Underlying Fundamental Investing Research

Berkshire, against its own record

71.9%

Share of Berkshire's 13F portfolio in its five largest holdings at June 30, 2026.

Apple Inc, American Express Co, Alphabet Inc, Coca Cola Co and Bank of Amer Corp.

Q2 2026 13F

Q3 2023: 79.4%Q4 2023: 80.6%Q1 2024: 76.3%Q2 2024: 73.0%Q3 2024: 70.9%Q4 2024: 71.9%Q1 2025: 70.5%Q2 2025: 70.0%Q3 2025: 69.5%Q4 2025: 70.9%Q1 2026: 67.1%Q2 2026: 71.9%71.9%?'24'25'26Q3 '26

Concentrate, or diversify?

  1. 1993 Conditional

    a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business

    1993 letter

  2. 1993 Claim

    Berkshire, in contrast, can diversify with ease.

    1993 letter

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Same idea The full quarter · What the letters say · Did Berkshire sell its Apple stock? · What Q3 2026 will show

The whole record