased in Q3 2011. The bulk of the current stake was purchased in Q4 2011 at prices between $40.60 and $47.87. In Q2 2014, the position was reduced by around one-third at prices between $74 and $88.25. In Q3 2014, the pattern reversed: a ~28% stake increase at prices between $83.55 and $87.72 and that was followed with a ~5% increase the following quarter at prices between $82.56 and $87.89.Note: AT&T (T) acquired DTV in a $95 per share cash-and-stock deal ($28.50 per share cash and the rest in stock protected with a collar) and that transaction closed in July.General Motors (GM): GM is a 1.27% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and the following quarter saw an about-turn: 9.86% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97. The stock currently trades at $31.50.Goldman Sachs (GS): GS is 2.46% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $202.International Business Machines (IBM): IBM is Buffett’s third-largest stake at 12.07% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the stake has gone up by almost 40% through periodic purchases. The stock currently trades at $156. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls ~8% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Liberty Media (LMCA) (LMCK): LMCA is a petite 0.40% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then has been kept steady.Moody’s Inc. (MCO): MCO is a 2.48% of the US long portfolio stake. It is a very long-term position and Buffett’s cost basis is ~$10. The stock currently trades at $111. The stock returned around 48% in 2013, 23% in 2014, and another ~15% so far this year. Berkshire controls 11.5% of the business.Precision Castparts (PCP): PCP had seen steady buying in the last two quarters. Q4 2014 saw a ~37% increase at prices between $218 and $243 and last quarter saw another ~47% increase at prices between $200 and $241. The stock currently trades at $231.Note: On August 10th, Berkshire Hathaway agreed to buy PCP in a $235 per share cash deal.Restaurant Brands International (QSR): QSR is a 0.30% of the US long portfolio position established in Q4 2014 at prices between $35 and $42. The stock currently trades just outside that range at $42.60. The stock started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide - QSR has already increased ~24% since the first day of trading (12/10/2014). There was heavy activist involvement previously and the latest filing show Bill Ackman directly owning 38M shares (18.80% of business). Berkshire’s stake in the business is at around 4.2%.Suncor Energy (SU): SU is a small 0.57% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. Last year saw a ~24% increase at prices between $27.74 and $43.08. The stock currently trades near the low end of their purchase price ranges at $28.45.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.19% of the US long portfolio stake established in Q4 2014 at prices between $31.77 and $39.01 and increased by ~31% last quarter at prices between $32.80 and $38.40. The stock currently trades just below those ranges at $30.27.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $32. Buffett controls around 27% of the business and overall cost-basis is at around $19.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $71.09. The current position is at ~10% of the business although as a percentage of the portfolio the stake is still very small at 0.75%.Verizon Communications (VZ): VZ is a small 0.65% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% the following quarter at prices between $45.94 and $50.05. The stock currently trades at $47.50.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 4% position (top-five stake). The position was increased by 4% in Q1 2013 at prices between $68 and $75 and another 17% in Q1 2014 at prices between $72.66 and $78.91. The stock currently trades at $72.37. Berkshire’s cost-basis is at around $56.Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 24.68% of the US long portfolio, well ahead of Coca Cola (KO) which is at 14.64%. Last quarter saw a ~7M share stake increase at prices between $50.72 and $56.17. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.66 and $38.20. The stock currently trades at $57.33. Berkshire’s cost-basis is at around $25.Liberty Global PLC (LBTYA) (LBTYK): The position was established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly in the following two quarters at prices between $38.49 and $46. The stock is now at $48.17 and the stake is at 0.87% of the US long portfolio.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Kraft Foods Group (KRFT), Lee Enterprises (LEE), M&T Bank (MTB), MasterCard Inc. (MA), Media General (MEG), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), and Visa Inc. (V): These are very small positions (less than ~0.6% of the portfolio each) kept steady this quarter.Note 1: Although the relative size of the position is small, it should be noted that Berkshire controls 3.6% of Media General.Note 2: The DNOW position was established in Q2 2014 as a result of National Oilwell Varco’s spin-off of its distribution business.Note 3: Per the , Berkshire has a $2.03B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris. The only other large non-US individual stock position reported in the AR is Munich RE at $4B (11.8% of the business). Tesco plc (TSCDY) was a large position listed in the 2013 annual report. Berkshire liquidated that stake in 2014: sold 301M shares and realized $444M in losses.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q2 2015:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2015 Update"

"Warren Buffett's US long stock portfolio decreased ~2% from $109.37B to $107.13B this quarter.Berkshire Hathaway's largest three holdings are at ~50% of the entire portfolio.Berkshire Hathaway significantly increased Phillips 66, Precision Castparts, and Twenty First Century Fox while reducing National Oilwell Varco during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2015. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q4 2014.During Q4 2014, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio decreased ~2% from $109.37B to $107.13B. The top-five positions account for over two-thirds of the portfolio: Wells Fargo (23.88%), Coca Cola (15.14%), International Business Machines (11.92%), American Express (11.06%), and Wal-Mart (4.64%). There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:None.Stake Disposals:None.Stake Increases:International Business Machines (IBM): IBM is Buffett’s third-largest stake at 11.92% of the portfolio. The original position was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the stake has gone up by almost 40% through periodic purchases. Last five quarters have seen minor buying and the stock currently trades at $173. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls ~8% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Deere & Company (DE): DE stake was first acquired in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until Q3 2014 when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. Last quarter, the position was increased by another 125% at prices between $80 and $91. This quarter saw a marginal increase. The stock currently trades at $89.13. The stake is at 1.42% of the portfolio and Buffett controls ~5% of the business.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake in Q1 2014 at prices between $70.67 and $80.35. The position was further reduced by one-third the following quarter at prices between $76.69 and $86.33. This quarter saw an about-turn: ~14% increase at prices between $59 and $80. The stock currently trades at $81.05. Berkshire’s cost-basis on PSX is much lower.Precision Castparts (PCP): PCP has seen steady buying in the last two quarters. Q4 2014 saw a ~37% increase at prices between $218 and $243 and this quarter saw another ~47% increase at prices between $200 and $241. The stock currently trades at $216. The stake is still very small at 0.82% of the US long portfolio.Twenty First Century Fox (FOX) (FOXA): FOXA is a minutely small 0.20% of the US long portfolio stake established last quarter at prices between $31.77 and $39.01 and increased by ~31% this quarter at prices between $32.80 and $38.40. The stock currently trades at $33.99.US Bancorp (USB): USB, a 3.41% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. This quarter saw a 4.57% increase at prices between $40.94 and $45.12. Berkshire’s cost-basis on USB is ~$32 and the stock is trading well above that price at $43.93. Buffett controls 4.7% of the business.Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 23.88% of the US long portfolio, well ahead of Coca Cola (KO) which is at 15.14%. This quarter saw a ~7M share stake increase at prices between $50.72 and $56.17. The previous significant activity was in Q2 2013: over 18M shares were purchased at the time at prices between $34.66 and $38.20. The stock currently trades at $55.52. Berkshire’s average cost-basis is at around $25.Stake Decreases:Bank of New York Mellon Corp (BK): BK is a 0.78% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55 and since then had been kept relatively steady. Last three quarters have seen a combined ~16% reduction at prices between $35.95 and $41.53. The stock currently trades at $43.09.Charter Communications (CHTR): CHTR is a 1.08% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled in Q3 2014 at prices between $151 and $164. Last quarter saw a further ~25% increase at prices between $140 and $170. This quarter saw a minor ~3.5% reduction. The stock currently trades at around $181.National Oilwell Varco Inc. (NOV): NOV is a minutely small 0.09% of the US long portfolio stake. The original position was established in Q2 2012 at prices between $60 and $80.67. It was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57. Last four quarters have seen a combined ~78% reduction at prices between $47.46 and $65.53. The stock currently trades at $51.27.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s NOW Inc. spinoff. The terms called for NOV shareholders to receive one share of NOW Inc. for every four shares of NOV held.Liberty Global PLC (LBTYA) (LBTYK): The minutely small 0.25% position in Liberty Global established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) was increased significantly to a 0.57% position in Q1 2014 at prices between $40.37 and $46. The stake was further increased by ~17% in the following quarter at prices between $38.49 and $45.61. Last two quarters had seen marginal buying while this quarter saw a marginal reduction. The stock currently trades at $49.43 and the stake is at 0.84% of the US long portfolio.MasterCard Inc. (MA), Viacom (VIAB), Visa Inc. (V), & Wabco Holdings (WBC): These are very small (less than ~0.60% of the US long portfolio each) stakes that were decreased marginally this quarter. Berkshire controls 6.6% of Wabco Holdings.Kept Steady:Restaurant Brands International (QSR): QSR is a 0.30% of the US long portfolio position established last quarter at prices between $35 and $42. The stock currently trades just outside that range at $42.14. The stock started trading in December 2014 following a merger/rename transaction between Tim Hortons and Burger King Worldwide - QSR has already increased ~22% since the first day of trading (12/10/2014). There was heavy activist involvement previously and the latest filing show Bill Ackman directly owning 38M shares (18.80% of business). Berkshire’s stake in the business is at around 4.2%.Suncor Energy (SU): SU is a small 0.61% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. Last year saw a ~24% increase at prices between $27.74 and $43.08. The stock currently trades at $30.42.DaVita Inc. (DVA): DVA is a 2.93% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at around $81.48. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.DIRECTV (DTV): DTV is a 2.49% position first purchased in Q3 2011. The bulk of the current stake was purchased in Q4 2011 at prices between $40.60 and $47.87. In Q2 2014, the position was reduced by around one-third at prices between $74 and $88.25. In Q3 2014, the pattern reversed: a ~28% stake increase at prices between $83.55 and $87.72 and that was followed with a ~5% increase last quarter at prices between $82.56 and $87.89. The stock currently trades at around $91.46. AT&T (T) is in the process of acquiring DTV in a $95 per share cash-and-stock deal ($28.50 per share cash and the rest in stock protected with a collar).General Motors (GM): GM is a 1.44% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and in the following quarter there was an about-turn: 9.86% increase at prices between $31.93 and $37.09. Q3 2014 saw another ~21% increase at prices between $31.94 and $37.97 and last quarter saw a marginal increase. The stock currently trades at $34.91.American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last two years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 and ownership stakes are at 14.8%, 9.2%, and 1.9% respectively.Chicago Bridge & Iron (CBI): CBI is a 0.57% of the US long portfolio position that was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. Last quarter saw a 12% stake increase at prices between $65.51 and $87.65. The original position was purchased in Q1 2013 at prices between $46 and $62. The stock currently trades at $55.01. Berkshire controls 9.9% of the business. For investors attempting to follow Berkshire, CBI is a good option to consider for further research.Goldman Sachs (GS): GS is 2.22% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $203.Liberty Media (LMCA) (LMCK): LMCA is a petite 0.43% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction and since then has been kept steady.Moody’s Inc. (MCO): MCO is a 2.39% of the US long portfolio stake that was decreased by 14% in Q2 2013 at prices between $52.23 and $68.62. The stock currently trades at $110. Buffett’s cost basis is ~$10 and so he is sitting on large long-term gains on the ten-bagger. The stock returned around 48% in 2013, 23% in 2014, and another ~13% so far this year. Berkshire controls 11.5% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $28.10. Buffett controls around 27% of the business and overall cost-basis is at around $19.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 at prices between $38 and $48 and another one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $64.09. The current position is at ~10% of the business although as a percentage of the portfolio the stake is still very small at 0.81%.Verizon Communications (VZ): VZ is a small 0.68% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% the following quarter at prices between $45.94 and $50.05. The stock currently trades at $49.79.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 4.64% position (top-five stake). The position was increased by 4% in Q1 2013 at prices between $68 and $75 and another 17% in Q1 2014 at prices between $72.66 and $78.91. The stock currently trades at $79.24. Berkshire’s cost-basis on the position is at around $56.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Kraft Foods Group (KRFT), Lee Enterprises (LEE), M&T Bank (MTB), Media General (MEG), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), : These are minutely small positions (less than ~0.5% of the portfolio each) kept steady this quarter. Although the relative size of the position is small, it should be noted that Berkshire controls 3.6% of Media General. The DNOW position was established in Q2 2014 as a result of National Oilwell Varco’s spin-off of its distribution business. Also, per the , Berkshire has a $2.03B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris. The only other large non-US individual stock position reported in the AR is Munich RE at $4B (11.8% of the business).Note: Tesco plc (TSCDY) was another position listed in the 2013 annual report. Berkshire liquidated that stake in 2014: sold 301M shares and realized $444M in losses.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q1 2015:: Book Value increased from $146,186 to $146,963 per share. Float is down marginally from $84B to $83.5B.11/14/2014: P&G Duracell deal with Berkshire Hathaway - .:Berkshire did a few deals whereby ownership stakes in businesses were exchanged for parts of operating businesses: Phillips 66 and Graham Holdings shares were exchanged in tax-free transactions. Also, they have a contract with Procter and Gamble to acquire Duracell the same way.Average cost-basis info: AXP - $8.49, KO - $3.25, DVA - $45.53, DE - $81.20, DTV - $59.06, GS - $57.42, IBM - $170.93, MCO - $10.05, Munich Re - $149.05, PG - $6.40, Sanofi - $77.63, USB - $31.30, USG - $19.27, WMT - $56.09, WFC - $24.55.Ownership stake increases due to buybacks: KO: 9.1% to 9.2%, AXP: 14.2% to 14.8%, WFC: 9.2% to 9.4%.Tesco plc exit: EOY 2012 - held 415M shares. Sold 114M shares in 2013 for profit of $43M. Sold remaining 301M shares in 2014 and realized after-tax losses of $444M - about one-fifth of 1% of Berkshire’s net worth.Note on QSR: for some reason, Google Finance brings up the TSE quotes by default. So, be careful when updating the pricing info. A user pointed out this mistake in my Q4 2014 update and I corrected the article.OFB Post - Berkshire Hathaway 2014 Annual Letter & Report - NotesThe Book Value (BV) of Berkshire Hathaway per is $146,186 per BRK.A share or $97.46 per BRK.B share compared to $134,973 per BRK.A share or $89.98 per BRK.B share as of last year. The stock currently trades at $147.41 or 151.25% of BV - the premium over book value has gone up substantially over the last year as that percentage was at 128.67% ($115.78 share price) this time last year. Buffett’s repurchase criterion is 120% of BV or $116.95. The premium to book value has widened as the stock returned 27% over the last year compared to book value growth of 8.3%. Net earnings are at $12,092 per BRK.A share for a ttm-PE of 18.29. This is compared to a ttm-PE of 14.66 last year and 16.93 the year before.Historical BV Growth: CAGR 1965-2014 at 19.4% vs 9.9% for S&P500. For 2014, BV-growth was 8.3% for Berkshire Hathaway compared to 13.7% for S&P 500.Earnings: $12,092 in 2014 vs $11,850 in 2013 and $8,977 in 2012 per BRK.A share.  2% YOY increased compared to 32% YOY last year. The increases are attributable to impressive cash generation of its operating entities. It was also helped by realized investment gains (after tax) of $3.3B in 2014, $4.3B in 2013, and $2.2B in 2012. PE is 18.29 including investment gains - at this time last year, PE was at 14.66.  Roughly a third of Berkshire earnings are realized gains historically and so the last few years have shown a divergence on that count.Intrinsic Business Value:  The two quantitative components of value:Per-share investments grew 8.4% to $140,120 in 2014 - lower compared to 13.6% for 2013. CAGR since 1970 is at 19% but was only 6.6% in the 2000-2010 time period - long-term growth is stunning but lumpy over shorter timeframes, andPre-tax earnings from businesses other than insurance and investments increased 19% to $10,847 - higher compared to 12.8% for 2013. CAGR since 1970 is at 20.6% and 20.5% in the 2000-2010 time period.The third is a measure of the efficacy with which retained earnings will be deployed in the future - the subjective component.Growing operating earnings is the main focus. Berkshire did a few deals whereby ownership stakes in businesses were exchanged for parts of operating businesses: Phillips 66 and Graham Holdings shares were exchanged in tax-free transactions. Also, they have a contract with Procter and Gamble to acquire Duracell the same way.Plans to continue building Berkshire’s per-share intrinsic value by:Focusing on increasing earning power at subsidiaries both organically and through bolt-on acquisitions,Growth of equity investments,Repurchasing when there is meaningful discount to intrinsic value,Making acquisitions while rarely issuing new shares.Earnings at the non-insurance businesses: Pre-tax earnings at $17.5B in 2014 compared to $15.5B in 2013. One bad news: $6B capex projected for BNSF in 2015.“Powerhouse Five” - Berkshire Hathaway Energy (BHE - formerly MidAmerican Energy), BNSF, IMC (Iscar), Lubrizol, and Marmon - $12.5B of the earnings is from these five businesses.This year, they contracted for 31 bolt-on acquisitions - to cost $7.8B in aggregate - Duracell to close H2 2015 and to be placed under Marmon.BHE & BNSF are capital intensive with a huge amount of regulated assets partially funded by long-term debt. The debt coverage is very good (8:1 for BNSF currently) even under worst-case assumptions about economic conditions - further, the coverage ratios are based on pre-tax earnings - EBITDA to interest is the commonly used measure but that is flawed as it ignores the capital-intensive nature of the business.Manufacturing, service & retail operations: ROC at 18.7% after-tax on $24B of tangible assets.Finance Products - ~31K homes sold - $13B mortgage portfolio. Leasing businesses benefit as manufacturing is in-house in some cases: this reduces the cost-of-inventory compared to retail pricing which will filter over to the income statement (smaller annual depreciation charges) in coming years.Underwriting profit at the insurance businesses stood at $2.7B for 2014.Van Tuyl Automotive dealerships acquisition: ambition is to grow it to multiples the size of $9B of sales at Van Tuyl currently.3G Capital Partnerships: Successful Heinz partnership and participation in the Tim Hortons acquisition by Burger King in a financing role. They are also conducive to more partnerships with 3G, Mars, Leucadia, and others.Co-Managers: Todd Combs and Ted Weschler invested $7B each and they outperformed Buffett in 2013. For 2014, their roles were expanded to also include running businesses - they took over as Chairman of one business each - combined, those businesses are very small earning around $100M annually - Buffett’s way of developing a deep-bench!Long-term economic goal: maximize average rate of gain in intrinsic business value on a per share basis. Preference is to own a diversified group of businesses with consistent above-average ROC and second choice is to own parts of such businesses.Look-through earnings relevance: “Undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire as if they had been distributed to us”. So,It is preferable to purchase $2 of earnings that are not reportable rather than $1 of reportable earnings for the same acquisition cost, andLook-through earnings realistically portray yearly gain from operations.“Big-four investments” (AXP, KO, IBM, WFC) - Berkshire’s share of their earnings was $4.7B - this is compared to the $1.6B dividends that is reported. But, since these are excellent businesses, the unreported $3.1B in earnings are as valuable as the $1.6B reported.Use of leverage: “We use debt sparingly and, when we do borrow, we attempt to structure our loans on a long-term fixed-rate basis”Selling businesses: No interest in selling good businesses Berkshire owns. Sub-par businesses are also not sold as long as they are able to generate at-least some cash and managers/labor relations are good. Capex decisions for the latter are made in a much more cautious fashion compared to the former - it is unlikely that sub-par businesses will see increased profitability with increased spending.BV growth vs S&P 500 Performance Comparison: While this comparison is shown in the first page of the Annual Letter, it has become less meaningful over time. The reasoning has to do with how Berkshire’s business structure has evolved: equity holdings tend to move with S&P 500 and that is now a much smaller portion of overall value. Also S&P 500 gains are reported at 100% while Berkshire’s realized gains get reported at 65% because of taxes.Also, there is another major shortcoming with this comparison: The carrying value of the businesses that are controlled by Berkshire is much more than their carrying value and so the BV far understates Berkshire’s Intrinsic Value. But, IV by definition (discounted value of cash that can be taken out during the remaining lifetime) is an estimate and so is not quoted in any of the releases.Below is a YoY comparison of Berkshire Hathaway's largest equity investments:Exxon Mobil (XOM) and Tesco plc (TSCDY) are not in the list as they were both sold-out. Phillips 66 (PSX) is not in the list as the shares held were exchanged for an operating business acquired from PSX in a tax-free-transaction. Davita HealthCare Partners (DVA), Deere & Company (DE), and USG Corporation (USG) are new to this list this year as those holdings and their values have grown to be among his top investments - not because they are new positions.Below is a comparison of Berkshire Hathaway's asset distribution in the "Insurance & Other" area for the last five years:The equity exposure is at just over 53% - it is near the highs reached last year. So, it is apparent that Buffett is not that concerned about valuation of his holdings despite the increases in the last few years.Expects stocks to outperform with lesser risk over the long-term: Vast out-performance of stocks versus other securities (treasuries, etc.) historically can be traced back to the fact that currency-denominated-securities are far less volatile but higher risk (purchasing power reduction of currencies over time constantly works against you). This is the opposite of what is taught in business schools - volatility is synonymous with risk. Vast majority of investors should have a long-term (lifetime) orientation - the focus should be on increasing purchasing power over time - for that, partial ownerships in a diversified set of businesses (stocks) purchased over time is far less risky compared to currency-denominated options.Conglomerate Advantage: Conglomerates receive a bad rap mainly because of CEO dishonesty and/or incompetence: many CEOs go for easy ways out - buying low-quality businesses with low-PE and projecting per-share-earnings growth is a classic but deeply flawed strategy. If done right, conglomerates can develop a deep competitive advantage over time: the CEO does the role of capital allocator amongst the various businesses and his focus is on doing it in the most optimal way - compare that to a declining business where it is much more difficult to redeploy capital (would involve admitting mistakes made, firing associates and probably the current CEO as well, etc.) into unrelated businesses (would involve hiring expensive “money shufflers” - hiring experts in the field, investment bankers, lawyers, accountants, etc.).() are a treasure trove of information and are a very good option for anyone starting out on individual investing. In this year’s letter Warren Buffett recommended two books:,.To learn more about how to profit from a strategy of cloning super-investors, check out our book .Note: 13G/13D/A updates: MEG - 4.65M shares - 3.6%, CBI - 10.7M shares - 9.9%. Both consistent with 13F.Note: AT&T DTV acquisition terms: DIRECTV shareholders will receive $95.00 per share under the terms of the merger, comprised of $28.50 per share in cash and $66.50 per share in AT&T stock. The stock portion will be subject to a collar such that DIRECTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing. If AT&T stock price at closing is between $34.90 and $38.58, DIRECTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value. - See more at:http://about.att.com/story/att_to_acquire_directv.html#sthash.xOGBWTHj.dpuf"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2014 Update"

"Warren Buffett's US long stock portfolio increased marginally from $108.41B to $109.37B this quarter.Berkshire Hathaway's largest three holdings are at over half the entire portfolio.Berkshire Hathaway significantly increased Charter Communications and Deere & Company while dropping Exxon Mobil.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/17/2015. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q3 2014.During Q4 2014, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $108.41B to $109.37B. The top-five positions account for over two-thirds of the portfolio: Wells Fargo (23.23%), Coca Cola (15.44%), American Express (12.90%), International Business Machines (11.29%), and Wal-Mart (4.74%). There are 45 individual stock positions many of which are minutely small compared to the overall size of the portfolio.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:Restaurant Brands International (QSR): QSR is a 0.30% of the US long portfolio position established this quarter at prices between $35 and $42. The stock currently trades at $41. The stock started trading in December following a merger/rename transaction between Tim Hortons and Burger King Worldwide - QSR has already increased ~20% since the first day of trading (12/10/2014). There was heavy activist involvement previously and the latest filing show Bill Ackman directly owning 38M shares (18.80% of business). Berkshire’s stake in the business is at around 4.2%.Twenty First Century Fox (FOXA): FOXA is a minutely small 0.17% of the US long portfolio stake established this quarter at prices between $31.77 and $39.01. The stock currently trades near the middle of that range at $35.06.Stake Disposals:Exxon Mobil (XOM): XOM was a fairly large 3.57% of the US long portfolio stake as of last quarter. The position was first purchased in Q2 2013 but Buffett avoided disclosing it until Q4 2013 by making use of the “”. The original stake was a 3.85% of the US long portfolio position established at prices between $86 and $93. In Q3 2013, the position was increased by ~28% at prices between $86.42 and $95.20. This quarter, the entire position was eliminated at prices between $86.41 and $96.81. The stock currently trades at $93.05.ConocoPhillips (COP) & Express Scripts Holdings (ESRX): These were minutely small 0.03% of the US long portfolio stakes as of last quarter. The positions were eliminated this quarter.Stake Increases:Charter Communications (CHTR): CHTR is a 0.94% of the US long portfolio position. It was established in Q2 2014 at prices between $118 and $158 and more than doubled last quarter at prices between $151 and $164. This quarter saw a further ~25% increase at prices between $140 and $170. The stock currently trades outside those ranges at around $176.Deere & Company (DE): DE stake was first purchased in Q3 2012 when around 4M shares were purchased at prices between $75.11 and $82.70. The position remained steady until last quarter when an additional ~3.6M shares were purchased at prices between $82 and $91.38 - Berkshire avoided disclosing DE stake in Q3 2014 by making use of the “”. This quarter, the position was increased by another 125% at prices between $80 and $91. The stock currently trades at $89.92. Buffett controls ~4.9% of the business.MasterCard Inc. (MA), Precision Castparts (PCP), Viacom (VIAB), & Visa Inc. (V): These are very small (less than ~0.60% of the US long portfolio each) stakes that were increased significantly this quarter. MA position was increased by ~15% at prices between $69.78 and $89.08 and the stock currently trades at $87.52. PCP stake was increased by ~37% at prices between $218 and $243 and the stock currently trades below that range at $206. VIAB position was increased by ~12% at prices between $68.20 and $77.27 and the stock currently trades near the low end of that range at $69.34. V stake was increased by ~17% at prices between $200 and $268 and the stock currently trades just outside that range at $271.Suncor Energy (SU): SU is a small 0.65% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. It was increased by ~27% in Q2 2014 at prices between $34.96 and $43.17. The position was increased by another ~12% last quarter at prices between $36.12 and $43.10 and a further ~21% this quarter at prices between $26.90 and $36.15. The stock currently trades at $31.67.DaVita Inc. (DVA): DVA is a 2.67% of the US long portfolio position that was aggressively built-up over several quarters: the original stake was doubled in Q1 2012, increased by over 50% in Q2 2012, 24% in Q4 2012, and an additional 16% in Q1 2013. There has been marginal buying since. The bulk of the stake build-up happened at prices between $30 and $49. The stock currently trades at around $72.78. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.9% of the business.DIRECTV (DTV): DTV is a 2.49% position first purchased in Q3 2011. The bulk of the current stake was purchased in Q4 2011 at prices between $40.60 and $47.87. In Q2 2014, the position was reduced by around one-third at prices between $74 and $88.25. Last quarter, the pattern reversed: a ~28% stake increase at prices between $83.55 and $87.72 and that was followed with a ~5% increase this quarter at prices between $82.56 and $87.89. The stock currently trades at around $87.47. AT&T (T) is in the process of acquiring DTV in a $95 per share cash-and-stock deal ($28.50 per share cash). Berkshire’s cost-basis is at around $45.General Motors (GM): GM is a 1.31% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03. Q1 2014 saw a 25% reduction at prices between $34 and $41 and in the following quarter there was an about-turn: 9.86% increase at prices between $31.93 and $37.09. Last quarter saw another ~21% increase at prices between $31.94 and $37.97 and this quarter saw a marginal increase. The stock currently trades at $37.24.International Business Machines (IBM): IBM is Buffett’s fourth-largest stake at 11.29% of the portfolio. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by over 30% through periodic purchases. Last four quarters have seen minor buying and the stock currently trades at $161. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls ~7.8% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake in Q1 2014 at prices between $70.67 and $80.35. The position was further reduced by one-third the following quarter at prices between $76.69 and $86.33. The position has wavered since: a minor decrease last quarter and a minor increase this quarter. The stock currently trades at $76.90. Berkshire’s cost-basis on PSX is at around $32.Liberty Global PLC (LBTYA) (LBTYK): The minutely small 0.25% position in Liberty Global established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) was increased significantly to a 0.57% position in Q1 2014 at prices between $40.37 and $46. The stake was further increased by ~17% in the following quarter at prices between $38.49 and $45.61. Last two quarters have also seen marginal buying. The stock currently trades at $52.88 and the stake is at 0.82% of the US long portfolio.Stake Decreases:Bank of New York Mellon Corp (BK): BK is a 0.82% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 at prices between $26.70 and $30.55 and since then has been kept relatively steady. Last two quarters have seen a combined ~11% reduction at prices between $35.95 and $41.53. The stock currently trades at $39.46.National Oilwell Varco Inc. (NOV): NOV is a minutely small 0.32% of the US long portfolio stake. The original position was established in Q2 2012 at prices between $60 and $80.67. It was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57. Last three quarters have seen a combined ~40% reduction at prices between $61.55 and $86.43. The stock currently trades at $55.13.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s NOW Inc. spinoff. The terms called for NOV shareholders to receive one share of DNOW for every four shares of NOV held.Kept Steady:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 23.23% of the US long portfolio, well ahead of Coca Cola (KO) which is at 15.44%. The last significant purchases happened in Q2 2013 when over 18M shares were purchased at prices between $34.66 and $38.20 and Q1 2013 when ~5M shares were purchased at prices between $36.27 and $41.56. The stock currently trades at $55.37. Berkshire’s average cost-basis is at around $24.55.American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last two years. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 respectively.Chicago Bridge & Iron (CBI): CBI is a 0.57% of the US long portfolio position that was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. Last quarter saw a 12% stake increase at prices between $65.51 and $87.65. The original position was purchased in Q1 2013 at prices between $46 and $62. The stock currently trades well below those ranges at $40.79. Berkshire controls 9.9% of the business. For investors attempting to follow Berkshire, CBI is a very good option to consider for further research.Goldman Sachs (GS): GS is 2.24% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $190.Liberty Media (LMCA) (LMCK): LMCA is a petite 0.39% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Q2 2014 saw a ~24% stake reduction.Note: The share count for Liberty Media in the spreadsheet has increased two-times since Q2 2014 because the company distributed two shares of Series C common stock (LMCK) for each share of Series A common stock held during the quarter. Also, Liberty Broadband Corporation was spun-off from Liberty Media last quarter.Moody’s Inc. (MCO): MCO is a 2.16% of the US long portfolio stake that was decreased by 14% in Q2 2013 at prices between $52.23 and $68.62. The stock currently trades at $98.08. Buffett’s cost basis is just over $10 and so he is sitting on large long-term capital gains on this position. The stock returned around 48% in 2013 and another 23% in 2014. Berkshire controls 11.5% of the business.US Bancorp (USB): USB, a 3.29% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. In Q2 2013, ~17M shares were purchased at prices between $32.27 and $36.15. Berkshire’s cost-basis on USB is ~$31 and the stock is trading well above that price at $45.07. Buffett controls 4.4% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Q2 2014 saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $29.44. Buffett controls around 27% of the business.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 to a 0.45% position at prices between $38 and $48 and was again increased by one-third the following quarter at prices between $44.39 and $49.27. Q1 & Q2 2014 also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $62.16. The current position is at ~10% of the business although as a percentage of the portfolio the stake is still very small at 0.68%.Verizon Communications (VZ): VZ is a small 0.64% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% in the following quarter at prices between $45.94 and $50.05. The stock currently trades at $49.18.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 4.74% position (top-five stake). The position was increased by 4% in Q1 2013 at prices between $68 and $75 and was again increased by 17% in Q1 2014 at prices between $72.66 and $78.91. The stock currently trades well outside those ranges at $85.96. Berkshire’s average cost-basis on the position is at around $54.Costco Wholesale (COST), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Kraft Foods Group (KRFT), Lee Enterprises (LEE), M&T Bank (MTB), Media General (MEG), Mondelez International (MDLZ), NOW Inc. (DNOW), Sanofi (SNY), Torchmark Corporation (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), & Wabco Holdings (WBC): These are minutely small positions (less than ~0.5% of the portfolio each) kept steady this quarter. Although the relative sizes of the positions are small, it should be noted that Berkshire controls 6.6% of Wabco and 3.6% of Media General. The DNOW position was established in Q2 2014 as a result of National Oilwell Varco’s spin-off of its distribution business. Also, per the , Berkshire has a $1.75B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris. Other large non-US individual stock positions reported in the AR were Munich RE and Tesco plc (TSCDY). In October 2014, a regulatory filing indicated that Berkshire’s TSCDY ownership has dropped below 3%.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q4 2014:NOTE 1: Stake reduction in Tesco PLC, Source: (will have to check London regulatory website (?) for the actual filing - one related article quoted the source as which has Tesco’s announcement on 10/16/2014) : LONDON (MarketWatch) -- Warren Buffett's Berkshire Hathaway has reduced its holdings of Tesco PLC shares, according to a filing released on Thursday. Berkshire Hathwaway now owns less than 3% of the U.K. supermarket chain, down from around 4%, which was the fourth largest stake in Tesco. The sale comes after Tesco revealed in September a 250 million-pound ($400 million) accounting issue. Buffett has since said he made a "huge mistake" by investing in the company. Tesco shares were down 0.9% in London on Thursday.Note: The comments indicated some confusion regarding the very small stakes. I replied saying I will include the very small stakes as well in the spreadsheet from the next iteration. So, plan to do this for Q4 2014 Update. It would involve updating the Q3 2014 portion in the spreadsheet as well…"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2014 Update"

"Warren Buffett's US long stock portfolio increased marginally from $107.58B to $107.79B this quarter.Berkshire Hathaway's largest three holdings are at over half the entire portfolio.Berkshire Hathaway significantly increased Charter Communications, DirecTV, and General Motors this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2014. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q2 2014.During Q2 2014, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $107.58B to $107.79B. The top-five positions account for over two-thirds of the portfolio. The largest position remained the same as last quarter - Wells Fargo & Company at a whopping 22.30% of the US long portfolio - Buffett broke a pattern of consistent buying in Wells Fargo in Q3 2013 and since then the position has been kept relatively steady. The US long portfolio has 45 individual stock positions of which 25 are significantly large (greater than 0.5% of the overall 13F portfolio each). The focus of this article is on the larger positions.() are a treasure trove of information and are a very good source for anyone starting out on individual investing.New stakes:None.Stake Disposals:None.Stake Increases:Charter Communications (CHTR): CHTR is a small 0.70% of the US long portfolio position. It was established last quarter at prices between $118 and $158 and more than doubled this quarter at prices between $151 and $164. The stock currently trades at $155.DIRECTV (DTV): DTV is a 2.41% position first purchased in Q3 2011. The bulk of the current stake was purchased in Q4 2011 at prices between $40.60 and $47.87. Last quarter, the position was reduced by around one-third at prices between $74 and $88.25. This quarter, the pattern reversed: a ~28% stake increase at prices between $83.55 and $87.72. The stock currently trades at around $86.91. AT&T (T) is in the process of acquiring DTV in a $95 per share cash-and-stock deal ($28.50 per share cash). Berkshire’s cost-basis is at around $45.Note (not in SA report): AT&T DTV acquisition terms: DIRECTV shareholders will receive $95.00 per share under the terms of the merger, comprised of $28.50 per share in cash and $66.50 per share in AT&T stock. The stock portion will be subject to a collar such that DIRECTV shareholders will receive 1.905 AT&T shares if AT&T stock price is below $34.90 at closing and 1.724 AT&T shares if AT&T stock price is above $38.58 at closing. If AT&T stock price at closing is between $34.90 and $38.58, DIRECTV shareholders will receive a number of shares between 1.724 and 1.905, equal to $66.50 in value. - See more at:http://about.att.com/story/att_to_acquire_directv.html#sthash.xOGBWTHj.dpufGeneral Motors (GM): GM is a 1.19% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03 and had since been kept steady. Q1 2014 saw a 25% stake reduction at prices between $34 and $41 and last quarter there was an about-turn: a 9.86% increase at prices between $31.93 and $37.09. This quarter saw another ~21% increase at prices between $31.94 and $37.97. The stock currently trades at $32.31.International Business Machines (IBM): IBM is Buffett’s third largest stake at 12.41% of the portfolio. The position was increased marginally in Q1 2013 and had since been kept steady. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. Last three quarters have seen minor buying and the stock currently trades at $164. Berkshire’s cost-basis on IBM is at around $170. Buffett is very bullish on IBM and controls ~7% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider for further research.Suncor Energy (SU): SU is a small 0.62% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. It was increased by ~27% last quarter at prices between $34.96 and $43.17. This quarter, the position was increased by another ~12% at prices between $36.12 and $43.10. The stock currently trades at $34.74.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 4.28% position. It is a top-five position as of Q1 2014 as it edged out the Procter & Gamble stake. The position was increased by 4% in Q1 2013 at prices between $68 and $75. It was again increased by 17% in Q1 2014 at prices between $72.66 and $78.91 and the last two quarters have also seen minor additional buying. The stock currently trades at $83.57. Berkshire’s overall cost-basis on the position is at around $54.Liberty Global PLC (LBTYA) (LBTYK): Liberty Global was a minute 0.25% position established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly to a 0.57% position in Q1 2014 at prices between $40.37 and $46. Last quarter, the position was further increased by ~17% at prices between $38.49 and $45.61. This quarter also saw marginal buying. The stock currently trades at $46.83.Viacom (VIAB): VIAB is a minutely small 0.55% stake that has been kept steady over the last seven quarters. The stake is too minor to indicate any clear bias.Stake Decreases:Bank of New York Mellon Corp (BK): BK is a 0.84% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 as well at prices between $26.70 and $30.55 and since then has been kept relatively steady. This quarter saw a ~5% decrease at prices between $37.50 and $40.26. The stock currently trades at $39.73.National Oilwell Varco Inc. (NOV): NOV is a minutely small 0.45% of the US long portfolio stake. The position was established in Q2 2012 at prices between $60 and $80.67. It was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57 and had since been kept steady. Last quarter saw an 18% stake reduction at prices between $74 and $84 and this quarter saw a further ~13% stake reduction at prices between $76.10 and $86.43. The stock currently trades at $71.82.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s Now Inc. spinoff. The terms called for NOV shareholders to receive one share of DNOW for every four shares of NOV held.Kept Steady:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 22.30% of the US long portfolio well ahead of Coca Cola (KO) which is at 15.83%. The last significant purchases happened in Q2 2013 when over 18M shares were purchased at prices between $34.66 and $38.20 and Q1 2013 when ~5M shares were purchased at prices between $36.27 and $41.56. The stock currently trades at $53.44. Berkshire’s overall cost-basis is at around $24.55.American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last seven quarters. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 respectively.Chicago Bridge & Iron (CBI): CBI is a 0.57% of the US long portfolio position that was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. Last quarter saw a 12% stake increase at prices between $65.51 and $87.65. The original position was purchased in Q1 2013 at prices between $46 and $62. The stock currently trades at $53.70. Berkshire controls 9.89% of the business.DaVita Inc. (DVA): DVA is a 2.55% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. The bulk of the buying happened at prices between $30 and $49. Q4 2013 saw a ~16% stake increase at prices between $55 and $64 and last quarter saw a ~3% increase at prices between $62.74 and $69.81. The stock currently trades at around $75.51. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.6% of the business.Exxon Mobil (XOM): XOM is a 3.59% of the US long portfolio stake. The position was first purchased in Q2 2013 but Buffett avoided disclosing it until Q4 2013 by making use of the “”. The original stake was a 3.85% of the US long portfolio position established at prices between $86 and $93. In Q3 2013, the position was increased by ~28% at prices between $86.42 and $95.20. The stock currently trades at $95.11. The relatively large stake build-up indicates a clear bullish bias. For investors attempting to follow Buffett, XOM is a good option to consider for further research.Goldman Sachs (GS): GS is 2.15% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $190. Buffett probably chose a cashless conversion whereby the majority of the position was liquidated to realize cash that funded the 12.63M share purchase at the strike price of $115.Liberty Media (LMCA) (LMCK): LMCA was a petite 0.35% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. Last quarter saw a ~24% stake reduction. The position now represents around 0.52% of the portfolio.Note: The share count for Liberty Media in the spreadsheet has increased two-times since last quarter because the company distributed two shares of Series C common stock (LMCK) for each share of Series A common stock held during the quarter. Also, Liberty Media is spinning off its cable assets as Liberty Broadband Corporation in a spin-off and rights this month.Moody’s Inc. (MCO): MCO is a 2.16% of the US long portfolio stake that was decreased by 14% in Q2 2013 at prices between $52.23 and $68.62. It was kept steady in Q3 2013 but was marginally decreased in Q4 2013. The stock currently trades at $101. Buffett’s cost basis is just over $10 and so he is sitting on large long-term capital gains on this position. The stock returned around 48% in 2013 and has returned 28% so far this year. Berkshire controls 11.5% of the business.US Bancorp (USB): USB, a 3.11% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. Q1 2013 saw a marginal increase in the position and the following quarter saw more activity as ~17M shares were purchased at prices between $32.27 and $36.15. The last four quarters saw marginal stake increases and this quarter the position was kept steady. Berkshire’s cost-basis on USB is around $31 and the stock is trading well above that price at $43.80. Buffett controls 4.4% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. Last quarter saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $27.78. Buffett controls around 27% of the business.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 to a 0.45% position at prices between $38 and $48 and was again increased by one-third the following quarter at prices between $44.39 and $49.27. Last two quarters also saw a combined ~17% increase at prices between $47 and $63. The stock currently trades at $60.65. The current position is at ~10% of the business although as a percentage of the portfolio the stake is still very small at 0.66%.Verizon Communications (VZ): VZ is a small 0.70% of the US long portfolio position established in Q1 2014 at prices between $46 and $49.30. It was increased by ~36% last quarter at prices between $45.94 and $50.05. The stock currently trades at $51.40.M&T Bank (MTB): This very small 0.62% position has been kept steady over the last seven quarters. The stake is too minor to indicate any clear bias.The portfolio also has very small (less than 0.5% of the US long portfolio) stakes in the following businesses: ConocoPhillips (COP), Costco Wholesale (COST), Express Scripts (ESRX), General Electric (GE), Graham Holdings (GHC), Johnson & Johnson (JNJ), Kraft Foods Group Inc. (KRFT), Lee Enterprises (LEE), MasterCard Inc. (MA), Media General (MEG), Mondelez International (MDLZ), Now Inc. (DNOW), Phillips 66 (PSX), Precision Castparts (PCP), Sanofi Aventis (SNY), Torchmark (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Visa Inc. (V), and Wabco Holding (WBC). Although the relative size of the position is small, Berkshire controls 6.6% of Wabco. The minute position in DNOW was established last quarter as a result of National Oilwell Varco’s spin-off of its distribution business. Also, per the , Berkshire has a $1.75B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris. Other large non-US individual stock positions reported in the AR were Munich RE and Tesco plc (TSCDY). In October, a regulatory filing indicated that Berkshire’s TSCDY ownership has dropped below 3%.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q3 2014:NOTE 1: Stake reduction in Tesco PLC, Source: (will have to check London regulatory website (?) for the actual filing - one related article quoted the source as which has Tesco’s announcement on 10/16/2014) : LONDON (MarketWatch) -- Warren Buffett's Berkshire Hathaway has reduced its holdings of Tesco PLC shares, according to a filing released on Thursday. Berkshire Hathwaway now owns less than 3% of the U.K. supermarket chain, down from around 4%, which was the fourth largest stake in Tesco. The sale comes after Tesco revealed in September a 250 million-pound ($400 million) accounting issue. Buffett has since said he made a "huge mistake" by investing in the company. Tesco shares were down 0.9% in London on Thursday."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2014 Update"

"Note: this article had a feedback that said the article is not accurate as CHTR is not mentioned as a new stake. I should add a line that makes it abundantly clear that the article focuses on the larger positions. This is especially important in articles were even the smaller positions may be pretty relevant as it is big enough to be a sizable portion of the business concerned.Warren Buffett's US long stock portfolio increased marginally from $105.77B to $107.58B this quarter.Berkshire Hathaway's largest three holdings are at over half the entire portfolio.Berkshire Hathaway almost eliminated ConocoPhillips and Graham Holdings this quarter.This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2014. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q1 2014.During Q1 2014, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $105.77B to $107.58B. Unlike last quarter when there were only minor changes, this quarter saw substantial stake increases and correspondingly large reductions on several positions. Buffett continues to hold a very concentrated portfolio. The top-five positions account for over two-thirds of the portfolio. The largest position remained the same as last quarter - Wells Fargo & Company at a whopping 22.64% of the US long portfolio - Buffett broke a pattern of consistent buying in Wells Fargo in Q3 2013 and since then the position has been kept relatively steady. () are a treasure trove of information and are a very good option for anyone starting out on individual investing.New stakes:None.Stake Disposals:None.Stake Increases:Chicago Bridge & Iron (CBI): CBI is a 0.68% of the US long portfolio position that was increased by 47% in Q2 2013 at prices between $50.92 and $63.75. This quarter saw a 12% stake increase at prices between $65.51 and $87.65. The original position was purchased in Q1 2013 at prices between $46 and $62. The stock currently trades at $58.32. Berkshire controls 9.89% of the business.General Motors (GM): GM is a 0.98% of the US long portfolio position that was first purchased in Q1 2012 at prices between $21 and $30. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03 and had since been kept steady. Last quarter saw a 25% stake reduction at prices between $34 and $41 and this quarter there was an about-turn: a 9.86% increase at prices between $31.93 and $37.09. The stock currently trades at $33.84.International Business Machines (IBM): IBM is Buffett’s fourth largest stake at 11.82% of the portfolio. The position was increased marginally in Q1 2013 and had since been kept steady. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. Last two quarters have seen minor buying and the stock currently trades at $187.38. Berkshire’s cost-basis on IBM is at around $171. Buffett is very bullish on IBM and controls ~7% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider.Suncor Energy (SU): SU is a small 0.65% of the US long portfolio position first purchased in Q2 2013 at prices between $27.40 and $32. It was increased by ~27% this quarter at prices between $34.96 and $43.17. The stock currently trades at $39.43.US Bancorp (USB): USB, a 3.23% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. Q1 2013 saw a marginal increase in the position and the following quarter saw more activity as ~17M shares were purchased at prices between $32.27 and $36.15. The last four quarters have seen marginal stake increases. Berkshire’s cost-basis on USB is around $31 and the stock is trading well above that price at $41.27. Buffett controls 4.4% of the business.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase in Q4 2013 due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. This quarter saw a ~11.5% stake increase at prices between $29.57 and $33.16. The stock currently trades at $28. Buffett controls around 27% of the business.Verisign Inc. (VRSN): VRSN was first purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 to a 0.45% position at prices between $38 and $48. In Q2 2013, the stake was again increased by one-third at prices between $44.39 and $49.27. Last quarter saw a ~6% increase at prices between $51.68 and $62.61 and this quarter saw another ~11% increase at prices between $47 and $54. It currently trades at $55.74. The current position is at ~10% of the business.Wal-Mart Stores (WMT): WMT stake was first purchased in 2005. It has since been built up to a 4.10% position. It is a top-five position as of last quarter as it edged out the Procter & Gamble stake. The position was increased by 4% in Q1 2013 at prices between $68 and $75 and had since been kept relatively steady. Last quarter saw a 17% stake increase at prices between $72.66 and $78.91 and this quarter saw a marginal increase. The stock currently trades at $73.90. Berkshire’s overall cost-basis on the position is at around $54.Verizon Communications (VZ): VZ is a small 0.68% of the US long portfolio position established last quarter at prices between $46 and $49.30. It was increased by ~36% this quarter at prices between $45.94 and $50.05. The stock currently trades at $48.80.Liberty Global PLC (LBTYA) (LBTYK): Liberty Global was a minute 0.25% position established in Q4 2013 at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly to a 0.57% position last quarter at prices between $40.37 and $46. This quarter, the position was further increased by ~17% at prices between $38.49 and $45.61. The stock currently trades at $43.76.Stake Decreases:ConocoPhillips (COP): COP is a long-term position that has been in the portfolio since 2006. Berkshire’s cost-basis on COP is around $50.53. The position was reduced by 44% in Q3 2013 at prices between $60.50 and $71 and another ~18% in Q4 2013 at prices between $69 and $74.31. This quarter, the position was almost eliminated at prices between $69.48 and $86.10. The stock currently trades at $80.62 and the remaining stake is minute at just 0.11% of the US long portfolio.DIRECTV (DTV): DTV is a 1.85% position first purchased in Q3 2011. The bulk of the current stake was purchased in Q4 2011 at prices between $40.60 and $47.87. This quarter, the position was reduced by around one-third at prices between $74 and $88.25. The stock currently trades at around $84.21. AT&T (T) is in the process of acquiring DTV in a $95 per share cash-and-stock deal ($28.50 per share cash). Berkshire’s cost-basis is at around $45.Graham Holdings (GHC) previously Washington Post: The small position was kept steady in the last five quarters but was almost eliminated this quarter at prices between $662 and $730. The stock currently trades at $712. The activity indicates a bearish bias.Liberty Media Capital (LMCA): LMCA was a petite 0.35% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. This quarter saw a ~24% stake reduction at prices between $43.13 and $47.70 and the stock currently trades at around $49. The position now represents around 0.51% of the portfolio. On May 8, 2014, LMCA announced a plan to spin off its cable assets.National Oilwell Varco Inc. (NOV): NOV is a 0.56% of the US long portfolio stake that was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57 and had since been kept steady. The position was established in Q2 2012 at prices between $60 and $80.67. This quarter saw an 18% stake reduction at prices between $74 and $84. The stock currently trades at $82.11.NOTE: The implied performance of this position by the prices quoted above is negatively skewed because of the effect of National Oilwell Varco’s Now Inc. spinoff. The terms called for NOV shareholders to receive one share of DNOW for every four shares of NOV held.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of Q4 2013 was reduced to a 0.71% stake last quarter at prices between $70.67 and $80.35. The position was further reduced by one-third this quarter at prices between $76.69 and $86.33. The stock currently trades at $83.79. Berkshire’s cost-basis on PSX is at around $32. Berkshire is harvesting large gains from this position.Kept Steady:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 22.64% of the US long portfolio well ahead of Coca Cola (KO) which is at 15.75%. The last significant purchases happened in Q2 2013 when over 18M shares were purchased at prices between $34.66 and $38.20 and Q1 2013 when ~5M shares were purchased at prices between $36.27 and $41.56. The stock currently trades at $50.21. Berkshire’s overall cost-basis is at around $24.55.American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last six quarters. Buffett has said these positions will be held “permanently”. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 respectively.Bank of New York Mellon Corp (BK): BK is a 0.86% of the US stock portfolio stake. The bulk of the original position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stake was increased by 30% in Q2 2013 as well at prices between $26.70 and $30.55 and since then has been kept relatively steady. The stock currently trades at $38.24.DaVita Inc. (DVA): DVA is a 2.53% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. The bulk of the buying happened at prices between $30 and $49. Q4 2013 saw a ~16% stake increase at prices between $55 and $64 and last quarter saw a ~3% increase at prices between $62.74 and $69.81. The stock currently trades at around $72.11. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting open-market purchases to 25% of the company- the position is currently at 17.6% of the business.Exxon Mobil (XOM): XOM is a 3.85% of the US long portfolio stake. The position was first purchased in Q2 2013 but Buffett avoided disclosing it until Q4 2013 by making use of the “”. The original stake was a 3.85% of the US long portfolio position established at prices between $86 and $93. In Q3 2013, the position was increased by ~28% at prices between $86.42 and $95.20. The stock currently trades at $99. The relatively large stake build-up indicates a clear bullish bias. For investors attempting to follow Buffett, XOM is a good option to consider.Goldman Sachs (GS): GS is 1.97% of the US long portfolio stake established in Q4 2013. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $171.90. Buffett probably chose a cashless conversion whereby the majority of the position was liquidated to realize cash that funded the 12.63M share purchase at the strike price of $115.Moody’s Inc. (MCO): MCO is a 2.01% of the US long portfolio stake that was decreased by 14% in Q2 2013 at prices between $52.23 and $68.62. It was kept steady in Q3 2013 but was marginally decreased in Q4 2013. The stock currently trades at $91.36. Buffett’s cost basis is just over $10 and so he is sitting on large long-term capital gains on this position. The stock returned around 48% in 2013 and has returned ~17% so far this year. Berkshire controls 11.5% of the business.Viacom (VIAB) & M&T Bank (MTB): These small positions were kept steady over the last six quarters. The stakes are too minor to indicate any clear bias.The portfolio also has very small (less than 0.5% of the US long portfolio) stakes in the following businesses: Charter Communications (CHTR), Costco Wholesale (COST), Deere & Company (DE), General Electric (GE), Johnson & Johnson (JNJ), Kraft Foods Group Inc. (KRFT), Lee Enterprises (LEE), MasterCard Inc. (MA), Media General (MEG), Mondelez International (MDLZ), Now Inc. (DNOW), Precision Castparts (PCP), Sanofi Aventis (SNY), Torchmark (TMK), United Parcel Service (UPS), Verisk Analytics (VRSK), Visa Inc. (V), and Wabco Holding (WBC). Although the relative size of the position is small, Berkshire controls 6.6% of Wabco. The minute position in DNOW was established this quarter as a result of National Oilwell Varco’s spin-off of its distribution business. Also, per the annual report, Berkshire has a $1.75B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q2 2014:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2014. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q4 2013.During Q1 2014, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $104.84B to $105.77B. The majority of the existing positions were left untouched although there were some incremental purchases and a few sells. Buffett continues to hold a very concentrated portfolio. The top-five positions account for 65.89% of the portfolio. The largest position remained the same as last quarter - Wells Fargo & Company at a whopping 21.73% of the US long portfolio - Buffett broke a pattern of consistent buying in Wells Fargo in Q3 2013 but this quarter saw marginal buying. () are a treasure trove of information and are a very good option for anyone starting out on individual investing.New stakes:Verizon Communications (VZ): VZ is a small 0.50% of the US long portfolio position established this quarter at prices between $46 and $49.30. The stock currently trades at $49.07. As the stake is very small, the activity does not indicate a clear bias.Stake Disposals:None.Stake Increases:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 21.73% of the US long portfolio well ahead of Coca Cola (KO) which is at 14.62%. The position was being incrementally increased every quarter but last two quarters saw no buying at all and this quarter saw a very minor increase. ~5M shares were purchased in Q2 2013 at prices between $36.27 and $41.56. That purchase was far less compared to Q1 2013 when over 18M shares were purchased at prices between $34.66 and $38.20. The stock currently trades at $49.08. Buffett is very bullish on WFC and his cost-basis is at around $24.55.DaVita Inc. (DVA): DVA is a 2.45% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. In Q1 2013, the position was increased by another 10% at prices between $54 and $62. Since then, the position was kept relatively steady although Q3 2013 saw minor buying. The original position was purchased in Q4 2011 at prices between $30.32 and $38.40. The large stake increase in Q1 2012 and Q2 2012 happened at prices between $37.90 and $49.10. Last quarter saw a ~16% stake increase at prices between $55 and $64 and this quarter saw a ~3% increase at prices between $62.74 and $69.81. The stock currently trades at around $67.53. In May 2013, Berkshire’s Ted Weschler signed an accord with DVA, limiting the open-market stake increase to 25% of the company- the position is currently at 17.6% of the business.International Business Machines (IBM): IBM is Buffett’s fourth largest stake at 12.44% of the portfolio. The position was increased marginally in Q1 2013 and had since been kept steady. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. This quarter saw minor buying and the stock currently trades at $187. Berkshire’s cost-basis on IBM is at around $171. Buffett is very bullish on IBM and controls 6.3% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider.US Bancorp (USB): USB, a 3.24% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. Q1 2013 saw a marginal increase in the position and the following quarter saw more activity as ~17M shares were purchased at prices between $32.27 and $36.15. Q3 2013 saw a marginal increase at prices between $35 and $38 and last two quarters were more of the same - marginal increase at prices between $36 and $41.50. Berkshire’s cost-basis on USB is around $31.23 and the stock is trading well above that price at $40.89. Buffett controls 4.4% of the business.Verisign Inc. (VRSN): VRSN was purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 to a 0.45% position at prices between $38 and $48. In Q2 2013, the stake was again increased by one-third at prices between $44.39 and $49.27. This quarter saw a ~6% increase at prices between $51.68 and $62.61. It currently trades at $48.26. The current position is at around 9% of the business.Wal-Mart Stores (WMT): WMT is a stake first purchased in 2005. It has since been built up to a 4.19% position. It is a top-five position as of this quarter as it edged out the 4.02% Procter & Gamble stake. The position was increased by 4% in Q1 2013 at prices between $68 and $75 and had since been kept relatively steady. This quarter saw a 17% stake increase at prices between $72.66 and $78.91. The stock currently trades at around $77. Berkshire’s overall cost-basis on the position is at around $54.Liberty Global PLC (LBTYA): LBTYA was a minute 0.25% position established last quarter at prices between $37.50 and $44.50 (adjusted for the 03/2014 stock-split) and increased significantly to a 0.57% position this quarter at prices between $40.37 and $46. The stock currently trades at $43.83.Stake Decreases:DIRECTV (DTV): DTV is a 2.49% position first purchased in Q3 2011. The bulk of the current position was purchased in Q4 2011 at prices between $40.60 and $47.87. It was increased by around 10% in Q1 2013 at prices between $48 and $57 after having been increased by around 15% in Q4 2012 at prices between $48.17 and $53.24. The position was kept steady in Q2 2013 and saw a minor 2% stake reduction in Q3 2013 at prices between $57.50 and $65.25. This quarter saw a ~5.5% stake reduction at prices between $68 and $80. The stock currently trades at around $86.18. Buffett controls 6.8% of the business. AT&T (T) today confirmed that they will buy DTV in a $95 per share cash-and-stock deal ($28.50 per share cash). Berkshire’s cost-basis is at around $45.General Motors (GM): GM is a 0.98% of the US long portfolio position that was first purchased in Q1 2012. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03 and had since been kept steady. This quarter saw a 25% stake reduction at prices between $34 and $41. The stock currently trades at $34. The large stake reduction indicates a bearish bias.Phillips 66 (PSX): The 2% of the US long portfolio PSX stake as of last quarter was reduced to a 0.71% stake this quarter at prices between $70.67 and $80.35. The stock currently trades at $81.86. Berkshire’s cost-basis on PSX is at around $32.Kept Steady:American Express (AXP), Coca Cola (KO), and Procter & Gamble (PG): These are very large stakes that were kept steady during the last six quarters. Buffett is very bullish on all of these businesses. Berkshire’s cost-basis on AXP, KO, and PG are at around $8.49, $3.25, and $6.40 respectively.Note: Buffett has said that he will hold his big-four (or five including BAC) permanently. So, do not use the “bullish” wording with these.Goldman Sachs (GS): GS is 1.96% of the US long portfolio stake established last quarter. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $156. Buffett probably chose a cashless conversion whereby the majority of the position was liquidated to realize cash that funded the 12.63M share purchase at the strike price of $115.Bank of New York Mellon Corp (BK): BK is a 0.63% of the US stock portfolio stake that was increased marginally in Q3 2013 at prices between $28 and $32.21. The position was increased by 30% in Q2 2013 as well at prices between $26.70 and $30.55. Q1 2013 saw a minor 4% stake reduction at prices between $26 and $29. The bulk of the position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stock currently trades at $34.Exxon Mobil (XOM): XOM is a 3.80% of the US long portfolio stake. The position was first purchased in Q2 2013 but Buffett avoided disclosing it until last quarter by making use of the “”. The original stake was a 3.09% of the US long portfolio position established at prices between $86 and $93. In Q3 2013, the position was increased by ~28% at prices between $86.42 and $95.20. Last quarter saw a marginal stake increase. The stock currently trades at $101. The relatively large stake build-up indicates a clear bullish bias. For investors attempting to follow Buffett, XOM is a good option to consider.Chicago Bridge & Iron (CBI): CBI is a 0.79% of the US long portfolio position that was increased by 47% in Q2 2013 at prices between $50.92 and $63.75 and has since been kept steady. The original position was purchased in Q1 2013 at prices between $46 and $62. The stock currently trades well outside those ranges at $76.75. Berkshire controls 8.9% of the business.National Oilwell Varco Inc. (NOV): NOV is a 0.65% of the US long portfolio stake that was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57 and has since been kept steady. The position was established in Q2 2012 at prices between $60 and $80.67. The stock currently trades at $81.63.Moody’s Inc. (MCO): MCO is a 1.85% of the US long portfolio stake that was decreased by 14% in Q2 2013 at prices between $52.23 and $68.62. It was kept steady in Q3 2013 but was marginally decreased last quarter. The stock currently trades at $81.37. Buffett’s cost basis is just over $10 and so he is sitting on large long-term capital gains on this position. The stock returned around 48% in 2013 and Berkshire controls 11.5% of the business.ConocoPhillips (COP): COP is a long-term position that has been in the portfolio since 2006. Berkshire’s cost-basis on COP is around $50.53. The position was reduced by 44% in Q3 2013 at prices between $60.50 and $71 and another ~18% last quarter at prices between $69 and $74.31. The stock currently trades at $78 and the remaining stake is at 0.74% of the US long portfolio.Liberty Media Capital (LMCA): LMCA was a petite 0.35% stake first purchased in Q4 2011. It was increased by ~75% in Q1 2012 and roughly doubled the next quarter. The position now represents around 0.66% of the portfolio. The stock currently trades at around $124. On May 8, 2014, LMCA announced a plan to spin off its cable assets.M&T Bank (MTB), Viacom (VIAB), and Graham Holdings (GHC) previously Washington Post: These small positions were kept steady in the last five quarters. Berkshire is bullish on these positions although the stakes are low on a relative basis. Berkshire owns 27.8% of the shares outstanding in GHC.USG Corporation (USG): USG is a very long-term holding and there was a significant 21.39M share stake increase last quarter due to conversion of notes at $11.40 per share - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. The stock currently trades at $29.89. Buffett controls around one-third of the business.The portfolio also has very small (less than 0.5% of the US long portfolio) stakes in the following businesses: Costco Wholesale (COST), Deere & Company (DE), MasterCard Inc. (MA), Precision Castparts (PCP), Torchmark (TMK), and Visa Inc. (V), Johnson & Johnson (JNJ), Lee Enterprises (LEE), Media General (MEG), United Parcel Service (UPS), Verisk Analytics (VRSK), Wabco Holding (WBC), General Electric (GE), Suncor Energy (SU), Starz (STRZA), Sanofi Aventis (SNY), Kraft Foods Group Inc. (KRFT), and Mondelez International (MDLZ). Although these stakes are small, Berkshire’s ownership of the businesses is significant in the following cases: they control 6.6% of Wabco and 2.2% of Starz. Also, per the annual report, Berkshire has a $1.75B position in Sanofi - so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q1 2014:OFB Post - Berkshire Hathaway 2013 Annual Report NotesThe Book Value (BV) of Berkshire Hathaway per is $134,973 per BRK.A share or $89.98 per BRK.B share. The stock currently trades at $115.78 or 128.67% of BV. Buffett’s repurchase criteria is 120% of BV or $107.98. The premium to book value has narrowed as the stock has not moved in the last nine months - also in January, the stock traded near Buffett's repurchase criteria. Net earnings at $11,850 per BRK.A share for a ttm-PE of 14.66. It is down from 16.93 this time last year.Historical BV Growth: 18.2% vs 32.4% for S&P500 with dividends. CAGR 1965-2013 at 19.7% vs 9.8% for S&P500.Earnings: $11,850 in 2013 vs $8,977 in 2012 and $6,215 in 2011 per BRK.A share.  32% YOY increase compared to 44% last year. The stunning increases in the last two years were due to the impressive cash generation of its operating entities. It was also helped by realized investment gains of $2.64B in 2013 and $1.35B in 2012. In 2011, they had $316M in losses.  PE is 14.66 including investment gains - at this time last year, PE was at 16.93.  Roughly a third of Berkshire earnings are realized gains historically and so the last few years have shown a divergence on that count.Intrinsic Business Value:  The two quantitative components of value:Per-share investments grew 13.6% to $129,253. This is compared to a 19.3% CAGR since 1970 and 6.6% in the 2000-2010 time period, andPre-tax earnings from businesses other than insurance and investments increased 12.8% to $9,116 per share. This is compared to a 20.6% CAGR since 1970 and 20.5% in the 2000-2010 time period.The third is a measure of the efficacy with which retained earnings will be deployed in the future - the subjective component.Co-Managers: Todd Combs and Ted Weschler invest $7B each and they outperformed Buffett.Long-term economic goal: maximize average rate of gain in intrinsic business value on a per share basis. Preference is to own a diversified group of businesses with consistent above-average ROC and second choice is to own parts of such businesses.Look-through earnings relevance: “Undistributed earnings of our investees, in aggregate, have been fully as beneficial to Berkshire as if they had been distributed to us”. So,It is preferable to purchase $2 of earnings that are not reportable rather than $1 or reportable earnings for the same acquisition cost, andLook-through earnings realistically portray yearly gain from operations.Use of leverage: “We use debt sparingly and, when we do borrow, we attempt to structure our loans on a long-term fixed-rate basis”Selling businesses: No interest in selling good businesses Berkshire owns. Sub-par businesses are also not sold as long as they are able to generate at-least some cash and managers/labor relations are good. Capex decisions for the latter are made in a much more cautious fashion compared to the former - it is unlikely that sub-par businesses will see increased profitability with increased spending.BV growth vs S&P 500 Performance Comparison: While this comparison is shown in the first page of the Annual Letter, it has become less meaningful over time. The reasoning has to do with how Berkshire’s business structure has evolved: equity holdings tend to move with S&P 500 and that is now a much smaller portion of overall value. Also S&P 500 gains are reported at 100% while Berkshire’s realized gains get reported at 65% because of taxes.Also, there is another major shortcoming with this comparison: The carrying value of the businesses that are controlled by Berkshire is much more than their carrying value and so the BV far understates Berkshire’s Intrinsic Value. But, IV by definition (discounted value of cash that can be taken out during the remaining lifetime) is an estimate and so is not quoted in any of the releases.Below is a YoY comparison of Berkshire Hathaway's largest equity investments:ConocoPhillips (COP) and POSCO are not in the list as they no longer are among his largest investments - not because they have been completely sold out - see our for details on the current holdings in COP.Below is a comparison of Berkshire Hathaway's asset distribution in the "Insurance & Other" area for the last five years:The equity exposure at almost 58% is the largest in the last five years. So, it is apparent that Buffett is not that concerned about valuation of his holdings despite the rapid increase.() are a treasure trove of information and are a very good option for anyone starting out on individual investing. To learn more about how to profit from a strategy of cloning super-investors, check out our book ."

