Warren Buffett is arguably the most famous investor in the world and his investment decisions are closely followed. Every quarter, the company he runs, Berkshire Hathaway, discloses its current holdings to its shareholders.

Here are some of the changes Buffett and his two investment managers, Todd Combs and Ted Weschler, made in the second quarter, according to the company’s most recent 13F filing with the Securities and Exchange Commission. The holdings will be reported as of June 30, 2024.

Berkshire Hathaway portfolio holdings: Where Buffett & Co. buy/increase

Ulta Beauty (ULTA)

Ulta Beauty caught Berkshire’s attention last quarter and the conglomerate opened a position in the beauty products provider, albeit a relatively small stake of 690,000 shares. The value of this position was around $266 million as of June 30.

HEICO (HEI-A)

HEICO is another new position for Berkshire this quarter, adding just over a million shares to Berkshire’s holdings. This industrial parts manufacturer is a long-term winner, and Berkshire’s new stake is worth more than $185 million as of June 30.

Chubb Limited (CB)

In the second quarter, Berkshire added another 4.3 percent to its recently announced stake in insurance giant Chubb. Berkshire disclosed a new stake valued at $6.7 billion in the first quarter, but did not actually establish the position until the third quarter of 2023. Berkshire had received confidential treatment from the Securities and Exchange Commission for the position, so it did not have to disclose it when it was still accumulating the stake.

Liberty Sirius XM Series A/C (LSXMA and LSXMK)

Berkshire continued to increase its position in Liberty Sirius XM Series A and C shares in the second quarter. It increased its position in the A shares by more than 7 percent and in the C shares by nearly 7 percent. The combined stake was worth about $2.3 billion at the end of June.

Occidental Petroleum (OXY)

Berkshire also slightly increased its stake in Occidental Petroleum in the second quarter. Berkshire increased its position by almost 3 percent and held more than 255 million shares valued at $16.1 billion at the end of June.

Sirius XM Holdings (SIRI)

Berkshire significantly increased its relatively small stake in the leading satellite radio provider Sirius XM, increasing its stake by 262 percent to a total of almost 133 million shares. The shares were worth around $376 million at the end of the second quarter. Sirius had only reduced its stake in the company by 9 percent in the last quarter.

Berkshire Hathaway portfolio holdings: Where Buffett & Co. are selling

Apple (AAPL)

Buffett and his company reduced their stake in Apple, Berkshire’s largest holding, by more than 49 percent in the second quarter. Berkshire sold about 389 million shares and now holds exactly 400 million shares worth more than $84 billion at the end of June. Buffett told shareholders at Berkshire’s annual meeting that he expects Apple to remain a top holding for years to come, but he is not afraid of cuts as the market for technology ran hot in the first half of the year.

Capital One Financial (COF)

Berkshire also reduced its stake in Capital One Financial by about 21 percent to about 9.8 million shares. The stake was worth more than $1.3 billion as of June 30.

T-Mobile US (TMUS)

Telecom giant T-Mobile US also had to reduce its holdings in the second quarter. Berkshire reduced its stake by almost 11 percent. The conglomerate still owns almost 4.7 million shares worth over $823 million in the second quarter.

Paramount Global (PARA)

Berkshire sold its stake in Paramount Global in the second quarter after reducing it by more than 88 percent in the first quarter. The position was built in the first quarter of 2022 and Buffett took responsibility for the mistake, saying Berkshire lost a lot of money because of it.

Snowflake (snow)

Berkshire completely sold off its stake in Snowflake, a cloud company and artificial intelligence (AI) provider, in the second quarter. The company sold more than 6.1 million shares.

Chevron (CVX)

Buffett and his firm also reduced Berkshire’s existing position in energy giant Chevron, one of the company’s largest holdings, by about 3.6 percent. Berkshire now holds about 119 million shares worth $18.6 billion at the end of the second quarter.

(LPX)

Berkshire reduced its stake in Louisiana-Pacific Corp. by about 10 percent in the second quarter, after already reducing it by about 6 percent in the first quarter. At the end of June, the company held nearly 6 million shares worth about $491.1 million. The position was first built in the third quarter of 2022.

Floor & Decor Holdings (FND)

Floor & Decor was also on Berkshire’s hit list, where Buffett and Co. reduced their position by almost 17 percent to just under 4 million shares. The position in the specialty retailer is worth $395 million as of June 30.

Liberty Live Group A/C (LLYVA and LLYVK)

Berkshire also reduced its holdings in Liberty Live, both the media company’s Series A and Series C shares. The Series C was reduced by 1.9 percent, while the Series A was cut by 1.3 percent. The combined position was worth about $605 million at the end of June.

Top stocks in Buffett’s portfolio

Berkshire takes a concentrated approach to investing and typically holds the bulk of its portfolio in just a few companies. Its largest holdings accounted for about 73 percent of the portfolio’s value at the end of the second quarter and included these top five positions (Ratings as of June 30, 2024):

1. Apple (AAPL) – $84.2 billion
2. Bank of America (BAC) – $41.1 billion
3. American Express (AXP) – $35.1 billion
4. Coca-Cola (KO) – $25.5 billion
5. Chevron (CVX) – $18.6 billion

Buffett spent about $345 million buying back Berkshire shares in the second quarter of 2024, after already buying back about $2.6 billion in the first quarter, an indication that he believes the shares are undervalued and remaining shareholders will benefit from the buybacks.

Conclusion

Buffett and Berkshire have an excellent track record of selecting investments, but make sure you research each investment thoroughly before investing yourself. Even stocks of legendary investors fall and you need to understand the companies you’ve invested in well enough to make a buy, hold or sell decision yourself.

Related: 8 of Warren Buffett’s best quotes of all time

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making any investment decision. Investors are also advised that past performance of investment products is no guarantee of future performance.