Intl. Value Advisers 2,068 0.24
Water Street Capital 1,909 0.22
Markel Corporation 1,752 0.20
Everett Harris & Co. 1,480 0.17
CalPERS 1,427 0.17
PNC Financial Services 1,418 0.16
Thomas S. Murphy 1,376 0.16
Blackrock 1,350 0.16
Stewart W. Indies Trading 1,335 0.15
Bank of America 1,307 0.15
Mackenzie Financial 1,249 0.14
Howard G. Buffett 1,200 0.14
State Farm Mutual Auto 1,186 0.14
Tweedy Browne Co. 1,184 0.14
Boulder Inv. Advisers 1,156 0.13
INVESCO Ltd. 1,099 0.13
Wells Fargo & Co. 1,099 0.13
Wellcome Trust 1,000 0.12
Clearbridge Investments 933 0.11
Hikari Tsushin Inc. 887 0.10
State Street Corp. 830 0.10
Legg Mason, Inc. 778 0.09
Pacific Financial (Clipper) 709 0.08
Baldwin Investment Mgmt .707 0.08
Sleep, Zakaria & Co. 666 0.08
US Bancorp 636 0.07
IG Investment Mgmt. 552 0.06
Eaton Vance Mgmt. 526 0.06
Eagle Capital Mgmt. 520 0.06
Investment Taktiengesell 511 0.06
Troy Asset Mgmt. 500 0.06
Allen Holding Inc. 500 0.06
Universal Investment Co. 471 0.05
Henry H. Armstrong Assoc. 469 0.05
UBS 400 0.05
Timucuan Asset Mgmt. 392 0.05
Goldman Sachs 384 0.04
Virtu Financial 384 0.04
Falcon Edge Capital 377 0.04
Punch Card Capital 373 0.04
union Investment 371 0.04
Gamco 360 0.04
Whalerock Point 359 0.04
Vontobel Holding AG 347 0.04
HSBC Holdings 342 0.04
Auto Owners Group 333 0.04
Royal Bank of Canada 322 0.04
Bridges Inv. Mgmt. 314 0.04
American Century Cos. 313 0.04
Ronald L. Olson 306 0.04
Northern Trust Corp. Cos. 307 0.04
Chou Associates 300 0.03
Fayez Sarofim 300 0.03
Credit Agricole 290 0.03
Franklin Resources 289 0.03
Amundi SA 289 0.03
Degroof Gestion Inst. 288 0.03
Deutsche Bank 286 0.03
Burgundy Asset Mgmt. 277 0.03
Brown Advisory Inc. 269 0.03
Hartline Investment Corp. 263 0.03
JPMorgan Chase 232 0.03
KCG Holdings 221 0.03
RBF LLC 220 0.03
Aviva PLC 218 0.03
Kovitz Inv. Group 213 0.02
Morgan Stanley 208 0.02
Fenimore Asset Mgmt. 207 0.02
Budros Ruhin & Roe 201 0.02
Stearns Financial 200 0.02
Shelter Ins. Group 199 0.02
Matthew 25 Mgmt. Corp. 197 0.02
State Farm Ins. Cos. 197 0.02
Great Lakes Advisors 196 0.02
Irish Life Inv. Mgrs. 171 0.02
Suntrust Banks 171 0.02
TDAM USA Inc. 163 0.02
CMT Asset Mgmt. 159 0.02
Ballentine Finn 154 0.02
Insight 2811 153 0.02
Toronto Dominion Bank 145 0.02
Forum Inv. Advisors 144 0.02
Arlington Value Capital 140 0.02
Note: Shaded entries indicate portfolio concentration; portfolio concentration refers to an investor with more than 5 percent of its portfolio invested in Berkshire (whether Class A or Class B); entities that have multiple funds are so counted if at least one fund is so concentrated.
Source: Bloomberg (year-end 2013).
Table 14.4
100 Largest Publicly Disclosed Class B Owners
Number of Shares Percentage of Class
Gates Foundation 81,384,404 6.91
Blackrock 79,992,047 6.79
State Street 78,145,827 6.63
Vanguard 76,265,844 6.47
Northern Trust Corp. 21,215,675 1.80
BONY Mellon 18,467,142 1.57
Geode Capital 13,629,477 1.15
Eagle Capital 12,625,866 1.07
FMR (Fidelity) 10,006,024 0.85
D. E. Shaw & Co. 8,297,240 0.70
TIAA-CREF 8,071,048 0.69
Robeco Group NV 7,775,857 0.66
Morgan Stanley 7,497,457 0.64
UBS 6,848,650 0.59
Fiduciary Mgmt. 6,809,912 0.58
Alliance Bernstein 6,508,151 0.56
JPMorgan Chase 5,854,663 0.50
Goldman Sachs 5,624,318 0.48
Bank of America 5,434,334 0.46
Wells Fargo 5,363,611 0.46
Fisher Investments 5,190,077 0.44
Norges Bank 5,157,763 0.44
Brown Bros. Harriman 5,130,657 0.44
New York State C.R. 5,126,517 0.44
Manulife Financial 5,067,856 0.43
Ruane Cunniff 4,773,987 0.41
Legal & General 4,700,001 0.49
Deutsche Bank 4,462,645 0.38
Neuberger Berman 4,393,807 0.38
Canada Pension Plan 4,272,687 0.37
SE Asset Mgmt. (Longleaf) 4,240,058 0.36
Caisse de Depot 4,131,100 0.35
T. Rowe Price Group 3,962,531 0.34
Charles Schwab Inv. 3,909,676 0.33
Primecap Mgmt. 3,853,924 0.33
N.Y. State Teachers Ret. 3,733,504 0.32
Columbia Mgmt. 3,625,473 0.31
Sumitomo Mitsui Trust 3,447,571 0.29
CalPERS 3,327,100 0.28
Water Street Capital 3,295,776 0.28
Cal. State Teachers 3,258,400 0.28
Prudential Financial 3,146,939 0.27
Credit Suisse 3,091,442 0.26
Capital Group 3,067,498 0.26
Rhumbline Advisers 3,020,881 0.26
Mitsubishi UFJ 2,984,453 0.26
Florida State Board 2,982,011 0.25
Adage Capital 2,775,977 0.24
Wedgewood Partners 2,698,966 0.23
Acadian Asset Mgmt. 2,672,776 0.23
Susquehanna Intl. 2,606,017 0.22
Markel Corp. 2,553,764 0.22
First Manhattan 2,438,265 0.21
Davis Select Advisers 2,424,072 0.21
David S. Gottesman 2,393,398 0.20
Janus Capital 2,372,483 0.20
Gardner Russo & Gardner 2,317,684 0.20
Principal Financial Group 2,305,645 0.20