Look through portfolio - Google Sheets with live prices

[gfp]

You have the gist right on KHC.  It is not consolidated technically, it is accounted for under the equity method.  The effect is the same for your purposes though.  Berkshire's share of the earnings are already included without the need to 'look-through.'

[Dynamic]

You have the gist right on KHC.  It is not consolidated technically, it is accounted for under the equity method.  The effect is the same for your purposes though.  Berkshire's share of the earnings are already included without the need to 'look-through.'

 

Thanks GFP, I was hoping you'd tell me if I had the essence correct or not.

 

Would I also be right to imagine that changes in KHC's market price would not carry over to Book Value except perhaps in the annual report where Berkshire might reassess its carrying value, as I think it did in the 2017 Annual Report?

[gfp]

Correct, wiggles in KHC share price will not effect our carrying value unless they do another deal that involves BRK's ownership percentage changing.  BRK had to mark up their carrying value for KHC in connection with the Kraft merger because for GAAP purposes when your ownership goes from 52% to 26% or whatever the net result was, they treat it as if you sold a proportional piece of your position at the merger price (not for tax purposes obviously).

 

Wiggles in other stocks in the portfolio will now pass through the income statement, and always were reflected in carrying value (net of their deferred tax liability).

[Dynamic]

Thanks for your response, GFP. I'm reassured that the look-through sheet is a better tool now than before these changes and the various others (such as accounting for the New England Asset Management and pension holdings) that you inspired earlier in this thread.

[Dynamic]

A few minor changes just made updating Berkshire BV/share and share count. Nothing significant unless you want to monitor the current Price-to-Book Value ratio in cells X3 and X4.

 

The spreadsheet does NOT include the latest estimated Apple holding (up about 2% in share count) as the 13-F is soon due for release and it can be updated then to a more exact figure rather than mess with the established adjustment for pension scheme holdings. If you wish to account for changes to Apple and Wells Fargo, you can make a copy on your own Google Drive and easily add or subtract from the formula in the Adjustment column in tab "Combined Holdings".

 

This sheet also includes MON (Monsanto) with a estimate of the after-tax proceeds from its takeover. This cash and tax should be in Berkshire's quarterly financials so I'll remove the Monsanto proceeds when updating after the 13-F is released in a week or two.

[Dynamic]

Berkshire appears to have increased its stake in AXALTA COATINGS SYSTEMS LTD. - SEC Filing Schedule 13G/A.

 

The beneficial ownership we count on as shareholders had been 20,940,000 shares and has increased by 940,000 to 21,880,000 shares.

 

There are also 2,384,000 shares for the benefit of various pensions which are controlled by Berkshire but not for their economic benefit. These pension holdings are unchanged except that Berkshire has consolidated some of its pension plans (three that held 700,000 shares between them before are now in the Berkshire Hathaway Consolidated Pension Plan, which now holds those 700,000)

 

Including these too, on the last 13-F it controlled 23,324,000 shares, now increased by 940,000 to 24,264,000, which is shown as 10.1% of the outstanding shares known on the filing date.

 

The event that resulted in this filing was 14 days ago (10 working days) - July 26th. I guess they paid around $30 per share judging by recent price action.

 

I will not adjust the Look-Through spreadsheet to include this until after the 13-F filing is released, and then I will link to that 13G/A filing in the worksheet 'COMBINED HOLDINGS'.

[Dynamic]

Both sheets now updated for the latest 13-F filings for Berkshire Hathaway and Owner 01 02 in New England Asset Management (NEAM).

 

As always I net out holdings by pension funds to show only beneficially owned shares and I also make adjustments for known or previously declared foreign holdings believed to be held, but not required to be reported to SEC in 13-F. My holdings are thus a little different from most Berkshire portfolio updates you'll find online.

 

The Axalta holdings in the 13-F seem no different to the 13G/A referred to above, and the pension fund holdings in that 13G/A were unchanged in total number compared to the previous quarter.

