Five stocks are 72% of Berkshire's portfolio; Apple alone is 22%
How concentrated Berkshire Hathaway's reported U.S. stock portfolio is: the share of its Form 13F value held in its five largest positions each quarter since 2013, and the share in Apple alone, from the first Apple purchase in 2016 onward.
What does it show?
The five largest positions went from 73% of the portfolio in 2013 Q1 to 72% in 2026 Q2. Apple, first reported in 2016 Q1, peaked at 51% in 2023 Q2.
Methodology
For each quarter since 2013 Q1, the market value of Berkshire Hathaway's five largest positions, and of its Apple shares, divided by the total value of the same Form 13F-HR filing (after amendments; share classes of one company combined, so Alphabet's A and C shares count as one position). The five largest are re-ranked every quarter, so the companies in the measure change over time; in 2026 Q2 they are Apple, American Express, Alphabet, Coca-Cola, Bank of America. The denominator is the 13F portfolio — U.S.-listed 13(f) securities only — not Berkshire's whole equity portfolio, which also includes foreign stocks such as its Japanese trading houses. Shares of market value move with prices as well as with buying and selling. Positions Berkshire first kept confidential and disclosed in a later amendment are included in the quarter they were held: 2013 Q2 (Exxon Mobil, filed 2013-11-14); 2014 Q3 (Deere, filed 2015-02-17); 2015 Q2 (Phillips 66, filed 2015-09-04); 2020 Q3 (Chevron, Marsh & McLennan, Verizon, filed 2021-02-16); 2023 Q3 (Chubb, filed 2024-05-15); 2023 Q4 (Chubb, filed 2024-05-15); 2025 Q1 (D.R. Horton, Lennar, Nucor, filed 2025-08-14).