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/14/2014. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q3 2013.During Q4 2013, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased 14% from $92.03B to $104.84B. The total number of holdings remained steady at 43. Minutely small positions in Dish Network and GlaxoSmithKline were eliminated this quarter and there were two new additions: Goldman Sachs and Liberty Global PLC. The majority of the existing positions were left untouched although there were some incremental purchases and a few sells. Buffett continues to hold a very concentrated portfolio. The top-five positions remained the same as compared to last quarter and together they account for 65.24% of the portfolio. The largest position remained the same as last quarter - Wells Fargo & Company at a whopping 20.07% of the US long portfolio - Buffett broke a pattern of consistent buying in Wells Fargo last quarter and the position was kept steady this quarter as well. () are a treasure trove of information and are a very good option for anyone starting out on individual investing.New stakes:Goldman Sachs (GS): GS is 2.14% of the US long portfolio stake established this quarter. Berkshire Hathaway received $5B worth of warrants to buy GS stock during the financial crisis (October 2008) at a strike price of $115 (43.5M shares) that was to expire October 1, 2013. Buffett exercised the right before expiry to start this long position. GS currently trades at $163.72. Buffett probably chose a cashless conversion whereby the majority of the position was liquidated to realize cash that funded the 12.63M share purchase at the strike price of $115 - GS stock traded between $153 and $177 during the quarter.Liberty Global PLC (LBTYA): LBTYA is a minute 0.25% position established this quarter at prices between $74.90 and $89. The stock currently trades at $83.60.Stake Disposals:GlaxoSmithKline (GSK) & DISH Network Corporation (DISH): GSK and DISH were very small (less than 0.05% of the portfolio) positions that were eliminated this quarter. As the stakes were very small, the activity does not indicate a clear bias.Stake Increases:DaVita Inc. (DVA): DVA is a 2.20% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. In Q1 2013, the position was increased by another 10% at prices between $54 and $62. Since then, the position was kept relatively steady although last quarter saw minor buying. The original position was purchased in Q4 2011 at prices between $30.32 and $38.40. The large stake increase in Q1 2012 and Q2 2012 happened at prices between $37.90 and $49.10. This quarter saw a ~16% stake increase at prices between $55 and $64. The stock currently trades at around $66.37. In early May, Berkshire’s Ted Weschler signed an accord with DVA, limiting the open-market stake increase to 25% of the company- the stake is currently at 17% of the business. Note: DVA stock split 2-for-1 on 09/09/2013 and so the prices noted are split-adjusted.Exxon Mobil (XOM): XOM is a 3.97% of the US long portfolio stake. The position was first purchased in Q2 2013 but Buffett avoided disclosing it until last quarter by making use of the “”. The original stake was a 3.09% of the US long portfolio position established at prices between $86 and $93. Last quarter, the position was increased by ~28% at prices between $86.42 and $95.20. This quarter saw a marginal stake increase. The stock currently trades at $94.11. The relatively large stake build-up indicates a clear bullish bias. For investors attempting to follow Buffett, XOM is a good option to consider.US Bancorp (USB): USB, a 3.06% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. Q1 2013 saw a marginal increase in the position and the following quarter saw more activity as ~17M shares were purchased at prices between $32.27 and $36.15. Last quarter saw a marginal increase at prices between $35 and $38 and this quarter was more of the same - marginal increase at prices between $35.70 and $40.60. Berkshire’s cost-basis on USB is around $33 and the stock is trading well above that price at $40.79. Buffett controls 5.3% of the business.Wal-Mart Stores (WMT): WMT is a stake first purchased in 2005. It has since been built up to a 3.71% position. The position was increased by 4% in Q1 2013 at prices between $68 and $75 and had since been kept steady. This quarter saw a minor stake increase at prices between $71.87 and $81.21. The stock currently trades at around $75.79. Berkshire’s overall cost-basis on the position is around $52.USG Corporation (USG) & General Electric (GE): These are small positions that were roughly doubled this quarter. USG is a very long-term holding and the stake increase this quarter is due to conversion of notes at $11.40 per share (21.39M shares) - Berkshire acquired the convertible notes during the financial crisis (2/2009) and USG opted to redeem them on 12/16/2013. The stock currently trades at $34.26. Buffett controls around one-third of the business.Stake Decreases:Moody’s Inc. (MCO): MCO is a 1.85% of the US long portfolio stake that was decreased by 14% in Q2 2013 at prices between $52.23 and $68.62. It was kept steady last quarter but was marginally decreased this quarter. The stock currently trades at $79.53. Buffett’s cost basis is just over $10 and so he is sitting on large long-term capital gains on this position. The stock returned around 48% in 2013 and Berkshire controls 11.5% of the business.ConocoPhillips (COP): COP is a long-term position that has been in the portfolio since 2006. Berkshire’s cost-basis on COP is around $50.53. The position was reduced by 44% last quarter at prices between $60.50 and $71 and another ~18% this quarter at prices between $69 and $74.31. The stock currently trades at $65.53 and the remaining stake is at 0.75% of the US long portfolio. The significant stake reduction of a long-term position indicates a clear bearish bias.Liberty Media Capital (LMCA), Suncor Energy (SU), and Starz (STRZA): These are small positions (less than 0.75% of the US long portfolio each) that were reduced this quarter. SU is a 0.43% of the US long portfolio position established in Q2 2013 at prices between $26.84 and $32.36. The position was marginally increased last quarter at prices between $29.50 and $36.58. It was reduced by ~28% this quarter at prices between $33.50 and $37. The stock currently trades at $33.40. STRZA was acquired as a result of separation of Starz from Liberty Media that became effective BOY 2013. Buffett owned LMCA and so ended up with 4.67% of the company. On a relative basis, the stake is minute at just 0.13% of the US long portfolio and the quarter saw a 20% stake reduction.Kept Steady:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 20.07% of the US long portfolio well ahead of Coca Cola (KO) which is at 15.76%. The position was being incrementally increased every quarter but last two quarters saw no buying at all. ~5M shares were purchased in Q2 2013 at prices between $36.27 and $41.56. That purchase was far less compared to Q1 2013 when over 18M shares were purchased at prices between $34.66 and $38.20. The stock currently trades at $46.13. Buffett is very bullish on WFC and his overall cost-basis is around $24. Even so, from the buying pattern in the last few quarters, it looks like his voracious appetite for WFC has subsided. Buffett controls 9.3% of the business.International Business Machines (IBM): IBM is Buffett’s fourth largest stake at 12.19% of the portfolio. The position was increased marginally in Q1 2013 and has since been kept steady. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. The stock currently trades at around $183.69. Buffett is very bullish on IBM and controls 6.3% of the business. For investors attempting to follow Buffett, IBM is a very good option to consider.DIRECTV (DTV): DTV is a 2.41% position first purchased in Q3 2011. The bulk of the current position was purchased in Q4 2011 at prices between $40.60 and $47.87. It was increased by around 10% in Q1 2013 at prices between $48 and $57 after having been increased by around 15% in Q4 2012 at prices between $48.17 and $53.24. The position was kept steady in Q2 2013 and saw a minor 2% stake reduction last quarter at prices between $57.50 and $65.25. The stock currently trades at around $71.89. Buffett controls 6.9% of the business.American Express (AXP), Coca Cola (KO), Phillips 66 (PSX), and Procter & Gamble (PG): These are large stakes representing more than $1B each that were kept steady during the last five quarters. Buffett is very bullish on all of these businesses. Berkshire’s cost-basis on AXP, KO, PSX, and PG are around $8.50, $3.25, $32, and $6.40.Sanofi Aventis (SNY): SNY is a very small 0.20% position. Berkshire owns 2% of Sanofi per the Annual Report and so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Bank of New York Mellon Corp (BK): BK is a 0.82% of the US stock portfolio stake that was increased marginally last quarter at prices between $28 and $32.21. The position was increased by 30% in Q2 2013 as well at prices between $26.70 and $30.55. Q1 2013 saw a minor 4% stake reduction at prices between $26 and $29. The bulk of the position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stock currently trades at $31.79.Verisign Inc. (VRSN): VRSN was purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 to a 0.45% position at prices between $38 and $48. In Q2 2013, the stake was again increased by one-third at prices between $44.39 and $49.27. Last quarter saw a marginal stake increase at prices between $44.66 and $51.90. It currently trades at $54.52. The current position is at 8% of the business.Kraft Foods Group Inc. (KRFT) and Mondelez International (MDLZ): Buffett acquired KRFT and MDLZ shares in Q4 2012 due to the spin-off of Kraft Foods Inc. (KFT). The combined position was reduced by around two-thirds that quarter and the pattern continued in Q1 2013 as both positions were reduced further. In Q2 2013, the positions were reduced to insignificantly small stakes and have since been kept steady.General Motors (GM): GM is a 1.56% of the US long portfolio position that was first purchased in Q1 2012. The stake was increased by 60% in Q2 2013 at prices between $27.53 and $35.03 and has since been kept steady. The stock currently trades at $35.95.Chicago Bridge & Iron (CBI): CBI is a 0.76% of the US long portfolio position that was increased by 47% in Q2 2013 at prices between $50.92 and $63.75 and has since been kept steady. The original position was purchased in Q1 2013 at prices between $46 and $62. The stock currently trades well outside those ranges at around $79.42. Berkshire controls 8.9% of the business.National Oilwell Varco Inc. (NOV): NOV is a 0.67% of the US long portfolio stake that was increased by ~19% in Q2 2013 at prices between $64.14 and $71.57 and has since been kept steady. The position was established in Q2 2012 at prices between $60 and $80.67. The stock currently trades at around $76.42.Costco Wholesale (COST), M&T Bank (MTB), Viacom (VIAB), and Graham Holdings (GHC) previously Washington Post: These are positions that are over ~0.5% of the US long portfolio that were kept steady in the last four quarters. Berkshire is bullish on these positions although the stakes are low on a relative basis. Berkshire owns 27.8% of the shares outstanding in GHC.Wabco Holding (WBC): WBC is a small 0.36% of the US long portfolio stake that was increased by 155% in Q4 2012 at prices between $56.27 and $65.19. The stock currently trades outside that range at $96.37. The position was increased marginally in Q1 2013 but has since been kept steady. Buffett controls 6.6% of WBC.Deere & Company (DE), MasterCard Inc. (MA), Precision Castparts (PCP), Torchmark (TMK), and Visa Inc. (V): These are very small positions (0.2% to 0.5% of the US long portfolio) that were kept steady this quarter. The small stakes indicate a mild bullish bias.Johnson & Johnson (JNJ), Lee Enterprises (LEE), Media General (MEG), United Parcel Service (UPS), and Verisk Analytics (VRSK): These are minute positions (less than 0.2% of the US long portfolio) that were left untouched in the quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q4 2013:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2013. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q2 2013.During Q3 2013, Berkshire Hathaway’s (BRK.A) (BRK.B) US long stock portfolio increased 2.7% from $89B to $91.4B. The total number of holdings increased from 42 to 43. No positions were eliminated but a brand new 3.09% position in Exxon Mobil was established in the quarter. The majority of the existing positions were left untouched although there were some incremental purchases and a few sells. Buffett continues to hold a very concentrated portfolio. The top-five positions remained the same as compared to last quarter and together they account for 68.20% of the portfolio. The largest position remained the same as last quarter - Wells Fargo & Company at a whopping 20.94% of the US long portfolio - interestingly, Buffett broke a pattern of consistent buying in Wells Fargo this quarter - the position was kept steady.New stakes:Exxon Mobil (XOM): XOM is a 3.75% of the US long portfolio stake. The position was first purchased in Q2 2013 but Buffett avoided disclosing it until this quarter by making use of the “”. The original stake was a 3.09% of the US long portfolio position established at prices between $86 and $93. This quarter, the position was increased by ~28% at prices between $86.42 and $95.20. The stock currently trades at $93.22. The relatively large stake establishment indicates a clear bullish bias. For investors attempting to follow Buffett, XOM is a good option to consider.Stake Disposals:None.Stake Increases:Bank of New York Mellon Corp (BK): BK is a 0.81% of the US stock portfolio stake that was increased marginally this quarter at prices between $28 and $32.21. The position was increased by 30% last quarter as well at prices between $26.70 and $30.55. Q1 2013 saw a minor 4% stake reduction at prices between $26 and $29. The bulk of the position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stock currently trades at $33.31. The stake increase indicates a mild bullish bias.DaVita Inc. (DVA): DVA is a 1.96% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. In Q1 2013, the position was increased by another 10% at prices between $54 and $62. Since then, the position was kept relatively steady although this quarter saw minor buying. The original position was purchased in Q4 2011 at prices between $30.32 and $38.40. The large stake increase in Q1 2012 and Q2 2012 happened at prices between $37.90 and $49.10. The stock currently trades at around $58.69. In early May, Berkshire’s Ted Weschler signed an accord with DVA, limiting the open-market stake increase to 25% of the company- the stake is currently at 14%. Note: DVA stock split 2-for-1 on 09/09/2013 and so the prices noted are split-adjusted.US Bancorp (USB): USB, a 3.17% stake has been in the portfolio since 2006. The position was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. Q1 2013 saw a marginal increase in the position and last quarter saw more activity as ~17M shares were purchased at prices between $32.27 and $36.15. This quarter saw a marginal increase at prices between $35 and $38. Berkshire’s cost-basis on USB is around $33 and the stock is trading above that price at $38.28.Verisign Inc. (VRSN): VRSN was purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled in Q1 2013 to a 0.45% position at prices between $38 and $48. Last quarter, the position was again increased by one-third at prices between $44.39 and $49.27. This quarter saw a marginal stake increase at prices between $44.66 and $51.90. It currently trades at $55.81. VRSN experienced a fleeting 20% price drop as a result of uncertainties regarding renewal of its .COM registry service contract with ICANN and Buffett took advantage of the price drop to build the original position. The aggressive buying since then indicates a bullish bias.Suncor Energy (SU): SU is a 0.70% of the US long portfolio position established last quarter at prices between $26.84 and $32.36. The position was marginally increased this quarter at prices between $29.50 and $36.58. The stock currently trades at $35.67.Stake Decreases:ConocoPhillips (COP): COP is a long-term position that has been in the portfolio since 2006. Berkshire’s cost-basis on COP is around $50.53. The position was reduced by 44% this quarter at prices between $60.50 and $71. The stock currently trades at $73.68. The significant stake reduction of a long-term position indicates a clear bearish bias.DIRECTV (DTV): DTV is a 2.39% position first purchased in Q3 2011. The bulk of the current position was purchased in Q4 2011 at prices between $40.60 and $47.87. It was increased by around 10% in Q1 2013 at prices between $48 and $57 after having been increased by around 15% in Q4 2012 at prices between $48.17 and $53.24. The position was kept steady last quarter and saw a minor 2% stake reduction this quarter at prices between $57.50 and $65.25. The stock currently trades at around $64.35. The activity does not indicate a change in bias.Sanofi Aventis (SNY) and GlaxoSmithKline (GSK): SNY is a very small 0.22% position that was reduced marginally this quarter. GSK was a minute 0.08% position last quarter and it was reduced to an even more minute 0.02% position this quarter. These are very minor positions and so the activity does not indicate a clear bias. Berkshire owns 2% of Sanofi per the Annual Report and so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.Kept Steady:Moody’s Inc. (MCO): MCO is a 1.92% of the US long portfolio stake that was decreased by 14% last quarter at prices between $52.23 and $68.62. It was kept steady this quarter. The stock currently trades at $74. Buffett’s cost basis is just over $10 and so he is sitting on large long-term capital gains on this position. The stock has returned around 47% YTD.Kraft Foods Group Inc. (KRFT) and Mondelez International (MDLZ): Buffett acquired KRFT and MDLZ shares in Q4 2012 due to the spin-off of Kraft Foods Inc. (KFT). The combined position was reduced by around two-thirds that quarter and the pattern continued in Q1 2013 as both positions were reduced further. Last quarter, the positions were reduced to insignificantly small stakes and were kept steady this quarter.Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 20.94% of the US long portfolio well ahead of Coca Cola (KO) which is at 16.58%. The position was being incrementally increased every quarter but this quarter saw no buying at all. ~5M shares were purchased last quarter at prices between $36.27 and $41.56. That purchase was far less compared to Q1 2013 when over 18M shares were purchased at prices between $34.66 and $38.20. The stock currently trades at $43. Buffett is very bullish on WFC and his overall cost-basis is around $24. Even so, from the buying pattern in the last few quarters, it looks like his voracious appetite for WFC has subsided, at-least temporarily.General Motors (GM): GM is a 1.57% of the US long portfolio position that was first purchased in Q1 2012. The stake was increased by 60% last quarter at prices between $27.53 and $35.03 and was kept steady this quarter. The stock currently trades at $38.50.Chicago Bridge & Iron (CBI): CBI is a 0.71% of the US long portfolio position that was increased by 47% last quarter at prices between $50.92 and $63.75 and kept steady this quarter. The position was established in Q1 2013 at prices between $46 and $62. The stock currently trades well outside those ranges at around $78.95.National Oilwell Varco Inc. (NOV): NOV is a 0.76% of the US long portfolio stake that was increased by ~19% last quarter at prices between $64.14 and $71.57 and kept steady this quarter. The position was established in Q2 2012 at prices between $60 and $80.67. Since then, the position was increased consistently at prices between $64.40 and $84.83. The stock currently trades at around $83.56. The stake increase over several quarters indicates a bullish bias.DISH Network Corporation (DISH): DISH is a minute 0.03% of the US long portfolio stake initiated last quarter at prices between $36.24 and $42.52 and kept steady this quarter. As the stake is very small, the activity does not indicate a clear bias.American Express (AXP), Coca Cola (KO), Phillips 66 (PSX), and Procter & Gamble (PG): These are large stakes representing more than $1B each that were kept steady during the last four quarters. Buffett is very bullish on all of these businesses. Berkshire’s cost-basis on AXP, KO, PSX, and PG are around $8.50, $3.25, $32, and $6.40.International Business Machines (IBM): IBM is Buffett’s third largest stake at 13.80% of the portfolio. The position was increased marginally in Q1 2013 and has since been kept steady. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. The stock currently trades at around $182. Buffett is very bullish on IBM. For investors attempting to follow Buffett, IBM is a very good option to consider.Wal-Mart Stores (WMT): WMT is a stake first purchased in 2005. It has since been built up to a 3.98% position. The position was increased by 4% in Q1 2013 at prices between $68 and $75 and has since been kept steady. The stock currently trades at around $79. Berkshire’s overall cost-basis on the position is around $52.Costco Wholesale (COST), Liberty Media Capital (LMCA), M&T Bank (MTB), USG Corporation (USG), Viacom (VIAB), and Washington Post (WPO): These are positions that are over 0.5% of the US long portfolio that were kept steady in the last two quarters. Berkshire is bullish on these positions although the stakes are low on a relative basis.Wabco Holding (WBC): WBC is a small 0.38% of the US long portfolio stake that was increased by 155% in Q4 2012 at prices between $56.27 and $65.19. The stock currently trades outside that range at $87. The position was increased marginally in Q1 2013 but has since been kept steady.Starz (STRZA): STRZA was acquired as a result of separation of Starz from Liberty Media that became effective in the beginning of the year. Buffett owned LMCA and so ended up with 4.67% of the company. On a relative basis, the stake is minute at just 0.17% of the US long portfolio. Many high profile funds such as Steve Cohen’s SAC Capital, Gates Foundation, D.E.Shaw, and Madison Street Partners established stakes in Starz following the separation from Liberty Media.Deere & Company (DE), MasterCard Inc. (MA), Precision Castparts (PCP), Torchmark (TMK), and Visa Inc. (V): These are very small positions (0.2% to 0.5% of the US long portfolio) that were kept steady this quarter. The small stakes indicate a mild bullish bias. Berkshire owns 2% of Sanofi per the Annual Report and so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.General Electric (GE), Johnson & Johnson (JNJ), Lee Enterprises (LEE), Media General (MEG), United Parcel Service (UPS), and Verisk Analytics (VRSK): These are minute positions (less than 0.2% of the US long portfolio) that were left untouched in the quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q3 2013:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/15/2013. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q1 2013.During Q2 2013, Berkshire’s (BRK.A) (BRK.B) US long stock portfolio increased 4.7% from $85B to $89B. The total number of holdings increased from 41 to 42. Gannett (GCI), a minute 0.04% of the US long portfolio stake as of last quarter is no longer in the portfolio. It was replaced by an even more minute 0.03% position in DISH Network Corporation (DISH). Also, a 0.59% of the US long portfolio stake in Suncor Energy (SU) was newly established in the quarter. The majority of the existing positions were left untouched although there were some incremental purchases and a few sells. Buffett continues to hold a very concentrated portfolio. The top-five positions remained the same as compared to last quarter and together they account for 71.41% of the portfolio. The largest position remained the same as last quarter - Wells Fargo & Company (WFC) at a whopping 21.47% of the US long portfolio.New stakes:Suncor Energy (SU): SU is a 0.59% of the US long portfolio position established this quarter at prices between $26.84 and $32.36. The stock currently trades at $33.94.DISH Network Corporation (DISH): DISH is a minute 0.03% of the US long portfolio stake initiated this quarter at prices between $36.24 and $42.52. As the stake is very small, the activity does not indicate a clear bias.Stake Disposals:Gannett Inc. (GCI): GCI was a minute 0.04% of the US long portfolio stake that was disposed of this quarter at prices between $19.85 and $26.60. It is a very long-term position that was in the portfolio for over a decade. As the stake was very small, the activity does not indicate a clear bias.Stake Increases:Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 21.47% of the US long portfolio well ahead of Coca Cola (KO) which is at 18.02%. The position is being incrementally increased every quarter and the tradition continues with the purchase of another ~5M shares this quarter at prices between $36.27 and $41.56. The activity is far less compared to last quarter when over 18M shares were purchased at prices between $34.66 and $38.20. The stock currently trades outside those ranges at $43. Buffett is very bullish on WFC and his overall cost-basis is around $24.US Bancorp (USB): USB, a 3.18% stake has been in the portfolio since 2006. The stake was tripled during the 2007-2009 timeframe and since then was reduced by around 15% overall as of EOY 2012. Last quarter saw a marginal increase in the position and this quarter saw more activity as ~17M shares were purchased at prices between $32.27 and $36.15. Berkshire’s cost-basis on USB is around $33 and the stock is trading above that price at $36.77.General Motors (GM): GM stake was increased by 60% to a 1.5% of the US long portfolio position this quarter at prices between $27.53 and $35.03. The stock currently trades at $34.44. The significant stake increase signifies a clear bullish bias.Bank of New York Mellon Corp (BK): BK is a 0.78% of the US stock portfolio stake that was increased by 30% this quarter at prices between $26.70 and $30.55. Last quarter saw a minor 4% stake reduction at prices between $26 and $29. The bulk of the position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stock currently trades at $30.42. The stake increase indicates a bullish bias.Chicago Bridge & Iron (CBI): CBI is a 0.64% of the US long portfolio position that was increased by 47% this quarter at prices between $50.92 and $63.75. The position was established last quarter at prices between $46 and $62. The stock currently trades at around $60.40. The stake increase represents a bullish bias.National Oilwell Varco Inc. (NOV): NOV is a 0.69% of the US long portfolio stake that was increased by ~19% this quarter at prices between $64.14 and $71.57. The position was established in Q2 2012 at prices between $60 and $80.67. Since then, the position was increased every quarter at prices between $64.40 and $84.83. The stock currently trades at around $73.62. The stake increase over several quarters indicates a bullish bias. For investors attempting to follow Berkshire, NOV is a good option to consider.Verisign Inc. (VRSN): VRSN was purchased in Q4 2012 at prices between $34.15 and $49.48. The position was more than doubled last quarter to a 0.45% position at prices between $38 and $48. This quarter, the position was again increased by one-third at prices between $44.39 and $49.27. It currently trades at $48.70. VRSN experienced a fleeting 20% price drop as a result of uncertainties regarding renewal of its .COM registry service contract with ICANN and Buffett took advantage of the price drop to build the original position. The aggressive buying since then indicates a bullish bias.Stake Decreases:Moody’s Inc. (MCO): MCO is a 1.71% of the US long portfolio stake that was decreased by 14% this quarter at prices between $52.23 and $68.62. The stock currently trades at $64.35. Buffett’s cost basis is just over $10 and so he is harvesting long-term capital gains from this position.Kraft Foods Group Inc. (KRFT) and Mondelez International (MDLZ): Buffett acquired KRFT and MDLZ shares in Q4 2012 due to the spin-off of Kraft Foods Inc. (KFT). The combined position was reduced by around two-thirds that quarter and the pattern continued last quarter as both positions were reduced further. This quarter, the positions were reduced to insignificantly small stakes.GlaxoSmithKline (GSK): GSK is a minute 0.08% position that was reduced marginally this quarter. The minor activity does not indicate any clear bias.Kept Steady:American Express (AXP), Coca Cola (KO), ConocoPhillips (COP), Phillips 66 (PSX), and Procter & Gamble (PG): These are large stakes representing more than $1B each that were kept steady during the last three quarters. Buffett is very bullish on all of these businesses. Berkshire’s cost-basis on AXP, KO, COP, PSX, and PG are around $8.50, $3.25, $50.53, $32, and $6.40.DIRECTV (DTV): DTV is a 2.58% position first purchased in Q3 2011. The bulk of the current position was purchased in Q4 2011 at prices between $40.60 and $47.87. It was increased by around 10% last quarter at prices between $48 and $57 after having been increased by around 15% in Q4 2012 at prices between $48.17 and $53.24. The stock currently trades well above those ranges at around $60.International Business Machines (IBM): IBM is Buffett’s third largest stake at 14.62% of the portfolio. The position was increased marginally last quarter. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. The stock currently trades at around $186. Buffett is very bullish on IBM.DaVita Inc. (DVA): DVA is a 2.03% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. Last quarter, the position was increased by another 10% at prices between $108 and $123. The original position was purchased in Q4 2011 at prices between $60.64 and $76.81. The large stake increase in Q1 2012 and Q2 2012 happened at prices between $75.81 and $98.21. The stock currently trades at around $113. In early May, Berkshire’s Ted Weschler signed an accord with DVA, limiting the open-market stake increase to 25% of the company- the stake is currently at 14%.Wal-Mart Stores (WMT): WMT is a stake first purchased in 2005 that was built up to a 4.12% position. The stake was increased by 4% last quarter at prices between $68 and $75. The stock currently trades at around $74.50. Berkshire’s overall cost-basis on the position is around $52.Costco Wholesale (COST), Liberty Media Capital (LMCA), M&T Bank (MTB), USG Corporation (USG), Viacom (VIAB), and Washington Post (WPO): These are positions that are over 0.5% of the US long portfolio that were kept steady in the last two quarters. Berkshire is bullish on these positions although the stakes are low on a relative basis.Wabco Holding (WBC): WBC is a small 0.34% of the US long portfolio stake that was increased by 155% in Q4 2012 at prices between $56.27 and $65.19. The stock currently trades outside that range at $77.68. The position was increased marginally last quarter but was kept steady this quarter.Starz (STRZA): STRZA was acquired as a result of separation of Starz from Liberty Media that became effective in the beginning of the year. Buffett owned LMCA and so ended up with 4.67% of the company. On a relative basis, the stake is minute at just 0.14% of the US long portfolio. Many high profile funds such as Steve Cohen’s SAC Capital, Gates Foundation, D.E.Shaw, and Madison Street Partners established stakes in Starz following the separation from Liberty Media.Deere & Company (DE), MasterCard Inc. (MA), Precision Castparts (PCP), Sanofi Aventis (SNY), Torchmark (TMK), and Visa Inc. (V): These are very small positions (0.2% to 0.5% of the US long portfolio) that were kept steady this quarter. The small stakes indicate a mild bullish bias. Berkshire owns 2% of Sanofi per the Annual Report and so in addition to the 13F securities listed in the spreadsheet, Berkshire also owns Sanofi securities listed in Euronext Paris.General Electric (GE), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Lee Enterprises (LEE), Media General (MEG), United Parcel Service (UPS), and Verisk Analytics (VRSK): These are minute positions (less than 0.2% of the US long portfolio) that were left untouched in the quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q2 2013:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 05/15/2013. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q4 2012.During Q1 2013, Berkshire’s (BRK.A) (BRK.B) US long stock portfolio increased 12.89% from $75.31B to $85.02B. The total number of holdings remained steady at 41. Archer Daniels Midland and General Dynamics, two small positions were liquidated and replaced with Chicago Bridge & Iron and Starz. The majority of the existing positions were left untouched although there were some incremental purchases and a few minor sells. Buffett continues to hold a very concentrated portfolio with the largest five positions accounting for 72.86% of the portfolio.New stakes:Chicago Bridge & Iron (CBI): CBI is a very small 0.48% of the US long portfolio established this quarter at prices between $46 and $62. The stock currently trades at around $58. It will be interesting to see whether Buffett will choose to build on this position in the coming quarters.Starz (STRZA): STRZA was acquired as a result of separation of Starz from Liberty Media that became effective in the beginning of the year. Buffett owned LMCA and so ended up with 4.67% of the company. On a relative basis, the stake is minute at just 0.15% of the US long portfolio. So, it is unclear whether Buffett would choose to keep this position as the portfolio impact even if it appreciates a lot will be minimal. Many high profile funds such as Steve Cohen’s SAC Capital, Gates Foundation, D.E.Shaw, and Madison Street Partners have established recent stakes in Starz.Stake Disposals:Archer Daniels Midland (ADM): ADM was a very small 0.22% of the US long portfolio position purchased last quarter at prices between $24.48 and $29.10. It was disposed of this quarter at prices between $27.39 and $33.73. The stock currently trades just outside that range at $34.71. Buffett said in a that ADM is the kind of company he would be interested in. The about turn this quarter indicates a mild bearish bias.General Dynamics (GD): GD was a very small 0.36% of the US long portfolio stake established in Q3 2011 and Q4 2011 at prices between $56 and $78. It was disposed of this quarter at prices between $64.57 and $71.86. The stock currently trades at $76.71. The stake disposal indicates a mild bearish bias.Stake Increases:DaVita Inc. (DVA): DVA is a 2.09% of the US long portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% in Q4 2012. This quarter, the position was increased by another 10% at prices between $108 and $123. The original position was purchased in Q4 2011 at prices between $60.64 and $76.81. The large stake increase in Q1 2012 and Q2 2012 happened at prices between $75.81 and $98.21. The stock currently trades at around $130. Earlier this month, Berkshire’s Ted Weschler signed an accord with DVA, limiting the open-market stake increase to 25% of the company- the stake is currently at 14%.DIRECTV (DTV): DTV is a 2.48% position first purchased in Q3 2011. The bulk of the current position was purchased in Q4 2011 at prices between $40.60 and $47.87. It was increased by around 10% this quarter at prices between $48 and $57 after having been increased by around 15% last quarter at prices between $48.17 and $53.24. The stock currently trades well above at $65. Buffett is bullish on DTV. Investors wishing to follow Buffett should wait for a better entry point.International Business Machines (IBM): IBM is Buffett’s third largest stake at 17.09% of the portfolio. The position was increased marginally this quarter. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through periodic purchases. The stock currently trades at around $203. Buffett is very bullish on IBM.National Oilwell Varco Inc. (NOV): NOV is a small 0.62% of the US long portfolio stake established in Q2 2012 at prices between $60 and $80.67. The position was increased by around 45% in Q3 2012 at prices between $64.40 and $84.83 and by ~27% last quarter at prices between $64.87 and $82.03. This quarter, the position was again increased by over 40% at prices between $66 and $75. The stock currently trades at around $68. The stake increase over several quarters indicates a bullish bias. For investors attempting to follow Buffett, NOV is a good option to consider.US Bancorp (USB): USB, a 2.45% stake has been in the portfolio since 2006. The stake was doubled in 2007 and since then has been reduced by around 15% overall. This quarter saw a marginal increase in the position. Berkshire’s cost-basis on USB is around $32 and the stock is trading just above that price at $34.Verisign Inc. (VRSN): VRSN was purchased last quarter at prices between $34.15 and $49.48. The position was more than doubled this quarter to a 0.45% position at prices between $38 and $48. It currently trades at $49.27. VRSN experienced a fleeting 20% price drop as a result of uncertainties regarding renewal of its .COM registry service contract with ICANN and Buffett probably took advantage of the price drop to build the original position.Wabco Holding (WBC): WBC is a small 0.35% of the US long portfolio stake that was increased by 155% last quarter at prices between $56.27 and $65.19. The stock currently trades outside that range at $77.57. The position was increased marginally this quarter.Wal-Mart Stores (WMT): WMT is a stake first purchased in 2005 that was built up to a 4.33% position. The position was increased by 4% this quarter at prices between $68 and $75. The stock currently trades at around $80. Berkshire’s overall cost-basis on the position is around $52.Wells Fargo & Co. (WFC): WFC is Buffett’s largest stake at 19.93% of the US long portfolio just ahead of Coca Cola (KO) which is at 19.03%. The position is being incrementally increased every quarter and the tradition continues with a 4% increase this quarter at prices between $34.66 and $38.20. The stock currently trades outside that range at $39.30. Buffett is very bullish on WFC and his overall cost-basis is around $24.Stake Decreases:Bank of New York Mellon Corp (BK): BK is a 0.62% of the US stock portfolio stake that was reduced by around 4% this quarter at prices between $26 and $29. The bulk of the position was purchased in Q2 2012 at prices between $19.51 and $24.67. The stock currently trades at $30.21. The minor stake reduction does not indicate a clear bias.Kraft Foods Group Inc. (KRFT) and Mondelez International (MDLZ): Buffett acquired KRFT and MDLZ shares last quarter due to the spin-off of Kraft Foods Inc. (KFT). The combined position was reduced by around two-thirds last quarter and the pattern continued this quarter as both positions were reduced again this quarter. Currently the two stakes together account for just 0.35% of the US long portfolio. The pattern of sales indicates a clear bearish bias toward both KRFT and MDLZ.Kept Steady:American Express (AXP), Coca Cola (KO), ConocoPhillips (COP), Moody’s Inc. (MCO), Phillips 66 (PSX), and Procter & Gamble (PG): These are large stakes representing more than $1B each that were kept steady during the last two quarters. Buffett is very bullish on all of these businesses. Berkshire’s cost-basis on AXP, KO, COP, MCO, PSX, and PG are around $8.50, $3.25, $50.53, $10, $32, and $6.40.Costco Wholesale (COST), General Motors (GM), Liberty Media Capital (LMCA), M&T Bank (MTB), USG Corporation (USG), Viacom (VIAB), and Washington Post (WPO): These are positions that are over 0.5% of the US long portfolio that were kept steady this quarter. Berkshire is bullish on these positions although the stakes are low on a relative basis.Deere & Company (DE), MasterCard Inc. (MA), Precision Castparts (PCP), Sanofi Aventis (SNY), Torchmark (TMK), and Visa Inc. (V): These are very small positions (0.2% to 0.5% of the US long portfolio) that were kept steady this quarter. The small stakes indicate a mild bullish bias.Gannett Inc. (GCI), General Electric (GE), GlaxoSmithKline (GSK), Johnson & Johnson (JNJ), Lee Enterprises (LEE), Media General (MEG), United Parcel Service (UPS), and Verisk Analytics (VRSK): These are minute positions (less than 0.2% of the US long portfolio) that were left untouched in the quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q1 2013:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q4 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 02/14/2013. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q3 2012.During Q4 2012 Berkshire’s (BRK.A) (BRK.B) US long stock portfolio remained almost steady at $75.3B. But the total number of holdings increased from 38 to 41. The new positions are Archer Daniels Midland (ADM), Kraft Foods Group Inc. (KRFT), Mondelez International (MDLZ), and Verisign Inc. (VRSN). Of these, KRFT and MDLZ were acquired as a result of Kraft Foods Inc. (KFT) spin-off. The majority of the existing positions were left untouched although there were some incremental purchases and a couple of minor sells. Buffett continues to hold a very concentrated portfolio with the largest five positions accounting for 72.87% of the portfolio.New stakes:Archer Daniels Midland (ADM) and Verisign Inc. (VRSN): These are very small positions established this quarter and together they account for just 0.41% of the portfolio. ADM was purchased at prices between $24.48 and $29.10. It currently trades just outside that range at $31.40. Buffett said in a that ADM is the kind of company he would be interested in. The purchase, although minor is consistent with that comment - it will be interesting to see whether he will build on this position in the coming quarters. VRSN was purchased at prices between $34.15 and $49.48. It currently trades at $45.67. VRSN experienced a fleeting 20% price drop as a result of uncertainties regarding renewal of its .COM registry service contract with ICANN.Kraft Foods Group Inc. (KRFT) and Mondelez International (MDLZ): Buffett acquired KRFT and MDLZ shares this quarter due to the spin-off of Kraft Foods Inc. (KFT). The spin-off (date of distribution - 10/1/2012) worked as follows: KFT was renamed as MDLZ. As a result, former shareholders of KFT received one share of MDLZ for every share of KFT held. KRFT was spun-off based on a distribution ratio of one share of KRFT for every three shares of MDLZ. As a result, former KFT shareholders also received one share of KRFT for every three shares of KFT held prior to the spin-off. The combined position was reduced by around two-thirds during the quarter. The original KFT position was reduced by 50% in the last quarter as well. Currently the two stakes together account for 0.53% of the US long portfolio. The pattern of sales indicates a clear bearish bias toward both KRFT and MDLZ.Stake Disposals:None.Stake Increases:DaVita Inc. (DVA): DVA is a 2% of the US stock portfolio position that was aggressively built-up over several quarters: the stake was doubled in Q1 2012, increased by over 50% in Q2 2012, and by an additional 24% this quarter. The original position was purchased in Q4 2011 at prices between $60.64 and $76.81. The large stake increase in Q1 2012 and Q2 2012 happened at prices between $75.81 and $98.21. The stock traded between $103 and $115 this quarter and it currently trades outside that range at $120. The company is the dominant player in the dialysis business in the US and Buffett is very bullish on the stock.DIRECTV (DTV) & Liberty Media Capital (LMCA): DTV is a 2.27% position first purchased in Q3 2011. The bulk of the current position was purchased in Q4 2011 at prices between $40.60 and $47.87. It was increased by around 15% this quarter at prices between $48.17 and $53.24. The stock currently trades near the mid-point of that price range at $50.21. LMCA is a 0.87% of the US long portfolio first purchased in Q4 2011 at prices between $61.11 and $79.67 and has since been aggressively built-up over several quarters against rising prices. The stake was increased marginally this quarter. Buffett is bullish on both DTV and LMCA. For investors wishing to follow Buffett, these two stocks are good options to consider for further research.General Motors (GM): GM is a 0.96% of the US long portfolio stake that was increased by two-thirds this quarter at prices between $22.75 and $28.83. It was increased by 50% last quarter as well at prices between $18.80 and $24.80. The original position was purchased in Q1 2012 at prices between $21.05 and $27.34. The stock currently trades at around $27.75. The stake increase over several quarters represents a bullish bias.International Business Machines (IBM): IBM is Buffett’s third largest stake at 17.32% of the portfolio. The position was increased marginally this quarter. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through purchases. During the quarter, the stock traded between $185 and $211 and it currently trades at around $200. Buffett is very bullish on IBM.National Oilwell Varco Inc. (NOV): NOV is a small 0.48% of the US long portfolio stake established in Q2 2012 at prices between $60 and $80.67. The position was increased by around 45% last quarter at prices between $64.40 and $84.83. The ~27% stake increase this quarter happened at prices between $64.87 and $82.03. The stock currently trades at around $70. The stake increase over several quarters indicates a bullish bias. For investors attempting to follow Buffett, NOV is a decent option to consider.Precision Castparts (PCP) & Wabco Holding (WBC): PCP and WBC are small stakes established last quarter representing 0.50% and 0.35% respectively of the US long portfolio. The PCP stake was increased by around 60% this quarter at prices between $170 and $190. The stock currently trades at around $185. The WBC stake was increased by 155% this quarter at prices between $56.27 and $65.19. The stock currently trades outside that range at $68.66. The stake build-up indicates a bullish bias toward both these companies.Wal-Mart Stores (WMT): WMT is a stake first purchased in 2005 that was built up to a 4.30% position. The position was marginally increased this quarter at prices between $67.61 and $77.15. The stock currently trades at around $71.Wells Fargo & Co. (WFC): WFC has become Buffett’s largest stake at 19.96% this quarter edging out Coca Cola (KO) which is at 19.25%. The position is being incrementally increased every quarter and the tradition continues with a 4% increase this quarter at prices between $31 and $36. The stock currently trades at around $35. Buffett is very bullish on WFC.Stake Decreases:Johnson & Johnson (JNJ) & Lee Enterprises (LEE): These are very small positions that were further reduced this quarter. The stake reductions indicate a mild bearish bias.Kept Steady:Procter & Gamble (PG), General Electric (GE), United Parcel Service (UPS), Verisk Analytics (VRSK), Visa Inc. (V), ConocoPhillips (COP) & US Bancorp (USB): These positions were reduced last quarter but kept steady this quarter. PG, COP, and USB are fairly large stakes (around 2% or more) that were reduced over multiple quarters. GE and UPS are minute positions (less than 0.1%) while VRSK and V are bit larger (less than 0.35%). The lack of activity this quarter does not indicate any clear bias.Viacom (VIAB): VIAB is a 0.53% of the US stock portfolio stake that was established in Q1 2012 at prices between $45.41 and $49.38. It was increased by over 325% in Q2 2012 at prices between $45.66 and $49.02. It was kept steady this quarter and was marginally increased last quarter. The stock currently trades at around $59.95.Bank of New York Mellon Corp (BK): BK is a 0.67% of the US stock portfolio stake that was more than tripled in Q2 2012 at prices between $19.51 and $24.67. The position was marginally increased last quarter at prices between $20.40 and $23.71 and was kept steady this quarter. The stock currently trades outside that range at around $28.Deere & Company (DE) and Media General (MEG): DE and MEG are very small stakes established last quarter representing 0.46% and 0.03% respectively of the US long portfolio. For MEG, the stake is significant as it represents around 17% of the outstanding shares.American Express (AXP), Coca Cola (KO), and Moody’s Inc. (MCO): These are large stakes representing more than $1B each that were kept steady during the last two quarters. Buffett is very bullish on all three of these businesses.Costco Wholesale (COST), M&T Bank (MTB), Washington Post (WPO), Gannett Inc. (GCI), General Dynamics (GD), GlaxoSmithKline (GSK), MasterCard Inc. (MA), Phillips 66 (PSX), Sanofi Aventis (SNY), Torchmark (TMK), and USG Corporation (USG): These are smaller positions that were left untouched in the quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q4 2012:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q3 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 11/14/2012. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q2 2012.During Q3 2012 Berkshire’s (BRK.A) (BRK.B) US long stock portfolio increased marginally from $74.3B to $75.3B. The total number of holdings increased from 37 to 38 this quarter. The new positions are Deere & Company (DE), Media General (MEG), Precision Castparts (PCP) and Wabco Holding (WBC). Combined, they account for less than 1% of the US long portfolio. Stake eliminations were CVS Caremark Corp. (CVS), Dollar General (DG), and Ingersoll-Rd (IR). This was a fairly active quarter with minor adjustments made to several positions along with a few big changes - only 16 of the 38 stocks in the portfolio remained steady this quarter. As with the last quarter, the largest five positions and their allocations remained steady. Combined, they account for around 75% of the overall portfolio value.New stakes:Deere & Company (DE), Media General (MEG), Precision Castparts (PCP), & Wabco Holding (WBC): DE, MEG, PCP, and WBC are very small stakes established this quarter representing 0.44%, 0.03%, 0.27%, and 0.12% respectively of the US long portfolio. For MEG, the stake is significant as it represents around 17% of the outstanding shares. The rest of the positions are too minute to indicate a clear bias.Stake Disposals:CVS Caremark Corp. (CVS), Ingersoll-Rd (IR): These are smaller positions that were reduced last quarter and were eliminated this quarter. The stake eliminations indicate a bearish bias. Buffett purchased the CVS stake in Q3 2011 when the price-per-share varied between $32.06 and $38.54. The stake was reduced by around 20% last quarter at prices between $43.25 and $46.73. The stake elimination this quarter occurred at prices between $44.12 and $48.61. Currently, the stock trades at around $45.41. IR was a long-term stake purchased in 2006 that was reduced by more than 90% last quarter before the elimination this quarter.Dollar General (DG): DG position was reduced by around 10% last quarter and was eliminated this quarter. The original position was built during Q2 2011 and Q3 2011 at prices between $30.40 and $38.07. The stake elimination this quarter happened at prices between $48.54 and $55.60. The stock currently trades at $47.18. The stake elimination this quarter indicates a bearish bias.Stake Increases:Bank of New York Mellon Corp (BK): BK is a 0.59% of the US stock portfolio stake that was more than tripled last quarter at prices between $19.51 and $24.67. The position was marginally increased this quarter at prices between $20.40 and $23.71. The stock currently trades at around $23.54. BK has been a minute presence in the portfolio since 2010. But, in the last three quarters, the position was increased substantially. Buffett is bullish on this stock and it is trading just within the price range Buffett could have bought it at. For investors attempting to follow Buffett, BK is a good option to consider.DaVita Inc. (DVA): DVA is a 1.4% of the US stock portfolio position that was aggressively built-up over the last few quarters: the stake was doubled in Q1 2012 and was increased by over 50% last quarter. The position is still being built up as there was a marginal increase in the number of shares this quarter. The original position was purchased in Q4 2011 at prices between $60.64 and $76.81. The stake doubling in Q1 2012 happened at prices between $75.81 and $90.17. The stock traded between $80.23 and $98.21 last quarter and between $94.80 and $103.61 this quarter. It currently trades well outside that range at $112. The company is the dominant player in the dialysis business in the US and Buffett is very bullish on the stock.International Business Machines (IBM): IBM is Buffett’s third largest stake at around 18.59%. The position was increased by around 3.5% this quarter. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position size has gone up by around 19% through purchases every quarter. This quarter, the position was marginally increased at prices between $183.05 and $207.45. The stock currently trades at around $185. Buffett is very bullish on IBM.Wells Fargo & Co. (WFC): WFC is Buffet’s second largest stake at around 19.37%. The position is being incrementally increased every quarter and the tradition continues with an over 2.8% increase this quarter. Buffett is very bullish on WFC.DIRECTV (DTV) & Viacom (VIAB): DTV is a 2.06% position first purchased in Q3 2011. It has since been built-up over several quarters. The bulk of the position was purchased in Q4 2011 at prices between $40.60 and $47.87. The stock currently trades just outside that range at $48.24. VIAB was a minute ~0.1% of the US stock portfolio stake that was established Q1 2012 at prices between $45.41 and $49.38. It was increased by over 325% last quarter at prices between $45.66 and $49.02. This quarter, the position was marginally increased at prices between $45.28 and $55.20. The stock currently trades at around $48. Buffett has a clear bullish bias toward large media companies.National Oilwell Varco Inc. (NOV): NOV is a very small 0.45% of the US long portfolio stake established last quarter at prices between $60 and $80.67. The position was increased by around 45% this quarter at prices between $64.40 and $84.83. The stock currently trades at around $70. The position is still very small but the stake increase indicates a mild bullish bias. For investors attempting to follow Buffett, NOV is a decent option to consider.General Motors (GM): GM is 0.45% of the US long portfolio stake that was increased by 50% this quarter at prices between $18.80 and $24.80. The original position was purchased in Q1 2012 at prices between $21.05 and $27.34. The stock currently trades at around $24. The stake increase represents a mild bullish bias.Stake Decreases:Kraft Foods Group (KRFT): Buffett acquired KRFT shares this quarter due to the spin-off of Kraft Foods Inc. (KFT). He also increased the position by 50% in the $45 price-range. The position increase indicates a clear bullish bias. The stock currently trades at $44.34. For investors attempting to follow Buffett, KRFT is a very good option to consider. Buffett appears to have disposed-off the shares of Mondelez International (MDLZ) that was part of the spin-off. The disposal indicates a bearish bias toward MDLZ.The spin-off worked as follows: KFT was renamed as MDLZ. As a result, former shareholders of KFT received one share of MDLZ for every share of KFT held. KRFT was spun-off based on a distribution ratio of one share of KRFT for every three shares of MDLZ. As a result, former KFT shareholders also received one share of KRFT for every three shares of KFT held prior to the spin-off.Johnson & Johnson (JNJ): JNJ was a ~1% of the US long portfolio position that was reduced to an insignificant stake this quarter at prices between $67.21 and $69.53. The stock currently trades at around $69.20. The stock has been in the portfolio since 2006 and the large stake reduction indicates a clear bearish bias.Procter & Gamble (PG): PG is a 4.86% of the US long portfolio stake that was reduced by around 10% this quarter at prices between $61.19 and $69.76. The stock currently trades at $66.53. Buffett had over 75M shares of PG as of Q1 2012, but the stake has been reduced consistently since then to just over 50M shares as of this quarter. The original stake was a 100M share position established in 2005. The stake reduction indicates a bearish bias.General Electric (GE), United Parcel Service (UPS), Verisk Analytics (VRSK), Visa Inc. (V), & Lee Enterprises (LEE): These are small positions that were incrementally reduced this quarter. The stake reductions indicate a mild bearish bias.ConocoPhillips (COP) & US Bancorp (USB): These are larger positions (~2% each) that were reduced by around 10% this quarter. The stake was reduced by roughly the same percentage last quarter as well. The consistent stake reductions indicate a mild bearish bias.Kept Steady:American Express (AXP), Coca Cola (KO), Moody’s Inc. (MCO), & Wal-Mart Stores (WMT): These are large stakes representing more than $1B each that were kept steady during the quarter. WMT is a newer stake first purchased in 2005 while the others have been in the portfolio for more than a decade. WMT stake was built up to an almost 4% position as of Q1 2012, but since then the position has been kept steady. WMT is poised to become a top-five position of Buffett in the coming quarters.Costco Wholesale (COST), M&T Bank (MTB), Washington Post (WPO), Gannett Inc. (GCI), General Dynamics (GD), GlaxoSmithKline (GSK), Liberty Media Capital (LMCA), MasterCard Inc. (MA), Phillips 66 (PSX), Sanofi Aventis (SNY), Torchmark (TMK), and USG Corporation (USG): These are smaller positions that were left untouched in the quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q3 2012:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q2 2012 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to Berkshire Hathaway’s US stock portfolio on a quarterly basis. It is based on Warren Buffett’s regulatory filed on 08/14/2012. Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the moves during Q1 2012.During Q2 2012 Berkshire’s US long stock portfolio decreased marginally from $75.3B to $74.3B. The total number of holdings increased from 35 to 37 this quarter. The new positions are Lee Enterprises (LEE), National Oilwell Varco (NOV), and Phillips 66 (PSX). The small stake in Intel Corporation (INTC) was eliminated in the quarter. Compared to last quarter when the majority of the positions (23 out of 35) were left untouched, there were a lot more adjustments this quarter - only 14 of the 37 stocks in the portfolio remained steady this quarter. Even so, the largest five positions and their allocations remained steady. Combined they account for just below 75% of the overall portfolio value.New stakes:Phillips 66 (PSX): PSX is a 1.2% of the US long stock portfolio stake that Berkshire received this quarter as a result of the spin-off from ConocoPhillips (COP). PSX began trading on May 1, 2012 and is up over 23% since that time. The spin-off ratio was one share of PSX for every two shares of COP. Buffett is very bullish on PSX as he has roughly doubled his original stake since the spin-off at prices between $29.35 and $34.90. The stock currently trades at around $40, well outside the range Buffett could have bought the new stake at. Investors attempting to follow Buffett will have to wait for a better entry-point.National Oilwell Varco Inc. (NOV): NOV is a very small 0.25% of the US long portfolio stake established this quarter at prices between $60 and $80.67. The stock currently trades at around $76.50. The stake is very minor and does not indicate a clear bias.Lee Enterprises (LEE): LEE is a miniscule investment established this quarter. Buffett has investments in other newspapers as well, most recently acquiring a number of publications from Media General (MCY). LEE emerged from bankruptcy earlier this year. Although the sector is in deep trouble, Buffett is very interested in the area. He believes newspapers can thrive if they shift their focus to local content - reporting on national and international themes is a losing game for newspapers as there is much more competition from other media in those areas.Stake Disposals:Intel Corporation (INTC): INTC was a ~0.3% of the US long stock portfolio stake first purchased in Q3 2011 at prices between $19.19 and $23.3. The stake was increased by almost a quarter in Q4 2011 at prices between $20.62 and $25.66. The last two quarters saw a complete about-turn: Buffett sold one-third of his position last quarter at prices between $24.25 and $28.88 and eliminated the position this quarter at prices between $25.04 and $29.18. The stock currently trades at around $26. The about-turn indicates a clear bearish bias.Stake Increases:International Business Machines (IBM): IBM is Buffett’s third largest stake at around 17.5%. The position was increased by around 3.5% this quarter. The original stake was purchased in Q3 2011 at prices between $157.54 and $185.21. Since then, the position has gone up by around 18% through purchases every quarter. The stock currently trades at around $198. Buffett is very bullish on IBM.Wells Fargo & Co. (WFC): WFC is Buffet’s second largest stake at around18.5%. The position is being incrementally increased every quarter and the tradition continues with an over 4% increase this quarter. Buffett is very bullish on WFC.DIRECTV (DTV), Liberty Media Capital (LMCA), & Viacom (VIAB): DTV is a 1.9% position first purchased in Q3 2011. It has since been built-up over several quarters. The bulk of the position was purchased in Q4 2011 at prices between $40.60 and $47.87. The stock currently trades at around $51.50. LMCA was a petite 0.35% stake first purchased in Q4 2011 at prices between $61.11 and $79.67. It was increased by ~75% last quarter at prices between $78 and $90. During this quarter, Buffett roughly doubled his stake at prices between $79.67 and $90.17. The position now represents around 0.65% of the portfolio. The stock currently trades at around $100. VIAB was a minute ~0.1% of the US stock portfolio stake that was established last quarter at prices between $45.41 and $49.38. It was increased by over 325% this quarter at prices between $45.66 and $49.02. The stock currently trades at around $49.64. Buffett has a clear bullish bias toward large media companies but these stocks are currently trading above the ranges Buffett could have bought them at.DaVita Inc. (DVA): DVA is a 1.2% of the US stock portfolio position that is being aggressively built-up. The stake was doubled last quarter and was increased by over 50% this quarter. The original position was purchased in Q4 2011 at prices between $60.64 and $76.81. The stake doubling last quarter happened at prices between $75.81 and $90.17. The stock traded between $80.23 and $98.21 this quarter and it currently trades at around $98.13. The company is the dominant player in the dialysis business in the US and Buffett is very bullish on the stock.Bank of New York Mellon Corp (BK): BK is a 0.55% of the US stock portfolio stake that was more than tripled this quarter at prices between $19.51 and $24.67. The stock currently trades at around $22. BK has been a minute presence in the portfolio since 2010. But, in the last two quarters, the position was increased substantially. Buffett is bullish on this stock and it is trading within the price range Buffett could have bought it at. For investors attempting to follow Buffett, BK is a very good option to consider.Stake Decreases:Johnson & Johnson (JNJ), Kraft Corporation (KFT), & Procter & Gamble (PG): These are large positions that were trimmed substantially during the quarter. JNJ was held steady last quarter but the other two stocks were reduced substantially in the last quarter as well. The position sizes and the large stake reductions indicate a clear bearish bias.CVS Caremark Corp. (CVS), General Electric (GE), Ingersoll-Rd (IR), United Parcel Service (UPS), Verisk Analytics (VRSK), & Visa Inc. (V): These are smaller positions that were reduced by well over 10% this quarter. The stake reductions indicate a mild bearish bias.ConocoPhillips (COP), Dollar General (DG), & US Bancorp (USB): These positions were reduced marginally (less than 10%) this quarter. The minor stake reductions do not indicate a clear bias. The DG position was reduced substantially last quarter and so the further reduction this quarter indicates a mild bearish bias.Kept Steady:American Express (AXP), Coca Cola (KO), Moody’s Inc. (MCO), & Wal-Mart Stores (WMT): These are large stakes representing more than $1B each that were kept steady during the quarter. WMT is a newer stake first purchased in 2005 while the others have been in the portfolio for more than a decade. WMT stake was built up to an almost 4% position as of last quarter but was kept steady this quarter. The position is poised to become one of Buffett’s coveted top-five positions if the pattern of selling in PG shares continues for another quarter.Costco Wholesale (COST), M&T Bank (MTB), Washington Post (WPO), Gannett Inc. (GCI), General Dynamics (GD), General Motors (GM), GlaxoSmithKline (GSK), MasterCard Inc. (MA), Sanofi Aventis (SNY), Torchmark (TMK), and USG Corporation (USG): These are smaller positions that were kept steady this quarter.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q2 2012:"

"Tracking Warren Buffett’s Berkshire Hathaway Portfolio – Q1 2012 Update"

"This article is part of a series that provide an ongoing analysis of the changes made to Berkshire Hathaway’s stock portfolio on a quarterly basis. During Q1 2012 Berkshire’s US stock portfolio increased in size by 13.83% - from $66.15B to $75.30B. Buffett established two new stakes this quarter which combined account for a modest 0.5% of the portfolio. The growth in size of the US stock portfolio is a combination of portfolio performance and new money additions – the S&P 500 index grew almost 12% during the period. Consistent with Buffett’s strategy of holding on to positions for a very long time, majority (23 out of 35) of the positions were left untouched. The other positions were only slightly adjusted.New stakes:General Motors (GM): GM, a very small stake (~0.3% of the US stock portfolio), was established this quarter when the price-per-share varied between $20.27 and $27.34. Currently the stock trades at around $21, near the low-end of the range were Buffett could have bought it. However, the stake is too small to specify clearly a bullish bias.Viacom (VIAB): VIAB, a petite stake (~0.1% of the US stock portfolio), was established this quarter when the price-per-share varied between $45.41 and $49.38. Currently the stock trades at around $47. The stake is also too minuscule to indicate a bias.Stake Disposals:Comdisco Holding (CDCO): CDCO, an insignificant stake (~0.015%), was disposed this quarter. The stock had figured in the portfolio since it emerged from bankruptcy in 2002 – the CDCO debt Buffett owned then was converted to equity.Stake Increases:Bank of New York Mellon Corp (BK): BK, a 0.2% of the US stock portfolio stake that has been a presence in the portfolio since 2010, was increased by over 200% this quarter when the price-per-share varied between $19.91 and $24.51. The stock currently trades at ~$21. Even though the stake is still little, the share count has more than tripled. It is likely Buffett is on track towards building a position and the activity shows a mild bullish bias. For investors attempting to shadow Buffett, BK is a good stock to consider.DaVita Inc. (DVA): DVA, a 0.7% of the US stock portfolio position purchased in Q4 2011 when the price-per-share varied between $60.64 and $76.81, was more than doubled this quarter when the price-per-share varied between $75.81 and $90.17. The stock currently trades at ~$82. The company is the dominant player in the dialysis business in the US. A whistle-blower lawsuit against the company alleging fraud by two former employees was allowed to proceed early March.DIRECTV (DTV): DTV, a significant 1.5% stake established in Q3 2011, was increased this quarter by ~10% when the price-per-share varied between $42.18 and $49.49. The bulk of the stake was built in Q4 2011 when the price-per-share varied between $40.60 and $47.87. The stock currently trades at $46.98 which is within the range Buffett could have bought it at. Buffett has a clear bullish bias toward large media companies and the DTV stake increase endorses that bias.International Business Machines (IBM): IBM, a huge ~18% stake purchased initially in Q3 2011 when the price-per-share varied between $157.54 and $185.21, was increased by 10% in Q4 2011 and marginally again this quarter. The stock currently trades at $199. Buffett is extremely upbeat on IBM.Liberty Media Capital (LMCA): LMCA, a petite 0.35% stake established in Q4 2011 when the price-per-share varied between $61.11 and $79.67, was increased by ~75% this quarter when the price-per-share varied between $78 and $90. The stock currently trades at around $84. LMCA is another instance of a large media company that Buffett is building a stake in.Wal-Mart Stores (WMT): WMT, a significant 3.8% stake picked up first in 2005 and doubled in 2009, was improved by ~20% this quarter when the price-per-share varied between $58.5 and $62.5. The stock currently trades at around $59. The stake increase illustrates a strong bullish bias. For investors attempting to follow Buffett, WMT is a good option.Wells Fargo Bank (WFC): WFC, a substantial ~18% stake, was increased by ~3% in Q4 2011. WFC, one of Buffet’s favorite holdings, is being incrementally increased every quarter.Stake Decreases:Dollar General (DG): DG, a 2% stake initiated in Q2 2011 and bulked up in Q3 2011 when the price-per-share varied between $30 and $38, was reduced by almost 25% this quarter when the price-per-share varied between $40.37 and $47.26. The stake reduction indicates a mild bearish bias.Intel Corporation (INTC): INTC, a ~0.3% stake purchased initially in Q3 2011 when the price-per-share varied between $19.19 and $23.23, was increased by 23% in Q4 2011 when the price-per-share varied between $20.62 and $25.66. This was reduced by one-third this quarter when the price-per-share varied between $24.25 and $28.28. This reduction indicates a mild bearish bias.Kraft (KFT): KFT holdings were decreased by 10% this quarter. This follows a pattern of incremental stake reduction across several quarters – the position was reduced by 3.1% in Q4 2011 and by 10% in Q3 2011. Berkshire Hathaway’s stake in KFT peaked at 138M shares in Q4 2009 and the current stake, valued at ~4% of the portfolio, stands at 78M shares (43.5% decline). Buffett is definitely bearish on Kraft.Procter & Gamble (PG): PG, a large 6.5% stake, was reduced by ~4.5% this quarter when the price-per-share varied between $62.77 and $67.62. The stock currently trades at $63.72. PG has been in the portfolio since 2005 when Buffett owned 100M shares. The share ownership now stands at 26.75% lower at 73.25M shares. The minor stake reduction this quarter does not indicate a bias.US Bancorp (USB): USB, a 2.9% stake, was reduced by a pittance (100 shares) this quarter. USB has been in the portfolio since 2006. The stake was doubled in 2007 and since then has been held relatively steady. The relatively large stake indicates a bullish bias.Verisk Analytics (VRSK): VRSK, a very small 0.15% stake first purchased in Q2 2011 and doubled in Q3 2011, was decreased by ~20% in Q4 2011 and again by another 35% this quarter. Since the lows of Q2 2011, the price-per-share has increased by ~50%. The stake reductions indicate a mild bearish bias.The rest of the positions have held steady during the quarter.CVS Caremark Corp (CVS), General Dynamics (GD), and Visa (V) were small positions (<0.5% each) that were increased by ~25% each in Q4 2011 but did not see further growth this quarter. Combined, those positions tracked the market very well – V outperformed, GD underperformed, and CVS tracked the market.JNJ, a 2.5% stake reduced by almost a quarter in Q4 2011, was left untouched this quarter. JNJ share price stayed flat during Q1 2012 and that compares to the 12% return in the S&P 500 index.The spreadsheet below highlights changes to Berkshire Hathaway’s US stock holdings in Q1 2012:Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the fund’s moves during Q4 2011.02/15/2012"