 

As Berkshire's press release warned, some financial and airline stocks were trimmed to remain below 10% while other financials and airlines were added to during the same quarter.

 

The estimated Apple holding (based on the 10Q's holding value divided by the closing price) was correct to 3 significant figures and does represent an increase above the 5% threshold of voting power.

 

You can find and copy the Google Sheets as before:

The spreadsheet I'd advise you to Make a copy of for your own use is:

• Berkshire Hathaway Look Through Earnings & Holdings

 

The spreadsheet that is publicly editable by anyone (but anyone can see any edits you make, the edit history, or corrupt the spreadsheet) is:

• Berkshire Look through earnings - Public editing allowed

 

I removed the estimated after tax Monsanto buyout proceeds that I put in during June now that the share count is reduced to zero. The PSG holding is still there. I still include various eliminated positions on the Look-Through sheet, which come to zero.

 

There's a summary of the changes from quarter to quarter on the tab COMBINED HOLDINGS, columns D, E and F.

 

AAL: -5.1% of beneficially owned shares (-1,300,000 shares) presumably to stay below 10% voting power including large non-beneficial pension fund holding.

 

AAPL: +5.1% (+12,388,244 shares) taking ownership over 5%

 

AXTA: +4.5% (+940,000 shares) as disclosed in 13G/A (prev post)

 

BK: +4.8% (+2,608,928 shares) % assuming none of new stake owned by pension funds.

 

CHTR: -11.0% (-718,688 shares) % assuming none sold were pension holdings.

 

DAL: +18.8% (+10,066,483 shares)

 

GM: +3.1% (+1,393,611 shares)

 

GS: +20.1% (+2,294,971 shares)

 

JNJ: +8.7% (+28,832 shares)

 

LBTYA: +10.5% (+1,884,592 shares)

 

LUV: +18.6% (+8,887,943 shares)

 

MON (Monsanto): -100% (-18,970,134 shares) due to Bayer acquisition.

 

PSX: -27.7% (-10,960,378 shares) % assuming none sold by pension funds.

 

TEVA: +6.7% (+2,709,585 shares)

 

UAL: -3.9% (-1,021,421 shares) presumably to stay below 10% voting power including pension funds.

 

USB: +10.5% (11,273,496 shares)

 

VRSK: -14.2% (-458,692 shares)

 

WFC: -0.5% (-2,295,019 shares) to stay below 10% to avoid bank holding co status

 

No new positions. Only Monsanto eliminated this quarter. VRSK, while eliminated from BRK's own 13-F, was still present in NEAM 13-F [Edit: VRSK not AXTA as I previously stated in error].

[Dynamic]

Just edited both versions to account for the sale of Philips 66 (PSX) announced on Sep 10th 13G/A filing.

 

I've added a line for the pre-tax proceeds of the sale, as this cash is available for investment but the actual post-tax proceeds will be reflected in the balance sheet for Q3 when release in November, and I'll remove it once the 2018-Q3 13-F is filed.

 

I assumed it raised about $117 per share on selling 12.5 million shares, raising around $1.467 billion pre-tax ($1.467 bn). Assuming the cost basis is still around $78.31 as it was at 2017 Q4, this gives about $484 million estimated capital gains that might have about a $97 million tax liability at 20% (about $7.74 capital gains tax per share sold). The $117 is essentially hard-coded in the price. The remaining stock is still shown at current market price. If you want to account for the estimated tax, you could hard-code the price as $109.26.

 

I'm including the gross proceeds in the portfolio until the end of the quarter just to aid in tracking its total value. The cash proceeds don't contribute to look-through earnings any more. In the quarterly financials, the cash balance and the tax liability will be updated to include the effects of the sale and I'll then remove the cash. This is much the same as happened during Q2 when Monsanto was acquired by Bayer for $128 per share.

[Dynamic]

I have now updated the Look-Through Spreadsheet with the latest 13-F filings plus the purchase of STNE at its IPO which was disclosed last week.

 

The Book Value per share in cell S5 is as at 30th Sep, but the Berkshire shares outstanding are as of 25th Oct per page 1 of the report, a reduction of 0.1% or so.

 

As always I net out holdings by pension funds to show only beneficially owned shares and I also make adjustments for known or previously declared foreign holdings believed to be held, but not required to be reported to SEC in 13-F. My holdings are thus a little different from most Berkshire portfolio updates you'll find online.

 

Doubtless a few of the holdings were trimmed to remain below regulatory thresholds such as 10% or 5% of the shares outstanding when the companies were expected to be buying back and retiring shares.

 

You can find and copy the Google Sheets as before:

 

The spreadsheet I'd advise you to Make a copy of for your own use is:

• Berkshire Hathaway Look Through Earnings & Holdings

 

The spreadsheet that is publicly editable by anyone (but anyone can see any edits you make, the edit history, or corrupt the spreadsheet) is:

• Berkshire Look through earnings - Public editing allowed

 

The key unknown is the Euronext Paris shares of Sanofi which never gets reported to the SEC in 13-F filings and were only known from the 2016 (I think) Annual Report 10-K, released in Feb 2017. I've left the equivalent number of SNY ADR shares (I think from memory that the ratio is 2:1, but it's easier to report the value directly in USD currency instead of EUR). All the ADRs have been sold. If the Euronext Paris shares were sold also, it might change the portfolio value by about $1.8 billion.

 

The total valuation of my Look Through portfolio when set to 28/09/2018 closing prices (excluding KHC, which is accounted for using the Equity Method) was about $1.34 bn below the market valuation of equity holdings shown in the 10-Q filing, so I may well be missing something or subtracting pension holdings that are no longer held from the totals shown in 13-F. These might be pension holdings that I once deduced from comparing an annual report to the year-end 13-F but not a 13D or SC 13G filing but have not found an update on since. I might take a look for some likely culprits (including currency effects I may not have got corect for foreign holdings) and report back. It's probably good to make some best guess assumptions to be a bit more roughly-right and a bit less precisely wrong.

 

There's a summary of the changes from quarter to quarter on the tab COMBINED HOLDINGS, columns D, E and F. This is only by share-count not market price, but below is a commentary on the changes which I posted in the General news topic:

I'll update my public Look-Through portfolio sheet soon, but for now here's a summary of the moves.

 

The following figures are for the shares beneficially owned by shareholders, so they exclude known Berkshire pension scheme holdings. They also include stocks held via New England Asset Management for Berkshire but filed in NEAM's 13-F with owner code '01 02'.

 

AAL -4.2% -1,000,000 shares American Airlines falling to 22,958,000. The other 20,742,000 are in pensions. (buyback related reduction?)

AAPL +0.2% +522,902 shares Apple up to 252,810,459. Another 2,837,753 in pensions.

BAC +28.6% +200,000,000 shares Bank of America Corp up to 900,000,000

BK +42.1% +24,111,850 shares Bank of New York Mellon up to 81,400,977 (plus 7,511,249 assumed in pensions)

CHTR -2.8% -163,200 shares Charter Communications down to 5,640,648. (1,700,337 more in pensions)

DAL +2.9% +1,869,160 shares Delta Airlines up to 65,535,000

DVA - unchanged but own a higher percentage due to DaVita buybacks

GHC - eliminated Graham Holdings position (was 107,575 shares)

GM +2.3% +1,067,800 shares General Motors up to 46,988,558 (5,472,853 more in pensions, assumed)

GS +37.3% +5,099,145 shares Goldman Sachs up to 18,784,698

JNJ -8.0% -28,382 shares Johnson & Johnson down to 327,100

JPM New Position 36,209,767 shares JPMorgan Chase & Co

LUV -0.9% -500,000 Southwest Airlines down to 56,047,399 (buyback related)

ORCL New Position 42,691,791 shares Oracle Corp

PNC New Position 7,187,819 shares PNC Financial Services Group Inc

PSX -55.6% -19,296,490 shares Phillips 66 down to 15,433,024

SNY - Reduced/Eliminated uncertain. -3,701,012 shares in US ADRs eliminated. Euronext Paris stock is not reported on 13-F. May still hold approx 40,433,985 equivalent SNY ADRs based on 2016 10-K via Paris

TRV New Position 3,586,688 shares Travelers Companies Inc

UAL -2.8% -700,000 shares United Continental Holdings Inc down to 24,393,163 (1,591,379 more in pensions) probably buyback related

USB +15.3% +18,203,375 shares U.S. Bancorp up to 137,120,760 (590,275 more in pensions)

VRSK -64.0% -1,779,811 shares Verisk Analytics Inc down to 1,000,325 (all remaining shares in NEAM now)

WFC -2.8% -13,374,425 shares Wells Fargo & Co down to 465,156,000 (buyback related trim)

WMT Eliminated Wal-Mart Stores Inc position (was 1,393,513 shares)

[AdjustedEarnings]

Dynamic (and others), where in this spreadsheet can one see the drop in the BV attributable to the equity portfolio since the last reporting date? I'm calculating about a $9.3 (net of tax) per share reduction from the portfolio and then a $2.45 (everything is per B-share) increase from operations, for a total of $6.85 reduction. But mine is a rough calculation and this sheet seems a lot more detailed. Would love to know where I can see this info. Thank you!

[Dynamic]

It isn't on the spreadsheet.  You'd need to calculate the portfolio value with the closing prices on the last trading day of that quarter which is not on this sheet - it's just the best estimate of the current live portfolio not the one at previous times

 

[John Hjorth]

Dynamic,

 

The last couple of days I've been tinkering around - on and off - with the bank positions [EOP 2018Q3] Berkshire has in its tummy, with the aim to gain an overview of all those positions.

 

I use your file as "reconciliation anchor" [because I know you have put a lot of work into that file] - thank you very much for sharing your work!

 

In the "View only" file, tab "Look-Trough Summary", row 19, you have data [i.e. company name, shares owned by Berkshire] for KO, but the ticker "JPM". The actual outcome is that KO shares are double recorded [row 14 & 19], while JPM shares are missing. [it's a bit of a mystery to me how this has happened, because you're correctly using relative cell references [to the contrary of partially or fully absolute cell references].] -At least it's fixable quick! [ : - ) ]

 

-Again, thank you very much for sharing your work!

[Dynamic]

Thanks for spotting that, John.

 

All fixed now.

 

I probably didn't notice that I'd omitted to copy the formulae from the cell above or below when I inserted it on the Look Through summary sheet as I usually look at the front sheet instead and not the Summary.

 

Something else happened the other day with Coca Cola (KO) (on my private copy at least), where GoogleFinance was throwing an error and reporting its currency as ARS (Argentine Sol) but that just got sorted out.

 

So, as always, be careful before using this sheet to inform investment decisions. It's possible that errors will be present from me or from GoogleFinance.

 

I'm glad people are finding the sheet useful and please feel free to point out any problems you spot.

[John Hjorth]

Dynamic,

 

Attached is my work in progress file, related to the US banks that Berkshire has positions in. Please note, that the filename contains "Draft" [ : - ) ]

 

On the "Overview" tab I have added two temporary columns, containing the reconciliations to your file. Pink cells in variance column are those of interest.

 

The two other tabs contains data from SEC, that have been processed this way:

• Brutal cut from the SEC website,
  
• From the clipboard dirty paste into Excel using special UNIcode paste [after which you have a frigging mess in Excel],
  
• Formatting the data as a table, to create the possibility to set filters [which makes the processing much easier and creates a better view for details to focus on, all non-relevant data can be hidden],
  
• Tweaking the share counts text data to numbers data, that Excel can calculate on [only share figures - I do not use the value data], &
  
• Adding conditional sums below the tables, linked to from the "Overview" tab [formula "SUM.IF"].
  

- - - o 0 o - - -

 

Here are my conclusions on comparison with your file :

 

For WFC, AXP, JPM, PNC & TRV the difference consist a separate line in the NEAM 13-F/HR, that are not included in your file. Those variances are immaterial, hvorever I ask if there is a specific reason to that those rows [marked pink in NEAM 13-F/HR tab] are omitted in your file?

 

For USB it's about two rows - a row in the BRK 13-F/HR tab and a row in the NEAM 13-F/HR tab [also marked pink].

 

I haven't been able to find an explanation about the variance for BK.

 

- - - o 0 o - - -

 

I hope you will take the time to give those particular data in pink cells in my file a critical review, for the purpose of getting mutual better precision by collaboration - thank you in advance - and no hurry! [ : - ) ]

BRK_-_Analysis_and_nitpicking_of_Berkshire_portfolio_of_US_banks_EOP_2018Q3_and_comparison_with_XLF_-_v2_-_Draft_-_20190211.xlsx

[Dynamic]

Hi John,

 

If you want to compare figures to mine, I do include all lines I've extracted from each 13-F in columns in my tabs (usually 6th and 7th tab) called BRK ONLY 13-F LATEST and NEAM 13-F 01 02 items.

 

The first one I found out where the discrepancy arose is Wells Fargo, and I've stopped there for now. I imagine the others could be similar.

 

There appears to be an error on the cover page primary_doc.html of just the November 13-F filing for New England Asset Management, which I hadn't noticed until now. I believe it usually lists under List of Other Included Managers: 1 and 2, but in this case appears to have put:

1 BERKSHIRE HATHAWAY INC and

1 GENERAL RE CORP  which should be number 2 as per previous 13-F filings I've seen from them, I would think, and as user gfp ('globalfinancepartners' at the time) has explained to me in previous posts long ago on this thread.

 

On the information table of the 13-F it is ONLY where the MANAGER column states 01 02 that you should include this as a Berkshire Hathaway holding.

 

The 39,467 shares of WFC discrepancy in the Nov 2018 13-F do not show 01 02 in that column, so you should not have included them in your total held at New England Asset Management if my understanding is correct.

 

As you're pasting the data from the 13-F, there are a couple of ways to process the data. You could Conditional Format cells in that column if they contain the text "01 02" to be a different colour or background colour. Fortunately, there's only ever one line of "01 02" Berkshire holdings for any stock on the NEAM sheet (unlike the Berkshire 13-F which has a variety of different managers and combinations of managers within subsidiaries)

 

Or you could add a column of your own for BRK holdings or do a conditional SUM such as SUMIF or SUMIFS.

 

For example, in a new column, say column M, you could put a formula in cell M4, then autofill down the rows of this form:

 

=IF($I4="01 02",$E4,"")

 

When I just did that, none of the rows you highlighted pink gave a number, so I think that's the source of the discrepancies you have.

 

You could also filter the table to show only "01 02" in the Manager column, and it should be fine and agree with mine. Certainly none of the pink rows show up when I filter that way.

 

When I input the 13-F holdings onto my sheet, so that you can easily compare mine and yours to check for errors in either, I put them in two worksheets (6th and 7th tabs) called BRK 13-F LATEST and NEAM 01 02 items.

In there I put the various rows applicable to Berkshire into columns and add up the numbers to get the total holding.

 

For historical data and to assist in showing quarterly changes I also keep old copies of the 13-F filing sheets.

 

The 5th tab is COMBINED HOLDINGS and includes both BRK and NEAM figures from their respective sheets and any adjustments for other holdings or deductions for Pension Fund holdings, along with a link or descriptive text to explain the adjustments or the source of that information. With Pension Fund holdings I usually keep the sum of all the pension fund holdings as a formula so that I can easily change such holdings in the formula bar if certain funds change their holdings and compare one 13-G filing to another to spot any adjustments.

 

BTW, I agree that pasting from the HTML page into Excel or other spreadsheets can be terrible. It's made worse for many non-English speaking countries who use . as a thousands separator and , as a decimal separator, so your locale defaults mess with it even more! Fortunately, there are no US format dates to worry about!

 

Maybe I'll one day implement something to parse the XML format (which I think is JSON data) and automate as much as possible, though I'm sure there may still be problems such as a mis-spelling of MONSANTO as MOSANTO a few quarters ago that will need manual intervention at times, though the CUSIP number might allow automation to work better.

 

Perhaps USB and BK will still have discrepancies after you've removed non "01 02" figures from NEAM, and if so, let me know and I'll see if I can spot the reasons.

 

Thanks for your analysis and problem spotting.

[John Hjorth]

Hi Dynamic,

 

Thank you very much for taking the time to explain this in depth and detail to an ignorant like me. Christ, this is complicated! Suddenly I really & finally realize how complicated it must be for you to maintain your file.

 

I'll give my own file yet another spin, based on your explanations & guidance, and then post again. I'm pretty sure it'll weed out the vast majority of the variances, if not all.

 

-Thank you!

[Dynamic]

Yeah, it took a bit of learning and guesswork and comparison to other sources to reverse engineer what I'd done wrong before I internalised how these filings are laid out. Good luck with your adjustments, John.

 

And I cannot thank gfp enough for the guidance, particularly early on in the process.

 

Eventually, after noticing some 13-D or D/A and 13-G or G/A filings mentioned the pension funds, I decided to trawl back through those sorts of filings for a few years and it made the beneficial ownership to Berkshire shareholders pretty much match up with the figures shown in the annual reports, so I was fairly sure those adjustments were correct.

 

I think there may still be small discrepancies. For example, Berkshire Hathaway Energy holds the BYD stake and is (from my memory) 90% owned by Berkshire. It may be that we should account for the 10% minority stake in BHE when working out our true look-through ownership. I'd be interested in hearing other people's views on that, but I think the spreadsheet is already better than most sources that ignore NEAM and pensions for estimating our Look Through ownership.

[John Hjorth]

... , but I think the spreadsheet is already better than most sources that ignore NEAM and pensions for estimating our Look Through ownership.

 

It's not only the best one, but also the only one [to my knowledge], and thereby also both moaty and anti-goaty. [Among Danes, if you're tinkering with something, and you end up far from what you aimed to achieve [called failure, in short], it's in Danish language - among other things - called "There has gone goat into it."].

[Dynamic]

Thank you, and by extension, thanks go to all those who've contributed in this thread. I'm glad it's useful to people who want to look at it truly from a look-through ownership perspective. It actually has a few advantages when you get a 10-Q before the 13-F too, as Berkshire reports the value of its largest positions at quarter end

 

Still, if it can be improved a little, by taking account of a few small factors like BHE's minority ownership's look-through proportion of BYD, I'd be glad to improve it. On my COMBINED HOLDINGS sheet that would simply require a formula in cell I40 such as =0.9*225000000 (or just the value 202500000), though I prefer the first option as it explains why it's less than shown in the 2016 Annual Report even if the comment gets deleted.

[gfp]

Thanks for the spreadsheet dynamic.  Looking forward to seeing Berkshire's 13F at the end of the week - I guess Friday evening? 

[Dynamic]

Not sure of the date. I read that rule 13 specifies within 45 days from the end of the quarter for 13-F disclosure, so I think it might even be tomorrow, Thursday 14th Feb. I imagine they'll leave it as late as possible to delay releasing information that may compromise their ability to keep purchasing new positions at cheap prices.

 

Looking backward over the last year we have the following four quarterly 13-F filing dates:

 

2018/11/14 = 31inOct + 14inNov = 45 days after 2018/09/30 quarter end

2018/08/14 = 31inJul + 14inAug = 45 days after 2018/06/30 quarter end

2018/05/15 = 30inApr + 15inMay = 45 days after 2018/03/31 quarter end

2018/02/14 = 31inOct + 14inNov = 45 days after 2017/12/31 quarter end

 

Looking at that, in the past year it's always exactly 45 days, so unless it's a non-working day or non-trading day and it gets brought forward to the working/trading day before, I imagine it will always be Valentine's day for the first of the year, 15th May for the second and 14th Aug and 14th Nov for the others. Any later without good reason or special dispensation and presumably Berkshire would fall foul of the SEC.

