Buffett's stock holdings offer insights into his long-term investment philosophy, with a focus on strong companies with enduring advantages.

As the annual shareholders meeting nears, investors eagerly await Buffett's insights. This article will share some insights about his 2023 stock holdings to help you understand his investment style and industry trends.

Buffett's portfolio changes

In 2023, Warren Buffett's most significant moves were increasing stakes in Occidental Petroleum in the US market and five major trading houses in the Japanese market.

His US portfolio is monitored via quarterly 13F filings, with the most recent report from February 2024 detailing Berkshire Hathaway's US stock positions as of the fourth quarter of 2023.

The report shows that Berkshire Hathaway's portfolio consisted of 41 US stocks, with the top ten making up 93% of its total market value, including significant positions in Apple, Bank of America, and American Express.

Entering 2024, Buffett's US holdings lagged behind the S&P 500, mainly due to an 11.95% fall in Apple's share price since the year's start.

On moomoo, you can follow the trends of Buffett's US stock holdings and explore related stocks using the "Investment Themes" feature.

Buffett's Japanese investments are concentrated in Japan's five major trading houses.

He began building his position in Japanese stocks in 2020, increased it twice in 2023, and indicated a possibility of further additions in the future.

These trading houses are multifaceted, blending aspects of trade, business, finance, and information, and hold significant roles in Japan's economy.

Starting in 2024, Buffett's Japanese positions have exceeded the performance of the Nikkei 225 index.

On moomoo, you can follow the trends of Buffett's Japanese stock holdings and explore related stocks using the "Investment Themes" feature.

Buffett's top 7 US stock holdings:

1. Apple (AAPL): Buffett's Top Pick

Buffett made a major move into Apple in 2016, and by the fourth quarter of 2023, it accounted for a dominant 50.19% of Berkshire Hathaway's US equity portfolio.

Despite historically avoiding tech stocks, Buffett sees Apple's innovation and loyal customer base as key strengths.

2. Bank of America (BAC): Buffett's Bank Bet

Bank of America stands as one of Buffett's major bank sector bets, representing a substantial 10% of his overall portfolio. The bank witnessed a 7% increase in dividends to $0.92 per share in 2023.

3. American Express (AXP): Credit Card Giant

American Express commands an 8.18% share of Berkshire's US stock holdings. It showcases robust performance in 2023 with a 14.85% year-over-year revenue increase and a significant 15% boost in dividends to $2.40 per share.

4. Coca-Cola (KO): Long-time Favorite

Coca-Cola, a mainstay in Buffett's investment portfolio, continued its consistent growth in 2023, with revenues climbing by a respectable 6.39%. Dividends saw a moderate 4.5% uptick to $1.84 per share.

5. Chevron (CVX): Energy Play

Chevron, a major player in the oil industry, experienced challenges in 2023. Its revenue dropped by 16.46% to $196.913 billion, and net profit fell by 39.87% to $21.411 billion.

Despite this, Buffett's confidence in Chevron is evident as he increased his stake in the company in the fourth quarter of 2023. Currently, Chevron represents 5.41% of Berkshire Hathaway's US stock holdings.

6. Occidental Petroleum (OXY): Buffett's New Interest

In 2023, Buffett sharpened his focus on Occidental Petroleum, boosting his stake to make it the sixth-largest in Berkshire's portfolio at 4.19%. The energy firm reported a strong free cash flow of $5.5 billion that year.

7. The Kraft Heinz (KHC): Food Industry Giant

Kraft Heinz, created from the merger of Kraft and Heinz in 2015, stands as a key player in the food and beverage sector.

Despite admitting to overpaying for the company in a February 2019 interview and facing subsequent losses, Buffett has maintained his investment. Although dividends have been steady at $1.60 per share since 2018, as of April 26th, Kraft Heinz's dividend yield reached 4.19%, marking the highest yield among Buffett's top 10 holdings.

Buffett's five Japanese stock holdings:

1. Mitsubishi (8058.JP)

Mitsubishi is a conglomerate that operates businesses in various industries. Its operating segments include chemistry solutions, metal resources, the consumer industry, and others.

In fiscal year 2023, it reported a revenue of ¥21.57 trillion, a 24.95% increase year-over-year, with a net profit of ¥1.27 trillion, up by 26.59%.

The company raised dividends by 20% to ¥60 per share in 2023, with its stock price soaring by 56.6% year-to-date.

2. Mitsui (8031.JP)

Mitsui & Co Ltd is a general trading company with a wide range of business activities in the areas of iron and steel, mineral and metal resources, machinery and infrastructure, chemicals, energy, lifestyle, innovation, and corporate development.

In the fiscal year 2023, its revenue increased by 21.68% year-over-year to ¥14.31 trillion, with a net profit of ¥1.15 trillion, up by 23.14%. Mitsui & Co. raised dividends by 33% to ¥140 per share in 2023, and its stock price surged by 41.92% year-to-date.

3. Itochu (8001.JP)

Itochu Corp is a group of businesses that engage in importing, exporting, and trading various products. The traded goods include textiles, machinery, metals, minerals, energy, chemicals, food, general products, realty, and information and communications technology.

Its revenue in fiscal year 2023 reached ¥13.95 trillion, up by 13.44% year-over-year, with a net profit of ¥844.681 billion, down by 3.9%. The company increased dividends by 27% to ¥140 per share in 2023, with its stock price rising by 19.61% year-to-date.

4. Sumitomo (8053.JP)

Sumitomo Corp is a Japanese conglomerate that operates various business units: metal products; transportation and construction systems; environment and infrastructure; media, ICT, and lifestyle-related goods and services; and mineral resources, energy, chemical, and electronics.

Its revenue in fiscal year 2023 grew by 24% year-over-year to ¥6.82 trillion, with a net profit of ¥599.088 billion, up by 23.63%. Sumitomo Corporation raised dividends by 4.5% to ¥115 per share in 2023, and its stock price climbed by 27.08% year-to-date.

5. Marubeni (8002.JP)

Marubeni Corp is a general trading company. It focuses on both trading and business investments in grain fields, natural resource, and energy fields, and power generation fields.

Its revenue in fiscal year 2023 rose by 8% year-over-year to ¥9.19 trillion, with a net profit of ¥552.8 billion, up by 27.1%. The company increased dividends by 25.8% to ¥78 per share in 2023, and its stock price surged by 21.43% year-to-date.

Bottom line

Buffett likes to invest in companies from the US and Japan that make money consistently and pay it out to their shareholders. But just because he invests in these companies doesn't mean everyone should copy him. Even Buffett can get it wrong sometimes.

So, it's good to watch what Buffett and his company, Berkshire Hathaway, do over time. You can learn a lot about investing by understanding why they make certain choices, rather than just copying what they buy or sell.

Additional Disclosures: This content is also not a research report and is not intended to serve as the basis for any investment decision. The information contained in this article does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Furthermore, there is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct.