Warren Buffett's Investment Portfolio: Breaking Down the 46 Stocks Behind Berkshire Hathaway's $313 Billion Holdings

The Cash Puzzle That Everyone Is Watching

Before examining which stocks Warren Buffett owns through Berkshire Hathaway, one fact demands attention: the company is sitting on $344.1 billion in cash. This massive reserve exceeds the total value of the entire equity portfolio and represents a strategic decision that will likely be debated for years. Buffett’s legendary patience and discipline have always guided his buying decisions—he refuses to overpay, no matter the pressure. Yet observers must wonder what opportunities this accumulated capital might have seized in a different market environment.

For context, $344.1 billion is enough capital to acquire most corporations in the S&P 500 index outright. That’s not hyperbole. It’s a reflection of Buffett’s commitment to maintaining optionality and avoiding poor investments at inflated valuations.

The Architecture of Berkshire Hathaway’s Portfolio

As of August 2025, Berkshire Hathaway maintains equity stakes in exactly 46 different companies, collectively valued at approximately $313 billion. This isn’t a random assortment—each position reflects decades of investment philosophy centered on finding quality businesses at reasonable prices.

What’s particularly revealing is the portfolio’s structure. The 10 largest holdings concentrate 82.1% of the total value. This reveals something fundamental about Buffett’s approach: while diversification matters, concentration in best ideas matters more. He’s willing to make large, conviction-based bets when he identifies exceptional companies.

Buffett’s Crown Jewels: The Core Holdings

The largest positions in Berkshire’s portfolio tell the story of where Buffett places his highest conviction:

Several of these positions span decades. American Express and Coca-Cola have been Berkshire holdings for so long that they’ve become part of the company’s investment DNA. This longevity demonstrates a critical principle: holding winning investments through market cycles generates compounding returns that outweigh most tactical trading decisions.

Notice the split between consumer staples (Coca-Cola, Kraft Heinz), financial institutions (American Express, Bank of America), energy (Chevron, Occidental Petroleum), and technology (Apple). Even within the concentrated top tier, diversification by sector exists.

The Secondary Tier: Strategic Diversification

Below the top 10, Berkshire maintains 14 additional positions worth approximately 14.8% of the portfolio. This tier includes both established holdings and newer acquisitions:

This section reveals both Buffett’s evolution and his openness to conviction shifts. Berkshire invested in Chubb Limited during 2023 and added UnitedHealth Group earlier in the year after its stock declined due to controversy. Amazon appears here as a smaller position—Buffett has publicly acknowledged missing the e-commerce mega-trend, though Berkshire’s investment managers eventually added the stock to capture some upside.

The inclusion of international holdings like Mitsui & Co, Marubeni, and Sumitomo reflects Berkshire’s global perspective beyond pure U.S. equities.

The Extended Portfolio: Small Bets with Significant Capital

The remaining 22 positions represent just 3% of portfolio weight but control nearly $10 billion in aggregate value. These holdings span infrastructure (Charter Communications, Lamar Advertising), specialty finance (Ally Financial, Jefferies Financial Group), real estate (D.R. Horton, Lennar, Toll Brothers), specialty materials (Nucor, Louisiana-Pacific), and entertainment (Domino’s Pizza, diageo):

When you’re managing $313 billion in stocks alone, even fractional positions matter. A 0.1% allocation represents roughly $300 million in buying power.

The Philosophy Behind Which Stocks Warren Buffett Owns

Three investment principles emerge from analyzing this portfolio structure:

Principle One: Conviction Concentration — Buffett refuses to dilute returns through excessive diversification. His 10 largest holdings drive the vast majority of returns. This contradicts mainstream portfolio theory that demands equal weighting, but decades of outperformance validates his approach.

Principle Two: Business Quality Over Price Timing — Many of these holdings have appreciated substantially since purchase. Buffett held through corrections because the underlying business quality remained intact. He’s buying franchises, not trading price movements.

Principle Three: Patient Capital — The massive cash position reflects an investor willing to wait for exceptional opportunities. While cash earns minimal returns currently, it preserves flexibility for major deployments during market dislocations. This patience distinguishes professional investors from reactive traders.

The Retirement Question and What Comes Next

Warren Buffett’s transition from CEO in January 2026 marks a generational shift. Yet the portfolio composition suggests his investment philosophy will likely endure. The holdings demonstrate a consistent 60-year pattern: finding quality businesses, buying at reasonable prices, and holding indefinitely.

For individual investors attempting to mirror which stocks Warren Buffett owns, the key isn’t copying specific positions—it’s adopting the underlying discipline: understand what you own, demand a margin of safety on price, and resist the urge to trade constantly. The dividend preference Buffett has articulated for decades also runs through this portfolio, with many holdings offering steady income alongside appreciation potential.

The coming years will reveal how successfully Buffett’s successor manages this $313 billion portfolio and that controversial $344.1 billion cash position. Both decisions will shape not just Berkshire’s future, but provide lessons about capital allocation for investors everywhere.