 

However, I've seen people posting elsewhere (e.g. comments about Apple on a Charlie Munger fans' Facebook Group) that they think it will be Friday and I think I've seen it elsewhere too in comments. Mind you, I wouldn't expect most people care enough to be aware of the 45-day rule and they're probably more used to the idea of publishing the 10-Q and 10-K filings on a Friday or Saturday after the markets have closed for the week so that everyone has time to digest them.

 

I'm strongly guessing late on 22nd February for the 10-K, though I'm not sure what the rules are and whether it could even extend to 1st March.

 

The other one I've read a little about in the filings seems to be 13-D and 13-G type filings. These apply where more than 5% of a class of stock is owned and I believe they have a much shorter time period (might have been 5 or 15 days or trading days) before they must be filed after the transition across the 5% barrier either way is known, when certain material events happen (e.g. Knauf's offer for USG), or when the percentage changes by about 1%. Sometimes, assuming Berkshire has not received an exemption from public disclosure for a specific position so long as they tell the SEC, we might be able to infer that a certain amount of buying has NOT happened within a certain period. For example, that they have not bought another 1% of Apple's outstanding common stock in the first part of January, which would not have been disclosed on tomorrow's 13-F.

[John Hjorth]

Great analysis, Dynamic,

 

Thank you. I just looked at the filing of the EOP 2017Q4 13-F/HR at the SEC website. That was filed on February 14^th 2018, and if you look carefully at it at the SEC website, it's attributed a time stamp for acceptance : "2018-02-14 16:03:31".

 

February 14^th 2018 was a Wednesday. January in every year has the same number of days [31]. So, based on those observations, combined with the content of your last post, I will be surprised, if we don't see the 13-F/HR filing for EOP 2018Q4 after closing tomorrow.

[Dynamic]

Good spot, John. After tomorrow's close seems highly likely. For me that's on the evening of Valentine's Day so my attention will be focused on my wonderful wife, rather than on EDGAR, who would otherwise get named in divorce proceedings.  :P

[Dynamic]

There were a load of 13G filings as well as the 13-F filed on 14th Feb 2019. I looked at them all. These verified the total figures from adding NEAM and BRK filings and revealed whether pension trusts were holding some of them (which I then subtract to obtain shareholder ownership).

 

I made a mistake earlier by forgetting to remove adjustments I'd made to the Apple totals. The Apple total now matches on 13G compared to my Combined 13-F total (BRK + NEAM), so I've removed my erroneous figures.

 

* 15 March - I also corrected an error on SU (Suncor) holding spotted by John Hjorth in the sheets and the table below. The table below shows only the DAL (Delta Air Lines) holding at 31 Dec 2018, ignoring the additional purchases taking it over 10% in March 2019.

 

[edit after close on 5th March 2019]

I found a further three mistakes and have now corrected these figures to reflect those. The LUV error was so small it doesn't change the figures shown below.

 

Summary of quarterly changes (see COMBINED HOLDINGS tab on spreadsheet when it is updated):

