During tumultuous times, investors always turn to the sage advice of the Oracle of Omaha: Warren Buffett. With the S&P 500 down almost 30% from its record high back on February 19th, many are surprised from the silence out of Omaha. While Buffett is well known for weathering the worst market downturns and coming out stronger, the last several weeks have been just as painful on his portfolio as it has on the broader market. Fortunately for him, though, a mountain of cash has helped to cushion the blow of the decline.
Of Berkshire’s top holdings, the average stock is down 36.62% since the S&P 500’s last all-time closing high on 2/19 and down 34.82% YTD. The worst performing of the portfolio’s holdings has unsurprisingly been an energy sector name, Occidental Petroleum (OXY), which is down roughly 75% this year. On the other hand, Amazon (AMZN) has been a top performer in 2020 as it is currently up 3.5% YTD. But neither of these stocks are particularly large holdings. In the table below, we show the 20 largest holdings in the Berkshire portfolio as of the most recent 13F filing (in addition to positions in Davita (DVA) and Delta (DAL) which were added and disclosed more recently). Apple (AAPL) continues to be the crown jewel with a 35.44% weighting in the portfolio. At the S&P 500’s peak, Buffett’s position in AAPL was worth $79.3 bn, but the 26.7% decline since then has brought that value down to $58.13 bn. The next largest position and the only other one taking up a double-digit percentage in the portfolio’s total weight is Bank of America (BAC) which is down even more dramatically at 42%. Other notable weak holdings have been the airlines, Southwest (LUV) and Delta (DAL). For clients with access, we have also created a custom portfolio of Berkshire’s reported equity portfolio so you can track these names. Start a two-week free trial to Bespoke Institutional to access our Custom Portfolios, interactive tools, and full library of research.