Warren Buffett dumping banks
In the last quarter of 2024, Warren Buffett’s Berkshire Hathaway reduced its holdings in both Bank of America and Capital One.
This information was disclosed in Berkshire’s 13F filing with the U.S. Securities and Exchange Commission, a mandatory report for all investment firms managing assets exceeding $100 million (R1.84 billion).
Buffett, a legendary figure in the world of investing, has left an enduring legacy in finance. His extraordinary success, combined with his down-to-earth nature, has made him one of the most respected names in the investment community.
His fascination with business and investing began in his hometown of Omaha, Nebraska, where he developed an early passion for financial markets. From a young age, he immersed himself in investment books and carefully analyzed stock market patterns.
This dedication led him to pursue higher education, ultimately earning a Master of Science in Economics from Columbia Business School.
In 1956, Buffett took his first major step into the investment world by starting his own investment partnership, laying the foundation for his later achievements.
A defining moment in his career came in 1965 when he took control of Berkshire Hathaway, a struggling textile manufacturer, and turned it into one of the most successful investment firms in the world.
Now, at 93 years old, Buffett remains actively involved in leading Berkshire Hathaway.
His investment philosophy centres on value investing—seeking out companies with strong fundamentals that are trading below their intrinsic value. This strategy has delivered exceptional long-term returns.
Beyond his investment expertise, Buffett is admired for his humility and modest lifestyle despite his immense wealth. He has lived in the same simple house for decades and avoids extravagant spending.
His widely read shareholder letters and engaging participation in Berkshire Hathaway’s annual meetings have made him a favourite among investors.
Buffett is also known for his philanthropy. He has pledged to donate the majority of his fortune to charitable causes upon his passing.
Through efforts like The Giving Pledge, which he co-founded with Bill and Melinda Gates, Buffett has encouraged other billionaires to commit a portion of their wealth to philanthropy.
Berkshire Hathaway share portfolio
During quarter 4 of 2024, Berkshire added one new share – Constellation Brands, an American producer and marketer of beer, wine, and spirits – to its portfolio.
It also increased its stake in five companies – including the popular fast-food franchise, Dominos Pizza – and sold three others – SPDR S&P 500 ETF Trust, Vanguard S&P 500 ETF, and Ulta Beauty.
Additionally, the firm reduced its stake in eight companies, including T-Mobile, Liberty Media Corp Formula One Series C, and Nu Holdings.
The company also reduced its stake in two major American financial service providers, the Bank of America and Capital One Financial.
However, after Apple and American Express, Bank of America remains one of the biggest stocks in Berkshire’s portfolio.
Notably, Berkshire also reduced its share in American multinational investment bank, Citigroup – which was previously one of the group’s 10 biggest stocks – by 73.50%.
At the end of Q4 2024, Berkshire’s portfolio is valued at $267.18 billion (R4.93 trillion) and comprises 38 stocks, an increase from $167.6 billion (R3.22 trillion) at the end of Q3 2024.
The table below shows Warren Buffett’s Berkshire Hathaway top 20 shares as of 31 Dec 2024.
| Company | % of portfolio | Activity | Value |
|---|---|---|---|
| Apple | 28.12% | No change | $75,126,000,000 |
| American Express | 16.84% | No change | $44,996,540,000 |
| Bank of America | 11.19% | Reduce 14.72% | $29,896,267,000 |
| Coca Cola | 9.32% | No change | $24,904,000,000 |
| Chevron | 6.43% | No change | $17,179,549,000 |
| Occidental Petroleum | 4.89% | Add 3.49% | $13,053,055,000 |
| Moody’s | 4.37% | No change | $11,677,933,000 |
| Kraft Heinz | 3.74% | No change | $10,000,245,000 |
| Chubb | 2.80% | No change | $7,469,435,000 |
| DaVita HealthCare Partners | 2.02% | No change | $5,398,092,000 |
| Kroger | 1.14% | No change | $3,057,500,000 |
| Verisign | 1.03% | Add 3.56% | $2,746,661,000 |
| SiriusXM Holdings | 1.00% | Add 11.71% | $2,678,283,000 |
| Visa | 0.98% | No change | $2,622,329,000 |
| Amazon.com | 0.82% | No change | $2,193,900,000 |
| Mastercard | 0.79% | No change | $2,099,249,000 |
| Aon Plc | 0.55% | No change | $1,472,556,000 |
| Capital One Financial | 0.50% | Reduce 18.13% | $1,328,484,000 |
| Constellation Brands | 0.47% | Buy | $1,242,976,000 |
| Ally Financial | 0.39% | No change | $1,044,289,000 |
Source: Dataroma
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