BK__________ Bank of New Yor…llon Corp ___3.79% _______3,087,774

CHTR________ Charter Communi…tions Inc __-4.33% ________-307,486

COST________ Costco Wholesale Corp____ ____unch _unchanged count

DAL_________ Delta Air Lines, Inc_____ ____unch _unchanged count

DEO_________ Diageo P L C Spon ADR New ____unch _unchanged count

DVA_________ DaVita HealthCa…tners Inc ____unch _unchanged count

GHC_________ Graham Holdings Co_______ ________ ________________

GM__________ General Motors Co________ __77.78% ______19,808,285

GS__________ Goldman Sachs Group Inc__ ____unch _unchanged count

HCG_________ Home Capital Gr… (CANADA) ____unch _unchanged count

IBM_________ International B…ines Corp ________ ________________

JNJ_________ Johnson & Johnson________ ____unch _unchanged count

JPM_________ JPMorgan Chase & Co______ __39.91% ______14,451,627

KHC_________ Kraft Heinz Co___________ ____unch _unchanged count

KO__________ Coca-Cola Co_____________ ____unch _unchanged count

LBTYA_______ Liberty Global …c Class A ____unch _unchanged count

LBTYK_______ Liberty Global …c Class C ____unch _unchanged count

LILAK_______ Liberty LiLAC Group C____ ____unch _unchanged count

LSXMA_______ Liberty Sirius … Series A ____unch _unchanged count

LSXMK_______ Liberty Sirius … Series C ____unch _unchanged count

LUV_________ Southwest Airls Co_______ __-2.44% ______-1,200,000

MA__________ MasterCard Inc___________ ____unch _unchanged count

MCO_________ Moody's Corporation______ ____unch _unchanged count

MDLZ________ Mondelez Intern…ional Inc ____unch _unchanged count

MON_________ Monsanto Co New__________ ________ ________________

MTB_________ M&T Bank Corp____________ ____unch _unchanged count

NASDAQ:LILA_ Liberty LiLAC Group A____ ____unch _unchanged count

ORCL________ Oracle Corp______________ -100.00% _____-42,691,791

PG__________ Proctor and Gamble_______ ____unch _unchanged count

PNC_________ PNC Financial S…Group Inc __30.27% _______2,175,743

PSX_________ Phillips 66______________ _-22.92% ______-3,537,182

QSR_________ Restaurant Bran…ional Inc ____unch _unchanged count

RHT_________ Red Hat Inc______________ _**NEW** _______4,175,792

SHE:002594__ BYD Company Limited______ ____unch _unchanged count

SIRI________ Sirius XM Hldgs Inc______ ____unch _unchanged count

SNY_________ Sanofi (incl Eu…v shares) ____unch _unchanged count

STNE________ StoneCo Ltd._____________ _**NEW** ______14,166,748

STOR________ Store Capital Corp_______ ____unch _unchanged count

SU__________ Suncor Energy Inc New____ _**NEW** ______10,758,000

SYF_________ Synchrony Financial _____ ____unch _unchanged count

TEVA________ Teva Pharmaceut…td (ADR)  ____unch _unchanged count

TMK_________ Torchmark Corp___________ ____unch _unchanged count

TRV_________ Travelers Companies Inc__ __67.32% _______2,414,703

UAL_________ United Continen…dings Inc _-15.57% ______-4,045,900

UPS_________ United Parcel S…Inc (UPS) ____unch _unchanged count

USB_________ U.S. Bancorp_____________ ___6.73% _______9,226,239

USG_________ USG Corp_________________ ____unch _unchanged count

V___________ Visa Inc_________________ ____unch _unchanged count

VRSK________ Verisk Analytics Inc_____ _-75.84% ________-758,630

VRSN________ VeriSign Inc_____________ ____unch _unchanged count

VZ__________ Verizon Communi…tions Inc ____unch _unchanged count

WFC_________ Wells Fargo & Co_________ __-3.40% _____-15,806,898

 

[s]I'm going to make the changes to the spreadsheet soon, but for now, these are the movements in the portfolio held for the benefit of Berkshire shareholders as I have them on my private version when I'm making the edits before putting them live.[/s]

 

The spreadsheets have now been updated with these figures.

[Dynamic]

I believe I've now updated both sheets to reflect the current known portfolio. The links in this old post will still work.

 

The spreadsheet I'd advise you to Make a copy of for your own use is:

• Berkshire Hathaway Look Through Earnings & Holdings

 

The spreadsheet that is publicly editable by anyone (but anyone can see any edits you make, the edit history, or corrupt the spreadsheet) is:

• Berkshire Look through earnings - Public editing allowed