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Commentary

Berkshire Likes Express Scripts--and So Do We

The wide-moat pharmacy benefit manager--which is currently rated 4 stars by Morningstar--was Berkshire's only new money purchase during the third quarter.

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While wide-moat  Berkshire Hathaway's (BRK.B) third-quarter 13-F filing was overshadowed this week by the firm's announcement that it would be exchanging its 52.8 million share stake in  Procter & Gamble (PG) (worth $4.7 billion) for the Duracell battery business, the company did report some changes to the stock portfolio (that look to be more the work of Todd Combs and Ted Weschler than Warren Buffett).

Berkshire's 13-F equity holdings, which do not include foreign investments held abroad like BYD and Tesco, were valued at $107.8 billion at the end of the third quarter, with the top five holdings-- Wells Fargo (WFC) (22%),  Coke (KO) (16%),  American Express (AXP) (12%),  IBM (IBM) (12%), and  Wal-Mart Stores (WMT) (4%)--accounting for more than two thirds of the portfolio.

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Greggory Warren, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.