"Tracking Berkshire Hathaway Portfolio – Q4 2011 Update - EDITED"

"This series of articles are an ongoing analysis of the changes made to Berkshire Hathaway’s stock portfolio on a quarterly basis. The spreadsheet below highlights changes to Berkshire Hathaway’s stock holdings in Q4 2011:In this quarter ’s US stock portfolio increased in size by 11.78% - from $59.2B to $66.2B. Unlike the previous quarter when Warren Buffett invested over $11B in new stakes, this quarter saw only a modest $336M investment in brand new stakes. The growth in the US stock portfolio size can be attributed mainly to the increase in share prices as the performance roughly paralleled the S&P 500 index which returned ~11% during the quarter. In keeping with his tradition of holding shares for the very long-term, majority (22 out of 34) of the holdings was left untouched and the remaining ones were only modestly adjusted.New stakes:Da Vita Inc. (DVA): DVA, a diminutive position (0.3% of the stock portfolio) initiated this quarter when the price-per-share varied between $60.64 and $76.81, is trading currently at $84.75. The company dominates the dialysis business in the with over 1600 such centers across the country. This pick is slightly unusual as DVA is the subject of a lawsuit that questions the company’s business practices on ethical grounds. The whistle-blower lawsuit filed by two former employees (Daniel Barbin, a former nurse and Dr. Alon Vainer, a medical director at Da Vita) allege DVA illegally received hundreds of millions of dollars from the Medicare program by systematically requiring nurses to use higher dosage vials of medicines (iron, vitamins, etc); thereby wasting what is not used. Investors attempting to follow Buffett are better off giving the stock a miss as it is trading well above the price range Buffett could have bought it at.Media Capital (LMCA): LMCA, a petite position (0.2% of the stock portfolio) initiated this quarter when the price-per-share varied between $61.11 and $79.67, is trading currently at $85.59. LMCA is a media conglomerate with interests in a number of businesses including SiriusXM, LiveNation, Barnes & Noble, Time Warner, Viacom, Starz, The Atlanta Braves organization, etc. Here again, the tiny stake is trading outside the range Buffett could have bought it at leading investors to adopt a wait-and-see approach for the time being.Stake Disposals:Exxon Mobil (XOM): XOM, a minute position (0.05% of the stock portfolio) initiated in Q3 2009 when the price-per-share varied between $65.12 and $72.29, was finally disposed off this quarter. In Q4 2011, the price-per-share varied between $71.15 and $81.88 allowing Buffett only modest annual gains even in the best case scenario. As the stake was small, the disposal does not indicate a bearish bias to XOM or the energy sector, in general. In fact, Berkshire Hathaway holds a sizable 3.2% position in ConocoPhilips (COP). Buffett trimmed his position from a peak of 80M shares (Q4 2008) to the current share count of ~29M shares over the last few years. However, the position was held steady in Q4 2011 and an insignificant amount (700 shares) were sold in Q3 2011. Buffett is still fairly bullish on COP.Stake Increases:CVS Caremark Corp (CVS): CVS, a small position (~0.5% of the stock portfolio) initiated in Q3 2011 when the share price varied between $32.06 and $38.54, was upped in Q4 2011 by around 25% when the price-per-share varied between $32.97 and $39.24. The investment is still very small but is significant as Buffett enlarged the stake by a sizable amount. The stock is currently trading at $43.38, well above the range Buffett could have bought it at. Given the bullish bias, for investors attempting to follow Buffett, CVS definitely commands a position in the watch-list for possible purchase should the valuation come down.DIRECTV (DTV): DTV, a significant ~1.5% stake initiated in Q3 2011 when the price-per-share varied between $41.02 and $53.08, was almost quadrupled in Q4 2011 when the price-per-share varied between $40.60 and $47.87. The stock currently trades at $45.85 which is within the range Buffett could have bought it at. Buffett harbors a bullish bias on media companies and that is evident with DTV too. For investors attempting to follow Buffett, DTV is a good option.General Dynamcis (GD): GD, a ~0.4% stake first purchased in Q3 2011 when the price-per-share varied between $55.87 and $75.81, was upped by 25% in Q4 2011 when the price-per-share varied between $55.67 and $66.50. The stock currently trades at $70.16. The purchase appears to be a strict value play as projected defense spending cuts caused the share-price to drop significantly. As the stake is minor, it does not indicate a clear bullish bias.Intel Corporation (INTC): INTC, a ~0.4% stake first purchased in Q3 2011 when the price-per-share varied between $19.19 and $23.23, was upped by 23% in Q4 2011 when the price-per-share varied between $20.62 and $25.66. The stock currently trades at $26.78. The INTC stake along with the large stake in IBM form Buffett’s foray into technology companies. This move is significant as it is indicative of Buffett’s bullish take on large technology companies.International Business Machines (IBM): IBM, a very large ~18% stake first purchased in Q3 2011 (the biggest stake that Berkshire Hathaway has built up in 2011) when the price-per-share varied between $157.54 and $185.21, was upped by ~10% in Q4 2011 when the price-per-share varied between $173.29 and $194.56. The stock currently trades at $192.22. It is palpable Buffett is extremely bullish on IBM and is finding value in the large technology space.Visa Inc. (V): V, a ~0.4% stake first purchased in Q3 2011 when the price-per-share varied between $79.24 and $92.84, was upped by 25% in Q4 2011 when the price-per-share varied between $84.26 and $103.15. The stock currently trades at $115.24. Warren Buffett has always been partial to credit card companies with stakes in American Express (large ~11% stake) and Mastercard (~0.2% stake). Hence, despite the very small stake in V, it signifies his bullish bias.Wells Fargo Bank (WFC): Berkshire Hathaway’s stake in WFC was increased by ~6% in Q4 2011. The stake is huge and accounts for 16% of the stock portfolio. WFC is one of Buffet’s favorite holdings and he has consistently expanded his position over the last decade.Stake Decreases:Johnson & Johnson (JNJ): JNJ holdings were decreased further by ~23% in Q4 2011 following the ~10% decrease in Q3 2011. Buffett’s stake is still valued at around 2.9% of the portfolio. JNJ was first purchased in 2006 and the stake was increased significantly in 2010. The about-turn in the last two quarters indicates a clear bearish bias.Kraft (KFT): KFT holdings were decreased by a very modest 3.1% in Q4 2011 following the 10% decrease in Q3 2011. The stake is still valued at ~5% of the portfolio. Berkshire Hathaway’s stake in KFT peaked at 138 million shares in Q4 2009 and the current stake stands at 87M shares (37% decline). Buffett definitely has a bearish bias on Kraft. However, his slow rate of disposal in the last quarter is masking his bias regarding the .Verisk Analytics (VRSK): VRSK is a very small 0.2% stake that was decreased by ~20% in Q4 2011 when the price-per-share varied between $33.06 and $40.13. The stake was first purchased in Q2 2011 and was doubled in Q3 2011. The price-per-share varied between $32.61 and $34.91 during the period.The rest of the positions have remained unchanged during the quarter. The portfolio had a steady performance largely in line with the overall market with just a couple of small positions providing large returns – Gannett Inc. (GCI), a very small ~0.03% position increased roughly 50% regaining most of the losses from the previous quarter and USG Corporation (USG), a small ~0.25% position increased more than 50% but still did not recoup the losses from the previous quarter. The share currently trades at $14.01, a stunning ~40% return in the last 45 trading days.Please visit our article series for an idea on how his holdings have progressed over the years and highlighting the fund’s moves during Q3 2011."

"Tracking Bill Ackman’s Pershing Square 13F Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 8/14/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2023.Ackman’s 13F portfolio value increased from ~$10.22B to ~$10.82B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~49% of the total portfolio value: Chipotle Mexican Grill, Restaurant Brands, and Lowes Companies.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they compounded at ~50% in the three years through 2021. For 2022, they were down 9.1% and for 2023 through August 15, 2023, they are up 13.1%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16.1% compared to ~9.4% for the S&P 500 index.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $37.79 per share compared to NAV of $58.53.Note 2: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at €23.21.To learn more about Bill Ackman, check-out the book “”.Stake Increases:Alphabet Inc. (GOOG): GOOG is a 12.91% of the portfolio position purchased from early March in the low-90s price range. There was a ~13% stake increase this quarter at prices between ~$104 and ~$128. The stock currently trades above those ranges at ~$136.Hilton Worldwide Holdings (HLT): The 12.56% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. Q1 2022 saw a ~20% selling at prices between ~$129 and ~$158. The stock currently trades at ~$148. There was a ~7% trimming last quarter and a marginal increase this quarter.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back into the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Howard Hughes Corp (HHH): HHH is now a ~12% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. Q4 20222 saw another ~17% stake increase at an average cost of ~$72 per share. The stock is currently at $77.81. There was a minor increase in the last two quarters.Stake Decreases:Chipotle Mexican Grill (CMG): CMG is the largest 13F position at ~19% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Q3 2021 saw a ~3% increase at ~$1910 per share. There was a ~14% trimming over the last two quarters at prices between ~$1364 and ~$2139. The stock currently trades at ~$1967.Restaurant Brands International (QSR): The QSR stake is a large (top three) ~17% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters through Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds through forward contracts at $44.20 cost-basis. The stock currently trades at $67.42. There was a minor ~4% trimming this quarter.Lowes Companies (LOW): LOW is currently at 15.58% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 saw a ~20% selling at prices between ~$136 and ~$211. That was followed by a ~25% reduction this quarter at prices between ~$199 and ~$226. The stock currently trades at ~$234.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Canadian Pacific Railway (CP): CP is a 11.27% of the portfolio position. A small stake was purchased in Q4 2021 at prices between ~$64.50 and ~$78. The current position was built during Q3 2022 at prices between ~$67 and ~$83. The stock currently trades at ~$77. The last quarter saw a marginal increase while this quarter saw minor trimming.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.70 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their 2023 Interim Report had the following regarding Fannie/Freddie: “In our view, Fannie Mae and Freddie Mac remain valuable perpetual options on the companies’ exit from conservatorship. ... We believe that it is simply a matter of when, not if, Fannie and Freddie will be released from conservatorship.”The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q1 2023 and Q2 2023.Info from Annual Report/Presentation and May Performance Report – Performance – 2.5% vs 8.86% for 2023. Interest Rate Swaptions Single name and Sovereign CDS exposure is now Zero. SPARC – to begin search for a transaction once the registration statement becomes effective – fifth amendment to the registration statement filed. UMG – 15% revenue growth averaging ahead of targets – digital streaming (Amazon, Apple, etc.) raising prices – renewals could provide more opportunity. LOW - 15x PE is low – has line of sight to $20 EPS over medium term. CMG – pricing power intact and it expanded margins in 2022. QSR – Patrick Doyle new CEO for Domino’s. HLT – inexpensive multiple in light of its long-term earnings growth prospects. HHC – purchased 2.3M shares in Q4 2022 at average price of $72 – now owns 32% of company – MPC focused on states with in-migration – Texas & Nevada. Fannie/Freddie – confident in long-term value despite adverse court rulings effectively ending shareholder litigation – believe re-privatization is an eventuality, but may take some time. CP – With Kansas City Southern acquisition, it will have the only direct route from Canada to Mexico – significant revenue and cost synergies – likely beneficiary of deglobalization and North American onshoring – trading at meaningful discount to intrinsic value.Regulatory filings from 2/13/2023 to 6/7/2023: Form 4 – HHC – 6/2 – 52.5K shares at 74.50 – 16.59M shares, 5/30 - ~92K shares @ 74.4 – 16.44M shares, 13D/A – 5/25 – 16.38M shares – 32.8% of business, Form 4 – 5/24 – 98.5K shares @ 74 – 16.34M shares, Form 4 – 5/19 – 62K shares @ 74.6 – 16.25M shares, Form 4 - 5/17 - ~60K shares acquired at ~74, 16.25M shares – Form 4 – 5/16 – 66K shares acquired at 74.5 – 16.18M shares – Form 4 – 5/11 - ~24K shares acquired at 74.5 – 16.12M shares – Form 4 – 5/4 – 31K shares @ 74.8 – 16.1M shares – Form 4 – 4/26 – 59K shares @ 74.75 – 16.06M shares – Form 4 – 4/17 – minor – Form 4 – 4/12 – 18K shares @ 74.95 – 16M shares – Form 4 – 3/27 – 24K shares – 15.98M shares – Form 4 – 3/20 – minor – Form 4 – 3/15 – 62K shares @ 74.7 – 15.96M shares.Long Summary for SA: “Their long-term performance is stellar, and it is trading at roughly one-third discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2023 Update"

"Bill Ackman’s 13F portfolio value increased from $8.78B to $10.22B this quarter.Pershing Square added Alphabet during the quarter.The largest three 13F positions are Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands. Together they account for ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 5/15/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2022.Ackman’s 13F portfolio value increased ~16% from ~$8.78B to ~$10.22B this quarter. The number of positions increased from 6 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~53% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they compounded at ~50% in the three years through 2021. For 2022, they were down 9.1% and for 2023 through May 2023, they are up 2.5%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~15.9% compared to ~8.9% for the S&P 500 index.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $34.65 per share compared to NAV of $54.54.Note 2: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at €20.54.To learn more about Bill Ackman, check-out the book “”.New Stakes:Alphabet Inc. (GOOG): GOOG is a 10.43% of the portfolio position purchased this quarter at prices between ~$87 and ~$106 and the stock currently trades well above that range at ~$123.Stake Increases:Howard Hughes Corp (HHC): HHC is now a 12.52% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. Last quarter saw another ~17% stake increase at an average cost of ~$72 per share. The stock is currently at $79.39. There was a marginal increase this quarter.Note: Regulatory filings since the quarter ended show them owning 16.59M shares – around one-third of the business. This is compared to 15.98M shares in the 13F report. The increase happened in the mid-70s price range.Canadian Pacific Railway (CP): CP is a 11.48% of the portfolio position. A small stake was purchased in Q4 2021 at prices between ~$64.50 and ~$78. The current large position was built during Q3 2022 at prices between ~$67 and ~$83. The stock currently trades at ~$79. This quarter saw a marginal increase.Stake Decreases:Lowes Companies (LOW): LOW is currently the largest position at ~20% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 saw a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$211. The last several quarters have seen only minor adjustments.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Chipotle Mexican Grill (CMG): CMG is a large (top three) ~17% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Q3 2021 saw a ~3% increase at ~$1910 per share. There was a ~7% trimming this quarter at prices between ~$1364 and ~$1723. The stock currently trades at ~$2023.Hilton Worldwide Holdings (HLT): The large 12.82% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. Q1 2022 saw a ~20% selling at prices between ~$129 and ~$158. The stock currently trades at ~$143. There was a ~7% trimming this quarter.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back into the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Kept Steady:Restaurant Brands International (QSR): The QSR stake is a large (top three) ~16% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters through Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds through forward contracts at $44.20 cost-basis. The stock currently trades at ~$73.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.45 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their Q4 2022 Annual Investor Presentation had the following regarding Fannie/Freddie: “Confident in long-term value despite adverse court rulings effectively ending shareholder litigation – believe re-privatization is an eventuality but may take some time”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q4 2022 and Q1 2023.2/9/2023 – Annual Investor Presentation – Performance – Outperformed S&P – Negative 8.8% vs Negative 18.1%. Interest Rate Swaptions contributed 14.2% net to 2022 performance - $384M exposure to realize $2.7B – 6.7x during late 2020 to 2022 – hedging against unexpected rise in interest rates. SPARC – to begin search for a transaction once the registration statement becomes effective – fifth amendment to the registration statement filed. UMG – 15% revenue growth averaging ahead of targets – digital streaming (Amazon, Apple, etc.) raising prices – renewals could provide more opportunity. LOW - 15x PE is low – has line of sight to $20 EPS over medium term. CMG – pricing power intact and it expanded margins in 2022. QSR – Patrick Doyle new CEO for Domino’s. HLT – inexpensive multiple in light of its long-term earnings growth prospects. HHC – purchased 2.3M shares in Q4 2022 at average price of $72 – now owns 32% of company – MPC focused on states with in-migration – Texas & Nevada. Fannie/Freddie – confident in long-term value despite adverse court rulings effectively ending shareholder litigation – believe re-privatization is an eventuality, but may take some time. CP – With Kansas City Southern acquisition, it will have the only direct route from Canada to Mexico – significant revenue and cost synergies – likely beneficiary of deglobalization and North American onshoring – trading at meaningful discount to intrinsic value.Regulatory filings from 11/18/2022 to 2/13/2023: Form 4 – 12/28 – HHC – ~10K shares acquired. 12/20 - ~50K shares acquired, 13D/A – 12/7 – 15.84M shares – 31.7% of business, Form 4 – 12/7 - ~650K shares acquired, Form 4 – 11/30 - ~1.6m shares acquired at ~70.Long Summary for SA: “Their long-term performance is stellar, and it is trading at roughly one-third discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2022 Update"

"Bill Ackman’s 13F portfolio value increased from $7.88B to $8.78B this quarter.Pershing Square increased Howard Hughes Corp substantially this quarter.The largest three 13F positions are Lowes Companies, Restaurant Brands, and Chipotle Mexican Grill. They together account for ~59% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 2/13/2023. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2022.Ackman’s 13F portfolio value increased ~12% from ~$7.88B to ~$8.78B this quarter. The number of positions remained steady at 6. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~59% of the total portfolio value: Lowes Companies, Restaurant Brands, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they compounded at ~50% in the three years through 2021. For 2022, they were down 9.1% and for 2023 through 2/21, they are up 3.7%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~15.9% compared to ~8.9% for the S&P 500 index.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $34.80 per share compared to NAV of $53.67.Note 2: They have disclosed the following regarding their hedging strategy, principles, and performance: “Principles: asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. Strategy: Interest rate hedges since late 2020. Performance: 2021-22 timeframe saw proceeds of $2.7B from $384M in premiums paid for out-of-the-money interest rate swaptions. They still have hedges with a market value of $367M compared to $328M in premiums paid.”Note 4: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at €22.31.To learn more about Bill Ackman, check-out the book “”.Stake Increases:Howard Hughes Corp (HHC): HHC is now a ~14% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. This quarter saw another ~17% stake increase at an average cost of ~$72 per share. The stock is currently at ~$83.Kept Steady:Lowes Companies (LOW): LOW is currently the largest position at ~24% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 had seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$202. Last several quarters have seen only minor adjustments.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Restaurant Brands International (QSR): The QSR stake is a large (top three) ~18% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds thru forward contracts at $44.20 cost-basis. The stock currently trades at ~$65. Last several quarters have seen only minor adjustments.Chipotle Mexican Grill (CMG): CMG is a large (top three) ~18% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Q3 2021 saw a ~3% increase at ~$1910 per share. The stock currently trades at ~$1477.Hilton Worldwide Holdings (HLT): The large 14.43% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. Q1 2022 saw a ~20% selling at prices between ~$129 and ~$158. The stock currently trades at ~$145. Last few quarters have seen only minor adjustments.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back into the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Canadian Pacific Railway (CP): CP is a ~13% of the portfolio position purchased in Q4 2021 at prices between ~$64.50 and ~$78. The position was built this quarter at prices between ~$67 and ~$83. The stock currently trades at ~$76.Note: the position was not in their Q4 2021 13F report but was disclosed in an amended filing last March.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.46 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their Q4 2022 Annual Investor Presentation had the following regarding Fannie/Freddie: “Confident in long-term value despite adverse court rulings effectively ending shareholder litigation – believe re-privatization is an eventuality but may take some time”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q4 2022:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q3 2022 and Q4 2022.~9/30/2022 Interview with Bill Ackman – interactive investor – youtube – UMG – already a full position but has made incremental purchases – trading sub-20 earnings multiple and expects to grow at 20% - very attractive.August 17 – Mid-year Update – AUM – 8.33B. Exits: DPZ – Recovered quickly and valued at 28x – so, decided to exit and raise cash.Regulatory filings from 8/18/2022 to 11/18/2022: 13G/A – 8/22 – DPZ - zero.Long Summary for SA: “Their long-term performance is stellar, and it is trading at roughly one-third discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2022 Update"

"Bill Ackman’s 13F portfolio value increased from $7.46B to $7.88B this quarter.Pershing Square increased Canadian Pacific Railway while dropping Domino’s Pizza.The largest three 13F positions are Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands. They together account for ~62% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2022.Ackman’s 13F portfolio value increased ~6% from ~$7.46B to ~$7.88B this quarter. The number of positions decreased from 7 to 6. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~62% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they compounded at ~50% in the three years through 2021. For 2022 through November 15th, they are down 9.1%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16% compared to ~9.7% for the S&P 500 index.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at ~$35 per share compared to NAV of $52.77.Note 2: This year, they disclosed the following regarding their hedging strategy, principles, and performance: “Principles: asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. Strategy: Interest rate hedges from late 2020 to early 2022 as they believed Fed would raise rates earlier than anticipated. Performance: $5.2B of their P&L came from hedging in the last three years. This is compared to their current capital base of ~$11.5B.”Note 4: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at €21.57.To learn more about Bill Ackman, check-out the book “”.Stake Disposals:Domino’s Pizza (DPZ): DPZ was a ~11% of the portfolio stake established in Q1 2021 at prices between ~$330 and ~$375 and the stock currently trades at ~$392. The position was sold this quarter at prices between ~$310 and ~$417. They had a ~5.3% ownership stake in the business.Stake Increases:Lowes Companies (LOW): LOW is currently the largest position at ~25% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 had seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$211. Last few quarters have seen only minor adjustments.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Restaurant Brands International (QSR): The QSR stake is a large ~16% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds thru forward contracts at $44.20 cost-basis. The stock currently trades at ~$67. Last few quarters have seen only minor adjustments.Hilton Worldwide Holdings (HLT): The large ~15% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. Q1 2022 saw a ~20% selling at prices between ~$129 and ~$158. The stock currently trades at ~$139. Last two quarters have seen only minor adjustments.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back into the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Canadian Pacific Railway (CP): CP is a ~13% of the portfolio position purchased in Q4 2021 at prices between ~$64.50 and ~$78. The position was built this quarter at prices between ~$67 and ~$83. The stock currently trades at ~$81.Note: the position was not in their Q4 2021 13F report but was disclosed in an amended filing this March.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large ~21% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Q3 2021 saw a ~3% increase at ~$1910 per share. The stock currently trades at ~$1509.Howard Hughes Corp (HHC): HHC is now a 9.58% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at ~$70.Note: They have a ~27% ownership stake in the business. In October, they announced a tender offer to purchase 6.34M additional shares of Howard Hughes at a price between $52.50 and $60 per share. On November 11th, the tender was extended, and the price range increased to between $61 and $70 per share.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.43 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their Q4 2021 Annual Investor Presentation had the following regarding Fannie/Freddie: “Remains confident of long-term value – believes re-privatization is an eventuality regardless of court outcomes”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q3 2022:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/19/2022 to 8/18/2022: 13G/A – 8/5 – PSTH - zero. 13D/A – 8/4 – HHC – 13.62M shares – 27.3% of business.Long Summary for SA: “Their long-term performance is stellar, and it is trading at roughly one-third discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2022 Update"

"Bill Ackman’s 13F portfolio value decreased from $10.39B to $7.46B this quarter.Pershing Square dropped Netflix at a loss in April after holding it for just two months.The largest three 13F positions are Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands. They together account for ~59% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 8/15/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2022.Ackman’s 13F portfolio value decreased ~28% from ~$10.78B to ~$7.46B this quarter. The number of positions increased from 8 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~59% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they compounded at ~50% in the three years through 2021. For 2022 through August 16th, they are down 10.8%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~17% compared to ~10.4% for the S&P 500 index.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $33.40 per share compared to NAV of $50.90.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings. The offering had several retail-investor friendly attributes that made it stand out from the rest of the SPACs. The stock traded at a vast premium to trust value until the UMG transaction fell through. As no deal was consummated by the deadline (July 23, 2022), they chose to return the capital back to shareholders. The biggest SPAC choosing to liquidate without a deal is symptomatic of the dire market sentiment overall toward SPAC transactions.Note 3: Earlier this year, they disclosed the following regarding their hedging strategy, principles, and performance: “Principles: asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. Strategy: Interest rate hedges from late 2020 to early 2022 as they believed Fed would raise rates earlier than anticipated. Performance: 18.5x return on $64M to $1.2B in 2005-2009 subprime crisis through CDS on MBIA, 96.3x return on $27M to $2.6B in 2020 COVID-19 through Index CDS on Investment Grade & High Yield Bonds, and 7.4x return on $188M to $1.4B in 2020-2022 through Out-of-the-money 2 year & 10 year swaptions.Note 4: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at ~€21.31.To learn more about Bill Ackman, check-out the book “”.Stake Disposals:Netflix Inc. (NFLX): Pershing Square’s investor call in February disclosed a new holding: 3.1M shares of Netflix (NFLX) acquired at $395 cost-basis. On April 20th, they disclosed the sale of that position in the low 220s. The loss reduced their YTD returns by ~4%. Netflix currently trades at ~$245.Stake Decreases:Chipotle Mexican Grill (CMG): CMG is a large ~17% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Q3 2021 saw a ~3% increase at ~$1910 per share. The stock currently trades at ~$1711. There was marginal trimming this quarter.Restaurant Brands International (QSR): The QSR stake is a large ~16% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds thru forward contracts at $44.20 cost-basis. The stock currently trades at $59.79. There was marginal trimming in the last two quarters.Hilton Worldwide Holdings (HLT): The large ~15% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. Last quarter saw a ~20% selling at prices between ~$129 and ~$158. The stock currently trades at ~$139. There was marginal trimming this quarter.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back into the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Domino’s Pizza (DPZ): DPZ is a ~11% of the portfolio stake established in Q1 2021 at prices between ~$330 and ~$375 and the stock currently trades at ~$417. They have a ~5.3% ownership stake in the business. Last two quarters saw marginal trimming.Kept Steady:Lowes Companies (LOW): LOW is currently the largest position at ~24% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 had seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$217. There was marginal trimming last quarter.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Howard Hughes Corp (HHC): HHC is now a 12.42% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at $71.66. Q3 2021 also saw a minor ~1% increase at $92 per share.Note: They have a 27.3% ownership stake in the business.Canadian Pacific Railway (CP): CP is a 2.76% of the portfolio position purchased in Q4 2021 at prices between ~$64.50 and ~$78 and the stock currently trades at ~$82. There was a minor ~5% stake increase last quarter.Note: the position was not in their Q4 2021 13F report but was disclosed in an amended filing this March.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.60 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their Q4 2021 Annual Investor Presentation had the following regarding Fannie/Freddie: “Remains confident of long-term value – believes re-privatization is an eventuality regardless of court outcomes”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q2 2022:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q1 2022 and Q2 2022.4/20/2022 – Sold NFLX in the low-220s – the loss reduced the YTD returns by 4%.Regulatory filings from 2/26/2022 to 5/19/2022: 13D/A – 4/18 – HHC – 13.62M shares – 26% of business. Form 4 – 5/5 – CMG – 9517 shares disposed @ 1443.64 – 1.105M shares remain, Form 4 – 5/18 - minor.Long Summary for SA: “Their long-term performance is stellar and it is trading at roughly one-third discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2022 Update"

"Bill Ackman’s 13F portfolio value decreased from $10.78B to $10.39B this quarter.Pershing Square decreased Hilton Worldwide Holdings this quarter.The largest three 13F positions are Lowes Companies, Chipotle Mexican Grill, and Hilton Worldwide. They together account for ~51% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 5/16/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2021.Ackman’s 13F portfolio value decreased ~4% from ~$10.78B to ~$10.39B this quarter. The number of positions increased from 7 to 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~51% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Hilton Worldwide.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they compounded at ~50% in the three years through 2021. For 2022 through May 17th, they are down 18.5%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~17% compared to ~10.4% for the S&P 500 index.Pershing Square’s February investor call disclosed a new holding: 3.1M shares of Netflix (NFLX) acquired at $395 cost-basis. On April 20th, they disclosed the sale of that position in the low 220s. The loss reduced their YTD returns by ~4%. Netflix currently trades at $183.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $30.45 per share compared to NAV of $46.62.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the SPACs. The stock traded at a vast premium to trust value until the UMG transaction fell through. PSTH currently trades below trust at $19.85. They have till July 23, 2022, to do a deal.Note 3: Earlier this year, they disclosed the following regarding their hedging strategy, principles, and performance: “Principles: asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. Strategy: Interest rate hedges from late 2020 to early 2022 as they believed Fed would raise rates earlier than anticipated. Performance: 18.5x return on $64M to $1.2B in 2005-2009 subprime crisis through CDS on MBIA, 96.3x return on $27M to $2.6B in 2020 COVID-19 through Index CDS on Investment Grade & High Yield Bonds, and 7.4x return on $188M to $1.4B in 2020-2022 through Out-of-the-money 2 year & 10 year swaptions.Note 4: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at ~€20.02.To learn more about Bill Ackman, check-out the book “”.Stake Decreases:Lowes Companies (LOW): LOW is currently the largest position at ~20% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 had seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$188. There was marginal trimming this quarter.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Hilton Worldwide Holdings (HLT): The large ~15% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. This quarter saw a ~20% selling at prices between ~$129 and ~$158. The stock currently trades at ~$132.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back into the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Restaurant Brands International (QSR): The QSR stake is a large 13.41% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds thru forward contracts at $44.20 cost-basis. The stock currently trades at $50.29. There was marginal trimming this quarter.Domino’s Pizza (DPZ): DPZ is a ~8% of the portfolio stake established in Q1 2021 at prices between ~$330 and ~$375 and the stock currently trades near the low end of that range at ~$336. They have a ~5.3% ownership stake in the business. This quarter saw marginal trimming.Stake Decreases:Canadian Pacific Railway (CP): CP is a 2.34% of the portfolio position purchased last quarter at prices between ~$64.50 and ~$78 and the stock currently trades at $68.67. There was a minor ~5% stake increase this quarter.Note: the position was not in their Q4 2021 13F report but was disclosed in an amended filing in March.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large ~17% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Q3 2021 saw a ~3% increase at ~$1910 per share. The stock currently trades at ~$1273.Note: Regulatory filings since the quarter ended show them owning 1.105M shares of Chipotle. This is compared to 1.114M shares in the 13F report. The reduction happened at $1443.64.Howard Hughes Corp (HHC): HHC is now a 13.58% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at $85.58. Q3 2021 also saw a minor ~1% increase at $92 per share.Note: They have a ~26% ownership stake in the business.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.68 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their Q4 2021 Annual Investor Presentation had the following regarding Fannie/Freddie: “Remains confident of long-term value – believes re-privatization is an eventuality regardless of court outcomes”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q4 2021 and Q1 2022.1/26/2022 – 3.1M share position built in NFLX at prices between $355 and $400. Funded it by liquidating $1.2B in inflation hedges which had a cost-basis of ~$170M.2/11/2012 – Pershing Square Holdings (PSHZF) Q4 2021 Annual Investor Presentation – 26.9% NAV growth and 18.6% shareholder return in 2021 – discount-to-NAV widened from 23% to 28.3%. 1.271B in new bonds (laddering strategy – spread 2022-39 maturities) – total debt ~$3B of $13.48B Capital (Firm AUM 16.63 across 4 funds) – long-term debt at low-cost is a competitive advantage. PSH Net of Fees – 26.9% 2021 Return – 50.1% 3-year compounded return – since 2004 17.4% compounding vs 10.6% for S&P. CONTRIBUTIONS: Lowe’s highest at 10.8% followed by UMG, Interest Rate Swaptions, HLT, DPZ, CMG, A, HHC. DETRACTORS: PSTH negative 6.5% followed by Fannie/Freddie, Index CDS, and others. DEVELOPMENTS: UMG purchase, PSTH (still looking & SPARC in process), DPZ (new), A & SBUX (monetized), and Interest Rate Hedge in late 2020 and early 2021. PROFILES: UMG – 10% acquired at 33B Euro (18.27 Euro cost-basis) vs 39B currently (21.38 Euro now)– 2% dividend yield – capital light & dominant pure play – mid-20s EBITDA margin projection – undervaluation thesis. PSTH – economically & reputationally motivated to consummate deal. Targets would find an attractive partner with $7B deployable cash. Simultaneously looking to improve structure thru SPARC (May 8 deadline for SEC to approve or disapprove NYSE’s rule change proposal). 2021 NEW: One undisclosed position, DPZ, & UMG. 2022 New – NFLX (hedging proceeds reinvested) – 3.1M shares acquired at $395 per share – steadily increasing market share of total TV video revenues. EXITS: SBUX - ~$500M gain (81% cumulative) – last sale on Mar 26, 2021, A - ~$920M gain (97% cumulative) – last sale on August 5, 2021. Defensive Hedging commentary – principles: asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. Interest rate hedges in late 2020 & early 2021 as they believed Fed would raise rates earlier than anticipated. Overall Hedging Performance - $188M premium, proceeds & market value $1.386B. Only $5M premium remains with market value $134M (27.1x return) – replaced 90% of the hedges with additional long-dated out-of-the-money swaptions. Historical Returns – 18.5x on $64M to $1.2B in 2005-2009 subprime crisis thru CDS on MBIA, 96.3x on $27M to $2.6B in 2020 COVID-19 Index CDS on Investment Grade & High Yield Bonds, and Late 2020 – Early 2022 $188M to $1.4B using Out-of-the-money 2 year & 10 year swaptions. Portfolio Updates: LOW - relative valuation discount against HD while progressing on a multi-year business transformation – average cost announcement in April 2018 was $86. HLT – COVID-19 validated the quality of its asset-light mode – poised to deliver long-term earnings meaningfully greater than pre-2020 levels. Average cost at announcement in Oct 2018 was $73. CMG – 2015 peak of $2.5M average restaurant sales eclipsed – long-term poised for over $3M. 19% same-store sales growth in 2021. 8-10% annual unit growth, 80% of new stores with digital drive-thrus, international expansion opportunity. Average cost at Aug 2016 announcement $405. QSR – high-quality business with significant long-term growth potential - highly discounted valuation – 18x our estimate of 2022 FCF, began repurchasing in August. As underlying sales trends recover, QSR share price should reflect business fundamentals. BK US under new management poised to make a recovery. Average cost at June 2012 announcement was $16. HHC – executing on value creation opportunity within its core MPCs. $376M from non-core assets and deployed $600M on 37K acre shovel-ready MPC in Phoenix. Concentration in lower tax Texas and Nevada a tail-wind. $250M buyback announced. Average cost at Nov-2010 announcement of $37. DPZ – category leader with crown jewel digital and delivery infrastructure. Optimal capital allocation by near-100% franchised business model. Average cost at Mar 2021 announcement of $359. Fannie/Freddie – supreme court largely sided with government. Despite court rulings, we believe they remain perpetual options. Remain confident of long-term value – believes re-privatization is an eventuality regardless of court outcomes. Average cost at 10/2013 announcement of $2.29 and $2.14.Regulatory filings from 11/23/2021 to 2/26/2022: 13G/A – 2/14 – DPZ – 2.09M shares – 5.7% of business.Long Summary for SA: “Their long-term performance is stellar and it is trading at a ~30% discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2021 Update"

"Bill Ackman’s 13F portfolio value increased from ~$9.46B to $10.58B this quarter.Pershing Square decreased Hilton Worldwide Holdings marginally this quarter.The largest three 13F positions are Lowes Companies, Hilton Worldwide, and Chipotle Mexican Grill. They together account for ~62% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 2/14/2022. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2021.Ackman’s 13F portfolio value increased ~12% from ~$9.46B to ~$10.58B this quarter. The number of positions remained steady at 6. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~62% of the total portfolio value: Lowes Companies, Hilton Worldwide, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they have compounded at ~50% since. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~17.4% compared to ~10.6% for the S&P 500 index.Note 1: Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $36.10 per share compared to NAV of ~$50.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the SPACs. The stock traded at a vast premium to trust value until the UMG transaction fell through. They have since unveiled a plan to return the capital raised back to shareholders while issuing what are termed SPARC warrants. PSTH currently trades below trust at $19.81.Note 3: Their investor-call on February 12th disclosed a new holding: 3.1M shares of Netflix (NFLX) at $395 cost-basis. Netflix currently trades at around the same price. Also, they said the following regarding their hedging strategy, principles, and performance: “Principles: asymmetric payoff structures along with monetization that provides liquidity during periods of market dislocation. Strategy: Interest rate hedges from late 2020 to early 2022 as they believed Fed would raise rates earlier than anticipated. Performance: 18.5x return on $64M to $1.2B in 2005-2009 subprime crisis through CDS on MBIA, 96.3x return on $27M to $2.6B in 2020 COVID-19 through Index CDS on Investment Grade & High Yield Bonds, and 7.4x return on $188M to $1.4B in 2020-2022 through Out-of-the-money 2 year & 10 year swaptions.Note 4: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at ~€20.To learn more about Bill Ackman, check-out the book “”.Stake Decreases:Hilton Worldwide Holdings (HLT): The large ~19% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. There have only been minor adjustments since. The stock currently trades at ~$149.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Kept Steady:Lowes Companies (LOW): LOW is currently the largest position at ~25% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The four quarters through Q2 2021 had seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$221.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Chipotle Mexican Grill (CMG): CMG is a large ~21% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. Last quarter saw a ~3% increase at ~$1910 per share. The stock currently trades at ~$1523.Restaurant Brands International (QSR): The QSR stake is a large 13.73% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June 2020, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at ~$56.Howard Hughes Corp (HHC): HHC is now a 13.10% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at ~$96. Last quarter also saw a minor ~1% increase at $92 per share.Domino’s Pizza (DPZ): DPZ is a 11.16% of the portfolio stake established in Q1 2021 at prices between ~$330 and ~$375 and the stock currently trades well above that range at ~$432. They have a ~5.3% ownership stake in the business.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.85 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Their Q4 2021 Annual Investor Presentation had the following regarding Fannie/Freddie: “Remains confident of long-term value – believes re-privatization is an eventuality regardless of court outcomes”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q3 2021 and Q4 2021.1/26/2022 – 3.1M share position built in NFLX at prices between $355 and $400. Funded it by liquidating $1.2B in inflation hedges which had a cost-basis of ~$170M.11/18/2021 – Pershing Square Q3 2021 Investor Call – strong quarter against S&P. UMG – worked since November – hopes to own for decades even. Paid in the low-18s euros, now high-25s – still feels undervalued. – high single digit growth projected – believes it is conservative. high-teens and low 20s EBITDA delivered. Our view is that it is a Capital-light high-growth annuity – 1-2% sales is all that is required to maintain growth – financial buyers compete for IP but UMG has an edge as it has value-add as the premium player. PSTH – working on alternatives. LOW – 57% ytd – still continues to be one of the cheaper stocks – 19x vs 25x for HD – double digit earnings growth likely. CMG – same-store up 15%. Recovery in in-restaurant (80% now) sales while retaining online orders. Smoke brisket ran out. New ones coming as well. Pricing – 4% increase in June to back $15 per hour min on labor. High unit growth – 200 this year and step-up next year. HLT – REVPAR is getting close to pre-covid – likely will happen next year. Pricing has recovered. Cut costs during covid and some will be sustained. 6-7% room growth likely. Annuity like growth stream. Inflation – repricing can happen daily. QSR – well-behind McDonalds during Covid – hire from Dominos expected to turn this around. Digital sales growth – 10% at BK and higher at others. Fire House Subs – potential similar to Popeyes acquired in 2017. 18x next-years cashflow is a discount. Strong Management team, great assets, etc. is a great setup. HHC – non-core asset sales this year at ~$400M. Strong balance sheet - $1b cash – buyback should come back. One of the cheapest stocks in our portfolio. Acquiring another MPC in Phoenix. Owns 25% of business and likely will increase with buybacks. DPZ – strongest result ever - 17.5% same-store sales growth. Consistent 2-year 15% same-store sales growth is admirable. Modest premium valuation currently – 50% appreciation to their cost but still views it as cheap, given the execution. Fannie/Freddie & PSTH – disappointments – pursuing another transaction – plaintiffs will backoff, if a transaction materializes. SPARC progression – should know something by 12/9. SPARC attributes – 1) SPAC in reverse – wts distributed for free - $10 minimum strike price – it will be flexible allowing floating base of capital, 2) no underwriting fees as opposed to 5.5% normal leak, 3) 2 SPARC wts for each wt they hold. Best-case – deal shortly + SPARC, Best worst-case – SPARC + return capital. Hedging – built very large notional short position in short-term US treasuries and some longer-term (10-yuear average) rates – out-of-the money basis through options - very cheap - $170M across funds – 6x return currently - $1B. Fed mistake – needs to taper faster.11/2021 - A J Bell Interview with Bill Ackman – 2019 – 58%, 2020 – 70%, and 17-18% this year so far. Bulk of the strategy is long-only durable-high-growth companies. A second portion is risk management. 2008 & 2020 credit-default swaps – to hedge credit risk, they bought credit-default-swaps bank insurers Fannie/Freddie – helped performance by being only down 18% and following it up with 40% in 2009 driven by the cash generated from the hedge as well as buying businesses while they were down using that cash. Same thing in 2020 – large position reversed when the hedge became quickly valuable – 2B cash generated to invest at the low point. 2021 option on interest-rate swap – similar strategy as a hedge against inflation – biggest black-swan concern is inflation – higher rates, lower values in equity market - generally allocated 1-2% with big returns if the event happens. The defining characteristic of these three investments are that capital commitments are small i.e., 1-2%. They can turn into large numbers if the outlier event takes place. Disappointments – None but our smallest in Fannie/Freddie is down – CDS-type 1.5% of portfolio position – dividends to govt. stopped at the end of Trump administration. The expectation is that they will become public without the conservatorship again. That happens when they are recapitalized – will take several years as well as legislative action and regulatory steps – they think the stocks are worth 20x to 30x in that event – the supreme court loss has resulted in the stock going down – lawsuit was that there was violation of law when govt. took it over. Everything else has done very well – HLT, CMG, LOW, HHC. A (doubled and exited), DPZ (sold SBUX which doubled with this) – mid 300s now in high 400s. Biggest disappointment was SPAC – Universal Music deal – back to drawing board because SEC did not allow. Their mark-to-market values are down due to this – still up 17-18% this year.Regulatory filings from 9/21/2021 to 11/23/2021: None.Long Summary for SA: “Their long-term performance is stellar and it is trading at a ~30% discount to NAV.”NAV as of latest at"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2021 Update"

