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The Berkshire Hathaway Portfolio: All 48 Buffett Stocks

When folks think of the Berkshire Hathaway (BRK.B) portfolio and its collection of holdings, most of which were selected by Chairman and CEO Warren Buffett, the companies that most readily come to mind are probably American Express (AXP), Coca-Cola (KO) and, more recently, Apple (AAPL).

But a deep dive into Berkshire Hathaway's equity holdings reveals a more complicated picture.

Berkshire Hathaway held positions in 48 separate stocks as of March 31, according to regulatory filings with the Securities and Exchange Commission. But the portfolio of "Buffett stocks" isn't as diversified as the number might suggest. In some cases, BRK.B holds more than one share class in the same company. Some holdings are so small as to be immaterial leftovers from earlier bets the Oracle of Omaha has yet to completely exit.

And perhaps most importantly, Berkshire Hathaway's equity portfolio is actually pretty concentrated. The top six holdings account for almost 70% of the portfolio's total value. The top 10 positions comprise nearly 80%. Banks and airlines, to cite a couple of sectors, carry quite a load in this portfolio. Then there's the fact that several Buffett stocks actually were picked by portfolio managers Todd Combs and Ted Weschler.

Here, we examine each and every holding to give investors a better understanding of the entire Berkshire Hathaway portfolio.

45. United Parcel Service

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Shares held: 59,400

Holding value: $6,637,000

Percent of portfolio: 0.003%

United Parcel Service (UPS, $100.01) might be the world's biggest package delivery company, but it's immaterial when it comes to Berkshire Hathaway's portfolio. With fewer than 60,000 shares, this is the most meager of Buffett stocks - a rump position, leftovers, an odd lot.

Buffett first invested in UPS in the first quarter of 2006, when he picked up 1.43 million shares worth about $113.5 million. That comes to an average price per share of $79.38.

UPS never was a major part of Berkshire's portfolio, and Buffett has pared the position over the years to where it wouldn't be a surprise if he exited the stake at any time. (Berkshire recently dropped another small holding - telecom giant Verizon (VZ) - in the first quarter of 2019 when he dumped his last 928 shares.)

Although Buffett can be fairly chatty about some of his more notable stock picks, he typically doesn't comment on BRK.B's buys and sells. There's no mention of United Parcel Service in CNBC's indispensable Warren Buffett archive. But one clue as to why UPS never became a bigger part of Berkshire Hathaway's holdings might be the fact that since March 31, 2006, it has delivered a total return of 85%. But Standard & Poor's 500-stock index generated a total return of 190% in that same time frame.

Translation: UPS has been a bust for BRK.B.

44. Mondelez

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Shares held: 578,000

Holding value: $28,854,000

Percent of portfolio: 0.01%

Berkshire Hathaway's Mondelez (MDLZ, $53.99) holding stems from Buffett's 2007 investment in what was then known as Kraft Foods. The packaged food company changed its name to Mondelez in 2012 after spinning off its North American grocery business, which was called Kraft Foods Group and traded under the ticker KRFT. In 2015, in a deal backed by Buffett, KRFT merged with H.J. Heinz to form Kraft Heinz (KHC).

As we'll see shortly, Berkshire Hathaway maintains a significant stake in KHC. As for Mondelez? Not so much. Shares in MDLZ, whose brands include Oreo cookies and Triscuit crackers, have underperformed vs. the S&P 500 since the spinoff.

It doesn't sound like Buffett is all that enamored with MDLZ, either. In 2017, he shot down speculation that Kraft Heinz would buy the global snacks giant.

Berkshire Hathaway owns just 0.04% of Mondelez shares outstanding, according to data from S&P Global Market Intelligence. MDLZ accounts for only 0.01% of the total value of Berkshire Hathaway's equity portfolio. Nothing to see here, folks.

43. Procter & Gamble

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Shares held: 315,400

Holding value: $32,817,000

Percent of portfolio: 0.02%

Procter & Gamble (PG, $109.38), the consumer products giant and component of the Dow Jones Industrial Average, is another blue-chip stock that has fallen by the wayside as a Berkshire Hathaway investment.

Buffett came to own P&G - maker of Tide detergent, Crest toothpaste and Pampers diapers - by dint  of the company's 2005 acquisition of razor-maker Gillette. At the time, Buffett, a major Gillette shareholder, called the tie-up a "dream deal." P&G became one of BRK.B's biggest equity positions.

That dream didn't last very long. The Great Recession eroded the pricing power of old-line consumer staples companies such as P&G. The company embarked on a plan to shed 100 underperforming brands. The Duracell battery business

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