Warren Buffett (Berkshire Hathaway) Stock Portfolio – Update 2014 Q2

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Warren Buffett’s Berkshire Hathaway stock holdings for Q2 2014 was filed on 8/14/2014. There was quite a bit of activity this past quarter with new holdings in CHTR and DNOW.  There was additions made to CBI, GM, IBM, LBTYA, SU, USG, USB, VRSN, VZ, V, and WMT.  Reductions were made to COP, DTV, GHC, LMCA, NOV, PSX, and PCP.  The stake in STARZ was eliminated. The filing is for the quarter ended of 6/30/2014:

 

Berkshire’s New Stock Holdings:

– Berkshire initiated a stake in Charter Communications Inc [CHTR] buying 2,309,013 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $365.7 million ($365,701,000).

 

– Berkshire received shares in NOW Inc [DNOW] from the National Oilwell Varco spinoff, totaling 1,825,569 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $66.1 million ($66,104,000).

 

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Berkshire’s Stock Additions:

– Berkshire increased its stake in Chicago Bridge & Iron Company [CBI] by 1,150,355 shares (12.04%) up from 9,550,755 shares, bringing its total to 10,701,110 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $729.82 million ($729,816,000).

 

– Berkshire increased its stake in General Motors [GM] by 2,960,056 shares (9.87%) up from 30,000,000 shares, bringing its total to 32,960,056 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $1.2 billion ($1,196,451,000).

 

– Berkshire increased its stake in International Business Machines [IBM] by 1,818,894 shares (2.66%) up from 68,355,084 shares, bringing its total to 70,173,978 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $12.72 billion ($12,720,437,000).
– During Q1 2014, Berkshire increased its stake in IBM by 233,100 shares (.34%) up from 68,121,984 shares, bringing its total to 68,355,084 shares. On 3/31/2014, the total of Berkshire’s holding had a market value of approximately $13.16 billion ($13,157,670,000).
– Last year during Q1 2013, Buffett increased Berkshire’s holdings of International Business Machines for the sixth consecutive quarter, adding 6,500 shares (0.01%) up from 68,115,484 shares, bringing its total to 68,121,984 shares. On 3/31/2013, the total value of Berkshire’s holdings in IBM was approximately $14.5 billion ($14,530,420,000).
– During the previous quarter Q4 2012 597,588 shares were added (0.88%) up from 67,517,896 shares, bringing its total to 68,115,484 shares.
– In Q3 2012 Buffett added 872,500 shares (1.3%) up from 66,645,396 shares to 67,517,896 shares.
– In Q2 2012 Buffett added shares for the third consecutive quarter with 2,237,596 more shares (3.5%) up from 64,395,700 shares.
– During Q1 2012 Berkshire added 489,769 shares (1%), from 63,905,931 shares, bringing its total to 64,395,700 shares.
– Buffett increased Berkshire’s holdings of IBM in Q4 2011, to an approximate 5.5% ownership of the company, approximately $12 billion ($11,751,023,000) stake by 12/31/2011.

 

– Berkshire increased its stake in Suncor Energy [SU] by 3,458,330 shares (26.6%) up from 13,000,000 shares, bringing its total to 16,458,330 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $701.62 million ($701,619,000).

 

– Berkshire increased its stake in US Bancorp [USB] for the sixth consecutive quarter by 67,800 shares (.08%) up from 80,026,697 shares, bringing its total to 80,094,497 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $3.47 billion ($3,469,692,000).
– During Q1 2014, Berkshire increased its stake in USB by 705,796 shares (.89%) up from 79,320,901 shares, bringing its total to 80,026,697 shares. On 3/31/2014, the total of Berkshire’s holding had a market value of approximately $3.43 billion ($3,429,944,000).
– During Q4 2013 Berkshire increased its holding in the bank by 203,400 shares (.26%) up from 79,117,501 shares, bringing its total to 79,320,901 shares. On 12/31/2013, the total of Berkshire’s holding had a market value of approximately $3.2 billion ($3,204,565,000).
– During Q3 2013 Berkshire increased its stake by 840,200 shares (1.07%) up from 78,277,301 shares, bringing its total to 79,117,501 shares. On 9/30/2013, the total of Berkshire’s holding had a market value of approximately $2.89 billion ($2,894,119,000).
– During Q2 2013, its holding in US Bancorp was increased by 16,819,200 shares (27.37%) up from 61,458,101 shares, bringing its total to 78,277,301 shares. On 6/30/2013, the total of Berkshire’s holding had a market value of approximately $2.83 billion ($2,829,725,000).
– During Q1 2013, Berkshire increased its stake in the regional bank, adding 193,500 shares (0.32%) up from 1,956,791 shares, bringing its total to 2,085,274 shares. On 3/31/2013, the total value of Berkshire’s holding had a market value of approximately $2 billion($2,085,274,000).
– In Q3 2012, Berkshire again reduced its holdings in US Bank slightly for the third consecutive quarter by 4,736,112 shares (-7.17%), down from 66,000,713 shares, bringing the total to 61,264,601 shares. On 9/30/2012, the company’s holdings in the bank was worth approximately $2.1 billion ($2,101,375,000).
– During Q2 2012 Berkshire reduced its holdings in USB by 3,038,613 shares (-4.4%), down from 69,039,326 shares, bringing the total to 66,000,713 shares.
– During Q1 2012 it reduced its stake by 100 shares (-0.0001%), down from 69,039,426 shares, to a total of 69,039,326 shares.