"Bill Ackman’s 13F portfolio value decreased from ~$10.71B to ~$9.46B this quarter.Pershing Square dropped Agilent Technologies during the quarter.The largest three 13F positions are Lowes Companies, Chipotle Mexican Grill, and Hilton Worldwide. They together account for ~61% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/15/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2021.Ackman’s 13F portfolio value decreased ~12% from ~$10.71B to ~$9.46B this quarter. The number of positions decreased from 7 to 6. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~61% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Hilton Worldwide.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they had an outstanding ~58% return. That was followed with a ~85% return in 2020. YTD through October, the return was 21.6%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16.7% compared to ~10.4% for the S&P 500 index.Note 1: As a closed end fund, Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. It currently trades at $40 per share compared to NAV of $56.46.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the SPACs. The stock traded at a vast premium to trust value until the UMG transaction fell through. They have since unveiled a plan to return the capital raised back to shareholders while issuing what are termed SPARC warrants. PSTH currently trades below trust at $20.21.Note 3: Their investor-call on November 18th disclosed a new hedge: a very large notional short position in short-term US treasuries and some longer-term (10-yuear average) rates through certain out-of-the money options. The outlay was ~$170M across funds and it had returned ~6x (~$1B) as of the date of the call.Note 4: Pershing Square has a ~10% stake in UMG Music Group (UMGNF) at a cost-basis of ~€18 per share. It currently trades at ~€25.50.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. Next quarter saw a large stake built at prices between $63 and $90. The entire position was sold this quarter at prices between ~$148 and ~$179. The stock currently trades at $152.Note: Their mid-year update said that the sale was to fund the purchase of Universal Music Group (UMGNF) shares.Stake Increases:Lowes Companies (LOW): LOW is currently the largest position at ~22% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. Last four quarters had seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$248. There was a marginal increase this quarter.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Chipotle Mexican Grill (CMG): CMG is a large ~21% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. There was a ~7% trimming in Q1 2021 at ~$1340 per share. This quarter saw a ~3% increase at ~$1910 per share. The stock currently trades at ~$1687.Hilton Worldwide Holdings (HLT): The large ~18% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. There was minor trimming in the last four quarters while this quarter saw a marginal increase. The stock currently trades at ~$136Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model following the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Restaurant Brands International (QSR): The QSR stake is a large ~15.5% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. Last June, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at ~$58. Last several quarters have seen only minor adjustments.Howard Hughes Corp (HHC): HHC is now a 12.64% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Q1 2021 saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at ~$88. This quarter also saw a minor ~1% increase at $92 per share.Domino’s Pizza (DPZ): DPZ is a 10.54% of the portfolio stake established in Q1 2021 at prices between ~$330 and ~$375 and the stock currently trades well above that range at ~$530. They have a ~5.3% ownership stake in the business. Last two quarters have also seen minor buying.Stake Decreases:None.Kept Steady:None.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.90 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Bill Ackman said the following regarding Fannie/Freddie in an interview earlier this month: “The expectation is that they will become public without the conservatorship again. That happens when they are recapitalized. It will take several years as well as legislative action and regulatory steps. The stocks are worth 20x to 30x in that event”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/20/2021 thru 9/21/2021: Form 4 – 7/1 – CMG - 12,619 shares disposed @ $1533.84. 1,073,517 shares remain. Form 4 – 9/8 – HHC - ~150K shares acquired @ 92, 13.62M shares total. Form 4 – 9/8 – CMG - ~41K shares purchased at ~1910, 1.114M shares total.Long Summary for SA: “Their long-term performance is stellar and it is trading at a ~25% discount to NAV.”Info from Semi Annual Report released July 31, 2021: Ackman sold Agilent to fund tbe purchase of UMG shares as a result of the PSTH SPAC transaction falling through. On August 10, acquired 128,555,017 Ordinary Shares of UMG for $2.8 billion, representing 7.1% of the company. Intends to purchase the remaining 2.9% by September 9. Inflation Hedge: PSH’s current portfolio comprises nine companies that are well positioned for long term growth, and one asymmetric macro-economic hedge which will benefit PSH if there is an increase in interest rates. PSTH: NAV came down due to mark-to-market loss of 6.4% of gross assets – they have FWPs. Comment on SPAC Crash: enormous compensation for a SPAC sponsor for just getting a transaction done regardless of the outcome for shareholders, combined with limited Sponsor “skin in the game” – PSTH does not have any of these problems. In fact PSTH has more skin in the game than regular investors as there is potential for total loss on their $65M investment in sponsor warrants with 3-year lockup – also $1B FWP commitment means they won’t do just any deal to save the at-risk capital. SPARC: plan is to issue one $20 strike SPARC warrant for each PSTH and one $23 strike SPARC warrant for each PSTH warrant held after returning the trust of ~$20 back to PSTH shareholders. SPAC REFORM: We are unaware of a better and faster approach to SPAC industry reform than what would be achieved by the SEC approving SPARC expeditiously, as it may also motivate other SPAC market participants to abandon the current SPAC structure, and replace it with a much better acquisition vehicle for investors and sponsors. Fannie/Freddie: we do not need a favorable outcome in the courts for this to be a highly successful investment, as we believe the re-privatization of the two GSEs is their ultimate path, and existing shareholders will be beneficiaries of this outcome. That said, a win in the courts would greatly accelerate this outcome.April 2021 Portfolio Update & Weekly Net Asset Value and YTD return as of 9/14/2021 – Info: PSH NAV in USD – 48.77, YTD Return – 7.7%."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2021 Update"

"Bill Ackman’s 13F portfolio value increased from ~$10.46B to ~$10.71B this quarter.Pershing Square decreased Lowes Companies during the quarter.The largest three 13F positions are Lowes Companies, Agilent Technologies, and Chipotle Mexican Grill. They together account for ~50% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 8/16/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2021.Ackman’s 13F portfolio value increased ~2.4% from ~$10.46B to ~$10.71B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~50% of the total portfolio value: Lowes Companies, Agilent Technologies, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they had an outstanding ~58% return. That was followed with a ~85% return in 2020. YTD through July, the return was 8.2%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16.7% compared to ~10.4% for the S&P 500 index.Note 1: As a closed end fund, Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. The discount narrowed to 24% from 29% as of mid-May following their inclusion in the FTSE 100 index in early December. It currently trades at ~$36.90 per share compared to NAV of ~$49. The NAV likely went up significantly this week as shares of Universal Music Group went up ~35% following IPO in Europe – Pershing Square Holdings acquired a 10% stake in Universal Music Group prior to the IPO.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the SPACs. The stock traded at a vast premium to trust value until the UMG transaction fell through. They have since unveiled a plan to return the capital raised back to shareholders while issuing what are termed SPARC warrants: one $20 strike warrant for each PSTH held and one $23 strike warrant for each PSTH public warrant held. This needs regulatory approval and so the final outcome is uncertain. PSTH currently trades below trust at $19.72.Note 3: Their mid-year update mentioned using an asymmetric macro-economic hedge that should benefit from higher interest rates. Last March, liquidating market hedges set up using credit default swaps netted them ~$2.6B. This was compared to ~$27M in premiums paid. This trade alone accounted for ~37% of the performance of the fund last year.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:None.Stake Increases:Domino’s Pizza (DPZ): DPZ is a ~9% of the portfolio stake established last quarter at prices between ~$330 and ~$375 and the stock currently trades well above that range at ~$498. They have a ~5.3% ownership stake in the business. There was a marginal increase this quarter.Stake Decreases:Lowes Companies (LOW): LOW is currently the largest position at ~18% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. Last four quarters have seen a ~20% selling at prices between ~$136 and ~$211. The stock currently trades at ~$206.Note: Pershing Square's cost-basis on LOW is ~$85 per share.Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. Next quarter saw a large stake built at prices between $63 and $90. The stock currently trades at ~$171 and the stake is at ~16% of the portfolio. Last four quarters saw minor trimming.Note: Their mid-year update said that they sold their entire stake in Agilent to fund the purchase of Universal Music Group shares.Hilton Worldwide Holdings (HLT): The large ~14% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades at ~$128. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. There was minor trimming in the last four quarters.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Restaurant Brands International (QSR): The QSR stake is a large ~14% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. Last June, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at $62.37. There was minor trimming over the last three quarters.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large 15.72% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. The stock currently trades at ~$1897. There was a ~7% trimming last quarter at ~$1340 per share.Note: Regulatory filings since the quarter ended show them owning 1.114M shares of CMG. This is compared to 1.086M shares in the 13F report. The increase happened at an average price of ~$1910 per share.Howard Hughes Corp (HHC): HHC is now a 12.26% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. Last quarter saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at $87.53.Note: Regulatory filings since the quarter ended show them owing 13.62M shares. This is compared to 13.47M shares in the 13F report. The increase happened at ~$92 per share. Their beneficial ownership is ~25% of the business.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$0.90 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Pershing Square’s mid-year update had the following regarding Fannie/Freddie: “we do not need a favorable outcome in the courts for this to be a highly successful investment, as we believe the re-privatization of the two GSEs is their ultimate path, and existing shareholders will be beneficiaries of this outcome. That said, a win in the courts would greatly accelerate this outcome”.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q1 2021 and Q2 2021.8/24/2021 – Ackman Agilent potentially to fund future SPAC deal.5/25/2021 Investor Call: LOW – very strong quarter – macro attractive – same store sales growth of 24% mainly due to covid-19 effect – company says trending above most bullish scenario – i.e., above 14% growth, margin expansion - $3B repurchase in quarter – thinks 16x forward earnings is how it is trading compared to 23x for HD – why is it cheap? – revenue-productivity gap between HD & LOW is the reason for the gap: 5-6% of stock-buyback (annual) as well. QSR – BK US and Popeye has recovered but Tim & BK Intl is behind – drive-through modernization – unit growth mid-single digit for Tim & Popeyes – progress being made for return to growth. Talent acquisition problem – it is an issue for all our restaurant companies. HLT – Revpar was down about 80% during covid-peak – latest quarter, it is down about 50% - operating at breakeven level – April is 40% - full recovery in a couple of years – hiring is #1 challenge at the moment – wages will have to increase & technology (digital key, etc.). CMG –acceleration in Q1, Q2 guidance is for ~15%. Digital is half business – order ahead pickup. Quesadilla launch. Margins up 5% yoy and projection is to go higher. Average sales in restaurant at ~$2.5M projected. 6K US restaurants possible which is double today’s level. Canada is starting to open new stores after pausing for 3 years. International still a huge opportunity. $11-$18 per hour wage adjustments. Delivery cost management – 13-17% increase for delivery – order-ahead is being pushed as it is higher margin and better experience. Risks: near-to-medium is staffing, food safety, etc. A – high-quality business. HHC – NAV framework unveiled and accelerating commercial development. Believes significant discount to NAV – 150 is their conservative assumption. 180+ on aggressive assumptions. DPZ – simple, predictive, high-cash-flow generating, durable growth business with pricing power – 37% annual return for 10 years already – flat in the year prior to their investment – crown jewel delivery infrastructure – 75% is digital – own all data and have the largest in-house delivery network – 75% of sales. Doubled market share in 8 years. Still fragmented – Domino’s is biggest at 22%. Unit economics are fantastic – franchises have 2-year payback which is stunning. High single-digit prospective unit growth outlook. Fannie/Freddie – wait for supreme court decision – June projection. Stock price does not reflect anything good will happen. PSTH – working to complete transaction within weeks – couple weeks or so – if not done, we will go to next one – either way, we will make announcement. Hedging – In December purchased interest-rate-swaps – concerns on inflation rising and rates increasing. Options that payoff in an asymmetric way – extend to summer of next year - ~3x return on the hedges today. Archegos comparison – total return swaps are highly leveraged (full recourse mark-to-market instruments and that causes the leverage – collateral needs to be posted/received depending on the price – way to get low-cost leverage without ) while their interest-rate swaps require only a small amount of capital (very asymmetric – large possible returns for ~1% capital risk). SPACs – accounting for SPAC wts questioned – for PSTH, should not have real impact.Regulatory filings from 2/28/2021 to 5/20/2021: 13G – 5/17 – DPZ – 2.04M shares – 5.3% of business.5/2021 WSJ Interview: SPAC – minority holding in a large business – talking since November – could have a deal in a few weeks – haven’t wavered but no certainty. DPZ acquired from the 330s price-range. Model: Looks for simple, predictable, free-cash-flow generating, dominant, super-durable growth companies – beneficiary of Covid-19 but that tail-wind is gone was the bear case – but their view was that most outdoor entertainment facilities are a huge opportunity – consensus decision although 2 people do most of the work – took them 10-15 days to make decision – did miss the low and the stock went up before building full position. Crypto – should have been there but not comfortable because there is no intrinsic value – so won’t put sizable portion. SBUX – amazing business, but got to a price that made it hard to make similar returns going forward – for a brief moment another one dropped in price and so swapped it for Domino’s – 6% of company – never lost in Restaurant business – pure franchise, makes millionaires out of their own drivers (they become franchisees and then win big) – their own delivery is an edge – extremely well run – international story is a tail-wind.April 2021 Portfolio Update & Weekly Net Asset Value and YTD return as of 5/18/2021 – Info: PSH NAV in USD – 49.06, YTD through April 2021 Net Performance – 11.8%.2/18/2021 – Annual Investor Presentation: $13.56B AUM. Performance: PSHZF returned ~85% for 2020 and the NAV performance was ~70% as the discount to NAV narrowed from 28.9% to 23% as of mid-February. Outsized 36.6% performance contribution ($2.6B profit in less than 3 weeks) from the Index CDS hedging trade. PSTH also contributed 13.1% to the performance this year. 16.9% since inception compared to 9.6% for S&P 500 index. Dividend: 10c quarterly dividend. Buybacks: $286M – 6.6% of public shares retired and that resulted in a 2.4% contribution to 2020 returns. Commentary: Added to FTSE 100. LOW – sees $13 to $15 earnings in a few years, CMG – sees them emerging even stronger post-COVID, Agilent – Sees organic growth of 5% to 7% and margin expansion, HLT – in early stages of a multi-year recovery, QSR – as sales trends improve, should accurately reflect business fundamentals, HHC – on a path to strong recovery in 2021 – strong liquidity as they refinanced near-term debt. SBUX – increased long-term outlook for revenue, margins, and earnings growth. Fannie/Freddie – view it as a valuable perpetual options on their eventual exit from conservatorship. Oral arguments Dec 9th with decision June 2021 – lawfulness of the net worth sweep and the legality of FHFA’s structure."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2021 Update"

"Bill Ackman’s 13F portfolio value increased from ~$10B to ~$10.46B this quarter.Pershing Square added Domino’s Pizza and increased Howard Hughes Corporation while dropping Starbucks.The largest three 13F positions are Lowes Companies, Hilton Worldwide Holdings, and Restaurant Brands International. They together account for ~52% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 5/17/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2020.Ackman’s 13F portfolio value increased ~4.5% from ~$10B to ~$10.46B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~52% of the total portfolio value: Lowes Companies, Hilton Worldwide Holdings, and Restaurant Brands.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they had an outstanding ~58% return. That was followed with a ~85% return in 2020. YTD through April, the return was 11.8%. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16.9% compared to ~9.6% for the S&P 500 index.Note 1: As a closed end fund, Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. The discount narrowed to 24% from 29% as of mid-May following their inclusion in the FTSE 100 index in early December. It currently trades at $36.25 per share.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the 400+ SPACs that came to market over the last year. The stock currently trades at a significant premium to trust value (~$20 trust value compared to the current trading price of $25.50). During an interview earlier this month, Ackman disclosed that they have been working on a SPAC deal from November and that an announcement is possible in the coming weeks.Note 3: It was disclosed last March that liquidating market hedges set up using credit default swaps had netted them ~$2.6B. This was compared to ~$27M in premiums paid. This trade alone accounted for ~37% of the performance of the fund last year.To learn more about Bill Ackman, check-out the book “”.New Stakes:Domino’s Pizza (DPZ): DPZ is a ~7% of the portfolio stake established this quarter at prices between ~$330 and ~$375 and the stock currently trades at ~$429. They have a ~5.3% ownership stake in the business.Stake Disposals:Starbucks Corp. (SBUX): The ~11% of the 13F portfolio SBUX stake was established in October 2018 at a cost-basis of ~$51 per share compared to the current price of ~$111. Q4 2019 saw a ~40% selling at ~$86 while next quarter there was a ~85% stake increase at a cost-basis of ~$60 per share. The disposal this quarter was at prices between ~$97 and ~$111.Stake Increases:Howard Hughes Corp (HHC): HHC is now a 12.25% of the 13F portfolio position. The stake was first established in 2010 as a result of its spin-off from GGP Inc. The vast majority of the current stake is from the addition of ~10M shares in Q1 2020 at ~$50 per share through a private placement. This quarter saw a ~25% stake increase at prices between ~$78 and ~$102. The stock is currently at ~$104.Note: Their beneficial ownership is ~25% of the business.Stake Decreases:Lowes Companies (LOW): LOW is currently the largest position at ~22% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The stock currently trades at ~$193. Last two quarters saw minor trimming.Note: Pershing Square's cost-basis on LOW is ~$85 per share. In Pershing Square’s annual presentation in mid-February, they said LOW should earn $12 to $13 in earnings over the coming years.Hilton Worldwide Holdings (HLT): The large (top three) ~15% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades at ~$121. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. There was minor trimming in the last three quarters.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Restaurant Brands International (QSR): The QSR stake is a large (top three) ~15% of the portfolio stake. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. Last June, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at ~$69. There was minor trimming over the last two quarters.Chipotle Mexican Grill (CMG): CMG is a large 14.75% of the portfolio position. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. The stock currently trades at ~$1342. There was a ~7% trimming this quarter at ~$1340 per share.Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. Next quarter saw a large stake built at prices between $63 and $90. The stock currently trades at ~$132 and the stake is at ~14% of the portfolio. Last three quarters saw minor trimming.Note: The analytical measurements business has an attractive razor-razorblade business model. The buy thesis is based on margin expansion and leverage opportunity.Kept Steady:None.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$2 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Pershing Square’s annual presentation in mid-February reaffirmed their view that the position is a valuable perpetual option on their eventual exit from conservatorship.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Pershing Square’s 13F filings for Q4 2020 and Q1 2021.12/2/2020 – Pershing Square to FTSE 100.11/27/2020 Interview – comments on FNMA/FMCC: Bill Ackman – 11/27/2020 interview - They buy up conforming (meets certain standards and are mortgages of middle-class people) mortgages from banks, chops them into little pieces in effect by issuing securities backed by them. They guarantee those securities. So, they are an insurer of very-very low risk assets. So, it is how the US housing finance system works – we have a 30-year fixed rate mortgage because Fannie/Freddie beginning in the 1930s were in that business. They blew up during the financial crisis because they were inadequately capitalized, and they started handling subprime and other securities. It wasn’t adequate oversight. The government ended up taking them over, putting them into conservatorship, and injected a large amount of capital – people believed Fannie/Freddie would never be able to pay back the government, and they were in effect insolvent. The reality is they recovered very quickly from financial crisis and they repaid the government including the 10% interest and more over time. But, for political reasons, Obama administration stepped in and said the following, in effect: even though you paid us back, we are going to consider the obligation not paid back at all. The stock languished in the low-$2 level. President Trump & secretary Mnuchin said it is not a tenable situation. They need to be recapitalized. They need to go back to the public markets. They began a series of steps early in the Trump administration. Almost all the steps are taken. The most recent was the issuance of the capital rule which said these entities have to hold ~$280B of capital compared to ~$30B today. On December 9th, Supreme Court is hearing a case whether the government expropriation of these companies were legal. We have some interesting data on what the Supreme Court feels about it. It is a more conservative court now because of Barret confirmation. Conservative courts don’t like expropriation of private companies. So, there is a big opportunity there. And then, it is the last two months of the Trump Administration. Mnuchin, we think will want to finish the job. If either of those two outcomes happen in a favorable way, this could be a $10 stock in short order. Even with Biden, if neither of those two things happen (Supreme Court does not rule in favor and Mnuchin is too distracted with other things and so Trump White House doesn’t do anything), we still think the next administration would continue on the path of bringing these companies back to the public market. So, it overall an interesting special situation with a very attractive risk-reward trading slightly above our cost seven years ago. It is an investment that has not panned out yet and as I say, we are super long-term. But, this is the only thing in the portfolio that could be up 4-5-6x in 12 months. So, that is the more exciting part of the portfolio. Seven years ago, we bought into Fannie/Freddie.11/28/2020: A reader asked why PSH is not US listed. My reply follows: Ackman's first letter to shareholders after IPO in 2014 had the following regarding this: "Furthermore, PSH has a favorable tax structure when compared with many other investment holding or operating companies because, as a Guernsey company, it is not exposed to entity-level taxation. This is a big advantage in a world in which every purchase and sale of an investment by a U.S. corporation would require a 35% tax on profits." Please seeRegulatory filings thru 2/28/2021: 13G 2/12 – PSTH – 200M shares – 50% of business – (includes forward purchase agreements), 13D/A – 1/11 – HHC - 13.47M shares – 24.5% of business (includes puts that were put to them), Form 4 – 1/8 – Activities around the Put options, Form 4 – 1/8 – CMG - ~75K shares disposed @ ~1340.2/18/2021 – Annual Investor Presentation: $13.56B AUM. Performance: PSHZF returned ~85% for 2020 and the NAV performance was ~70% as the discount to NAV narrowed from 28.9% to 23% as of mid-February. Outsized 36.6% performance contribution ($2.6B profit in less than 3 weeks) from the Index CDS hedging trade. PSTH also contributed 13.1% to the performance this year. 16.9% since inception compared to 9.6% for S&P 500 index. Dividend: 10c quarterly dividend. Buybacks: $286M – 6.6% of public shares retired and that resulted in a 2.4% contribution to 2020 returns. Commentary: Added to FTSE 100. LOW – sees $13 to $15 earnings in a few years, CMG – sees them emerging even stronger post-COVID, Agilent – Sees organic growth of 5% to 7% and margin expansion, HLT – in early stages of a multi-year recovery, QSR – as sales trends improve, should accurately reflect business fundamentals, HHC – on a path to strong recovery in 2021 – strong liquidity as they refinanced near-term debt. SBUX – increased long-term outlook for revenue, margins, and earnings growth. Fannie/Freddie – view it as a valuable perpetual options on their eventual exit from conservatorship. Oral arguments Dec 9th with decision June 2021 – lawfulness of the net worth sweep and the legality of FHFA’s structure."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2020 Update"

"Bill Ackman’s 13F portfolio value increased from $8.82B to ~$10B this quarter.Pershing Square marginally decreased most of the stakes this quarter.The largest three 13F positions are Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands. They together account for ~51% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 2/16/2021. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2020.Ackman’s 13F portfolio value increased ~13% from $8.82B to ~$10B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~51% of the total portfolio value: Lowes Companies, Chipotle Mexican Grill, and Restaurant Brands.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed in 2019 as they had an outstanding ~58% return. That was followed with a ~85% return in 2020. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16.9% compared to ~9.6% for the S&P 500 index.Note 1: As a closed end fund, Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. The discount narrowed to 23% from 29% as of mid-February following their inclusion in the FTSE 100 index in early December. It currently trades at ~$35 per share.Note 2: in July 2020, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the 400+ SPACs that came to market over the last year. They expect a deal to be announced soon. The stock trades at a large premium to trust value (~$20 trust value compared to the current trading price of $29.35).Note 3: It was disclosed last March that liquidating market hedges set up using credit default swaps had netted them ~$2.6B. This was compared to ~$27M in premiums paid. This trade alone accounted for ~37% of the performance of the fund last year.To learn more about Bill Ackman, check-out the book “”.Stake Increases:None.Stake Decreases:Lowes Companies (LOW): LOW is currently the largest position at ~20% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The stock currently trades at ~$160. Last three quarters have seen only minor adjustments.Note: Pershing Square's cost-basis on LOW is ~$85 per share. In Pershing Square’s annual presentation in mid-February, they said LOW should earn $12 to $13 in earnings over the coming years.Restaurant Brands International (QSR): The QSR stake is currently at ~15% of the portfolio. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. Last June, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at ~$60. There was minor trimming this quarter.Hilton Worldwide Holdings (HLT): The large ~15% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades at ~$124. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. There was minor trimming in the last two quarters.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. Next quarter saw a large stake built at prices between $63 and $90. The stock currently trades at ~$122 and the stake is at ~14% of the portfolio. Last two quarters saw minor trimming.Note: The analytical measurements business has an attractive razor-razorblade business model. The buy thesis is based on margin expansion and leverage opportunity.Starbucks Corp. (SBUX): The ~11% of the 13F portfolio SBUX stake was established in October 2018 at a cost-basis of ~$51 per share compared to the current price of ~$108. Q4 2019 saw a ~40% selling at ~$86 while next quarter there was a ~85% stake increase at a cost-basis of ~$60 per share.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large top-three position at ~16% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. Q1 2020 also saw a one-third selling at ~$860 per share. The stock currently trades at ~$1442.Note: Regulatory filings since the quarter ended show them selling ~75K shares at ~$1340 per share. They still own ~1.09M shares.Howard Hughes Corp (HHC): HHC is a ~15% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. Recent activity follows: Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124. There was a ~85% stake increase in Q4 2019 at a cost-basis of ~$115 per share because of conversion of total-return-swaps they owned. Q1 2020 saw the addition of ~10M shares at ~$50 per share thru a private placement. The stock is currently at $94.87.Note: Their beneficial ownership is currently at ~25% of the business.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$1.80 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. Pershing Square’s annual presentation in mid-February reaffirmed their view that the position is a valuable perpetual option on their eventual exit from conservatorship.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q4 2020:Regulatory filings thru 11/18/2020: None.11/9/2020 – same equity hedging trade as the March one was put on sized at 30% of the March hedge -11/19 – Pershing Square Q3 call notes – best return on gross return – 44% to 56% depending upon whether private vs public funds. Individual Names – 1) LOW – negative PPS reaction – unique holding – comparables trending up – EPS up 40% despite covid. Share-buyback $3B for Q4 – 10% of market cap. ~$8.50 earnings this year – 50% YoY. This is despite higher spend. Stores – merchandizing resets. Should continue to reduce productivity gap with HD. ~25% YTD PPS change – 18x earnings vs 23x earnings for HD – opportunity at revenue, margin, and growth line. Why PPS down after earnings? – pulled forward some investments resulted in ~$250M cost in Q3 & Q4 which pressured margins – so disappointed with flow throughs. Business trending with strong same-store growth and guidance was 15-20% - this probably left some questions. Extremely cheap – thought was cheap at 175. 2) QSR – sequential improvements in all brands – off-premise model now – resurgence in covid will impact sales temporarily. Ambitious launch of Tim’s rewards – should be a powerful tool going forward (engagement). Drive through – double-digit increase across NA. Modernizing 10K restaurants across NA – better service is the cause. Materially negative impact on competition that has smaller scale. So, likely better competitive environment. Working with franchisees to optimize dislocations due to pandemic. Has better competitive position today compared to pre-pandemic. Mid-single digit growth next year. Digital menu boards – who is paying? – from ad funds but combined effort. Tim Horton’s Canada focus and pandemic focus impact – Tim was slowest to recover – due to workplace shutdowns. As this changes, Tim’s business should come back. 3) CMG – sales trajectory has returned. Same store up 8% on one-year and 20% on 3-year. Margin recovery in focus. Industrial standard differential pricing being adopted. Should emerge stronger – in-store should recover more fully, transformation in digital mix to 50%. Loyalty program doubled during pandemic. Best-in-class customer value proposition is unparalleled. How is it cheap? – unanticipated explosion of digital sales. Retaining in-store while increasing digital. 4) Hilton – why is it good even with 50% down in business travel? – may be slightly less but should largely revert. Why is it good today? – crisis validated franchisee model and they will emerge stronger. Asset-light nature insulates them in current environment. Data point – last Q REVPAR down 60% - Hilton still managed a profit. Bill comment - Business travel will be different but demand will be similar. In order for the culture to hold, they will have bring together people at different points. You don’t want to be the last client to show up at a customer after pandemic. So, expects a huge spike. 5) Agilent – next Monday is earnings – last quarter showed it has a durable model. Organic revenue ~3% decline. Focused on new product innovation – workflow solutions – recently won several contracts. Two new mass spectrometry product line. These should offer tailwind. Expanding margins still. Delivering cost savings without layoffs. Online tools. Bill – pharma investment – how impactful?- increased investment in the area should help their instruments and services offerings. 6) Starbucks – recovering extremely well – headwinds from closed stores. Strong momentum in October. China is only down 3% in September. ~90+% stores open although US is at ~60% on seating. Conservative 2021 guidance. China same-store expected positive from EOY and US by March. Digital ecosystem is the envy of all competitors and it is important going forward. China has no competition. Bill – December investment days are good – Agilent, Starbucks. 7) HHC – encouraging rebounding expectation. Increasingly attracted to walkable communities. 30% new home sales growth. Momentum should help land sales. Collection rates improved to high 90% range. 24 homes presold with digital platform (virtual tours etc.). Victoria Place is 71% presold. Strong liquidity ~850M cash on hand should help recovery. Bill – PPS down more than competition – no direct comparable but REITs – HHC is more diversified. CEO announcement before EOY. 8) FNMA/FMCC – FHFA capital rule finalized – largely consistent but more conservative – 4.27% vs 4%. Procedural hurdle before preferred stock agreement negotiation. 2-month window to amend PSPA – important for conservatorship exit – permanently end net-worth sweep. Jan 21 – new treasury secretary and possible Calabria (without cause termination possible with Collins outcome). December 9th argument. A final decision is June 2021. GSE hold $35B which is progress from zero but only 12% of the new rule requirement. Playing their traditional role now. Bill – 7 year investment. Very attractive risk-reward. Next 60-days interesting opportunity. Even if Calabria replaced, cases negative etc. we believe they are on a trajectory and the question is timeframe. Both common and preferred still very attractive. Pershing Square Tontine – can’t say much – could recruit best investors (13Fs and sovereign wealth funds, Family offices, etc. are in and so you can see how successful we are – good asset for us with finding a target), merger friendly structure would find it attractive. About 6-months – may be in Q1. Still expects that. Hedge – rebuilt hedge on US investment grade credit and Europe. They have come back all the way back to the levels previously. So, different reasons. Standalone investment looks asymmetric with hedging benefit and so is attractive. Bullish on 2021. Next couple of months will be tragic. 200K more could die. Relative short order, we will all be vaccinated. H2 2021 back to normal is our estimate. Very much long, but has a low-cost decent sized hedge is prudent and that is what we did. Q&A: not waiting for correction but has large cash on hand. Focused on PSTH. All male nature of investment team is frustrating – quite pleased with a candidate. Will join in September – investment banking, PE background – two tests given – greatest presentation every given. ESG investment criteria – want to invest in companies like CMG which source products from smaller farms that don’t use antibiotics etc. that are bad for consumers. We avoid industries causing economic harm. Pandemic look back will be that it has helped the well capitalized at the expense of smaller players. Great time to be an entrepreneur. Best time to start restaurants."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2020 Update"

"Bill Ackman’s 13F portfolio value increased from $7.75B to $8.82B this quarter.Pershing Square marginally decreased Lowes, Agilent, and Hilton Worldwide during the quarter.The largest three 13F positions are Lowes Companies, Restaurant Brands, and Chipotle Mexican Grill. They together account for ~56% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 10/23/2020 and their Q3 2020 today. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2020.Ackman’s 13F portfolio value increased ~14% from $7.75B to $8.82B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~56% of the total portfolio value: Lowes Companies, Restaurant Brands, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed last year as they had an outstanding 58.1% return compared to 31.5% for the S&P 500 index. That was followed with a ~57% return YTD compared to ~11% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns of ~16.5% compared to ~9.5% for the S&P 500 index.Note 1: As a closed end fund, Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. That discount has widened over the last few months to ~30% with the stock price at ~$29.90 compared to NAV of ~$42. Their semiannual letter had a note regarding this discount: while many internal measures including buybacks were taken, another factor in the horizon that could narrow the discount is the possible inclusion in FTSE 100 index.Note 2: in July, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH). The offering had several retail-investor friendly attributes that made it stand out from the rest of the 100+ SPACs that came to market this year. They expect a deal to be announced in the coming months.Note 3: It was disclosed in late March that liquidating market hedges set up using credit default swaps had netted them ~$2.6B. This was compared to ~$27M in premiums paid. The same trade sized at ~30% of the previous bet was put on earlier this month. The reasoning for putting on this new equity hedge is different: they expect the next two months to be very tough but are bullish on next year.To learn more about Bill Ackman, check-out the book “”.Stake Increases:None.Stake Decreases:Lowes Companies (LOW): LOW is currently the largest position at ~23% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. There was also a ~40% stake increase in Q1 2020 at ~$84 per share. The stock currently trades at ~$150. Last two quarters have seen only minor adjustments.Note: Pershing Square's cost-basis on LOW is ~$85 per share. In the investor call today, Ackman said they thought LOW was undervalued at ~$175 last month and is especially cheap after the drop following earnings. They are well on their way to narrow the productivity gap with Home Depot.Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. Next quarter saw a large stake built at prices between $63 and $90. The stock currently trades at ~$109 and the stake is at ~14% of the portfolio. This quarter saw a ~3% trimming.Note: The analytical measurements business has an attractive razor-razorblade business model. The buy thesis is based on margin expansion and leverage opportunity.Hilton Worldwide Holdings (HLT): The large ~13% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades at ~$103. Q1 2020 saw a ~30% stake increase at a cost-basis of ~$70. There was a ~3% trimming this quarter.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Kept Steady:Restaurant Brands International (QSR): The QSR stake is currently at ~16% of the portfolio. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at $59.51.Chipotle Mexican Grill (CMG): CMG is a large top-three position at ~16% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. The stock currently trades at ~$1310. Q1 2020 also saw a one-third selling at ~$860 per share.Starbucks Corp. (SBUX): The ~10% of the 13F portfolio SBUX stake was established in October 2018 at a cost-basis of ~$51 per share compared to the current price of $97.76. Q4 2019 saw a ~40% selling at ~$86 while next quarter there was a ~85% stake increase at a cost-basis of ~$60 per share.Howard Hughes Corp (HHC): HHC is a ~7% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. Recent activity follows: Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124. There was a ~85% stake increase in Q4 2019 at a cost-basis of ~$115 per share because of conversion of total-return-swaps they owned. Q1 2020 saw the addition of ~10M shares at ~$50 per share thru a private placement. The stock is currently at $71.94. There was a ~11% trimming last quarter.Note: In May, their beneficial ownership went up from ~20% to ~33% of the business due to the sale of put options with strikes between $75 and $92 and expiry between January & August 2021. For investors attempting to follow, HHC is a good option to consider for further research.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$1.80 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common. Pershing Square’s investor call today reaffirmed what they said in their semi-annual report earlier this year: although the share price has not budged, they believe Fannie/Freddie are firmly on a path to exit conservatorship.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q3 2020:From Semiannual 8/26/2020: As of 8/25 with PPS @ ~26.50, Pershing Square trades at ~33% discount to NAV. A number of internal factors such as buybacks along with the possibility of FTSE 100 inclusion could reduce this discount in the short-term. Commentary: LOW – trades at 19x forward earnings compared to 25x for HD. Believes substantial PPS appreciation ahead. CMG – 52% PPS appreciation this year due to CEO and team’s execution. Digital sales mix increased from ~20% to ~70% at the peak in April. Chance of unit growth acceleration as pandemic has opened up several attractive locations – long-term goal of doubling restaurant count. QSR – undervalued – despite 90% recovery in PPS, it is trading at 28% below the high reached last year. As sales trends improve, valuation should catch up. A – meaningfully lower revenue declines compared to peers thru the pandemic period. Share buyback resumed. HLT – in-person networking will emerge as a requirement even in a work-from-home situation. ~20% PPS decrease YTD. After considering the business impact, the current valuation is attractive. HHC – significantly impacted but they believe it is transitory. Non-core asset disposals should restart once conditions stabilize. SBUX – one of world’s best businesses – reentered at an attractive valuation in March – taking longer to recover as it is a BF shows and so is more impacted by the work-from-home trend. Improving speed of service at drive-thru is a focus. Fannie/Freddie – firmly on a path towards exiting conservatorship and raising substantial first-loss private capital. The capital rule should be finalized by EOY. Improvements in capital rule include reduction in pro-cyclicality – ie, they have to raise more capital as housing values decline and vice-versa – the 4% capital ratio requirement seems high and that will result in less affordability for borrowers – we submitted a public comment regarding these issues. Collins case legality of FHFA’s structure & the lawfulness of net worth sweep at issue – decision should be around June 2020.Regulatory filings thru 9/1/2020: Form 3 – 7/23 – Forward purchase shares & warrants related to Pershing Square Tontine Holdings. Form 4/A – 6/11 – HHC – 10M shares @ 50 – 12.20M shares total, Form 4 – 6/5 – 10.92M shares."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2020 Update"

"Bill Ackman’s 13F portfolio value increased from $6.57B to $7.75B this quarter.Pershing Square increased Restaurant Brands while dropping Berkshire Hathaway during the quarter.The largest three 13F positions are Lowes Companies, Restaurant Brands, and Chipotle Mexican Grill. They together account for ~56% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 8/14/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2020.Ackman’s 13F portfolio value increased ~18% from $6.57B to $7.75B this quarter. The number of positions decreased from 10 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~56% of the total portfolio value: Lowes Companies, Restaurant Brands, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed last year as they had an outstanding 58.1% return compared to 31.5% for the S&P 500 index. That was followed with a ~44% return YTD thru 8/25/2020 compared to 7.9% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record is excellent with annualized returns at 16.2% compared to 9.2% for the S&P 500 index.Note 1: As a closed end fund, Pershing Square Holdings (PSHZF) has always traded at a discount to NAV. That discount has widened over the last few months to ~33% as of 8/25/2020 with the stock price at ~$26.50. Their semiannual letter had a note regarding this discount: while many internal measures including buybacks were taken, another factor in the horizon that could narrow the discount is the possible inclusion in FTSE 100 index.Note 2: in July, Pershing Square sponsored the largest SPAC IPO to date, Pershing Square Tontine Holdings (PSTH.U). The offering had several retail-investor friendly attributes: a) no founder share dilution compared to ~20% dilution with most SPACs, b) warrant structure designed to minimize speculation – one-ninth redeemable warrant along with two-ninth exercisable only if units are not redeemed in connection with business combination, and c) sponsor warrants are priced “correctly” as compared to almost free with most SPACs.Note 3: It was disclosed in late March that liquidating market hedges had netted them ~$2.6B. This was compared to ~$27M in premiums paid. Details follow: they built a $70B notional position in credit default swaps between Feb 24 and March 2 and unwound the whole position in two weeks that that ended on March 23rd.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:Berkshire Hathaway Inc. (BRK.A) (BRK.B): BRK.B is a ~15% of the portfolio position purchased in Q2 2019 at prices between $197 and $219 and the stock currently trades at ~$219. Next quarter saw a ~14% stake increase at prices between $196 and $215. That was followed with another one-third increase last quarter at prices between ~$162 and ~$230. The entire stake was eliminated at a loss last month. They sold to free up cash to have liquidity in case of another market crash.Blackstone Group (BX) and Park Hotels (PK): These were two small positions established last quarter. It was disclosed in May that both positions were sold as they could not build substantive stakes before the prices went back up.Stake Increases:Lowes Companies (LOW): LOW is currently the largest position at ~22% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Q4 2018 also saw a ~13% increase at prices between $86 and $114 while Q2 & Q3 2019 saw a ~10% combined trimming. There was a ~40% stake increase last quarter at ~$84 per share. The stock currently trades at ~$168. This quarter also saw a ~4% increase.Note: Pershing Square's cost-basis on LOW is ~$85 per share. Their buy thesis was on the premise that Lowes is laying the groundwork for a multi-year transformation.Restaurant Brands International (QSR): The QSR stake is currently at ~18% of the portfolio. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. In June, they increased the position by roughly two-thirds thru forward contracts: $397.50M aggregate purchase price for a $44.20 per share cost-basis. The stock currently trades at $54.92.Stake Decreases:Howard Hughes Corp (HHC): HHC is a 7.32% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. Recent activity follows: Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124. There was a ~85% stake increase in Q4 2019 at a cost-basis of ~$115 per share because of conversion of total-return-swaps they owned. Last quarter saw the addition of ~10M shares at ~$50 per share thru a private placement. The stock is currently at $59.86. There was a ~11% trimming this quarter.Note: In May, their beneficial ownership went up from ~20% to ~33% of the business due to the sale of put options with strikes between $75 and $92 and expiry between January & August 2021. For investors attempting to follow, HHC is a good option to consider for further research.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large top-three position at ~16% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. The stock currently trades at ~$1372. Last quarter saw a one-third selling at ~$860 per share.Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. Next quarter saw a large stake built at prices between $63 and $90. The stock currently trades at ~$101 and the stake is at 14.39% of the portfolio.Note: The analytical measurements business has an attractive razor-razorblade business model. The buy thesis is based on margin expansion and leverage opportunity.Hilton Worldwide Holdings (HLT): The large ~13% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades at $91.71. Last quarter saw a ~30% stake increase at a cost-basis of ~$70.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Starbucks Corp. (SBUX): The 9.62% of the 13F portfolio SBUX stake was established in October 2018 at a cost-basis of ~$51 per share compared to the current price of $86.05. Q4 2019 saw a ~40% selling at ~$86 while last quarter there was a ~85% stake increase at a cost-basis of ~$60 per share.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$2.20 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common. Pershing Square’s semi-annual report last week had the following regarding Fannie/Freddie: although the share price has not budged, they believe Fannie/Freddie are firmly on a path to exit conservatorship and expects the capital rule to finalize by EOY.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q2 2020:6/5/2020 – 13D – HHC beneficial ownership from 19.9% to 32.5% due to selling of put options (6.925M shares) - Exhibit 99.9 has the details – strikes are between $75 and $92 and expiry between January & August 2021. Details from 13D: “The Reporting Persons beneficially own 10,918,008 shares of Common Stock (the “Subject Shares”). On June 3, 2020, the Reporting Persons sold 6,925,000 in-the-money over-the-counter European-style put options referencing 6,925,000 shares of Common Stock (the “Put Options”). Pursuant to the Put Options, in the event the stock price of the Issuer is less than or equal to the Put Option strike prices at the time of their expiration (each expiration and strike price, as set forth in Exhibit 99.9), the Reporting Persons would be obligated to purchase 6,925,000 shares of Common Stock. In the case where all of the Put Options are exercised by the counterparties, the Reporting Persons would beneficially own 32.5% of the outstanding shares of the Common Stock of the Issuer. The Subject Shares represent approximately 19.9% of the outstanding shares of Common Stock and the Put Options sold represent 12.6% of the outstanding shares of Common Stock, based on 54,929,674 shares of Common Stock outstanding as of May 7, 2020 as reported in the Issuer’s Form 10-Q filed on May 11, 2020 for the quarterly period ending March 31, 2020.” “The Reporting Persons, on behalf of PSH: (i) cash-settled certain forward purchase contracts referencing 3,719,755 shares of Common Stock paying an aggregate amount of $212,342,766; (ii) wrote Put Options referencing 6,925,000 shares of Common Stock receiving premium of $168,958,095, and (iii) sold 1,749,072 shares of Common Stock receiving proceeds of $102,598,296 (for a net receipt of $59,213,625). In addition, the Reporting Persons, on behalf of PS International, acquired 469,691 shares of Common Stock through the physical settlement of certain forward purchase contracts paying an aggregate amount of $54,014,465. The source of funding for the physical settlement was derived from the capital of PS International.”Regulatory filings thru 6/4/2020: 13D, Form 4 – 3/31 – HHC – 16.4M shares (29.8% of business) including ~4.2M shares in forward contracts – 10M shares added in a private placement at ~$50 per share - “The source of funding for the transactions pursuant to which the Reporting Persons obtained beneficial ownership of the Subject Shares was derived from the respective capital of the Pershing Square Funds. The Pershing Square Funds purchased 10,000,000 shares of Common Stock for aggregate consideration of $500,000,000 in a private placement with the Issuer.”, 13D – QSR – 6/2 – 29M shares – 9.6% of business – 25.1M in common stock and the rest issuable – on June 1, purchased 9M shares w.r.t. forward contracts for 397.5M aggregate purchase price - $44.2 per share cost-basis, 13D/A, Form 4 – 2/26 – CMG – 1.16M shares – 4.2% of business – 350K shares sold ~$880,5/27/2020 - Earnings Call – built a $70B notional position in credit default swaps between Feb 24 and March 2 and unwound the whole positions in two weeks starting March 12th netting well over $2B (at the peak on March 12, the paper gain was $2.7B). Following that, they added equity exposure: A – 16% increase @ 64.57, HLT – more than one-third increase at $70.07, HHC – 157% increase, LOW – 52% increase @ 4.3M shares @ 84, QSR – 55% increase @ 41.65, SBUX – bought at 51, sold at 86.30, and repurchased at 60. EXITS – BX, PK, and BRK.B – the former two as they were very small positions and the price had gone up and so did not have a chance to build. BRK.B because they wanted more cash available for opportunities. Still has the Fannie/Freddie stake in the common stock and expects a good outcome. CMG – frustrated as they couldn’t buy in the mid-400s because of board representation and associated restrictions."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2020 Update"

