Todd Combs
WATCHBerkshire Hathaway
Buffett lieutenant and GEICO CEO; mixed stock-picking record at Berkshire, more growth-willing than our philosophy, low transparency.
Buffett/Munger Disciples
Current Portfolio
2025-Q4 · 110 positions · Filed 2026-02-17
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | AXP | $55.1B | 20.1% Est. ~19.1% of total Conviction |
| 2 | AAPL | $21.9B | 8.0% Est. ~7.6% of total |
| 3 | KO | $19.8B | 7.2% Est. ~6.8% of total |
| 4 | BAC | $17.1B | 6.2% Est. ~5.9% of total |
| 5 | AAPL | $16.7B | 6.1% Est. ~5.8% of total |
| 6 | OCCIDENTAL PETE | $10.9B | 4.0% Est. ~3.8% of total |
| 7 | H1467J104 | $10.7B | 3.9% Est. ~3.7% of total |
| 8 | AAPL | $9.4B | 3.4% Est. ~3.3% of total |
| 9 | CVX | $9.4B | 3.4% Est. ~3.2% of total |
| 10 | KO | $7.9B | 2.9% Est. ~2.7% of total |
| 11 | BAC | $6.9B | 2.5% Est. ~2.4% of total |
| 12 | MCO | $6.4B | 2.4% Est. ~2.2% of total |
| 13 | MCO | $6.1B | 2.2% Est. ~2.1% of total |
| 14 | KO | $5.6B | 2.0% Est. ~1.9% of total |
| 15 | GOOGL | $5.6B | 2.0% Est. ~1.9% of total |
| 16 | CVX | $5.0B | 1.8% Est. ~1.7% of total |
| 17 | AAPL | $4.2B | 1.5% Est. ~1.5% of total |
| 18 | AAPL | $3.9B | 1.4% Est. ~1.4% of total |
| 19 | V | $2.9B | 1.1% Est. ~1.0% of total |
| 20 | CVX | $2.7B | 1.0% Est. ~0.9% of total |
Allocation
Non-US Holdings
Estimated ~5% of total portfolio is outside US-listed securities
$300.0B
Est. Total AUM
$274.0B
US 13F Value
5%
Non-US Estimate
| Company | Country | Est. Value |
|---|---|---|
| BYD Company (held via subsidiary) | China | $6.0B |
| Various Japanese trading companies (5 sogo shosha) | Japan | $23.0B |
Berkshire's 13F covers nearly all public equity holdings. Non-US exposure is minimal in the equity portfolio — primarily through US-listed ADRs and some BYD shares held via a subsidiary. The vast majority of Berkshire's non-US value comes from wholly-owned operating subsidiaries (not public equities).
Sources: Annual reports, 10-K filings, Shareholder letters
Recent Changes
2025-Q4 vs 2025-Q3Portfolio +2.5%
| Action | Ticker | Shares Change | Value Change |
|---|---|---|---|
| NEW | LLYVK | +10.9M | +$907.9M |
| NEW | LLYVK | +5.0M | +$406.4M |
| NEW | NYT | +5.1M | +$351.7M |
| NEW | FWONB | +3.0M | +$297.4M Est. bought $83.96–$96 |
| SOLD | FWONB | -10.9M(-100%) | $-1.1B |
| SOLD | FWONB | -5.0M(-100%) | $-470.2M |
| SOLD | FWONB | -3.0M(-100%) | $-315.3M |
| INCREASED | H1467J104 | +2.9M(+9%) | +$1.8B |
| INCREASED | CVX | +8.1M(+7%) | +$881.7M Est. bought $146.75–$157.72 |
| INCREASED | DPZ | +368K(+12%) | +$109.0M |
| DECREASED | AMZN | -7.7M(-77%) | $-1.7B |
| DECREASED | AAPL | -10.3M(-4%) | +$1.3B |
| DECREASED | BAC | -50.8M(-9%) | $-855.5M |
| DECREASED | DVA | -402K(-1%) | $-665.0M |
| DECREASED | POOL | -390K(-11%) | $-370.5M |
| DECREASED | AON | -497K(-12%) | $-190.6M |
| DECREASED | STZ | -400K(-3%) | $-11.1M |
| DECREASED | ATLANTA BRAVES | -108K(-48%) | $-4.7M |
| DECREASED | LILAB | -234K(-9%) | $-4.1M |
Score Breakdown
Investment Philosophy & Portfolio Style
Philosophy
Value-oriented with a willingness to look at non-traditional value areas including fintech, emerging markets, and technology. Influenced by Buffett but has a somewhat different style -- more willing to pay up for growth and more interested in newer business models. Has been described as a 'modern Buffett' in his willingness to look at businesses Buffett might not understand as deeply. Believes in thorough research and long holding periods but has shown somewhat more turnover than Buffett.
Portfolio Style
Moderately concentrated. Positions attributed to him at Berkshire include StoneCo, Nu Holdings (Nubank), Snowflake (since sold), T-Mobile, and various other names. More diversified than Li Lu or Pabrai. Willing to look globally (Brazilian fintech, etc.). His GEICO operating role gives him deep insurance industry knowledge. Some of his picks have been criticized for underperformance (StoneCo, Snowflake bought at IPO).
Background
Born 1971. MBA from Columbia Business School. Worked at Progressive Insurance in finance, then at private equity and hedge fund roles before founding Castle Point Capital in 2005. Joined Berkshire Hathaway in 2010 as the first of Buffett's two investment managers. Also serves as CEO of GEICO (since 2020), making him both an operating executive and investment manager. Manages roughly $15-20B of Berkshire's equity portfolio. Known for being deeply analytical and process-driven.
Track Record
Mixed at Berkshire. Castle Point Capital had a short track record (2005-2010) during a difficult period (GFC) but reportedly performed reasonably well. At Berkshire, some of his attributed picks have struggled -- StoneCo fell significantly after purchase, Snowflake was bought at a rich IPO valuation and later sold at a loss. However, some picks have done well and exact attribution is speculative. GEICO's operational turnaround under his leadership has been impressive, suggesting strong business acumen even if stock-picking has been inconsistent. Overall track record is harder to assess than Weschler's or Pabrai's.
Notable Holdings
Attributed positions: StoneCo, Nu Holdings (Nubank), T-Mobile, previously Snowflake, various financial services companies. Also involved in Berkshire's private deal-making and operational oversight.
Transparency & Integrity
Transparency(Score: 3/10)
Low. Like Weschler, his positions are embedded in Berkshire's 13F. Even less public presence than Weschler. Rarely speaks publicly or gives interviews. His GEICO role is more visible operationally. Attribution of specific Berkshire stock picks to him vs Weschler vs Buffett is largely speculative.
Integrity(Score: 8/10)
High. Selected by Buffett after extensive vetting. No scandals or controversies. His willingness to take on the GEICO CEO role in addition to investment duties shows commitment. Trusted by Buffett with both capital allocation and operating responsibilities.
Relevance to Us
Moderate. His philosophy has some alignment with ours but he appears more willing to pay high multiples for growth (Snowflake at IPO) which conflicts with our downside-first approach. His fintech and emerging market interests could provide useful idea generation. However, low transparency and mixed public track record limit his utility as someone to follow closely. Better as a secondary reference.