 

– Berkshire increased its stake in USG Corp [USG] by 4,111,842 shares (11.79%) up from 34,890,174 shares, bringing its total to 39,002,016 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $1.18 billion ($1,175,131,000).

 

– Berkshire increased its stake in VeriSign Inc [VRSN] by 1,299,346 shares (11.12%) up from 11,685,654 shares, bringing its total to 12,985,000 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $633.8 million ($633,798,000).

 

– Berkshire increased its stake in Verizon Communications [VZ] by 3,978,185 shares (36.09%) up from 11,022,743 shares, bringing its total to 15,000,928 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $734. million ($733,996,000).

 

– Berkshire increased its stake in Visa Inc [V] by 244,290 shares (15.71%) up from 1,555,459 shares, bringing its total to 1,799,749 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $379.23 million ($379,225,000).

 

– Berkshire increased its stake in Wal-Mart Stores Inc [WMT] by 744,847 shares (1.28%) up from 58,052,412 shares, bringing its total to 58,797,259 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $4.41 billion ($4,413,910,000).

 

– Berkshire increased its stake in Liberty Global PLC [LBTYA] by 2,519,578 shares (34.29%) up from 7,346,968 shares, bringing its total to 9,866,546 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $436.3 million ($436,299,000).
– During Q1 2014, Berkshire increased its stake in Liberty Global PLC Class A Shares) by 4,398,683 shares (149.19%) up from 2,948,285 shares, bringing its total to 7,346,968 shares. On 3/31/2014, the total of Berkshire’s holding had a market value of approximately $305.63 million ($305,634,000).
– During Q4 2013 a new stake was made in the international cable company, purchasing 2,948,284 shares. On 12/31/2013, the total of Berkshire’s holding had a market value of approximately $262.4 million ($262,397,000).

 

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Berkshire’s Stock Reductions:

– Berkshire decreased its stake in ConocoPhillips [COP] by -9,724,730 shares (-87.77%) down from 11,079,958 shares, bringing its total to 1,355,228 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $116.18 million ($116,184,000).

 

– Berkshire decreased its stake in DIRECTV [DTV] by -11,046,705 shares (-32.01%) down from 34,514,700 shares, bringing its total to 23,467,995 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $2. billion ($1,995,014,000).
– During Q1 2014, Berkshire decreased its stake in DIRECTV by -2,000,000 shares (-5.48%) down from 36,514,700 shares, bringing its total to 34,514,700 shares. On 3/31/2014, the total of Berkshire’s holding had a market value of approximately $2.64 billion ($2,637,614,000).
– During Q3 2013, Berkshire reduced its holding by -760,700 shares (-2.04%) down from 37,275,400 shares, bringing its total to 36,514,700 shares. On 9/30/2013, the total of Berkshire’s holding had a market value of approximately $2.18 billion ($2,182,848,000).
– During Q1 2013, its holdings of DIRECTV was increased for the sixth consecutive quarter, 3,237,900 shares (9.51%) up from 34,037,500 shares, bringing its total to 37,275,400 shares. On 3/31/2013, the total value of Berkshire’s holdings in the digital television provider was approximately $2.1 billion ($2,109,415,000).
 Q4 2012 4,481,900 shares were added (15.16%) up from 29,555,600 shares.
– In the third quarter (Q3 2012) 1,134,900 shares were added (3.99%) up from 28,420,700 shares to 29,555,600 shares.
– In Q2 2012 5,421,100 shares were added (23.6%) up from 22,999,600 shares to 28,420,700 shares.
– In the first quarter (Q1 2012), Berkshire added 2,651,200 shares (13%) from 20,348,400 shares, bringing its Q1 2012 total to 22,999,600 shares. During Q4 2011 Berkshire quadrupled its stake by adding 16,099,000 shares (378.85%) up from its original 4,249,400 shares, with a Q4 2011 total of 20,348,400 shares.
– DTV was a new holding in Q3 2011.