"Bill Ackman’s 13F portfolio value increased from $6.55B to $6.57B this quarter.Pershing Square increased Howard Hughes Agilent Technologies, and Starbucks during the quarter.The largest three 13F positions are Lowes Companies, Berkshire Hathaway, and Hilton Worldwide Holdings. They together account for ~46% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory and their earnings call last month. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2019.Ackman’s 13F portfolio value increased marginally from $6.55B to $6.57B this quarter. The number of positions increased from 8 to 10. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~46% of the total portfolio value: Lowes Companies, Berkshire Hathaway, and Hilton Worldwide Holdings.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings had underperformed the S&P 500 since its EOY 2012 inception. This changed last year as they had an outstanding 58.1% return compared to 31.5% for the S&P 500 index. That was followed up with a ~25% return in Q1 2020 compared to negative 19.6% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record was excellent with annualized returns at 14.3% compared to 9.1% for the S&P 500 index.Note: It was disclosed in late March that liquidating market hedges had netted them ~$2.6B. This was compared to ~$27M in premiums paid. Details follow: they built a $70B notional position in credit default swaps between Feb 24 and March 2 and unwound the whole position in two weeks that that ended on March 23rd.To learn more about Bill Ackman, check-out the book “”.New Stakes:Blackstone Group (BX) and Park Hotels (PK): These were two small positions established during the quarter. Last month, it was disclosed that both positions were sold as they could not build substantive stakes before the prices went back up.Stake Disposals:None.Stake Increases:Lowes Companies (LOW): LOW is currently the largest position at ~16% of the portfolio. It was established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Q4 2018 also saw a ~13% increase at prices between $86 and $114 while Q2 & Q3 2019 saw a ~10% combined trimming. There was a ~40% stake increase this quarter at ~$84 per share. The stock currently trades at ~$132.Note: Pershing Square's cost-basis on LOW is ~$85 per share. Their buy thesis is on the premise that Lowes is laying the groundwork for a multi-year transformation.Berkshire Hathaway Inc. (BRK.A) (BRK.B): BRK.B is a ~15% of the portfolio position purchased in Q2 2019 at prices between $197 and $219 and the stock currently trades at ~$182. Last quarter saw a ~14% stake increase at prices between $196 and $215. This quarter saw a one-third further increase at prices between ~$162 and ~$230.Note: The position was eliminated last month. They sold to free up cash to have liquidity in case of another market crash.Hilton Worldwide Holdings (HLT): The large (top three) ~14% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades at $78.25. This quarter saw a ~30% stake increase at a cost-basis of ~$70.Note 1: Their overall cost-basis is ~$72 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Agilent Technologies (A): Agilent was a small ~4% of the portfolio stake established in Q3 2019 at prices between $66 and $78. This quarter saw the position built to a ~14% stake at prices between $63 and $90. The stock currently trades at $87.44.Note: The analytical measurements business has an attractive razor-razorblade business model. The buy thesis is based on the margin expansion and leverage opportunity.Starbucks Corp. (SBUX): The ~10% of the 13F portfolio SBUX stake was established in October 2018 at a cost-basis of ~$51 per share compared to the current price of $77.84. Q2 2019 saw a ~7% trimming. Last quarter saw a ~40% selling at ~$86 while this quarter there was a ~85% stake increase at a cost-basis of ~$60 per share.Howard Hughes Corp (HHC): HHC is a 9.37% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. Recent activity follows: Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124. Last quarter saw a ~85% stake increase at a cost-basis of ~$115 per share because of conversion of total-return-swaps they owned. This quarter saw the addition of ~10M shares at ~$50 per share thru a private placement. The stock is currently at ~$60.Note: Last month, their beneficial ownership went up from ~20% to ~33% of the business due to the sale of put options with strikes between $75 and $92 and expiry between January & August 2021. For investors attempting to follow, HHC is a good option to consider for further research.Stake Decreases:Chipotle Mexican Grill (CMG): CMG is a large stake at ~12% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. The stock currently trades at ~$1032. This quarter saw a one-third selling at ~$860 per share.Kept Steady:Restaurant Brands International (QSR): The QSR stake is currently at ~9% of the portfolio. Pershing Square’s original cost-basis was ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. The stock currently trades at ~$56.Note: Regulatory filings since the quarter ended show them owning 29M shares (9.6% of business). This is compared to ~15M shares in the 13F report. On June 1st, they purchased 9M shares thru forward contracts: $397.50M aggregate purchase price for a $44.2 per share cost-basis.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at ~$2.14 per share. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q1 2020:2/4/2020 Annual Investor – PSH trading at 26.9% discount to NAV. AUM of ~$8.5B. Performance – 58.1% for 2019 compared to 31.5% for S&P. 14.3% annualized since 2004 inception compared to 9.1% for S&P. New Positions: Agilent – A - , Berkshire – BRK.B - . Activism: Howard Hughes – HHC – Bill is board member since 2010, company executing a transformation plan after a review in Oct 2019. New CEO Paul Layne announced $2B in asset sales and one-third reduction in G&A expenses. Chipotle – CMG – two board members since 12/2016. New CEO Brian Niccol successfully implemented transformation – early stages in executing growth initiatives. ADP – 2017 proxy contest and later engagement resulted in their decision to embrace a business transformation and margin expansion. Portfolio Updates: Agilent – A – new position at $76.58 cost-basis – leading analytical measurements business with attractive razor-razorblade business model – margin expansion and leverage opportunity. BRK – new position at cost-basis $206 - cheap valuation 14x earnings, 1.3x BV – Geico & Burlington Northern margin expansion opportunity – Financial optionality with 20% of market-cap in cash. CMG – strong growth opportunity still ahead – average restaurant sales still 12% below peak and margins ~700 bps below peak. Has rode it from $405 (Aug 2016) to $885 – cost-basis $385. Hilton – HLT – asset-light model – mid-teens growth opportunity. Rode it from $73 (Oct 2018) from $111. Restaurant Brands – QSR – trades at 20x free cashflow which is a 25% discount to peers – capital allocation opportunity with 5% in 2019 – as Tim Horton’s margins normalize, PPS should rerate. $16 cost-basis (2012 onwards). LOW – laying the foundation for multi-year transformation. $86 cost-basis (April 2018 purchase). Analyst Day targets imply more than $10 earnings per share over the next few years. HHC – transformation to a lean, decentralized business focused on the core Master Planned Communities (MPC) business initiated under new leadership – non-core divestitures. Sold their total return swap position and converted to shares at ~$115 cost-basis. Now has 15% beneficial ownership interest. Has rode it from $37 (Nov 2010). Fannie/Freddie common – expects appreciation as key steps are taken toward ending conservatorship. Has rode them (FNMA/FMCC - $2.29/$2.14) from Oct 2013. EXITS: SBUX & ADP – prospective returns now modest as valuation has caught up (105 to 167 from May 2017 to July 2019) – SBUX 73% return over 19 months of ownership (51 to 85 from July 2018 to Jan 2020). UTX – decided to walk away rather than fight the merger and replace management. (small profit during 2/1018 to 6/2019 holding period – 130 price). PAH - $10 to $12 during holding period from 5/2013 to 2/2019. Also, they changed named to Element Solutions.Regulatory filings thru 2/19/2020: 13G/A – 2/14 – QSR - ~20M shares – 6.6% of business (includes exchangeable units and forward contracts), 13D/A – 2/10 – CMG – 1.51M shares – 5.4% of business – they sold shares on February 6th and 7th , Form 4 – 2/7 – 215K share disposal at ~860. Form 4 – 12/17 – HHC – minor increase at ~117 – ~2.2M shares total, 12/13 – 13D/A – 6.38M shares – 14.8% of business – waiver received to go up to 26% of ownership."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2019 Update"

"Bill Ackman’s 13F portfolio value increased from $6.49B to $6.55B this quarter.Pershing Square increased Howard Hughes and Agilent Technologies during the quarter.The largest three 13F positions are Chipotle Mexican Grill, Hilton Worldwide Holdings, and Lowes Companies. They together account for ~56% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/14/2020. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2019.Ackman’s 13F portfolio value increased marginally from $6.49B to $6.55B this quarter. The number of positions remained steady at 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~56% of the total portfolio value: Chipotle Mexican Grill, Hilton Worldwide Holdings, and Lowes Companies.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception, although for 2019 they returned 58.1% compared to 31.5% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record is outstanding with annualized returns at 14.3% compared to 9.1% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:None.Stake Increases:Howard Hughes Corp (HHC): HHC is a 4.25% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. The stock has returned over 3x since the spinoff. Recent activity follows: Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124. This quarter saw a ~85% stake increase at a cost-basis of ~$115 per share because of conversion of total-return-swaps they owned. The stock is currently at ~$128.Note: HHC board granted Pershing Square a waiver in December to acquire up to 26% of their Common Stock. Regulatory filings indicate that their ownership stake is at 6.38M shares (14.8% of business). This is compared to ~2.2M shares in the 13F report.Agilent Technologies (A): Agilent is a 4.23% of the portfolio stake established last quarter at prices between $66 and $78 and increased by ~11% this quarter. The stock currently trades at $85.35.Note: Overall, their cost-basis was $76.58. The analytical measurements business has an attractive razor-razorblade business model. The buy theis is based on the margin expansion and leverage opportunity.Stake Decreases:Starbucks Corp. (SBUX): The ~7% of the 13F portfolio SBUX stake was established in October 2018 at a cost-basis of ~$51 per share compared to the current price of $90.14. Q2 2019 saw a ~7% trimming. This quarter saw a ~40% selling at prices between $82 and $89.Note: Earlier this month, Pershing Square disclosed that they had sold their remaining stake in Starbucks. Overall, they had a 73% return over 19 months of ownership ($51 to $85 from July 2018 to Jan 2020).Kept Steady:Chipotle Mexican Grill (CMG): CMG is the largest position at ~22% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the next four quarters. The stock has doubled and currently trades at ~$934.Note: Regulatory filings from earlier this month indicate that Pershing Square sold ~14% of the stake at ~$860 per share on February 6th and 7th. They still control 5.4% of the business.Hilton Worldwide Holdings (HLT): The large (top three) ~18% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades well above that range at ~$113. The position has seen only minor adjustments since.Note 1: Ackman is bullish on their asset-light business model and sees a mid-teens growth opportunity. His overall cost-basis is $73 per share.Note 2: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. Also, the business structure has transformed into a capital-light model because of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Lowes Companies (LOW): LOW is a large (top three) ~16% of the portfolio stake established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Q4 2018 also saw a ~13% increase at prices between $86 and $114 while Q2 & Q3 2019 saw a ~10% combined trimming. The stock currently trades at ~$123.Note: Pershing Square's cost-basis on LOW is $86 per share. Their buy thesis is on the premise that Lowes is laying the groundwork for a multi-year transformation. Analyst Day targets imply more than $10 earnings per share over the next few years.Restaurant Brands International (QSR): QSR is currently the fourth-largest 13F position at 14.68% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. That was followed with a ~22% reduction in H1 2018 at prices between $53 and $64. The four quarters thru Q3 2019 had also seen a ~28% selling at prices between $52 and $79. The stock currently trades at $65.92.Note: Pershing Square believes the stock price should rerate as margins at Tim Horton’s normalize. QSR is trading at 20x free cashflow which is a 25% discount to peers.Berkshire Hathaway Inc. (BRK.A) (BRK.B): BRK.B is a ~14% of the portfolio position purchased in Q2 2019 at prices between $197 and $219 and the stock currently trades at ~$229. Last quarter saw a ~14% stake increase at prices between $196 and $215. For investors attempting to follow, BRK.B is a good option to consider for further research.Note: Pershing Square's cost-basis on BRK.B is $206. Their buy thesis is based on margin expansion opportunity (Geico & Burlington Northern), financial optionality with 20% of market-cap in cash, and a cheap valuation (14x earnings, 1.3x BV).Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $3.44 and $3.16 per share respectively. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q4 2019:Q3 2019 Conference Call – 11/4/2019: Commentary on most of the holdings – generally bullish on all…Regulatory Filings thru 12/13/2019: 13F HR/A – 12/9 – Agilent – A – 2,916,103 shares $223.461M value as on 9/30. 13D/A, Form 4 & 13D – 12/13 & 12/4 – HHC - 6.38M shares – 14.8% of business – ““On December 12, 2019, the Board of Directors of the Issuer granted the Reporting Persons a waiver under Section 203 of the Delaware Corporation Law to acquire up to 26% of the Issuer’s outstanding Common Stock.”” ((Delaware law prevents shareholders from engaging in tender offers for a period of three years after acquiring more than 15% of stock)), ~2.2M shares – 1M shares acquired at 115 – 6.4M shares total (14.8% of business) – 4.189M of that is in forward contracts with an exercise price of $115. Form 4 – 9/26 – CMG – 29200 shares sold at ~$815, 1724310 shares remain.News on ADP Exit – 8/5/2019: 51% return over roughly two years – made 1.2B – exit prompted by rerating of the stock which also means more modest returns going forward. Stock at around $160 at the time."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2019 Update"

"Bill Ackman’s 13F portfolio value decreased from $6.71B to $6.49B this quarter.Pershing Square added Agilent and increased Berkshire Hathaway while dropping Automatic Data Processing during the quarter.The largest three 13F positions are Chipotle Mexican Grill, Restaurant Brands International, and Hilton Worldwide Holdings. They together account for ~54% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2019 (amended 12/9/2019). Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2019.Ackman’s 13F portfolio value decreased ~3% from $6.71B to $6.49B this quarter. The number of positions remained steady at 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~54% of the total portfolio value: Chipotle Mexican Grill, Restaurant Brands International, and Hilton Worldwide Holdings.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception, although YTD return as of December 17, 2019 is very strong – up 56.9% almost double the return compared to the S&P 500 index. Their original flagship fund’s (2004 inception) track record is outstanding with annualized returns at 14.4% compared to 8.6% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:Agilent Technologies (A): Agilent is a 3.44% of the portfolio stake established this quarter at prices between $66 and $78 and the stock currently trades at $84.51.Note: During Pershing Square’s 3rd quarter conference call, Ackman indicated that they were building a new holding. At the time, he said the stake amounted to about 9% of the firm’s AUM and so that equates to about a ~$650M stake. This is compared to ~$225M reported in the 13F amendment.Stake Disposals:Automatic Data Processing (ADP): ADP was a large ~10% of the 13F portfolio stake established in Q2 2017 at a cost-basis of ~$97 and increased by around four-times in the following quarter at prices between $101 and $119. The stock is now at ~$169. There was a ~10% trimming in Q1 2018 at prices between $108 and $124 and another ~47% selling in the following quarter at prices between $113 and $140. The disposal this quarter was at prices between $158 and $173. Their average entry price was around $105 per share.Note 1: Pershing Square realized a stunning ~40% annualized return on ADP during their holding period. That return was helped by the leveraged long positioning using options.Note 2: In November 2017, Pershing Square lost a proxy battle at ADP – his three board nominations (including him) were rejected.Stake Increases:Berkshire Hathaway Inc. (BRK.A) (BRK.B): BRK.B is a ~13% of the portfolio position purchased last quarter at prices between $197 and $219 and the stock currently trades at ~$225. This quarter saw a ~14% stake increase at prices between $196 and $215. For investors attempting to follow, BRK.B is a good option to consider for further research.Note: Pershing Square's cost-basis on BRK.B is around $205 per share. They see opportunity to reduce the performance gap of BNSF & GEICO to their closest peers and expects earnings to grow at mid-teens over medium term, if Berkshire is able to improve operational performance and deploy cash.Stake Decreases:Chipotle Mexican Grill (CMG): CMG is the largest position at ~22% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~17% trimming over the last four quarters. The stock has doubled and currently trades at ~$834. Ackman harvested gains but still controls ~6% of the business.Note: Pershing Square believes the business transformation is in still in the early stages – it has the potential for upwards of 25% margins and store-count doubling (current store-count is ~2500) in the coming years. Current margins are at 21% compared to 25% margins five years ago (current sales per restaurant average $2.2M compared to $2.5M five years ago).Restaurant Brands International (QSR): QSR is currently the second-largest 13F position at 16.54% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. H1 2018 had also seen a ~22% reduction at prices between $53 and $64. Last four quarters have seen another ~28% selling at prices between $52 and $79. The stock currently trades at $65.01.Hilton Worldwide Holdings (HLT): The large (top three) ~15% portfolio stake was established last October. It was purchased at prices between $64 and $78 and the stock currently trades well above that range at ~$110. The position has seen only minor adjustments since.Note: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. This is despite the fact that the business structure has transformed into a capital-light model as a result of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV). Large unit development pipeline and buybacks should allow mid-teens growth.Lowes Companies (LOW): LOW is a large (top five) ~15% of the portfolio stake established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Q4 2018 also saw a ~13% increase at prices between $86 and $114. The stock currently trades at $120. There was a ~10% trimming over the last two quarters.Kept Steady:Starbucks Corp. (SBUX): The ~13% SBUX stake was established last October at a cost-basis of ~$51 per share compared to the current price of $88.52. Last quarter saw a ~7% trimming. Per their 2019 interim report, Pershing Square believes the current valuation of 30x 2020 estimated earnings is appropriate, given the company is firing on all cylinders.Howard Hughes Corp (HHC): HHC is a ~2% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February 2018 at ~$128 per share (underwriting agreement). That transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$124. Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124.Note: Regulatory filings from earlier this month indicate their ownership stake is at 6.38M shares (14.8% of business). Also, HHC board granted Pershing Square a waiver to acquire up to 26% of their Common Stock.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $3.32 and $3.11 per share respectively. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common. As of their Q3 2019 conference call, they still believed the risk-reward for the Common is more attractive than the Preferred in almost every case.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q3 2019:PSH – released 8/15/2019 – Performance – 45.3% in H1 2019 compared to 18.5% for S&P. $100M buyback program and 10c dividends announced. BRK.B – new stake – cost-basis might be around 205. Sees opportunity to reduce the performance gap of BNSF & GEICO to their closest peers. Expects earnings to grow at mid-teens over medium term, if they are able to improve operational performance and deploy cash. Estimates BRK trades at 14x and 12x x-cash which is cheap if growth materializes. CMG – biggest contributor to performance at ~11%. Still thinks there is opportunity to realized increases in sales & profit growth. Management believes they are in early stages. QSR – same store sales growth and recognition of international opportunities should allow rerating. SBUX – trades at 30x estimated 2020 earnings which is a premium to historical valuation – believes the valuation is appropriate given the company is firing on all cylinders. HLT – asset-light model should allow mid-teens growth rate – large unit development pipeline and buybacks as well. LOW – 4.2% same-store sales growth that outperformed HD. Lower margins – improvement from 9% to HD’s current 14.5% should be possible. As transformation progresses, the valuation should improve, HHC – as MPC’s reach critical mass, the NOI impact should become obvious, Fannie/Freddie – believes the delay is due to certain other priorities for Mnuchin as opposed to a lack of commitment to recapitalize. EXITS – ADP (reaching fair value – 40% annualized return over holding period) and UTX (exit at a slight gain as they decide not to fight against management’s decision to merge).Regulatory Filings thru 8/17/2019: 13D/A, Form 4 – 6/28 – CMG – 1.782M shares – 6.4% of business. 80K shares disposed at $726."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2019 Update"

"Bill Ackman’s 13F portfolio value decreased marginally from $6.72B to $6.71B this quarter.Pershing Square added Berkshire Hathaway during the quarter.The largest three 13F positions are Chipotle Mexican Grill, Restaurant Brands International, and Hilton Worldwide Holdings. They together account for ~52% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/14/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2019.Ackman’s 13F portfolio value decreased marginally from $6.72B to $6.71B this quarter. The number of positions remained steady at 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~52% of the total portfolio value: Chipotle Mexican Grill, Restaurant Brands International, and Hilton Worldwide Holdings.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception, although YTD return as of August 13, 2019 is very strong – up 48.9% compared to 18.2% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record is outstanding with annualized returns at 14.4% compared to 8.6% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:Berkshire Hathaway Inc. (BRK.A) (BRK.B): BRK.B is a ~11% of the portfolio position purchased this quarter at prices between $197 and $219 and the stock currently trades at ~$200. For investors attempting to follow, BRK.B is a good option to consider for further research.Note: Pershing Square's cost-basis on BRK.B is around $205 per share. They see opportunity to reduce the performance gap of BNSF & GEICO to their closest peers and expects earnings to grow at mid-teens over medium term, if Berkshire is able to improve operational performance and deploy cash.Stake Disposals:United Technologies (UTX): UTX was a ~11% of the 13F portfolio stake established in Q1 2018 at prices between $122 and $138 and increased by ~135% next quarter at prices between $118 and $128. Last three quarters had also seen a combined ~30% increase at prices between $101 and $142. This quarter saw the position disposed at prices between $123 and $143. The stock currently trades at ~$125.Note: As of last quarter, Pershing Square believed the upcoming three-way split should be a catalyst for significant share price appreciation: Otis Elevator, Climate, Controls, & Security (CCS), and Aerospace (UTC Aerospace Systems and Pratt & Whitney). Instead, United Technologies management chose a merger with Raytheon (RTN). In response, Pershing Square exited at a slight gain.Stake Increases:None.Stake Decreases:Chipotle Mexican Grill (CMG): CMG is the largest position at ~20% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~14% trimming over the last three quarters. The stock has doubled and currently trades at ~$817. Ackman harvested gains but still controls 6.4% of the business.Note: Pershing Square believes the business transformation is in still in the early stages – it has the potential for upwards of 25% margins (current margins are at 21%) and store-count doubling (current store-count is ~2500) in the coming years.Restaurant Brands International (QSR): QSR is currently the second-largest 13F position at ~16% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. H1 2018 had also seen a ~22% reduction at prices between $53 and $64. There were minor ~6% trimmings each over the last two quarters and that was followed with a ~15% selling this quarter at prices between $65 and $70. The stock currently trades at $74.52.Note: Per Pershing Square’s Q1 2019 shareholder letter, same store sales growth and recognition of international opportunities should allow rerating.Lowes Companies (LOW): LOW is a large (top five) ~13% of the portfolio stake established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Q4 2018 also saw a ~13% increase at prices between $86 and $114. The stock currently trades at $93.92. There was a ~7% trimming this quarter. For investors attempting to follow, LOW is a good option to consider for further research.Note: Per Pershing Square’s 2019 Interim Report, 4.2% same-store sales growth outperformed Home Depot (HD) but the margins are much lower – improvement from 9% to HD’s current 14.5% should be possible. As transformation progresses, the valuation should improve.Starbucks Corp. (SBUX): The ~11% SBUX stake was established last October at a cost-basis of ~$51 per share compared to the current price of $96.52. This quarter saw a ~7% trimming. Per their 2019 interim report, Pershing Square believes the current valuation of 30x 2020 estimated earnings is appropriate, given the company is firing on all cylinders.Kept Steady:Hilton Worldwide Holdings (HLT): The large ~16% portfolio stake was established last October. It was purchased at prices between $64 and $78 and the stock currently trades well above that range at $93. There was marginal increase last quarter.Note: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. This is despite the fact that the business structure has transformed into a capital-light model as a result of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV). Large unit development pipeline and buybacks should allow mid-teens growth.Automatic Data Processing (ADP): ADP is a large ~10% of the 13F portfolio stake established in Q2 2017 at a cost-basis of ~$97 and increased by around four-times in the following quarter at prices between $101 and $119. The stock is now at ~$167. There was a ~10% trimming in Q1 2018 at prices between $108 and $124 and another ~47% selling in the following quarter at prices between $113 and $140. Since then, the activity has been minor. Their average entry price was around $105 per share.Note 1: Per Pershing Square’s Q2 2019 Interim Report, ADP was exited after the quarter ended. They realized a stunning ~40% annualized return during their holding period. That return was helped by the leveraged long positioning using options.Note 2: In November 2017, Pershing Square lost a proxy battle at ADP – his three board nominations (including him) were rejected.Howard Hughes Corp (HHC): HHC is a ~2% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February 2018 at ~$128 per share (underwriting agreement). That transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$130. Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction next quarter at prices between $90 and $124. There was a ~3% trimming last quarter.Note: Regulatory filings from November show them having an economic interest of 5.4M shares of HHC (~12.6% of the business) including 4.17M notional common share exposure thru swaps that are not listed in the 13F.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.28 and $2.21 per share respectively. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of the total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common. Regarding the delay in publishing Trump Administration’s Housing Reform Plan, Pershing Square believes it has to do with pressing commitments such as trade negotiations rather than any change in priority.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q2 2019:Regulatory Filings thru 5/18/2019: Form 4 – 4/2 – HHC – minor disposal at ~$110, CMG – minor disposal at ~$710.5/17/2019 – – Performance – 36.9% in Q1 2019 compared to 13.9% for S&P. CMG at 10.1% is by far the largest contributor. CMG – despite 63% YTD increase, they believe transformation is early stages – upwards of 25% margins from 21% currently and store count increase provide a runway for superlative sales and profits for years to come. ADP – up 21% YTD – opportunity to grow top-line revenue as well as margin expansion – should allow mid-to-high teens growth rate for many years. QSR – although it is up 28% YTD, shares at 23 times 2019 estimated FCF trade at a discount to Yum & McDonalds at 26 to 27 times. LOW – up 16% YTD – 17 times 2019 earnings estimate – should appreciate as the business transformation becomes more evident and the performance gap with HD is narrowed. SBUX – up 21% YTD – 26-times forward earnings is inline with recent historical averages. Prospects are compelling at mid-teens EPS growth is possible for many years to come. HLT – up 28% YTD. It trades at 24 times 2019 estimated earnings which is a discount to historical average. UTX – up 27% YTD, but trades at less than 16 times estimate of pro-forma earnings – ~30% sum-of-parts discount to its peers. HHC – up 9% YTD. Continues to believe it trades at a large discount to its underlying NAV per share. Fannie/Freddie Common/Pfds – Common up ~140% and Pfds ~66% YTD – progress in housing finance reform plans. EXIT – Platform Specialty Products."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2019 Update"

"Bill Ackman’s 13F portfolio value increased ~13% from $5.96B to $6.72B this quarter.Pershing Square dropped Element Solutions and decreased Starbucks during the quarter.The largest three 13F positions are Chipotle Mexican Grill, Restaurant Brands International, and Lowes Companies. They together they account for ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/15/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2018.Ackman’s 13F portfolio value increased ~13% from $5.96B to $6.72B this quarter. The number of positions decreased from 9 to 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~53% of the total portfolio value: Chipotle Mexican Grill, Restaurant Brands International, and Lowes Companies.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception, although YTD return as of May 17, 2019 is very strong – up 38.4% compared to ~14% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record is outstanding with cumulative returns at ~500% compared to ~220% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:Element Solutions (ESI) previously Platform Specialty Products: On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis was ~$14 and his ownership stake was ~20% of the business. The entire position was sold this quarter at ~$11.75 thru a buyback deal with the company. The stock currently trades at $10.62.Stake Increases:United Technologies (UTX): UTX is a ~11% of the 13F portfolio stake established in Q1 2018 at prices between $122 and $138 and increased by ~135% next quarter at prices between $118 and $128. The stock currently trades at ~$134. Last three quarters have also seen a combined ~30% increase at prices between $101 and $142. For investors attempting to follow Ackman, UTX is a good option to consider for further research.Note: Pershing Square believes the upcoming 3-way split should be a catalyst for significant share price appreciation: Otis Elevator, Climate, Controls, & Security (CCS), and Aerospace (UTC Aerospace Systems and Pratt & Whitney).Hilton Worldwide Holdings (HLT): The large ~14% portfolio stake was established in October 2018. It was purchased at prices between $64 and $78 and the stock currently trades well above that range at $92.93. There was marginal increase this quarter.Note: In Q4 2018, Hilton Worldwide Holdings came back in to the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. This is despite the fact that the business structure has transformed into a capital-light model as a result of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Stake Decreases:Chipotle Mexican Grill (CMG): CMG is the largest position at ~20% of the portfolio. The stake was established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% in Q3 2018 in the high-400s price-range and that was followed with a ~10% trimming over the last two quarters. The stock currently trades at ~$716. Ackman harvested gains.Note: Despite the 63% increase in share price YTD, Pershing Square believes the business transformation is in early stages – it has the potential for upwards of 25% margins (current margins are at 21%) and store-count doubling (current store-count is ~2500) in the coming years.Restaurant Brands International (QSR): QSR is currently the second-largest 13F position at ~18% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. H1 2018 had also seen a ~22% reduction at prices between $53 and $64. The stock currently trades at $67.47. There were minor ~6% trimmings each over the last two quarters.Note: The stock is up 28% YTD. Per Pershing Square’s Q1 2019 shareholder letter, shares trade at a discount to peers: 23 times 2019 estimated FCF compared to Yum & McDonalds at 26 to 27 times.Lowes Companies (LOW): LOW is a large (top three) ~15% of the portfolio stake established in Q2 2018 at prices between $81 and $101 and increased by ~9% next quarter at prices between $95 and $117. Last quarter also saw a ~13% increase at prices between $86 and $114. The stock currently trades at $109. There was a ~2% trimming this quarter. For investors attempting to follow, LOW is a good option to consider for further research.Note: Pershing Square believes that the stock should outperform going forward, as the business transformation that will allow Lowes to narrow the performance gap with Home Depot (HD) becomes more evident to the market.Starbucks Corp. (SBUX): The ~11% SBUX stake was established last October at a cost-basis of ~$51 per share compared to the current price of $78.91.Automatic Data Processing (ADP): ADP is a large ~10% of the 13F portfolio stake established in Q2 2017 at a cost-basis of ~$97 and increased by around four-times the following quarter at prices between $101 and $119. The stock is now at ~$162. There was a ~10% trimming in Q1 2018 at prices between $108 and $124 and another ~47% selling in the following quarter at prices between $113 and $140. Q3 2018 also saw a ~4% trimming while last quarter there was a marginal increase. This quarter saw marginal trimming.Note 1: Regulatory Filings from last year show them owning 21.3M shares (4.9% of business): ~4M shares listed in the 13F report in common stock and the rest in American Style Call Options.Note 2: Per a letter to investors in June 2018, their average entry price on ADP was $105 per share.Note 3: In November 2017, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Howard Hughes Corp (HHC): HHC is a ~2% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February 2018 at ~$128 per share (underwriting agreement). That transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$109. Q3 2018 saw a ~3% trimming and that was followed with a ~40% reduction last quarter at prices between $90 and $124. There was a ~3% trimming this quarter.Note: Regulatory filings from November show them having an economic interest of 5.4M shares of HHC (~12.6% of the business) including 4.17M notional common share exposure thru swaps that are not listed in the 13F.Kept Steady:None.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.76 and $2.67 per share respectively. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.The spreadsheet below highlights changes to Pershing Square’s 13F stock holdings in Q1 2019:Regulatory Filings thru 2/18/2019: Form 4 – 2/14 – CMG – minor disposal at ~$600 – 1.88M shares remain. 13G/A – 2/14 – QSR – 20.07M shares – 8% - 19.7M in common shares and the rest in exchangeable units, Form 4, 13D/A – 2/5 – ESI (Element Solutions) previously Platform Specialty – 40.45M shares disposed at ~$11.75 – now zero shares – the transaction was thru a Buyback deal with the company.PSCM 2/2019: Performance: negative 0.7% for 2018 compared to negative 4.4% for the S&P 500 index. Thru 2/12/2019 YTD performance of 24.7% vs 9.7% for the S&P 500 index. 27% discount to NAV for PSH – completed $300M tender at 20.5% discount to NAV in May 2018 – since then, PSCM affiliates purchased $520M worth since.10c dividend. Float reduced by 24.5% overall since April 2018. Regarding Fannie/Freddie – fair treatment of current Fannie/Freddie shareholders is needed for them to raise capital. Believes administration will act while the window of opportunity for reform is still open. Expects government to cash in on warrants worth $150B. Buybacks: The shares trade at a wide ~27% discount to NAV and that prompted PSCM affiliates to purchase more than $520M worth of shares in the open market in the last year.PSCM Update: nothing significant see annual investor update above.PSCM Update: ~$7.5B AUM. 18.3% net return for January. 124% long and 0% short.11/15/2018 – –Performance – YTD 9.7% vs 3.5% for S&P. Exited Mondelez and entered Starbucks at $51 cost-basis at entry – at ~$66, they still believe it is undervalued. Hilton Worldwide – reentered at a valuation below the point they exited in Q3 2017 (investment made was in Q3 2016) – asset light model with several brands attractive. Affiliates of PSH & Ackman own ~20% after recent purchases. ADP – 25% appreciation YTD, but still undervalued, if business operated optimally. QSR – Tim Horton’s management replaced – capital light model. HHC – sold a bunch for portfolio management purposes as the stake had become too big."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2018 Update"

"Bill Ackman’s 13F portfolio value increased ~14% from $5.21B to $5.96B this quarter.Pershing Square added Hilton Worldwide and Starbucks while reducing Howard Hughes.The largest three 13F positions are Restaurant Brands International, Lowes Companies, and Chipotle Mexican Grill. They together they account for ~45% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/14/2019. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2018.Ackman’s 13F portfolio value increased ~14% from $5.21B to $5.96B this quarter. The number of positions increased from 7 to 9. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~45% of the total portfolio value: Restaurant Brands International, Lowes Companies, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception, although YTD return as of February 12, 2019 saw a strong rebound – up 24.7% compared to 9.7% for the S&P 500 index. Their original flagship fund’s (2004 inception) track record is outstanding with cumulative returns at ~500% compared to ~220% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:Hilton Worldwide Holdings (HLT) & Starbucks Corp. (SBUX): These two new stakes were established in October 2018. HLT is a 13.19% position purchased at prices between $64 and $78 and the stock currently trades just above that range at $81.75. The 12.71% SBUX stake has a cost-basis of ~$51 per share compared to the current price of $70.71.Note: Hilton Worldwide Holdings is back in the portfolio after a gap of eighteen months. The previous position was purchased in Q3 2016 and disposed a year later. Pershing Square has said that the new position was acquired at a better valuation compared to their previous purchase. This is despite the fact that the business structure has transformed into a capital-light model as a result of the spinoff in early 2017 of Park Hotels & Resorts (PK) and Hilton Grand Vacations (HGV).Stake Disposals:None.Stake Increases:Lowes Companies (LOW): LOW is a large (top three) 14.79% of the portfolio stake established in Q2 2018 at prices between $81 and $101 and increased by ~9% last quarter at prices between $95 and $117. This quarter also saw a ~13% increase at prices between $86 and $114. The stock currently trades at $104.Note: Pershing Square has stated that Lowes has a credible plan in place to narrow the performance gap with Home Depot. EBIT margin at Lowes is 9.3% compared to 14.5% at Home Depot. The new leadership team at Lowes has several people who previously played key roles in the turnaround at Home Depot (HD) and that should help.United Technologies (UTX): UTX is a ~10% of the 13F portfolio stake established in Q1 2018 at prices between $122 and $138 and increased by ~135% next quarter at prices between $118 and $128. The stock currently trades at ~$128. For investors attempting to follow Ackman, UTX is a good option to consider for further research. Last two quarters have also seen a combined ~25% increase at prices between $102 and $144.Note: Pershing Square believes the upcoming 3-way split should be a catalyst for significant share price appreciation: Otis Elevator, Climate, Controls, & Security (CCS), and Aerospace (UTC Aerospace Systems and Pratt & Whitney).Automatic Data Processing (ADP): ADP is a large ~9% of the 13F portfolio stake established in Q2 2017 at a cost-basis of ~$97 and increased by around four-times the following quarter at prices between $101 and $119. The stock is now at ~$150. There was a ~10% trimming in Q1 2018 at prices between $108 and $124 and another ~47% selling in the following quarter at prices between $113 and $140. Last quarter also saw a ~4% trimming while this quarter there was a marginal increase.Note 1: Regulatory Filings from last year show them owning 21.3M shares (4.9% of business): ~4M shares listed in the 13F report in common stock and the rest in American Style Call Options.Note 2: Per a letter to investors in June 2018, their average entry price on ADP was $105 per share.Note 3: In November 2017, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Stake Decreases:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~17% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. H1 2018 had also seen a ~22% reduction at prices between $53 and $64. The stock currently trades at $64.69. There was a minor ~6% trimming this quarter.Note: The QSR stake came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares. In addition to the 13F stake, they also held around ~4M shares in exchangeable units as of February 2018. That stake has been reduced to ~300K shares, per a regulatory filing this month.Chipotle Mexican Grill (CMG): CMG is a large (top three) ~14% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% last quarter in the high-400s price-range and that was followed with a ~6% trimming this quarter. The stock currently trades at ~$606. Ackman harvested gains.Note: Regulatory filings since the quarter ended show them holding 1.88M shares of Chipotle. This is compared to 1.94M shares in the 13F report – marginal trimming at ~$600 per share.Howard Hughes Corp (HHC): HHC is a ~2% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February 2018 at ~$128 per share (underwriting agreement). That transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$115. Last quarter saw a ~3% trimming and that was followed with a ~40% reduction this quarter at prices between $90 and $124.Note: Regulatory filings from November show them having an economic interest of 5.4M shares of HHC (~12.6% of the business) including 4.17M notional common share exposure thru swaps that are not listed in the 13F.Kept Steady:Element Solutions (ESI) previously Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $11.16.Note: Regulatory filings since the quarter ended show them no longer holding any shares of Element Solutions. The ~40M share stake was sold at ~$11.75 thru a buyback deal with the company. Prior to this transaction, Ackman’s ownership stake was ~20%.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.71 and $2.57 per share respectively. In March 2018, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.Note: Bill Ackman also had a short book which lost money in the last few years. As of the end of January, their short exposure is zero: 124% long and 0% short. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q4 2018:10/11/2018 - – 15.2M shares - cost-basis is $51 per share. Expects a double in three years. Also a similar (HLT).Regulatory Filings thru 11/15/2018: 13D/A – 11/13 – HHC – 1.23M shares – 2.9% of business (economic exposure including swaps is 5.4M shares – 12.6% of business) – Beneficial ownership percentage dropped below 5% on Sep 21, Form 4 – 11/13 - ~900K sale @ $109.39. Form 4 – 9/27 – minor sales, Form 4 – 9/24 - ~50K shares sold ~$126. Form 4 – 9/19 - ~14K sold @ ~$124. 13D/A – 9/19 – 2.19M shares – 5.1%. Form 4 – 11/7 – CMG - ~120K shares disposed @ ~$472 – 1.94M shares remain. Form 4 – 8/30 - ~825K shares sold @ ~$488. Form 4 – 13D/A – 8/30 – 2.06M shares – 7.4% of business – sold shares in a block transaction. Form 4 – 8/17 – ADP – 21.3M shares – 4.9% of business – 4.03M shares in common stock and the rest of American Style OTP call options. Sold shares and the net impact was the drop of ownership below the 5% threshold."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2018 Update"

"Bill Ackman’s 13F portfolio value decreased ~10% from $5.80B to $5.21B this quarter.Pershing Square reduced Chipotle Mexican Grill and dropped Mondelez International.The largest three 13F positions are Restaurant Brands International, Lowes Companies, and Chipotle Mexican Grill. They together they account for ~60% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2018.Ackman’s 13F portfolio value decreased ~10% from $5.80B to $5.21B this quarter. The number of positions decreased from 8 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~60% of the total portfolio value: Restaurant Brands International, Lowes Companies, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception, although YTD return as of early November was quite good at just over 9%. Their original flagship fund’s (2004 inception) track record is outstanding with cumulative returns at ~500% compared to ~220% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.Note: Last month, Pershing Square disclosed a 15.2M share stake in Starbucks (SBUX) acquired at ~$51 per share and a 10.9M share stake in Hilton Worldwide (HLT).New Stakes:None.Stake Disposals:Mondelez International (MDLZ): MDLZ was a large ~12% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. H1 2017 had seen another ~37% selling at prices between $42.50 and $47. Q4 2017 saw an about turn: two-thirds increase at prices between $39.30 and $43.50. There was a ~30% selling in Q1 2018 at prices between $40.50 and $46 and the disposal this quarter was at prices between $40.80 and $44. The stock currently trades at $43.76.Stake Increases:Lowes Companies (LOW): LOW is a large (top three) 18.60% of the portfolio stake established last quarter at prices between $81 and $101 and increased by ~9% this quarter at prices between $95 and $117. The stock currently trades at $94.91.United Technologies (UTX): UTX is a ~13% of the 13F portfolio stake established in Q1 2018 at prices between $122 and $138 and increased by ~135% last quarter at prices between $118 and $128. The stock currently trades at ~$129. For investors attempting to follow Ackman, UTX is a good option to consider for further research. This quarter also saw a ~9% stake increase.Note: Dan Loeb (Third Point) established a large activist stake in United Technologies in Q1 2018. He is pushing for a 3-way split: Otis Elevator, Climate, Controls, & Security (CCS), and Aerospace (UTC Aerospace Systems and Pratt & Whitney). Bill Ackman has endorsed this view.Stake Decreases:Chipotle Mexican Grill (CMG): CMG is a large (top three) ~18% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The position was sold down by ~30% this quarter in the high-400s price-range. The stock currently trades at ~$479. Ackman harvested gains.Note: Regulatory filings from last week show them owning 1.94M shares of CMG. This is compared to 2.06M shares in the 13F report. Around ~120K shares were disposed at ~$472 per share. Ackman still controls ~7% of CMG.Automatic Data Processing (ADP): ADP is a large ~12% of the 13F portfolio stake established in Q2 2017 at a cost-basis of $97.30 and increased by roughly four-times the following quarter at prices between $101 and $119. The stock is now at ~$143. There was a ~10% trimming in Q1 2018 at prices between $108 and $124 and another ~47% selling last quarter at prices between $113 and $140. This quarter also saw a ~4% trimming.Note 1: Regulatory Filings show them owning 21.3M shares (4.9% of business): ~4M shares listed in the 13F report is in common stock and the rest in American Style Call Options.Note 2: Per a letter to investors in June, their average entry price on ADP was $105 per share.Note 3: In November 2017, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Howard Hughes Corp (HHC): HHC is a ~5% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February at ~$128 per share (underwriting agreement). That transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$109. This quarter saw a ~3% trimming.Note: The position was sold down further after the quarter ended. Regulatory filings from earlier this week show them having an economic interest of 5.4M shares of HHC (~12.6% of the business) including 4.17M notional common share exposure thru swaps that are not listed in the 13F. This is compared to an economic interest of 7.6M shares (~18% of the business) as of last quarter.Kept Steady:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~24% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. The stock currently trades at $55.39. H1 2018 had also seen a ~22% reduction at prices between $53 and $64.Note 1: Per a regulatory filing in February, they held ~4M shares of exchangeable units in addition to what is reported on the 13F.Note 2: The QSR stake came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $10.56. Ackman controls ~20% of the business.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $1.28 and $1.22 per share respectively. In March, Pershing Square said their Fannie/Freddie pfds now amounts to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.Note: Bill Ackman also has a short book. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q3 2018:6/19/2018 – – ADP – Average entry price is $105. Currently at $139. Still regards it undervalued. Might adjust sizing as it has become very large.5/23/2018: Pershing Square ~$1B stake in Lowe’s – not seeking board seat – supportive of management and new CEO Marvin Ellison.Regulatory Filings thru 8/14/2018: Form 4 – 8/7 – PAH – misc, 13D/A – 6/27 – ADP – 24.58M shares – 5.6% of business. 4.22M shares long as in 13F and the rest in American Style Call Options."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2018 Update"

