Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$17.8B in Q2 2013 → $34.4B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | 21.4% | Trimmed 14% | 14,689,844 | $7.35B |
| Caterpillar Inc | 19.7% | Unchanged | 6,353,614 | $6.77B |
| CN Canadian Natl Ry Co | 18.0% | Unchanged | 51,826,786 | $6.18B |
| WM Waste Mgmt Inc Del | 17.3% | Trimmed 3.3% | 26,720,744 | $5.96B |
| Deere & Co | 6.6% | Unchanged | 3,557,378 | $2.26B |
| Ecolab Inc | 4.2% | Unchanged | 5,218,044 | $1.45B |
| Walmart Inc | 2.8% | Unchanged | 8,390,477 | $950M |
| Fedex Corp | 2.2% | Unchanged | 2,384,362 | $747M |
| Coca-cola Femsa Sab De Cv | 1.9% | Unchanged | 6,214,719 | $660M |
| Home Depot Inc | 1.0% | New | 1,000,000 | $353M |
| Waste Connections Inc | 1.0% | Unchanged | 2,039,175 | $340M |
| MS Madison Square Grdn Sprt Cor | 0.7% | Unchanged | 592,406 | $238M |
| FF Fedex Fght Hldg Co Inc | 0.5% | New | 1,192,181 | $180M |
| Coupang Inc | 0.5% | Unchanged | 9,248,045 | $161M |
| WP West Pharmaceutical Svsc Inc | 0.5% | Unchanged | 444,500 | $160M |
| Anheuser Busch Inbev Sa Nv | 0.4% | Unchanged | 1,703,000 | $140M |
| Paccar Inc | 0.3% | Unchanged | 1,000,000 | $120M |
| Schrodinger Inc | 0.3% | Unchanged | 6,981,664 | $113M |
| Mcdonalds Corp | 0.3% | Unchanged | 334,900 | $90.5M |
| DD Danaher Corp Del | 0.2% | Unchanged | 373,000 | $71M |
| Kraft Heinz Co | 0.2% | Unchanged | 2,472,600 | $58.4M |
| HF Hormel Foods Corp | 0.2% | Unchanged | 2,085,290 | $51.8M |
| OH On Hldg Ag | 0.1% | Unchanged | 500,000 | $17.7M |
| Veralto Corp | 0.0% | Unchanged | 124,333 | $11M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | Trimmed | −2,358,460 | −$1.18B | 21.4% |
| Home Depot Inc | New | +1,000,000 | +$353M | 1.0% |
| WM Waste Mgmt Inc Del | Trimmed | −921,600 | −$205M | 17.3% |
| FF Fedex Fght Hldg Co Inc | New | +1,192,181 | +$180M | 0.5% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Exited | −7,691,207 | −$3.72B | — |
| BH Berkshire Hathaway Inc Del | Trimmed | −2,358,460 | −$1.13B | 25.8% |
| WM Waste Mgmt Inc Del | Trimmed | −1,292,000 | −$297M | 20.1% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | Trimmed | −2,358,460 | −$1.19B | 27.6% |
| Microsoft Corp | Trimmed | −1,500,000 | −$725M | 10.5% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Trimmed | −17,000,000 | −$8.81B | 13.0% |
| BH Berkshire Hathaway Inc Del | Trimmed | −2,358,460 | −$1.19B | 29.9% |
| WM Waste Mgmt Inc Del | Trimmed | −3,300,000 | −$729M | 17.5% |
| Caterpillar Inc | Trimmed | −1,000,000 | −$477M | 8.3% |
| CN Canadian Natl Ry Co | Trimmed | −3,000,000 | −$283M | 13.4% |
| Crown Castle Inc | Exited | −1,420,072 | −$146M | — |
| United Parcel Service Inc | Exited | −755,089 | −$76.2M | — |
| Walmart Inc | Trimmed | −700,000 | −$72.1M | 2.4% |
| Fedex Corp | Trimmed | −150,000 | −$35.4M | 1.5% |
| Waste Connections Inc | Trimmed | −110,000 | −$19.3M | 1.0% |
Showing the 10 largest of 12 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | Added | +6,951,249 | +$3.38B | 24.5% |
| Microsoft Corp | Trimmed | −2,266,040 | −$1.13B | 27.3% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | Trimmed | −2,482,589 | −$1.32B | 21.9% |
| WP West Pharmaceutical Svsc Inc | New | +444,500 | +$99.5M | 0.2% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BH Berkshire Hathaway Inc Del | Trimmed | −2,482,589 | −$1.13B | 21.2% |
| Microsoft Corp | Trimmed | −500,000 | −$211M | 28.5% |
| Mcdonalds Corp | New | +334,900 | +$97.1M | 0.2% |
| Vroom Inc | Exited | −31,250 | −$293K | — |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Microsoft Corp | Trimmed | −5,932,350 | −$2.55B | 27.6% |
| BH Berkshire Hathaway Inc Del | Trimmed | −2,482,589 | −$1.14B | 22.6% |
| WM Waste Mgmt Inc Del | Trimmed | −3,000,000 | −$623M | 14.8% |
| Fedex Corp | Added | +1,000,000 | +$274M | 1.5% |
| Paccar Inc | New | +1,000,000 | +$98.7M | 0.2% |
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