Value Investing

Major Changes to Berkshire Hathaway’s Portfolio in Fourth Quarter 2015

by Dr. David Kass

Berkshire Hathaway (BRK.A, BRK.B) released its SEC 13F filing for the fourth quarter ending December 31, 2015 after the market closed today.  There were several major changes from the third quarter.

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One new stake was established:

(1) $400 million in Kinder Morgan (KMI) (Ted Weschler or Todd Combs)

 

There was an increase in the following:

(1) $450 million in Deere (DE)  (Total Stake = $1.7 billion) (Warren Buffett or Ted Weschler or Todd Combs)

(2) $450 million in Wells Fargo (WFC) (Total Stake = $26.1 billion) (Warren Buffett)

 

There was a decrease in the following:

(1) $450 million in AT&T (T) (Total Stake = $1.6 billion) (Todd Combs or Ted Weschler)

 

There were also smaller increases in Axalta (AXTA) (Total Stake = $600 million) and Liberty Global (LBTYA) (Total Stake = $500 million), and a small decrease in Wabco (WBC) (Total Stake = $350 million).  A small position in Chicago Bridge & Iron (CBI) ($80 million) was eliminated.

 

Warren Buffett Berkshire Versus KKR

Author: Dr. David KassDavid I Kass Clinical Associate Professor, Department of Finance Ph.D., Harvard University Robert H. Smith School of Business 4412 Van Munching Hall University of Maryland College Park, MD 20742-1815 Phone: 301-405-9683 Email: dkass@rhsmith.umd.edu (link sends e-mail) Dr. David Kass has published articles in corporate finance, industrial organization, and health economics. He currently teaches Advanced Financial Management and Business Finance, and is the Faculty Champion for the Accelerated Finance Fellows. Prior to joining the faculty of the Smith School in 2004, he held senior positions with the Federal Government (Federal Trade Commission, General Accounting Office, Department of Defense, and the Bureau of Economic Analysis). Dr. Kass has recently appeared on Bloomberg TV, CNBC, PBS Nightly Business Report, Maryland Public Television, Business News Network TV (Canada), Fox TV, American Public Media's Marketplace Radio, and WYPR Radio (Baltimore), and has been quoted on numerous occasions by Bloomberg News and The Wall Street Journal, where he has primarily discussed Warren Buffett and Berkshire Hathaway. He has also launched a Smith School “Warren Buffett” blog. Dr. Kass has accompanied MBA students on trips to Omaha for private meetings with Warren Buffett, and Finance Fellows to Berkshire Hathaway’s annual meetings. He is an officer of the Harvard Business School Club of Washington, DC, and is a member of the investment and budget committees of a local nonprofit organization. Dr. Kass received a Smith School “Top 15% Teaching Award” for the 2009-2010 academic year.