"Bill Ackman’s 13F portfolio value increased ~20% from $4.83B to $5.80B this quarter.Pershing Square added Lowes while increasing United Technologies.The largest three 13F positions are Restaurant Brands International, Chipotle Mexican Grill, and Lowes Companies and together they account for ~56% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/14/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2018.Ackman’s 13F portfolio value increased ~20% from $4.83B to $5.80B this quarter. The number of positions increased from 7 to 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~56% of the total portfolio value: Restaurant Brands International, Chipotle Mexican Grill, and Lowes Companies.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with cumulative returns at ~500% compared to ~220% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:Lowes Companies (LOW): LOW is a large (top three) 12.70% of the portfolio stake established this quarter at prices between $81 and $101 and the stock currently trades at $98.40.Stake Disposals:None.Stake Increases:Mondelez International (MDLZ): MDLZ is a large ~12% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. H1 2017 had seen another ~37% selling at prices between $42.50 and $47. Q4 2017 saw an about turn: two-thirds increase at prices between $39.30 and $43.50. The stock currently trades at $41.87. There was a ~30% selling last quarter at prices between $40.50 and $46. This quarter saw a marginal increase.Note: Pershing Square’s latest regulatory filings on Mondelez (10/2017) show them holding a huge position in American style OTC call options. Including that, the ownership stake was at ~5% of the business (~75M shares).United Technologies (UTX): UTX is a ~10% of the 13F portfolio stake established last quarter at prices between $122 and $138 and increased by ~135% this quarter at prices between $118 and $128. The stock currently trades at ~$132. For investors attempting to follow Ackman, UTX is a good option to consider for further research.Note: Dan Loeb (Third Point) established a large activist stake in United Technologies last quarter. He is pushing for a 3-way split: Otis Elevator, Climate, Controls, & Security (CCS), and Aerospace (UTC Aerospace Systems and Pratt & Whitney). Bill Ackman has endorsed this view.Stake Decreases:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~22% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. The stock currently trades at $62.21. Last two quarters have also seen a ~22% reduction at prices between $53 and $64.Note 1: Per a February regulatory filing, they held ~4M shares of exchangeable units in addition to what is reported on the 13F.Note 2: The QSR stake came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Automatic Data Processing (ADP): ADP is a large ~10% of the 13F portfolio stake established in Q2 2017 at a cost-basis of $97.30 and increased by roughly four-times the following quarter at prices between $101 and $119. The stock is now at $141. There was a ~10% trimming last quarter at prices between $108 and $124 and another ~47% selling this quarter at prices between $113 and $140.Note 1: Per a letter to investors in June, their average entry price on ADP was $105 per share.Note 2: A regulatory filing on 6/27/2018 show Pershing Square beneficially owning 24.58M shares (5.6% of business). This is compared to 4.23M shares reported in the 13F report. The rest are in American Style Call Options.Note 3: In November 2017, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large (top three) 21.42% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The stock currently trades at ~$493.Note: Ackman controls ~10% of CMG.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $12.25. Ackman controls ~20% of the business.Howard Hughes Corp (HHC): HHC is a ~6% of the 13F portfolio position established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February at ~$128 per share (underwriting agreement) - the transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$129.Note 1: Recent regulatory filings show them having an economic interest of 7.6M shares of HHC (~18% of the business) including 5.4M notional common share exposure thru swaps that are not listed in the 13F.Note 2: Ackman at the Ira Sohn conference in May 2017 - the thesis was focused around how Master Planned Communities (MPC) when developed patiently over a long period of time could create substantial value to shareholders.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $1.55 and $1.56 per share respectively. In March, Pershing Square their Fannie/Freddie pfds now amounts to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.Note: Bill Ackman also has a short book. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q2 2018:3/26/2018: Pershing Square their Fannie/Freddie pfds now amounts to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.Regulatory Filings thru 5/16/2018: 13D/A – 3/13/2018 – ADP – 31.8M shares – 7.2% of the business – around 5M shares in stock & call options were sold for portfolio management purposes,"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2018 Update"

"Bill Ackman’s 13F portfolio value decreased ~18% from $5.87B to $4.83B this quarter.Pershing Square dropped Nike while adding United Technologies.The largest three 13F positions are Restaurant Brands International, Chipotle Mexican Grill, and Automatic Data Processing and together they account for around two-thirds of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/15/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2017.Ackman’s 13F portfolio value decreased ~18% from $5.87B to $4.83B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for ~67% of the total portfolio value: Restaurant Brands International, Chipotle Mexican Grill, and Automatic Data Processing.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with cumulative returns at ~500% compared to ~220% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:United Technologies (UTX): UTX is a ~5% of the 13F portfolio stake established this quarter at prices between $122 and $138 and the stock currently trades at ~$125. For investors attempting to follow Ackman, UTX is a good option to consider for further research.Note: Dan Loeb (Third Point) established a large activist stake in United Technologies this quarter. He is pushing for a 3-way split: Otis Elevator, Climate, Controls, & Security (CCS), and Aerospace (UTC Aerospace Systems and Pratt & Whitney). Bill Ackman has endorsed this view.Stake Disposals:Nike Inc. (NKE): NKE was a 6.22% of the portfolio stake established last quarter at prices between $51 and $65 and disposed this quarter at prices between $62.50 and $70. The stock currently trades at $69.50.Stake Increases:None.Stake Decreases:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~29% of the portfolio. Pershing Square’s cost-basis is ~$16. Q3 2017 saw a ~32% selling at prices between $59 and $66. The stock currently trades at $56.31. There was a ~8% trimming this quarter.Note 1: A regulatory filing on 02/14/2018 show them owning 30.45M shares (12.3% of the business) of QSR. This is compared to 24.32M shares in the 13F. The filing includes ~4M shares of exchangeable units held. There was a ~2M share reduction since that filing.Note 2: The QSR stake came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Automatic Data Processing (ADP): ADP is a top three ~19% of the 13F portfolio stake established in Q2 2017 at a cost-basis of $97.30 and increased by roughly four-times the following quarter at prices between $101 and $119. The stock is now at $127. There was a ~10% trimming this quarter at prices between $108 and $124.Note 1: A regulatory filing (3/13/2018) show Pershing Square’s beneficial ownership at 31.8M shares (7.2% of the business). The 13F report only lists 7.9M shares that are directly owned. The rest are in American Style OTC Call Options. The filing disclosed that the reduction this quarter was 5M shares including ~3.9M in American Style OTC Call Options.Note 2: In November 2017, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Mondelez International (MDLZ): MDLZ is a large ~14% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. H1 2017 had seen another ~37% selling at prices between $42.50 and $47. Last quarter saw an about turn: two-thirds increase at prices between $39.30 and $43.50. The stock currently trades at $39.41. There was a ~30% selling this quarter at prices between $40.50 and $46.Note: Pershing Square’s latest regulatory filings on Mondelez (10/2017) show them holding a huge position in American style OTC call options. Including that, the ownership stake was at ~5% of the business (~75M shares).Howard Hughes Corp (HHC): HHC is a ~6% of the US long portfolio position that was established in 2010 as a result of its spin-off from GGP Inc. (GGP). The stock has returned over 3x since the spinoff. Q3 2017 saw a one-third increase as a result of the conversion of warrants held. There was a ~53% selling (~2.5M shares) in February at ~$128 per share (underwriting agreement) - the transaction was prompted to address FIRPTA issues at PSH. The stock is currently at ~$130.Note 1: Recent regulatory filings show them having an economic interest of 7.6M shares of HHC (~18% of the business) including 5.4M notional common share exposure thru swaps that are not listed in the 13F.Note 2: Ackman at the Ira Sohn conference in May 2017 - the thesis was focused around how Master Planned Communities (MPC) when developed patiently over a long period of time could create substantial value to shareholders.Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large (top three) 19.27% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The stock currently trades at ~$427. For investors attempting to follow Pershing Square, CMG is a good option to consider for further research.Note: Ackman controls ~10% of CMG.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $11.02. Ackman controls ~20% of the business.Note: The stock was down ~45% in 2015 and has been flat since.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $1.36 and $1.40 per share respectively. In March, Pershing Square their Fannie/Freddie pfds now amounts to 21% of its total investment in the two GSEs. They said it is a hedge in case the resolution favors pfds more than the common.Bill Ackman also has a short book. Herbalife (HLF) was the only one that was publicly known. It was a huge stake at ~9% of capital as of Q3 2017. The following quarter saw the position converted to in-the-money puts representing ~2% of capital. That this quarter. Overall, the position realized significant losses over a five-year holding period.Note: There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q1 2018:Regulatory Filings thru 2/15/2018: 13G/A – 2/14 – QSR – 30.45M shares – 12.3% of business – includes 3,945,425 Common Shares issuable on exchange of Exchangeable Units beneficially owned by Mr. Ackman, 13D/A & Form 4 – 1/4/2018 – HHC – 2.2M shares – 5.1% of business – 5.4M shares interest under swaps – total economic interest at 7.6M shares – 17.7% of business. Underwriting agreement – sale of 2.5M Common Shares at a price of $127.86 per share,1/29/2018 – - London: Performance: From 1/1/2004 inception, returns at 493.6% compared to 220.8% for S&P 500. Down 4% for 2017 compared to Up 21.8% for the S&P 500 index. 2017 Winners: Gross Returns - QSR (5.2%) – 4x return since 2012 - still trades at a discount to peers – margin improvement opportunity – free option on value creating acquisitions, ADP (3.5%) – secular growth – tax reform should drive ~13-15% increase in earnings, $24B float balance would increase profits as interest rates rise – ADP along with CMG considered in early stage of value creation, HHC (1.6%) – continuing to create value across core trophy real-estate assets – Ward Village Hawaii, Seaport District, Summerlin MPC in Vegas, etc. – exited common but kept total return swaps to address FIRPTA issues at PSH, NOMD (1.3%), HLT (0.9%), NKE (0.8%), and Accretion – share buyback impact (0.4%). 2017 Losers: HLF (4%), MDLZ (3.5%) – low relative valuation - ~15% discount to peers, 18x 2018 EPS – 25% US, 40% Emerging sales split is nice – Ems macro, FX, etc. have turned from headwinds to tailwinds – re-rating & double-digit EPS growth potential, Fannie/Freddie (3.3%)- will be worth multiples of current price, if housing finance reform is successful, CMG (2.7%) – new CEO search – opportunity for unrealized growth in Digital Experience, Menu Innovation, Delivery & Catering, Domestic & International expansion, AGN litigation reserve (1.3%), VRX (1%). Long/Short Attribution: Plus 1.5% for longs offset by Negative 4.1% in the Shorts/Hedges. AUM: $8.8B. PSH Structure – Restructuring to a smaller investment-centric organization – Bill will no longer spend time on day-to-day IR matters. 2017 New Ideas Related Commentary: ADP (substantial margin improvement opportunity), HLT (franchised model, capital light, growth opportunity of new hotel units), NKE (margin expansion opportunity – new manufacturing processes & rapid growth in distribution channels) – 29% appreciation in 3 months since 10/12/2017, SPGE (high quality annuity-like revenue stream) – exited as a full-position could not be established at attractive prices, & undisclosed (sold due to business developments since acquisition). The ADP stake is a FULL position while others were partial as price ran away – with ADP, $500M+ ADP co-investment vehicle provides additional long-dated incentive economics for the team. Other Commentary: PAH – 9% organic EBITDA growth - $4b debt refinanced lowering interest expense – trades at 9.5x EBITDA 2018 multiple - $19 PPS if it traded at current peer multiples – performance solutions/Ag separation in H2 2018 to address sum-of-parts discount. HLF Short – converted to in-the-money puts representing ~2% of capital – PPS has increased 60% from average cost at announcement in May 2012. Other EXITS: APD, HLT, NOMD, undisclosed, VRX. PSH Discount Mgmt – a) May 2017 share buyback for up to 5% of PSH. So far, 5.5M shares repurchased at 20.1% NAV-discount at a cost of $77.2M – 6.5M shares could additionally be purchased with remaining capacity, b) Jan 2018 PSH & PSCM tender for up to $300M of PSH."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2017 Update"

"Bill Ackman’s 13F portfolio value increased ~15% from $5.11B to $5.87B this quarter.Pershing Square added Nike while increasing Mondelez International.The largest three 13F positions are Restaurant Brands International, Automatic Data Processing, and Mondelez International and together they account for ~62% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s 13F portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/14/2018. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2017.Ackman’s US long portfolio value increased ~15% from $5.11B to $5.87B this quarter. The number of positions increased from 6 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 62.25% of the total portfolio value: Restaurant Brands International, Automatic Data Processing, and Mondelez International.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with cumulative returns at ~500% compared to ~220% for the S&P 500 index.To learn more about Bill Ackman, check-out the book “”.New Stakes:Nike Inc. (NKE): NKE is a 6.22% of the portfolio stake established this quarter at prices between $51 and $65 and the stock currently trades above that range at $67.96. Part of thesis is on the idea that there is significant margin expansion opportunity due to new manufacturing processes & rapid growth in distribution channels.Stake Disposals:None.Stake Increases:Mondelez International (MDLZ): MDLZ is a large (top three) ~17% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. H1 2017 had seen another ~37% selling at prices between $42.50 and $47. This quarter saw an about turn: two-thirds increase at prices between $39.30 and $43.50. The stock currently trades at $42.96.Note: Pershing Square’s latest regulatory filings on MDLZ show them holding a huge position in American style OTC call options. Including that, the ownership stake is at ~5% of the business (~75M shares).Stake Decreases:None.Kept Steady:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~28% of the portfolio. Pershing Square’s cost-basis is ~$16. Last quarter saw a ~32% selling at prices between $59 and $66. The stock currently trades at $57.71.Note 1: Recent regulatory filings show them owning 30.45M shares (12.3% of the business) of QSR. This is compared to 26.5M shares in the 13F. The filing includes ~3.95M shares of exchangeable units held.Note 2: The QSR stake came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Automatic Data Processing (ADP): ADP is a top three ~18% of the 13F portfolio stake established in Q2 2017 at a cost-basis of $97.30 and increased by roughly four-times last quarter at prices between $101 and $119. The stock is now at $113.Note 1: Ackman expects tax-reform to drive ~13-15% increase in earnings. Also, $24B float balance would increase profits as interest rates rise.Note 2: Regulatory filings show Pershing Square’s beneficial ownership at 36.8M shares (8.3% of the business). The 13F report only lists 8.8M shares that are directly owned. The rest are in American Style OTC Call Options.Note 3: In November 2017, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Chipotle Mexican Grill (CMG): CMG is a large (top five) 14.19% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The stock currently trades at $290. For investors attempting to follow Pershing Square, CMG is a good option to consider for further research.Note: Ackman controls ~10% of CMG.Howard Hughes Corp (HHC): HHC is a ~11% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stock has returned over 3x since the spinoff. Last quarter saw a one-third increase as a result of the conversion of warrants held. The stock is currently at ~$122.Note 1: Recent regulatory filings show them having an economic interest of 7.6M shares of HHC (17.7% of the business) including 5.4M notional common share exposure thru swaps that are not listed in the 13F. This is down from 23.5% economic interest as of last quarter: 2.5M shares were sold at $127.86 per share early last month (underwriting agreement). The transaction was prompted to address FIRPTA issues at PSH.Note 2: Ackman at the Ira Sohn conference in May 2017 - the thesis was focused around how Master Planned Communities (MPC) when developed patiently over a long period of time could create substantial value to shareholders.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $10.13. Ackman controls ~20% of the business.Note: The stock was down ~45% in 2015 and has been flat since.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $1.79 and $1.71 per share respectively.Bill Ackman also has a short book. Herbalife (HLF) is the only one that is publicly known. As of last quarter, the capital allocation to HLF short was 9%. During this quarter, the position was converted to in-the-money puts representing ~2% of capital.Note: There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q4 2017:12/6/2017 – Pershing dated 11/15/2017: Performance: From 1/1/2013 inception thru Q3 2017, returns net-of-all-fees at 1.4% compared to 100.1% for the S&P 500 index. ADP – although we lost proxy, we do believe the commitments made by management should serve our investment well: a) accelerated revenue growth – 6% to 7% organic growth over the next three fiscal years, b) Margin Improvement: 500-600 basis point improvement over the next three fiscal years despite deceleration in the first fiscal year, and c) Enterprise Product Launch – Enterprise HCM product aimed at recovering market share lost in that area. Still believes they are undervalued despite ~15% appreciation (~$111 PPS at the time) since they started accumulating – also, a reduction in corporate tax should increase ADP’s valuation by ~20% by their estimate. HLF – entire position now in puts. MDLZ – at 18x 2018 earnings believes it is trading at a significant discount (PPS ~$42 at the time) due to the following factors: (1) uncertainty regarding the US grocery landscape; (2) concerns about the company’s growth potential; and (3) apprehension regarding the upcoming CEO transition later this month – investor apprehension about a potential earnings “rebase” but Pershing doesn’t think that will happen. Pershing plans to engage with new CEO Mr. Van de Put as soon as practicable. QSR – views it as a high-quality, capital-light, growing annuity that generates high-margin brand royalty fees from its three brands: Burger King, Tim Hortons and Popeyes – considers it undervalued at 21x 2018 free cash flow estimate – should be able to growth that at mid-to-high teens for the foreseeable future. HHC – continues strong performance - large land ownership and entitlements provide decades of high-return investment opportunities without the need to acquire any new assets - should be a huge US-tax reform beneficiary. CMG – still expects an eventual turnaround despite interim volatility – also should be a huge beneficiary of US tax reform. Fannie/Freddie – saw several favorable steps in both the political & regulatory fronts in the quarter – thinks a resolution will occur before Senator Corker’s term ends in 2018 – bi-partisan resolution would be highly profitable for both government & shareholders. HLF short – allocation is ~5% of capital in deep-in-the-money puts – compared to allocation time premium is very small – as such, if price stays at current level, loss is minimal – if it goes up, capital will be lost – if it goes down, could earn multiples. EXITS: APD & NOMD exited & generated substantial gains. ADP position generated 104.7% total shareholder return over the course of the 4.5 years – this is compared to 69.9% for the S&P 500 index – under their director nominee Seifi Gasemi as CEO, the company transformed from a laggard to a leader – increased profit margins from 15% to become the most profitable industrial gas company at 22%. NOMD - We sold our entire Nomad investment in September for $14.16 per share, an increase of 35% from our average cost in just over two years. Share Repurchase – Repurchased ~3.33M shares for $47.65M (PPS ~$14.31) at an average discount of 19.2%.– 10/10/2017 – Proxy battle related. Earlier this month, Ackman lost the proxy battle in his bid to replace three board members.CNBC ~9/20/2017 – ADP – old payroll business – need to modernize. Increase margins is 80% of the issue to be more in line with competition (Paychex, etc.). Talked about CDK which doubled margins after spinoff in 3 years and the stock doubled. Lot of handholding, etc. is unnecessary – it is because they are old tech. Great company, but the issue is what is in the future – greatly underperformed its potential – no debt, profitable business, dominant market share – these are the types of businesses that become less efficient over time. No competition in 68-year history – has increased and accelerated in the last five years. ADP lost his way in the last decade – it is about business potential – it is at risk of becoming IBM if they do not run the business efficiently –Cooperman says it is an incredibly high-touch business (his attitude may have changed after Ackman’s report on ADP). CEO Carlos Rodriguez – 100-200 basis points margin improvement over three years vs 1200 they foresee – if they get 1 seat, he will work with others to make this happen – 2.4B commitment is huge. Three directors being put up in total (2 replacement proposals). On P&G – big proud company – treats Nelson like a virus - 100M spending to fight Nelson is crazy. 25x forward multiple currently. National account – losing marketshare to Workday’s of the world. That area needs fixing – Ceridian – sold to TH LEE ten years ago – old fashioned company that merged with Dayforce – best in class national account software – they might plan to IPO next year but TH Lee might much rather have ADP acquire them.Regulatory Filings thru 11/15/2017: 13D/A – 10/6/2017 – MDLZ – 74.98M shares – 4.97% of business – 13.64M common shares & the rest in American style call options. 13D/A – 9/27 – 84M shares – 5.6% of business – 13.93M shares in common shares & the rest in American style call options. 13D/A – 9/7 & 15/2017, 8/31 – ADP – 36.8M shares – 8.3% of business – 8.8M shares in common stock and the rest in American style call options. 13G/A – 9/12/2017 – NOMD – 0 shares."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2017 Update"

"Ackman’s US long portfolio value decreased ~15% from $6.01B to $5.11B this quarter.Pershing Square dropped Nomad Foods while increasing Automatic Data Processing.The largest three 13F positions are Restaurant Brands International, Automatic Data Processing, and Chipotle Mexican Grill and together they account for ~69% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2017.Ackman’s US long portfolio value decreased ~15% from $6.01B to $5.11B this quarter. The number of positions decreased from 7 to 6. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 69.26% of the total portfolio value: Restaurant Brands International, Automatic Data Processing, and Chipotle Mexican Grill.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) in 2015, the business moved its listing from London Stock Exchange to New York Stock Exchange in January 2016. Pershing Square controlled ~19% (33.33M shares) of the company as of last quarter. The position was disposed this quarter at prices between $13.50 and $15.49. The stock currently trades at $14.64.Stake Increases:Automatic Data Processing (ADP): ADP is a top three ~19% of the 13F portfolio stake established last quarter at a cost-basis of $97.30 and increased by roughly four-times this quarter at prices between $101 and $119. The stock is now at $112.Note 1: Regulatory filings show Pershing Square’s beneficial ownership at 36.8M shares (8.3% of the business). The 13F report only lists 8.8M shares that are directly owned. The rest are in American Style OTC Call Options.Note 2: Earlier this month, Pershing Square lost a proxy battle at ADP – his three (including him) board nominations were rejected.Stake Decreases:Restaurant Brands International (QSR): QSR is currently the largest 13F position at roughly one-third of the US long portfolio. Pershing Square’s cost-basis is ~$16. This quarter saw a ~32% selling at prices between $59 and $66. The stock currently trades at $64.81. Pershing Square realized huge gains.Note 1: Pershing Square ownership stake in QSR is ~11% of the business.Note 2: The QSR stake came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Mondelez International (MDLZ): MDLZ is a large ~11% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. Last two quarters had seen another ~37% selling at prices between $42.50 and $47. The stock currently trades at $42.53. There was a ~4% trimming this quarter.Note: Pershing Square’s latest regulatory filings on MDLZ show them holding a huge position in American style OTC call options. Including that, the ownership stake is at ~5% of the business (~75M shares).Kept Steady:Chipotle Mexican Grill (CMG): CMG is a large (top three) 17.35% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The stock currently trades at $281. For investors attempting to follow Pershing Square, CMG is a good option to consider for further research.Note: Ackman controls ~10% of CMG.Howard Hughes Corp (HHC): HHC is a ~11% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock has returned over 3x since the spinoff. Last quarter saw a one-third increase as a result of the conversion of warrants held. The stock is currently at ~$121.Note 1: Pershing Square’s economic interest is at 10.1M shares (23.5% of business) including 5.4M notional common share exposure that is not listed in the 13F.Note 2: Ackman at the Ira Sohn conference in May - the thesis was focused around how Master Planned Communities (MPC) when developed patiently over a long period of time could create substantial value to shareholders.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $9.52. Ackman controls ~20% of the business.Note: The stock was down ~45% in 2015, was flat in 2016, and is down ~3% YTD.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.94 and $2.83 per share respectively.Bill Ackman also has a short book. Herbalife (HLF) with a capital allocation of 9% is the only one that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q3 2017:Regulatory Filings thru 8/14/2017: 13G/A – 8/10/2017 – QSR – 33.1M shares – 13.8%. 13D – 8/7/2017 – ADP – 36.8M shares – 8.3% - 1.75M listed in 13F at a cost-basis of $97.30 – rest in forward-purchase-contracts and options. 13D/A & Form 4 – 7/5/2017 – HHC – 4.7M shares – 10.9% - increase due to warrant cashless conversion – economic interest is at 10.1M shares (23.5%) including 5.4M notional common share exposure thru the swaps. 13D – 5/16/2017 – APD – sold 1.88M shares on 5/15/2017 at ~$145. Also unwound 1.12M shares in American Style call options. 10.8M shares of beneficial ownership still in OTC American style call options – 4.97% of business.Regulatory Filings thru 5/15/2017: 13D - 3/3 - CMG - 2.88M shares 10%. Bunch of VRX filings related to disposal at ~$11 per share.Info from Q2 2017 Letter - released x/x/2017: TO DO.8/4/2017: Ackamn to control ADP - Pershing Square first contacted ADP on August 1, saying Bill Ackman owns 8% of the company - mostly in derivatives - and was requesting ADP extend the August 10 deadline for nominating directors by 30-45 days, with plans to nominate five, including himself. Also seeks to replace CEO. ADP Response: notes it has a clearly defined board nomination process and won't be agreeing to Pershing Square's last minute request. It also notes a total shareholder return of 202% since Rodriguez became CEO six years ago - topping the S&P 500's 128%, not to mention Pershing's 29%."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2017 Update"

"Ackman’s US long portfolio value increased from $5.96B to $6.01B this quarter.Pershing Square dropped Air Products while adding Automatic Data Processing.The largest three 13F positions are Restaurant Brands International, Chipotle Mexican Grill, and Mondelez International and together they account for ~71% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2017.Ackman’s US long portfolio increased marginally from $5.96B to $6.01B this quarter. The number of positions remained steady at 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 71.06% of the total portfolio value: Restaurant Brands International, Chipotle Mexican Grill, and Mondelez International.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.New Stakes:Automatic Data Processing (ADP): ADP is a ~3% of the 13F portfolio stake established this quarter at a cost-basis of $97.30. The stock is now at $110.Note 1: Regulatory filings show Pershing Square’s beneficial ownership at 36.8M shares (8.3% of the business). Only 1.75M shares directly owned is in the 13F report. The rest are in forward-purchase-contracts and OTC options.Note 2: Pershing Square is already in a proxy fight at ADP - earlier this month, Ackman nominated three (including him) to the board.Stake Disposals:Air Products & Chemicals (APD): In Q2 2013, a new ~8% of the US long portfolio APD stake was purchased at prices between $80 and $84. By Q4 2013, the position was more than doubled at prices between $78.50 and $94.50. It had since been kept steady. Q1 2016 saw a ~63% stake reduction at prices between $103 and $133. Last three quarters had seen another ~70% selling at prices between $126 and $149. The disposal of the remaining ~5% 13F portfolio stake this quarter happened at ~$145 per share. The stock currently trades at ~$147. Pershing Square realized long-term gains.Note 1: Pershing Square’s cost basis on APD was ~$82.50. Latest regulatory filings show Pershing square still having just below 5% beneficial ownership in APD thru call options (OTC American style, 10.8M shares, 4.97% of business).Note 2: The prices quoted above are adjusted for the spinoff of Versum Materials (VSM) that closed in October 2016. The terms called for APD shareholders to receive one share of Versum Materials for every two shares held.Stake Increases:Howard Hughes Corp (HHC): HHC is a ~10% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock has returned over 3x since the spinoff. This quarter saw a one-third increase as a result of the conversion of warrants held. The stock is currently at ~$120.Note 1: Pershing Square’s economic interest is at 10.1M shares (23.5% of business) including 5.4M notional common share exposure that is not listed in the 13F.Note 2: Ackman at the Ira Sohn conference in May - the thesis was focused around how Master Planned Communities (MPC) when developed patiently over a long period of time could create substantial value to shareholders.Stake Decreases:Mondelez International (MDLZ): MDLZ is a large (top three) 10.41% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. Last two quarters have seen another ~37% selling at prices between $42.50 and $47. The stock currently trades at $43.70.Note: Pershing Square’s latest regulatory filings on MDLZ show them holding a huge position in American style OTC call options. Including that, the ownership stake is at 6.3% of the business (96.3M shares).Kept Steady:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~41% of the US long portfolio. Pershing Square’s cost-basis is ~$16. The stock currently trades at $60.04.Note 1: Regulatory filings from earlier this month show them owning ~33M shares (13.8% of the business). This is compared to ~39M shares in the 13F.Note 2: Restaurant Brands International came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Chipotle Mexican Grill (CMG): CMG is a large (top-three) ~20% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The stock currently trades at $322. For investors attempting to follow Pershing Square, CMG is a good option to consider for further research.Note: Ackman controls ~10% of CMG.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $12.46. Q4 2016 saw a ~5% trimming at $8.78. Ackman controls ~20% of the business.Note: The stock was down ~45% in 2015, was flat in 2016, and has returned ~27% YTD.Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) in 2015, the business moved its listing from London Stock Exchange to New York Stock Exchange in January 2016. Pershing Square controls ~19% (33.33M shares) of the company. The stock currently trades at $14.53. It has been on an up-swing this year and has returned ~50% YTD.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.70 and $2.59 per share respectively.Bill Ackman also has a short book. Herbalife (HLF) with a capital allocation of 9% is the only one that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q2 2017:2/21/2017: Decided not to include this in the Q1 2017 update as Ackman had sold out. User suggested detailing the VRX option trades. Basically, the original trades are in the under EX-99.5. The original 2017 expiries were moved to 2019 expiries in June 2016. Those trades are in the under EX-99.2 - If you add the “Buy to Open” transactions, that is the difference of 9.12M shares between the 13F and the 13Ds. Also, note that with OTC options, the share count is listed and for listed options, you have to multiply the count by 100 to get the actual count. On the 9.12M share option position, he will make a profit if the share price is above ~$27 (Strike of $60 MINUS option premium received of ~$37 is $23 on the Puts sold and the $4 cost offset for the Calls he bought) before Jan 2019 expiry.Regulatory Filings thru 5/15/2017: 13D - 3/3 - CMG - 2.88M shares 10%. Bunch of VRX filings related to disposal at ~$11 per share.Info from - released 5/11/2017: Commentary on the holdings."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2017 Update"

"Ackman’s US long portfolio increased from $5.91B to $5.96B this quarter.Pershing Square dropped Valeant while decreasing Air Products & Chemicals and Mondelez International during the quarter.The largest three 13F positions are Restaurant Brands International, Chipotle Mexican Grill, and Mondelez International and together they account for ~73% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/15/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q4 2016.Ackman’s US long portfolio increased marginally from $5.91B to $5.96B this quarter. The number of positions decreased from 8 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 72.57% of the total portfolio value: Restaurant Brands International, Chipotle Mexican Grill, and Mondelez International.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has widely underperformed the S&P 500 since its EOY 2012 inception: 7.1% since inception net-of-fees vs 84% for the S&P 500. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.Stake Disposals:Valeant Pharmaceuticals (VRX): VRX was Ackman’s largest position at ~25% of the US long portfolio as of Q3 2015. The following quarter saw a ~15% reduction while there was a ~30% increase in Q1 2016. The stake was established in Q1 2015 at a cost-basis of $196. Last quarter saw a ~16% reduction at $14.85 and the disposal this quarter happened at ~$11. The stock currently trades at $14.17. Pershing Square realized huge losses.Stake Decreases:Mondelez International (MDLZ): MDLZ is a large (top three) 14.41% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. This quarter saw another ~13% trimming. The stock currently trades at $45.81.Note: Pershing Square also has a huge position in MDLZ American style call options. Including that, the ownership stake is at 6.3% of the business (96.3M shares).Air Products & Chemicals (APD): In Q2 2013, a new ~8% of the US long portfolio APD stake was purchased at prices between $80 and $84. By Q4 2013, the position was more than doubled at prices between $78.50 and $94.50. It had since been kept steady. Q1 2016 saw a ~63% stake reduction at prices between $103 and $133. Q3 2016 saw another ~47% selling at prices between $126 and $145. That was followed with another ~41% selling this quarter at prices between $135 and $149. The stock currently trades at ~$145 and the stake stands at 5.18% of the US long portfolio. Pershing Square is realizing long-term gains.Note 1: Pershing Square’s cost basis on APD is ~$82.50.Note 2: The prices quoted above are adjusted for the spinoff of Versum Materials (VSM) that closed in October 2016. The terms called for APD shareholders to receive one share of Versum Materials for every two shares held.Kept Steady:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~37% of the US long portfolio. Pershing Square controls ~17% of QSR and their cost-basis is ~$16. The stock currently trades at $59.60.Note: Restaurant Brands International came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Chipotle Mexican Grill (CMG): CMG is a large (top-three) ~22% of the portfolio stake established in Q3 2016 at a cost-basis of ~$405 per share. The stock currently trades at $495.Note: Ackman controls ~10% of CMG.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $13.66. Last quarter saw a ~5% trimming at $8.78. Ackman controls ~20% of the business.Note: The stock was down ~45% in 2015, was flat in 2016, and has returned ~40% YTD.Howard Hughes Corp (HHC): HHC is a ~7% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock has returned over 3x since the spinoff.Note 1: Ackman at the Ira Sohn conference earlier this month - the thesis was focused around how Master Planned Communities (MPC) when developed patiently over a long period of time could create substantial value to shareholders.Note 2: Ackman’s ownership is at ~5.48M shares (13.2% of business) compared to ~3.6M shares in the 13F: ~1.92M shares in currently exercisable warrants are not included in the 13F filing.Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) in 2015, the business moved its listing from London Stock Exchange to New York Stock Exchange in January 2016. Pershing Square controls ~19% (33.33M shares) of the company. The stock currently trades at $12.81.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.77 and $2.66 per share respectively.Bill Ackman also has a short book. Herbalife (HLF) with a capital allocation of 9% is the only one that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q1 2017:Regulatory Filings thru 2/16/2017: 13D/A 2/13/2017 - VRX - 27.2M shares - 7.8%. 13G/A 2/10/2017 - QSR - 39.5M shares - 16.9%. 13D/A - 2/7/2017 - CMG - 2.9M shares - 10%. 13D/A 1/30/2017 - MDLZ - 99.3M shares - 6.4%. Form 4 12/13/2016 - VRX - 3.5M shares disposed at $14.85.1/27/2017 - : MDLZ (16% of capital)- disclosed his first purchases happened in Q1 2015 at $36.38 and that thru 1/20/2017($45.20 close), the price including dividends has increased 18%. That puts his overall cost-basis at ~$39 per share. APD (13% of capital) - 76% increase from average cost from July 2013 announcement thru Jan 20, 2017. QSR (17% of capital) - 3.14x increase from average cost since June 2012 Justice merger. HHC (10% of capital):2.9x increase since GGP spinoff in November 2010. CMG (11% of capital): Fannie/Freddie (9% of capital) - Says average cost at announcement in October 2013 was $2.29 for Fannie & $2.14 for Freddie. Herbalife Short (9% of capital). PAH (4% of capital). Valeant (3% of capital) - average cost $196 at announcement date of 2/9/2015. Nomad Foods (3% of capital)."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2016 Update"

"Ackman’s US long portfolio increased from $5.41B to $5.91B this quarter.Pershing Square dropped Zoetis while substantially increasing Chipotle Mexican Grill during the quarter.The largest three 13F positions are Restaurant Brands International, Chipotle Mexican Grill, and Mondelez International and together they account for two-thirds of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/14/2017. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q3 2016.Ackman’s US long portfolio increased ~9% from $5.41B to $5.91B this quarter. The number of positions decreased from 9 to 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 67.15% of the total portfolio value: Restaurant Brands International, Chipotle Mexican Grill, and Mondelez International.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Disposals:Zoetis Inc. (ZTS): The 2.61% ZTS position was first purchased in Q3 2014 at prices between $32 and $37. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. Q2 2016 saw an about turn: ~50% sold at prices between $44 and $49. Last quarter saw another ~87% selling at prices between $47 and $53. The disposal this quarter was at prices between $47 and $54. The overall cost-basis was around $37. The stock currently trades at $55.15. Pershing Square harvested gains.Stake Decreases:Air Products & Chemicals (APD): In Q2 2013, a new ~8% of the US long portfolio APD stake was purchased at prices between $80 and $84. By Q4 2013, the position was more than doubled at prices between $78.50 and $94.50. It had since been kept steady. Q1 2016 saw a ~63% stake reduction at prices between $103 and $133. Last quarter saw another ~47% selling at prices between $126 and $145. The stock currently trades at ~$142 and the stake stands at 9.41% (top five) of the US long portfolio. There was minor trimming this quarter.Note 1: Pershing Square’s yearly investor update had the following regarding the APD stake: the position saw a 76% increase from average cost (July 2013 announcement) thru Jan 20, 2017. That puts their cost basis at ~$82.50.Note 2: Pershing Square also has a 12.95M share position in APD American style call options. Including that, the ownership stake is at ~7.5% of the business.Note 3: The prices quoted above are adjusted for the spinoff of Versum Materials (VSM) that closed in October 2016. The terms called for APD shareholders to receive one share of Versum Materials for every two shares held.Note 4 Pershing Square’s activism led to the replacement of the CEO and the appointment of three new board members in June 2014.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~30% stake increase at prices between $21 and $28. Ackman’s cost-basis is around $14. The stock currently trades at $13.01. This quarter saw a ~5% trimming at $8.78. Ackman controls ~20% of the business.Note: The stock was down ~45% in 2015 and was flat in 2016.Valeant Pharmaceuticals (VRX): VRX was Ackman’s largest position at ~25% of the US long portfolio as of Q3 2015. The following quarter saw a ~15% reduction while there was a ~30% increase in Q1 2016. The stake was established in Q1 2015 at a cost-basis of $196. This quarter saw a ~16% reduction at $14.85. The stock currently trades at $16.86.Note: Pershing Square owns 27.2M shares (7.8% of the business) compared to 18.1M shares in the 13F. The difference is the 9.1M shares in options that are not included in the 13F.Stake Increases:Chipotle Mexican Grill (CMG): CMG is a large (top-three) ~18% of the portfolio stake established last quarter at a cost-basis of ~$405 per share. The stock currently trades at $423. For investors attempting to follow Pershing Square, CMG is a good option to consider for further research.Note: Ackman controls ~10% of CMG.Kept Steady:Restaurant Brands International (QSR): QSR is currently the largest 13F position at ~32% of the US long portfolio. Pershing Square controls ~17% of QSR. Their yearly investor update had the following regarding QSR: share price has increased 3.14x from average cost since June 2012 (Justice Merger that resulted in the original Burger King position). That puts their cost-basis at ~$16. The stock currently trades at $54.97.Note: Restaurant Brands International came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Mondelez International (MDLZ): MDLZ is a large (top three) ~17% of the 13F portfolio stake established in Q3 2015 at a cost-basis of ~$39. Q1 2016 saw a ~47% reduction at prices between $36.50 and $45. The stock currently trades at $45.37.Note: Pershing Square also has a huge position in MDLZ American style call options. Including that, the ownership stake is at 6.4% of the business (99.3M shares).Howard Hughes Corp (HHC): HHC is a ~7% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock has returned over 3x since the spinoff.Note: Ackman’s ownership is at ~5.48M shares (13.2% of business) compared to ~3.6M shares in the 13F: ~1.92M shares in currently exercisable warrants are not included in the 13F filing.Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) in 2015, the business moved its listing from London Stock Exchange to New York Stock Exchange in January 2016. Pershing Square controls ~19% (33.33M shares) of the company. The stock currently trades at $10.72.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of $2.29 and 63.5M shares of FMCC at a cost-basis of $2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $4.23 and $4.03 per share respectively.Bill Ackman also has a short book. Herbalife (HLF) with a capital allocation of 9% is the only one that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q4 2016:12/7/2016 - - Not disclosing a new position as only half the stake is built. CP Exit - share price increased 4x during the 5-year holding period. ZTS Exit - cost-basis $37 - during 2+ year ownership total shareholder return was 58%. CMG - new position announced 9/6/2016 - 9.9% stake at $405 per share cost-basis. APD Update - At ~$144 per share, it trades at ~21x earnings - believes substantially discounts intrinsic value. HHC update - continues it highly successful strategy of converting and other non-income development assets into cash and stabilized cash flows - this has increased intrinsic value assisting investors in valuing the business better. Fannie/Freddie - finds it interesting that the government is fighting very hard by appealing Judge Sweeney’s ruling to release some documents - they already did release some other documents previously. Agrees with Mr. Mnuchin’s views about GSE’s - should not be owned and controlled by government - will make sure the restructuring will make it absolutely safe and they don’t get taken over again. VRX - believes the planned $8B non-core asset divestment in the next 18 months is an important catalyst for value creation. HLF Short - current share price near $47 is near the price they shorted it first in 2012. Still believes intrinsic value is zero and so remain short. Discount from NAV - 20% discount-to-NAV as of 11/30/2016 is a concern - looking to address it.13G/D/A, Form 3/4 filings thru 11/16/2016: PAH - 11/10/2016 Form 4 - 2.29M shares sold @ $8.78, 40.45M shares remain - 14.5% of business. CMG - 10/21/2016 13D/A - 2.88M shares - 9.9% of business - 2.33M shares purchased at $947M - ~$406 cost-basis. Also 9/6/2016 13G - same allocation but the 2.33M shares was in forward purchase contracts. The initial ~550K shares was purchased at a cost-basis of ~$405 ($225M outlay). APD - 9/13/2016 13D/A - 16.97M shares - 7.8%, 4M common shares & the rest in call options. CP - 9/7/2016 Form 4 - 0."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2016 Update"