 

-Berkshire decreased its stake in Graham Holdings Co [GHC] by -1,620,190 shares (-93.77%) down from 1,727,765 shares, bringing its total to 107,575 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $77.25 million ($77,251,000).  This was part of the earlier WPLG deal.

 

– Berkshire decreased its stake in Liberty Media Corp [LMCA] by -1,300,000 shares (-24.53%) down from 5,300,000 shares, bringing its total to 4,000,000 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $546.72 million ($546,720,000).

 

– Berkshire’s decreased its stake in National Oilwell Varco, Inc. [NOV] by -1,577,722 shares (-17.77%) down from 8,880,000 shares, bringing its total to 7,302,278 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $601.34 million ($601,342,000).

 

– Berkshire decreased its stake in Phillips 66 [PSX] by -3,245,503 shares (-33.32%) down from 9,741,303 shares, bringing its total to 6,495,800 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $522.46 million ($522,457,000).

 

– Berkshire decreased its stake in Precision Castparts Corp. (PCP) [PCP] by -100,714 shares (-5.09%) down from 1,977,336 shares, bringing its total to 1,876,622 shares.  On 6/30/2014, the total of Berkshire’s holding had a market value of approximately $473.66 million ($473,659,000).

 

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Berkshire’s Stock Sell Offs:

– Berkshire eliminated its stake in Starz Inc [STRZA] by selling off all 1,919,541 shares. The total of Berkshire’s holding in the previous quarter had a market value of approximately $61.9 million ($61,963,000).

 

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Buffett, Combs, Weschler:

– During the second quarter of 2012 Buffett said Weschler and Combs would oversee about $4 billion each, nearly double the amount Buffett previously said at the company’s 2012 annual meeting (May 5 2012). Buffett though, is still responsible for the larger investments (SU, IBM, WFC) and likely the older holdings (IR, GE, JNJ, PG, USB, UPS, VRSK).
– Stake increases in DaVita were likely Ted Weshcler’s, as he previous held it prior to joining Berkshire. This is one of the more interesting holdings as Berkshire continued to add to DVA continuously ever since it became a holding. The holding has now become worth over $1.67 billion alone.
– DIRECTV and Visa were already in the Berkshire portfolio before Weschler, and it is likely Todd Combs had made those stock moves. Some were also previous investments held by Combs as well.
– The size of DISH, BK, DE, GM, PCP, WBC, NOV, and VIAB stakes suggest they are either Combs or Weschler’s picks.
– It has been revealed that Weschler was also responsible for putting together the newspaper deals.

– As I mentioned in previous summaries, it is likely that the long time holdings of JNJ, KRFT/MDLZ, PG, SNY were not bad investments and does not mean Buffett doesn’t like the businesses anymore (had mentioned in Q2 2012 that he thinks they are strong businesses), but perhaps that they have already appreciated significantly over the years, and likely selling them to provide capital to Combs & Weschler as well has to himself in order to allocate towards better opportunities.

 

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SEC Filing:

You can view the 8/14/2014 SEC filing which discloses Berkshire Hathaway stock holdings here:
http://www.sec.gov/Archives/edgar/data/1067983/000095012314009048/xslForm13F_X01/form13fInfoTable.xml

The filing does not differentiate between investments that are made by Berkshire Hathaway, its subsidiaries, Todd Combs, Ted Weschler, or Warren Buffett himself (as the chairman and chief executive of the company). Buffett usually makes his stock investments for Berkshire Hathaway through his insurance arms (Berkshire Hathaway Life Insurance Co. of Nebraska, Columbia insurance Co, GEICO, National Indemnity Co, Wesco Financial, etc.).

 

Full Disclosure:

I am long Berkshire Hathaway [BRK.A /BRK.B]. I do not plan on acquiring or selling shares, of any of the companies mentioned within this post, within the next 3 trading days.

 

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Recommended Warren Buffett Related Books:

Although its easy to follow and copy Warren Buffett’s stock moves (buys/sells), we only learn of his actions months after it has been done (SEC filing is always later). We would never know for sure why the move was made or what other reasons were behind it.

Buffett recommends investors who want to learn how he invests, to read books that he specifically endorses and recommends, as well as past Berkshire Hathaway annual reports. The following is list of those few books (I’ve have read all but two of these and learned to invest like Buffett):

– DREAM BIG – Cristiane Correa

– Business Adventures – John Brooks

– The Snowball: Warren Buffett and the Business of Life – Alice Schroeder

– Poor Charlie’s Almanack – Peter D Kaufman

– The Intelligent Investor – Benjamin Graham

Thanks and Happy Investing! – The Investment Blogger © 2014

Author: The Investment Blogger

I’m a private investor, who developed the “function-centric investing” paradigm. I am an investor who blogs a little here and there, rather than a blogger who invests a little here and there. I'm passionate about investing and sharing investment knowledge!

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