Despite the sales, Apple is still Buffett's largest holding, making up almost 25% of the Berkshire portfolio.
2. American Express
American Express (NYSE:AXP): Through the first nine months of 2024, American Express accounted for 15.3% of Berkshire's assets, making it Buffett's second-largest holding. It's another financial stock that Buffett has touted over the years, largely because it benefits from both facilitating transactions and loaning money.
The financial giant does especially well when the economy is growing, but its focus on well-off consumers -- who are less likely to change their spending when the economy isn't doing so well -- helps it to thrive in most economic climates.
Shares of the bank soared in 2024, rising 58.4% on strong earnings per share (EPS) growth and the addition of about 3 million credit cards to its already robust network.
3. Bank of America
Bank of America (NYSE:BAC): Berkshire reported cutting almost one-quarter of the 1 billion shares of Bank of America stock that it owned at the end of 2023. Buffett has been a believer in bank stocks for many years, and Bank of America's size and scale have made it an attractive stock for investors.
Even though the banking industry as faced headwinds from charge-offs rising and high interest rates putting a damper on loan demand, the bank is still Berkshire's third-largest holding, with shares valued at $34 billion. As inflation slows, however, the bank may see a rebound from consumer spending even as competition intensifies.
4. Coca-Cola
Coca-Cola (NYSE:KO): The Atlanta-based beverage giant is another one of Buffett's longest-held positions. Buffett has made it clear he doesn't have any plans to sell Coca-Cola stock; the Dividend King has proven its resilience, even as inflation prompted many consumers to curb their grocery spending.
Buffett's affinity for Coca-Cola stock isn't just professional; he described himself as "one-quarter Coca-Cola" to Fortune in 2015, claiming the beverage accounts for 25% of his daily caloric intake. It's another example of one of his wise investment maxims: Buy stock in companies whose business you understand and appreciate.
Berkshire held $24.4 billion of Coca-Cola stock, or 9.3% of its outstanding shares.
5. Chevron
Chevron (NYSE:CVX): With a few exceptions, the oil and gas industry has fallen on hard times. In the 1980s, the sector made up almost 30% of the S&P 500; these days, it hovers around 3%. Despite the uncertainty prompted by a transition to low-carbon fuels, Buffett has increased his holdings in Chevron, betting that the energy industry will recover from a rough few years.
As of the third quarter of 2024, Berkshire owned about 118 million shares of Chevron, a slight drop from the previous year but still almost 6.3% of its entire portfolio and almost 7% of Chevron's outstanding shares. Chevron is the second-largest oil company in the United States.
6. Occidental Petroleum
Occidental Petroleum (NYSE:OXY): One of two energy stocks owned by Berkshire, Occidental is heavily focused on upstream production, which makes it highly susceptible to falling crude oil prices. It also reported $24.1 billion in net debt, a not-inconsiderable sum even for a major oil company. In addition, disruption caused by the Russian invasion of Ukraine and Middle East tensions have failed to make a substantial dent in the global supply.
Buffett's bet on Occidental, however, is looking smarter by the day. An increasing global appetite for oil and a lack of exploration make it possible that there will be a gap between supply and demand.
Buffett owns about $15.1 billion in Occidental stock, more than 28% of its outstanding shares. He picked up 8.9 million additional shares in the week before Christmas 2024 as the oil company's stock sagged 24% for the year.