"Ackman’s US long portfolio decreased from $7.51B to $5.41B this quarter.Pershing Square dropped Canadian Pacific Railway and reduced Zoetis substantially during the quarter. Also, they started a stake in Chipotle Mexican Grill.The largest three 13F positions are Restaurant Brands International, Mondelez International, and Air Products & Chemicals and together they account for ~62% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/14/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q2 2016.Ackman’s US long portfolio decreased ~28% from $7.51B to $5.41B this quarter. The number of positions remained steady at 9. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 62.03% of the total portfolio value: Restaurant Brands International, Mondelez International, and Air Products & Chemicals.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.New Stakes:Chipotle Mexican Grill (CMG): CMG is a 4.34% of the portfolio stake established this quarter at a cost-basis of ~$405 per share. The stock currently trades at $400. For investors attempting to follow Pershing Square, CMG is a good option to consider for further research.Note: A form 13D/A filing last month showed Pershing Square owning 2.88M shares at a cost-basis of ~$406. The total outlay is huge: ~$1.17B.Stake Disposals:Canadian Pacific Railway (CP): CP was Pershing Square’s second-largest 13F position at 16.87% of the US long portfolio as of last quarter. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46 and $72. The original position was reduced by ~26% in Q4 2013 at prices between $123 and $157 and ~19% in Q2 2014 at prices between $144 and $185. Last quarter saw another ~29% reduction at ~$148. The disposal this quarter was at ~$142. Ackman realized gains.Stake Decreases:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $80 and $84. By Q4 2013, the position was more than doubled at prices between $78.50 and $94.50. It had since been kept steady. Q1 2016 saw a ~63% stake reduction at prices between $103 and $133. This quarter saw another ~47% selling at prices between $126 and $145. The stock currently trades at $138 and the stake stands at 11.18% (top three) of the US long portfolio.Note 1: Pershing Square also has a 12.95M share position in APD American style call options. Including that, the ownership stake is at 7.8% of the business (16.97M shares).Note 2: The prices quoted above are adjusted for the spinoff of Versum Materials (VSM) that closed last month. The terms called for APD shareholders to receive one share of Versum Materials for every two shares held.Note 3: Pershing Square’s activism led to the replacement of the CEO and the appointment of three new board members in June 2014.Zoetis Inc. (ZTS): The 2.61% ZTS position was first purchased in Q3 2014 at prices between $32 and $37. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. Last quarter saw an about turn: ~49% sold at prices between $44 and $49. This quarter saw another ~87% selling at prices between $47 and $53. The overall cost-basis was around $37. The stock currently trades at $49.15. Pershing Square is harvesting gains.Stake Increases:None.Kept Steady:Howard Hughes Corp (HHC): HHC is a 7.55% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 but is flat since. It currently trades at $108.Note: A regulatory 13D/A filing on Jan 4, 2016 showed Ackman’s ownership at ~5.48M shares (13.2% of business) compared to ~3.6M shares in the 13F: the filing included ~1.92M shares in currently exercisable warrants.Mondelez International (MDLZ): MDLZ is a large (top three) 18.61% of the 13F portfolio stake established in Q3 2015 at a cost-basis in the low-40s. Q1 2016 saw a ~47% reduction at prices between $36.34 and $44.84. The stock currently trades at $42.37.Note: Pershing Square also has a 65.26M share position in MDLZ American style call options. Including that, the ownership stake is at 5.6% of the business (88.2M shares).Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) last year, the business moved its listing from London Stock Exchange to New York Stock Exchange in January this year. Pershing Square controls ~19% (33.33M shares) of the company. The stock currently trades at $11.28.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~28% stake increase at prices between $20.97 and $27.74. Ackman’s cost-basis is around $14. The stock currently trades well below that at $8.59. Ackman controls ~20% of the business.Note 1: A regulatory Form 4 filing earlier this month showed Pershing Square owning 40.45M shares: around 2.29M shares sold at $8.78.Note 2: The stock was down ~45% in 2015 and is down another ~33% YTD. Ackman discussed the position in his 2015 letter to investors: it was a mistake to increase position at $25 per share - assigned too much platform value to the business - “’platform value’ is an ephemeral form of value as it requires low-cost capital, uniquely talented members of management, and the pricing environment for transactions.”Note 3: PAH has seen significant churn in upper management: Rakesh Sachdev (former head of Sigma-Aldrich) replaced Dan Leever (~30 years at MacDermid) as CEO and there were several other resignations and role changes.Restaurant Brands International (QSR) previously Burger King Worldwide: QSR is currently the largest 13F position at 32.24% of the US long portfolio. The original Burger King stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $44.Note: Restaurant Brands International came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Valeant Pharmaceuticals (VRX): VRX was Ackman’s largest position at 24.90% of the US long portfolio as of Q3 2015. The following quarter saw a ~15% reduction while there was a ~30% increase in Q1 2016. The stake was established in Q1 2015 at a cost-basis of $196. The stock currently trades at $18.22.Note: A 3/28/2016 13D/A regulatory filing shows Pershing Square owning 30.71M shares (9% of the business). This is compared to 21.59M shares in the 13F. The difference is the 9.12M shares in options.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of ~$2.30 and 63.5M shares of FMCC at a cost-basis of ~$2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.79 and $2.73 per share respectively.Bill Ackman also has a large short book. It was disclosed earlier this year that he is short the Chinese Yuan (thesis: protection to the portfolio in the event of unanticipated weakness in the Chinese economy) and the Saudi Riyal (thesis: inexpensive way to hedge against a continued decline in energy prices). Herbalife (HLF) is the only other short that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q3 2016:8/29/2016 - MDLZ dropped bid for HSY - see .8/28/2016 - : Portfolio Update section talks about APD, Fannie/Freddie, Herbalife Short, HHC, MDLZ, NOMD, PAH, QSR, VRX, ZT, and CP (exit).13G/D/A, Form 3/4 filings thru 8/17/2016: CP - 08/05/2016 13D/A - 0 - 9.84M shares sold @ $141.68. ZTS - 7/8/2016 13D/A - 18.89M Shares - 3.8%. VRX - 6/13/2016 Form 4 - adjusted 9.2M shares of options positions. 6/10/2016 13D/A - 30.7M shares - 9% - 21.59M shares in common stock and the rest is synthetic.- they announced that they are out of CP."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2016 Update"

"Ackman’s US long portfolio decreased from $8.85B to $7.51B this quarter.Pershing Square decreased Canadian Pacific Railway and Zoetis Inc. stakes substantially during the quarter.The largest three 13F positions are Restaurant Brands International, Canadian Pacific Railway, and Air Products & Chemicals and together they account for ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/15/2016. Please visit our article for an idea on how his holdings have progressed over the years and our for the fund’s moves during Q1 2016.Ackman’s US long portfolio decreased 15.14% from $8.85B to $7.51B this quarter. The number of positions remained steady at 9. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 52.92% of the total portfolio value: Restaurant Brands International, Canadian Pacific Railway, and Air Products & Chemicals.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. 2014 was a blockbuster year with a 40% return while 2015 return was at negative 20.5% net-of-fees. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.New Stakes:None.Stake Decreases:Canadian Pacific Railway (CP): CP is Pershing Square’s second-largest 13F position at 16.87% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at $149. The original position was reduced by ~26% in Q4 2013 at prices between $123 and $157 and ~19% in Q2 2014 at prices between $144 and $185. This quarter saw another ~29% reduction at $148.25.Note 1: The position was eliminated after the quarter ended. Regulatory 13D/A & Form 4 filings on 08/05/2016 show them no longer owning any shares. 9.84M shares sold at $141.68.Note 2: Ackman discussed the position in his 2015 letter to investors. Basically, he admitted choosing not to reduce the stake when the stock traded at C$240 per share as a mistake.Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established in Q3 2014 at prices between $31.79 and $37.20. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. This quarter saw an about turn: ~49% sold at prices between $44.33 and $48.64. The overall cost-basis is around $37. The remaining position is still a top-five stake at 13.38% of the portfolio. The stock currently trades at $52.09.Note: The position was further reduced after the quarter ended. Regulatory Form 4 & 13D/A filings from 7/8/2016 show them owning 18.89M shares (3.8% of the business). Around 2.28M shares sold.Stake Increases:None.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. By Q4 2013, the position was more than doubled at prices between $91 and $107. It had since been kept steady. Last quarter saw a ~63% stake reduction at prices between $116 and $145. The stock currently trades at $153 and the stake stands at 14.37% (top three) of the US long portfolio.Note 1: Pershing Square also has a 12.95M share position in APD American style call options. Including that, the ownership stake is at 9.5% of the business (20.55M shares).Note 2: Pershing Square’s activism led to the replacement of the CEO and the appointment of three new board members in June 2014. Last year, Air Products announced plans to spinoff Versum Materials on or before September this year.Howard Hughes Corp (HHC): HHC is a small 5.43% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 but is flat since. It currently trades at $116.Note: A regulatory 13D/A filing on Jan 4, 2016 showed Ackman’s ownership at ~5.48M shares (13.2% of business) compared to ~3.6M shares in the 13F: the filing included ~1.92M shares in currently exercisable warrants.Mondelez International (MDLZ): MDLZ is a large 13.90% of the 13F portfolio stake established in Q3 2015 at a cost-basis in the low-40s. Last quarter saw a ~47% reduction at prices between $36.34 and $44.84. The stock currently trades at $42.70.Note: Pershing Square also has a 65.26M share position in MDLZ American style call options. Including that, the ownership stake is at 5.6% of the business (88.2M shares).Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) last year, the business moved its listing from London Stock Exchange to New York Stock Exchange in January this year. Pershing Square controls ~19% (33.33M shares) of the company. The stock currently trades at $9.60.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~28% stake increase at prices between $20.97 and $27.74. Ackman’s cost-basis is around $14. The stock currently trades well below that at $9.04. Ackman controls ~20% of the business.Note 1: The stock was down ~45% in 2015 and is down another ~29% YTD. Ackman discussed the position in his 2015 letter to investors: it was a mistake to increase position at $25 per share - assigned too much platform value to the business - “’platform value’ is an ephemeral form of value as it requires low-cost capital, uniquely talented members of management, and the pricing environment for transactions.”Note 2: PAH has seen significant churn in upper management: CEO Dan Leever (~30 years at MacDermid) announced his retirement and there were several other resignations and role changes.Restaurant Brands International (QSR) previously Burger King Worldwide: QSR is currently the largest position at 21.68% of the US long portfolio. The original Burger King stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $47.43.Note: Restaurant Brands International came about through the merger of Tim Hortons and Burger King Worldwide. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares.Valeant Pharmaceuticals (VRX): VRX was Ackman’s largest position at 24.90% of the US long portfolio as of Q3 2015. The following quarter saw a ~15% reduction while there was a ~30% increase last quarter. The stake was established in Q1 2015 at a cost-basis of $196. The stock currently trades at $26.60.Note: A 3/28/2016 13D/A regulatory filing shows Pershing Square owning 30.71M shares (9% of the business). This is compared to 21.59M shares in the 13F. The difference is the 9.12M shares in options.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman held just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of ~$2.30 and 63.5M shares of FMCC at a cost-basis of ~$2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $1.96 and $1.78 per share respectively.Bill Ackman also has a large short book. It was disclosed earlier this year that he is short the Chinese Yuan (thesis: protection to the portfolio in the event of unanticipated weakness in the Chinese economy) and the Saudi Riyal (thesis: inexpensive way to hedge against a continued decline in energy prices). Herbalife (HLF) is the only other short that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q2 2016:13G/D/A, Form 3/4 filings thru 5/18/2016: ZTS - 05/09-12/2016 Form 4 & 13D/A - 24,973,145 shares - 5% - 16,850,000 disposed @ $46.55 in a block sale. CP - 4/22/2016 13D/A & Form 4- 9.84M shares - 6.4% - 4.1M shares disposed @ $148.25. VRX - 3/28/2016 13D/A -- 30,711,122 shares - 9%. MDLZ - 3/17/2016 13D/A - 88,197,225 shares - 5.6% - 22,942,225 common stock & 65,255,000 in American style call options. APD - 3/9/2016 13D/A - 20,549,076 shares - 9.5% - 7,601,140 in common stock and 12,947,936 in American style call options.3/1/2016: Regarding APD: They are spinning off Versum Materials on or before September 2016. Something to mention…"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2016 Update"

"Ackman’s US long portfolio decreased from $12.46B to $8.85B this quarter.Pershing Square decreased Air Products & Chemicals and Mondelez International stakes substantially during the quarter.The largest three 13F positions are Zoetis, Canadian Pacific Railway, and Restaurant Brands International and together they account for ~59% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/16/2016. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2015.Ackman’s US long portfolio decreased 28.95% from $12.46B to $8.85B this quarter. The number of positions increased from 8 to 9. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 59.01% of the total portfolio value: Zoetis, Canadian Pacific Railway, and Restaurant Brands International.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. 2014 was a blockbuster year with a 40% return while 2015 return was at negative 20.5% net-of-fees. Pershing Square Holdings has underperformed the S&P 500 since its EOY 2012 inception. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.New Stakes:Nomad Foods Ltd. (NOMD): In June 2015, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. After a couple of acquisitions (Iglo Group & Findus Group) last year, the business moved its listing from London Stock Exchange to New York Stock Exchange in January this year. Pershing Square controls ~19% (33.33M shares) of the company. The stock currently trades at $8.24.Stake Decreases:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. By Q4 2013, the position was more than doubled at prices between $91 and $107. It had since been kept steady. This quarter saw a ~63% stake reduction at prices between $116 and $145. The stock currently trades at $142 and the stake stands at 12.37% of the US long portfolio.Note 1: Pershing Square also has a 12.95M share position in APD American style call options. Including that, the ownership stake is at 9.5% of the business (20.55M shares).Note 2: Pershing Square’s activism led to the replacement of the CEO and the appointment of three new board members in June 2014. Last year, Air Products announced plans to spinoff Versum Materials on or before September this year.Mondelez International (MDLZ): MDLZ is a large 10.40% of the 13F portfolio stake established in Q3 2015 at a cost-basis in the low-40s. This quarter saw a ~47% reduction at prices between $36.34 and $44.84. The stock currently trades at $43.24.Note 1: Pershing Square also has a 65.26M share position in MDLZ American style call options. Including that, the ownership stake is at 5.6% of the business (88.2M shares).Note 2: Ackman’s 2015 annual letter said the MDLZ exposure was reduced to fund the purchase of more Valeant shares.Stake Increases:Restaurant Brands International (QSR) previously Burger King Worldwide: QSR is a top-three ~17.17% of the US long portfolio stake. Tim Hortons and Burger King Worldwide merged and renamed the resultant entity as Restaurant Brands International. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares. The original Burger King stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $40.24. This quarter saw a minor increase.Valeant Pharmaceuticals (VRX): VRX was Ackman’s largest position at 24.90% of the US long portfolio as of Q3 2015. Last quarter saw a ~15% reduction while there was a ~30% increase this quarter. The stake was established in Q1 2015 at a cost-basis of $196. The stock currently trades at $27.86.Note: A 3/28/2016 13D/A regulatory filing shows Pershing Square owning 30.71M shares (9% of the business). This is compared to 21.59M shares in the 13F. The difference is the 9.12M shares in call options that they also own.Kept Steady:Canadian Pacific Railway (CP): CP is Pershing Square’s second-largest 13F position at 20.89% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at $132. The original position was reduced by ~26% in Q4 2013 at prices between $123 and $157 and ~19% in Q2 2014 at prices between $144 and $185.Note 1: The position was significantly reduced after the quarter ended. Regulatory 13D/A & Form 4 filings on 4/22/2016 show them owning 9.84M shares (6.4% of the business). 4.1M shares were disposed at $148.25.Note 2: Ackman discussed the position in his 2015 letter to investors. Basically, he admitted choosing not to reduce the stake when the stock traded at C$240 per share as a mistake.Howard Hughes Corp (HHC): HHC is a small 4.27% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 but is down ~13% since. It currently trades at $104.Note: A regulatory 13D/A filing on Jan 4, 2016 showed Ackman’s ownership at ~5.48M shares (13.2% of business) compared to ~3.6M shares in the 13F: the filing included ~1.92M shares in currently exercisable warrants.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~28% stake increase at prices between $20.97 and $27.74. Ackman’s cost-basis is around $14. The stock currently trades well below that at $8.95. Ackman controls ~20% of the business.Note 1: The stock was down ~45% in 2015 and is down another ~30% YTD. Ackman discussed the position in his 2015 letter to investors: it was a mistake to increase position at $25 per share - assigned too much platform value to the business - “platform value” is an ephemeral form of value as it requires low-cost capital, uniquely talented members of management, and the pricing environment for transactions.Note 2: PAH has seen significant churn in upper management: CEO Dan Leever (~30 years at MacDermid) announced his retirement and there were several other resignations and role changes.Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established in Q3 2014 at prices between $31.79 and $37.20. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. The overall cost-basis is around $37. It is now the largest 13F stake at 20.94% of the portfolio. The stock currently trades at $46.96.Note: The position was significantly reduced after the quarter ended. Regulatory Form 4 & 13D/A filings from 5/9/2016 shows them owning 24.97M shares (5% of the business). 16.85M shares were sold at $46.55 in a block sale.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of ~$2.30 and 63.5M shares of FMCC at a cost-basis of ~$2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $1.85 and $1.63 per share respectively. In the Ira Sohn conference in August 2014, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Bill Ackman also has a large short book. It was disclosed earlier this year that he is short the Chinese Yuan (thesis: protection to the portfolio in the event of unanticipated weakness in the Chinese economy) and the Saudi Riyal (thesis: inexpensive way to hedge against a continued decline in energy prices). Herbalife (HLF) is the only other short that is publicly known. There is no regulatory requirement to disclose short positions and so only ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q1 2016:: Performance: negative 9.1% in Q4 2015 and negative 20.5% for the year, compared to 7% and 1.4% respectively for the S&P 500 Index. Since 12/31/2012 inception, up 22.2% net-of-fees compared to 52.5% for the S&P 500 Index. Positions commentary: VRX - $196 per share cost-basis. They did not sell in the mid-200s because in the summer they were made aware of a huge acquisition plan and so was not allowed to trade. CP - Made similar “not trimming” error when it trades at C$240. PAH - stake increase at $25 was an error. Paid too much to assist the company in financing an acquisition by over-estimating platform value. Platform value can be ephemeral and requires uniquely talented management to succeed. Speculated that the 3 companies they own in the S&P 500 performed the best because there is a Pershing Square correlation. Because of a following, when things go south, it can get acerbated as other active managers exit.13G/D/A, Form 3/4 filings thru 2/18/2016: NOMD - NHL:LON - 02/12/2016 13G - 33.33M shares - 18.7% - first disclosed around May 2015 - a business created to make acquisitions in food industry. VRX - 2/5/2016 13D/A - 30.71M shares - 9% as of 2/5/2016 - 5M shares newly purchased, 9.12M shares through call options. HHC - 1/4/2016 13D/A - 5.48M shares - 13.2%. Includes 1.92M shares in currently exercisable Series A-2 warrants. PAH - 12/4/2015 13D/A - 42.74M shares - 18.6%."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q4 2015 Update"

"Ackman’s US long portfolio decreased from $13.95B to $12.46B this quarter.Pershing Square’s largest 13F stake is Air Products and Chemicals at ~22% of the US long portfolio.The largest three 13F positions are Air Products & Chemicals, Zoetis, and Mondelez and together they account for ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 02/16/2016. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q3 2015.Ackman’s US long portfolio decreased 10.68% from $13.95B to $12.46B this quarter. The number of positions remained steady at 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 53.15% of the total portfolio value: Air Products & Chemicals, Zoetis Inc., and Mondelez International.In addition to partner stakes, the fund also invests the capital from Pershing Square Holdings (PSHZF), a public entity that debut in Euronext Amsterdam in October 2014. This was set up primarily to increase the amount of capital invested that is permanent. 2014 was a blockbuster year with a 40% return while 2015 return was at negative 20.5% net-of-fees. Returns since the EOY2012 inception of Pershing Square Holdings are at 22.2% compared to 52.5% for the S&P 500 index over the same period. Their original flagship fund’s (2004 inception) track record is outstanding with returns of ~20% per annum.To learn more about Bill Ackman, check-out the book “”.Stake Decreases:Valeant Pharmaceuticals (VRX): VRX was Ackman’s largest position at 24.90% of the US long portfolio as of last quarter. This quarter saw a ~15% reduction. The stake was established in Q1 2015 at a cost-basis of $196. The stock currently trades at $94.56.Note: A 2/5/2016 regulatory 13D/A filing showed Pershing Square owning 30.71M shares (9% of the business). This is compared to 16.59M shares in the 13F. The difference consists of 5M shares newly purchased in the mid-90s and 9.12M shares in call options.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. By Q4 2013, the position was more than doubled at prices between $91 and $107. It has since been kept steady. The stock currently trades at $133 and the stake stands at 21.46% of the US long portfolio - it is Ackman’s largest 13F position.Note: Pershing Square’s ownership stake in APD is ~10%. It is an activist stake - the CEO was replaced and three new board members were appointed in June 2014.Canadian Pacific Railway (CP): CP is Pershing Square’s fourth-largest 13F position at 14.28% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at $130. The original position was reduced by ~26% in Q4 2013 at prices between $123 and $157 and ~19% in Q2 2014 at prices between $144 and $185.Note: CP is a ~9% of the business activist stake. Ackman discussed the position in his 2015 letter to investors. Basically, he admitted choosing not to reduce the stake when the stock traded at C$240 per share as a mistake.Howard Hughes Corp (HHC): HHC is a small 3.24% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 but is down ~25% since. It currently trades at $90.61.Note: A regulatory 13D/A filing on Jan 4, 2016 showed Ackman’s ownership at ~5.48M shares (13.2% of business) compared to ~3.6M shares in the 13F: the filing included ~1.92M shares in currently exercisable warrants.Mondelez International (MDLZ): MDLZ is a large (top-three) 15.61% (43.37M shares) of the 13F portfolio stake established last quarter at a cost-basis in the low-40s. Beneficial ownership including forward purchase contracts and call options (2017 March thru August maturity/expiry) were at 120.27M shares as of September 2015 (~7.5% of business). Ackman’s 2015 letter (Jan 2016) said the MDLZ exposure was reduced to fund the purchase of more Valeant shares. The stock currently trades at $39.81.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~28% stake increase at prices between $20.97 and $27.74. Ackman’s cost-basis is around $14. The stock currently trades well below that at $7.01. Ackman controls ~20% of the business.Note 1: The stock was down ~45% in 2015 and is down another ~45% YTD. Ackman discussed the position in his 2015 letter to investors: it was a mistake to increase position at $25 per share - assigned too much platform value to the business - “platform value” is an ephemeral form of value as it requires low-cost capital, uniquely talented members of management, and the pricing environment for transactions.Note 2: PAH has seen significant churn in upper management: CEO Dan Leever (~30 years at MacDermid) announced his retirement and there were several other resignations and role changes.Restaurant Brands International (QSR) previously Burger King Worldwide: QSR is a ~11.40% of the US long portfolio stake. Tim Hortons and Burger King Worldwide merged and renamed the resultant entity as Restaurant Brands International. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares. The original Burger King stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $34.51.Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established in Q3 2014 at prices between $31.79 and $37.20. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. The overall cost-basis is around $37. Ackman controls 8.3% of the business and the position is now a top-three stake at 16.09% of the portfolio. The stock currently trades at $41.80.Note 1: Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of ~$2.30 and 63.5M shares of FMCC at a cost-basis of ~$2.14. The combined investment outlay was ~$400M. FNMA & FMCC both currently trade at $1.30 per share. In the Ira Sohn conference in August 2014, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Note 2: Ackman has large short positions although Herbalife (HLF) is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.Note 3: In June, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings at a cost of ~$350M. The latest 13G regulatory filing on 02/12/2016 shows Pershing Square owning 33.33M shares (18.7% of business) of Nomad Foods (NOMD).The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q4 2015:13G/D/A, Form 3/4 filings after 8/15/2015: 13D/A 10/22/2015 - CP - 13.94M shares - 9.1% of the business (increase due to repurchase). 13D/A 9/22/2015 - MDLZ - 120.27M shares - 7.5% of business. “The Reporting Persons (as defined below) beneficially own an aggregate of 120,265,238 shares of Common Stock (the “Subject Shares”), which number includes: (i) 43,366,342 shares of Common Stock; (ii) 26,898,896 shares of Common Stock underlying forward purchase contracts; and (iii) 50,000,000 shares of Common Stock underlying American-style call options.” On September 18, 2015, the Pershing Square Funds purchased 37,902,104 shares of Common Stock for an aggregate purchase price of $1,398,721,077 pursuant to forward purchase contracts described in the Original Schedule 13D. The source of funding for such purchases is the respective capital of the Pershing Square Funds.Note: 8/6/2015 - - MDLZ - 120.27M shares - 7.5% (event date July 27). Constituents: ~5.5M common at $42.94 ($234.62M outlay), 64.8M shares in forward purchase contracts (net purchase price $2.5B - maturity dates range from March 29, 2017 to August 2, 2017 and the forward prices range from $37.07 to $46.59), and 50M shares in call options for $424M (expiration dates range from March 3, 2017 to June 28, 2017 and the strike prices range from $36.64 to $41.39). 7/2/2015 - - HHC - 5.48M shares - 13.2% of business. 6/30/2015 - - PAH - 42.74M shares - 20.3% of business.6/3/2015 News: ."

"Tracking Bill Ackman’s Pershing Square Portfolio – Q3 2015 Update"

"Ackman’s US long portfolio decreased from $14.45B to $13.95B this quarter.Pershing Square’s largest 13F stake is Valeant Pharmaceuticals at ~25% of the US long portfolio.The largest three 13F positions are Valeant Pharmaceuticals, Air Products & Chemicals, and Canadian Pacific Railway and together they account for ~58% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 11/16/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q2 2015.Ackman’s US long portfolio decreased 3.43% from $14.45B to $13.95B this quarter. The number of positions increased from 7 to 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 58.04% of the total portfolio value: Valeant Pharmaceuticals (24.90%), Air Products & Chemicals (18.79%), and Canadian Pacific Railway (14.35%).In Q2 2014, Pershing Square unveiled plans to do an Initial Public Offering (IPO) as a means to increase the amount of capital that is permanent. Pershing Square Holdings (PSHZF) debut on Euronext Amsterdam in October 2014 (the US OTC listing is not very liquid). At the time, Ackman said their total capital is $18B of which around one-third is Pershing Square Holdings. Pershing Square’s performance of their first fund since inception (2004) is stunning at over ~20% per annum. 2014 was a blockbuster year with a 40% return while in 2015 they are down 12.6% YTD.To learn more about Bill Ackman, check-out the book “”.New Stakes:Mondelez International (MDLZ): MDLZ is a large 13.02% (43.37M shares) of the 13F portfolio stake established this quarter at a cost-basis in the low-40s. Beneficial ownership including forward purchase contracts and call options (2017 March thru August maturity/expiry) are at 120.27M shares. That implies a net exposure of $5.04B as of 9/30/2015, the largest position by far. The stock currently trades at $43.95.Note: Pershing Square’s ownership stake in MDLZ is ~7.5%.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. By Q4 2013, the position was more than doubled at prices between $91 and $107. It has since been kept steady. The stock currently trades at $139 and the stake stands at 18.79% of the US long portfolio - it is Ackman’s second-largest 13F position after Valeant.Note: Pershing Square’s ownership stake in APD is ~10%. It is an activist stake - the and three new board members were appointed in June 2014.Canadian Pacific Railway (CP): CP is Pershing Square’s third-largest 13F position at 14.35% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $149. The original position was reduced by ~26% in Q4 2013 at prices between $123 and $157 and ~19% in Q2 2014 at prices between $144 and $185. Ackman is opportunistically harvesting huge long-term gains from this position.Note 1: CP is a ~9% of the business activist stake. Ackman won a proxy battle in May 2012 and brought management and board changes.Note 2: Last week, CP offered ~$126 per share (50% cash) to acquire CSX Corporation (CSX) - an approach was made last year as well.Howard Hughes Corp (HHC): HHC is a small 2.93% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 but hasn’t budged since. It currently trades at $125.Note 1: A regulatory on July 2, 2015 showed Ackman’s ownership at ~5.5M shares (13.2% of business) compared to ~3.6M shares in the 13F: that filing included ~1.92M in warrants.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~28% stake increase at prices between $20.97 and $27.74. Ackman’s cost-basis is around $14. The stock currently trades well below that at $11.84. Ackman controls ~20% of the business.Note 1: The stock is down ~50% YTD and the company has seen significant churn in upper management: CEO Dan Leever (~30 years at MacDermid) announced his retirement and there were several other resignations and role changes in the last few months.Note 2: Ackman had invested in Platform Acquisition Holdings, an investment vehicle incorporated in the London Exchange (since renamed Platforms Specialty Products). They acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal in Q4 2013. The NYSE IPO followed and the London listing was cancelled.Restaurant Brands International (QSR) previously Burger King Worldwide: QSR is a 9.79% of the US long portfolio stake. Tim Hortons and Burger King Worldwide merged and renamed the resultant entity as Restaurant Brands International. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares. The original Burger King stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $37.42.Valeant Pharmaceuticals (VRX): VRX is Ackman’s largest position at 24.90% of the US long portfolio. The stake was established in Q1 2015 at prices between $143 and $205. The stock currently trades well below that range at $90.85.Note: In early 2014, Ackman collaborated with Valeant (VRX) in its effort to buy Allergan in a hostile takeover - Ackman held a huge stake in Allergan and stood to profit immensely. That effort failed but Pershing Square still generated huge profits from the investment: in March 2015, Actavis plc acquired Allergan (AGN) for a large premium.Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established in Q3 2014 at prices between $31.79 and $37.20. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. The overall cost-basis is around $37. Ackman controls 8.3% of the business and the stake is now at 12.35% of the US long portfolio. The stock currently trades at $47.32.Note 1: Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of ~$2.30 and 63.5M shares of FMCC at a cost-basis of ~$2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.31 and $2.20 respectively. In the Ira Sohn conference in August 2014, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Note 2: Ackman has large short positions although Herbalife (HLF) is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.Note 3: In June, Pershing Square revealed a ~22% ownership stake in London listed SPAC Nomad Holdings (NOMHF) at a cost of ~$350M.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q3 2015:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q2 2015 Update"

"Ackman’s US long portfolio decreased from $14.97B to $14.45B this quarter.Pershing Square’s largest stake is Valeant Pharmaceuticals at ~30% of the US long portfolio.The largest three positions are Valeant Pharmaceuticals, Air Products & Chemicals, and Canadian Pacific Railway and together they account for ~65% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 08/14/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q1 2015.Ackman’s US long portfolio decreased ~3.5% from $14.97B to $14.45B this quarter. The number of positions decreased from 8 to 7. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 64.87% of the total portfolio value: Valeant Pharmaceuticals (29.95%), Air Products & Chemicals (19.46%), and Canadian Pacific Railway (15.46%).To learn more about Bill Ackman, check-out the book “”.Note 1: On August 6, 2015, Pershing Square filed a regulatory disclosing a 7.5% of the business (120.27M shares) stake in Mondelez (MDLZ). Constituent and cost-basis details are as follows: ~5.5M common shares at $42.94 ($234.62M outlay), 64.8M shares in forward purchase contracts (net purchase price $2.5B - maturity dates range from March 29, 2017 to August 2, 2017 and the forward prices range from $37.07 to $46.59), and 50M shares in call options for $424M (expiration dates range from March 3, 2017 to June 28, 2017 and the strike prices range from $36.64 to $41.39). The current net exposure is at ~$5.6B and that comfortably beats their largest 13F position (Valeant - $4.3B). MDLZ currently trades at $46.49.Note 2: In Q2 2014, Pershing Square unveiled plans to do an Initial Public Offering (IPO) as a means to increase the amount of capital that is permanent. Pershing Square Holdings (PSHZF) debut on Euronext Amsterdam in October 2014. At the time, Ackman said their total capital is $18B of which around one-third is Pershing Square Holdings.Note 3: Fannie Mae (FNMA) and Freddie Mac (FMCC) are other US long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at a cost-basis of ~$2.30 and 63.5M shares of FMCC at a cost-basis of ~$2.14. The combined investment outlay was ~$400M. FNMA & FMCC currently trade at $2.31 and $2.20 respectively. In the Ira Sohn conference in August 2014, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. The stock prices of both these businesses experienced large price drops following a in early October 2014. Investors had filed around 20 lawsuits against the US government over Fannie/Freddie and the Federal Housing Finance Agency’s actions as conservator. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Note 4: Ackman also has large short positions although Herbalife (HLF) is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.Stake Disposals:Allergan plc (AGN) previously Actavis plc: AGN is a 2.68% of the US long portfolio stake established last quarter at prices between $255 and $317 and disposed of this quarter at prices between $282 and $313. The stock currently trades at $314.Note: In March 2015, Actavis succeeded in a takeover battle for Allergan Inc. over Ackman backed Valeant Pharmaceuticals. In June 2015, Actavis changed its name to Allergan.Kept Steady:Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. By Q4 2013, the position was more than doubled at prices between $91 and $107. It has since been kept steady. The stock currently trades at $147 and the stake stands at 19.46% of the US long portfolio - it is Ackman’s second-largest position after Valeant. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish.Note: APD is an activist stake and Ackman has enjoyed some success - the and three new board members were appointed in June 2014.Canadian Pacific Railway (CP): CP is Pershing Square’s third-largest 13F position at 15.46% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $159. The original position was reduced by ~26% in Q4 2013 at prices between $123 and $157 and ~19% in Q2 2014 at prices between $144 and $185. Ackman is opportunistically harvesting huge long-term gains from this position.Note: Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. Last year, CP discussed a merger with CSX Corporation (CSX) that ultimately did not work out. In April 2015, CP CEO commented that similar activist lead campaigns are long overdue at US rivals: a reference to CSX, Norfolk Southern (NSC), and Kansas City Southern (KSU).Howard Hughes Corp (HHC): HHC is a small 3.69% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 and ~16% since. It currently trades at $138.Note 1: A regulatory on July 2, 2015 showed Ackman’s ownership at ~5.5M shares (13.2% of business) compared to ~3.6M shares in the 13F: that filing included ~1.92M in warrants that exercisable.Note 2: Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013 when it was trading at around $77.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO. Q4 2014 saw a ~28% stake increase at prices between $20.97 and $27.74. Ackman’s cost-basis is around $14. The stock currently trades near the low-end of his most recent purchase price-range at $21.11. Ackman controls ~20% of the business.Note: Ackman had invested in Platform Acquisition Holdings, an investment vehicle incorporated in the London Exchange (since renamed Platforms Specialty Products). They acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal in Q4 2013. The NYSE IPO followed and the London listing was cancelled.Restaurant Brands International (QSR) previously Burger King Worldwide: QSR is a 10.05% of the US long portfolio stake. Tim Hortons and Burger King Worldwide merged and renamed the resultant entity as Restaurant Brands International. Pershing Square had a huge investment in Burger King and those shares got exchanged for QSR shares. The original Burger King stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $42.60.Valeant Pharmaceuticals (VRX): VRX is Ackman’s largest position at 29.95% of the US long portfolio. The stake was established last quarter at prices between $143 and $205. The stock currently trades outside that range at $247.Note: In early 2014, Ackman collaborated with Valeant (VRX) in its effort to buy Allergan in a hostile takeover. That effort failed, but on November 17, 2014 Actavis plc (ACT) agreed to buy AGN. The deal closed in March 2015.Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established in Q3 2014 at prices between $31.79 and $37.20. Q4 2014 saw a whopping 650% stake increase at prices between $35 and $45. The overall cost-basis is around $37. Ackman controls 8.3% of the business and the stake is now at 13.96% of the US long portfolio. The stock currently trades at $47.47.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q2 2015:"

"Tracking Bill Ackman’s Pershing Square Portfolio – Q1 2015 Update"

"Ackman’s US long portfolio decreased from $16.04B to $14.97B this quarter.Pershing Square’s largest stake is Valeant Pharmaceuticals at ~26% of the US long portfolio.The largest three positions are Valeant Pharmaceuticals, Air Products & Chemicals, and Canadian Pacific Railway and together they account for ~64% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Pershing Square’s US long portfolio on a quarterly basis. It is based on Ackman’s regulatory filed on 05/15/2015. Please visit our article for an idea on how his holdings have progressed over the years and our highlighting the fund’s moves during Q4 2014.Ackman’s US long portfolio decreased ~7% from $16.04B to $14.97B this quarter. The number of positions increased from 7 to 8. The portfolio remains heavily concentrated with a few huge bets. The top three positions account for 63.62% of the total portfolio value: Valeant Pharmaceuticals (25.84%), Air Products & Chemicals (20.77%), and Canadian Pacific Railway (17.01%).In Q2 2014, Pershing Square unveiled plans to do an Initial Public Offering (IPO) as a means to increase the amount of capital that is permanent. Pershing Square Holdings (PSHZF) debut on Euronext Amsterdam in October 2014. At the time, Ackman said their total capital is $18B of which around one-third is Pershing Square Holdings.To learn more about Bill Ackman, check-out the book “”.New stakes:Actavis plc (ACT): ACT is a 2.68% of the US long portfolio stake established this quarter at prices between $255 and $317. The stock currently trades at $296.60.Note: In March 2015, Actavis succeeded in a takeover battle for Allergan Inc. over Ackman backed Valeant Pharmaceuticals.Valeant Pharmaceuticals (VRX): VRX is Ackman’s largest position at 25.84% of the US long portfolio. The stake was established this quarter at prices between $143 and $205. The stock currently trades outside that range at $225.Note: In early 2014, Ackman collaborated with Valeant (VRX) in its effort to buy Allergan in a hostile takeover. That effort failed, but on November 17, 2014 Actavis plc (ACT) agreed to buy AGN.Stake Disposals:Allergan Inc. (AGN): AGN was a very small 0.88% of the US long portfolio stake established in Q1 2014 at prices between $110 and $132. On 04/21/2014, Ackman disclosed a huge 9.7% ownership in the business. It was his largest holding at 35.30% of the US long portfolio as of last quarter. The average-cost-basis was in the low $120s. AGN acquired Actavis plc for $219 per share in a cash-and-stock deal ($129.22 cash and 0.3683 Actavis stock for each share held) and that transaction closed on March 17, 2015. All told, the AGN position netted him an estimated $2.6B in less than twelve months.Stake Increases:Zoetis Inc. (ZTS): ZTS was a small 1.52% of the US long portfolio position (5.5M shares) established in Q3 2014 at prices between $31.79 and $37.20. Last quarter saw a whopping 650% stake increase and that was followed with a minor increase this quarter. The overall cost-basis is around $37. Ackman controls 8.3% of the business and the stake is now at 12.93% of the US long portfolio. The stock currently trades at $46.49.Stake Decreases:None.Kept Steady:Restaurant Brands International (QSR) previously Burger King Worldwide (BKW): QSR is a ~9.75% of the US long portfolio stake. Tim Hortons and Burger King Worldwide merged and renamed the resultant entity as Restaurant Brands International. Pershing Square had a huge investment in BKW and those shares got exchanged for QSR shares. The original BKW stake was established in Q3 2012 at prices between $13.03 and $15.88. The stock currently trades at $42.14.Platform Specialty Products (PAH): On 01/23/2014, Ackman disclosed a huge new stake in Platform Specialty Products Corporation (PAH) in a 13G filing. Pershing Square was a PAH investor prior to its NYSE IPO: Ackman had invested in Platform Acquisition Holdings, an investment vehicle incorporated in the London Exchange (since renamed Platforms Specialty Products). They acquired MacDermid (a US listed business that was taken private for ~$1.3B in an MBO transaction in 2007) in a $1.8B deal in Q4 2013. The NYSE IPO followed and the London listing was cancelled. The stock currently trades at $26.64 and has returned almost 85% since the IPO. Last quarter saw a ~28% stake increase at prices between $20.97 and $27.74. The overall cost-basis is around $14 with the recent stake increase (9.4M shares) at $25.64.Air Products & Chemicals (APD): In Q2 2013, a new 8.44% of the US long portfolio APD stake was purchased at prices between $92.80 and $96.59. By Q4 2013, the position was more than doubled at prices between $91 and $107. It has since been kept steady. The stock currently trades at around $149 and the stake stands at 20.77% of the US long portfolio - it is Ackman’s second-largest position after Valeant. Pershing Square owns 9.8% of the shares outstanding in APD and they are very bullish. It is an activist stake and Ackman has enjoyed some success - the and three new board members were appointed in June 2014.Howard Hughes Corp (HHC): HHC is a small 3.69% of the US long portfolio position that was established in 2010 as a result of its spin-off from General Growth Properties (GGP). The stake has remained untouched during the whole period. The stock returned ~63% in 2013 and ~24% since. Ackman called HHC one of the best kept secrets on Wall Street at the Harbor Investor Conference in February 2013.Canadian Pacific Railway (CP): CP is Pershing Square’s third-largest 13F position at 17.01% of the US long portfolio. The stake was established in Q3 2011 with the bulk purchased in Q4 2011 at prices between $46.05 and $71.82. The stock currently trades at around $180. Ackman reigned in management and board changes at the company by winning a proxy battle in May 2012. The position was reduced by ~26% in Q4 2013 at prices between $123 and $157. Q2 2014 also saw a ~19% reduction at prices between $144 and $185. Ackman is opportunistically harvesting huge long-term gains from this position.Fannie Mae (FNMA) and Freddie Mac (FMCC) are other long positions in the partnership - the holdings were disclosed in 13D filings on November 15, 2013 - as they are not , they are not listed in the 13F report. Ackman holds just under 10% of the outstanding shares of both these businesses - 115.57M shares of FNMA at an average cost-basis of ~$2.30 and 63.5M shares of FMCC at an average cost-basis of $2.14. The combined investment outlay was ~$400M and it is currently valued at around $469M. In the Ira Sohn conference in August 2014, Ackman said his conservative case values FNMA & FMCC at ~$23 per share each. The stock prices of both these businesses experienced large price drops following a in early October 2014. Investors had filed around 20 lawsuits against the US government over Fannie/Freddie and the Federal Housing Finance Agency’s actions as conservator. Other Hedge Funds involved include Perry Capital and Fairholme Capital.Ackman also has large short positions although Herbalife (HLF) is the only one publicly known - there is no regulatory requirement to disclose short positions and so only the ones that Ackman voluntarily discloses are known.The spreadsheet below highlights changes to Pershing Square’s US stock holdings in Q1 2015:Note 1: The latest filing (1/5/2015) on Restaurant Brands International (QSR) shows Ackman owning 38M shares (18.8% of business). It is the result of a merger/rename transaction between Tim Horton’s and Burger King Worldwide.Note 2: The 2/2/2015 on Platform Specialty Products (PAH) shows Ackman owning 42.74M shares (22.2% of business) - the info is the same as in the October 2014 filing but the percentage ownership has decreased as PAH has issued to new shares. This is compared to 33.3M shares as of last quarter.Note 3: There is also a 2/4/2015 filing on Zoetis - doesn’t seem to have material change compared to the November filing.Note 4: Pershing Square Holdings (Amsterdam:PSH)(OTC:PSHZF) is a way to invest alongside him. So, use that as the primary ticker and adjust the header paragraph to include this.Note 5: for some reason for QSR, Google Finance brings up the TSE quotes by default. So, be careful when updating the pricing info. A user pointed out this mistake in my Q4 2014 update and I corrected the article."