{"id":52093,"date":"2026-08-05T07:34:04","date_gmt":"2026-08-05T07:34:04","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/what-is-berkshire-hathaway\/"},"modified":"2026-08-05T07:34:04","modified_gmt":"2026-08-05T07:34:04","slug":"what-is-berkshire-hathaway","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/discover\/what-is-berkshire-hathaway\/","title":{"rendered":"Action Berkshire Hathaway : d\u00e9finition, actionnariat et principales participations boursi\u00e8res"},"content":{"rendered":"<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>DaVita (1,76%)<\/strong> : Berkshire d\u00e9tient <strong>plus de 40%<\/strong> de ce sp\u00e9cialiste de la dialyse. Un accord de \u00ab standstill \u00bb (engagement de ne pas d\u00e9passer un seuil) limite la participation ; DaVita rach\u00e8te ses actions et Berkshire vend juste assez pour rester sous le plafond.<\/li>\n\n\n\n<li><strong>Kroger (1,38%)<\/strong> et <strong>Delta Air Lines (1,01%)<\/strong> : consommation d\u00e9fensive et retour surprenant dans une compagnie a\u00e9rienne. Delta est la plus grosse nouvelle ligne du T1 2026 (2,65 milliards de dollars), alors que Buffett avait vendu les compagnies a\u00e9riennes en 2020.<\/li>\n\n\n\n<li><strong>SiriusXM (1,09%)<\/strong> : Berkshire d\u00e9tient environ un tiers du groupe, h\u00e9rit\u00e9 en grande partie de restructurations li\u00e9es \u00e0 Liberty Media.<\/li>\n\n\n\n<li><strong>VeriSign (0,85%)<\/strong> : op\u00e9rateur quasi exclusif des noms de domaine .com et .net via un contrat public am\u00e9ricain, avec des hausses de prix pr\u00e9vues.<\/li>\n\n\n\n<li><strong>Logement et mat\u00e9riaux<\/strong> : Lennar, NVR, Louisiana-Pacific et Nucor donnent une petite exposition \u00e0 la construction am\u00e9ricaine. Lennar augmente de 42,9% au T1 2026, Nucor recule de<!-- \/wp:list --><!-- wp:post-content --><p><!-- wp:image {\"id\":62749,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/what-is-berkshire-hathaway-1024x576.webp\" alt=\"what-is-berkshire-hathaway\" class=\"wp-image-62749\"\/><\/figure>\n<p><!-- \/wp:image --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><em>Berkshire Hathaway est une soci\u00e9t\u00e9 holding (soci\u00e9t\u00e9 qui d\u00e9tient des participations) am\u00e9ricaine, cot\u00e9e au NYSE (Bourse de New York) sous BRK.A et BRK.B, avec une capitalisation boursi\u00e8re (valeur totale en Bourse) d\u2019environ 1 060 milliards de dollars en juillet 2026. Le groupe d\u00e9tient enti\u00e8rement des entreprises comme GEICO, BNSF Railway et Berkshire Hathaway Energy, et g\u00e8re s\u00e9par\u00e9ment un portefeuille d\u2019actions cot\u00e9es de 263,1 milliards de dollars. Warren Buffett est pr\u00e9sident du conseil d\u2019administration (chairman) ; Greg Abel est devenu directeur g\u00e9n\u00e9ral (CEO) en janvier 2026.<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:separator --><\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><!-- \/wp:separator --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>La plupart des entreprises font un seul m\u00e9tier. Berkshire Hathaway ressemble plut\u00f4t \u00e0 une petite \u00e9conomie cot\u00e9e en Bourse. D\u2019un c\u00f4t\u00e9, environ 190 filiales d\u00e9tenues \u00e0 100% : assurance auto, transport ferroviaire de fret, production d\u2019\u00e9lectricit\u00e9, fabrication de briques, confiserie, stations-service pour camions. De l\u2019autre, un portefeuille concentr\u00e9 d\u2019actions cot\u00e9es, constitu\u00e9 sur quatre d\u00e9cennies. Acheter Berkshire, ce n\u2019est pas parier sur un produit ou un secteur : c\u2019est parier sur une machine d\u2019allocation de capital (la fa\u00e7on dont le groupe utilise son cash pour investir) et sur le jugement de ses dirigeants.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le march\u00e9 suit surtout le portefeuille d\u2019actions cot\u00e9es, car Berkshire doit le publier chaque trimestre via le formulaire 13F (d\u00e9claration r\u00e9glementaire am\u00e9ricaine des positions en actions cot\u00e9es aux \u00c9tats-Unis). Ce guide explique ce qu\u2019est Berkshire Hathaway, qui la d\u00e9tient, ses principales lignes d\u2019actions selon le dernier 13F, le poids de chaque position, les montants investis et la logique d\u2019investissement.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Key Takeaways<\/h2>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Berkshire Hathaway (NYSE: BRK.A, BRK.B) est une holding diversifi\u00e9e, avec une capitalisation d\u2019environ <strong>1 060 milliards de dollars<\/strong>. BRK.A a cl\u00f4tur\u00e9 \u00e0 <strong>733 526 $<\/strong> le 21 juillet 2026. BRK.B a cl\u00f4tur\u00e9 \u00e0 <strong>489,39 $<\/strong> le 22 juillet 2026.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Son portefeuille d\u2019actions d\u00e9clar\u00e9 dans le <strong>13F valait 263,1 milliards de dollars<\/strong> au 31 mars 2026, r\u00e9parti sur <strong>26 entreprises<\/strong>.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Les <strong>cinq premi\u00e8res lignes repr\u00e9sentent 67,1%<\/strong> du portefeuille : Apple (21,99%), American Express (17,43%), Coca-Cola (11,56%), Bank of America (9,52%) et Chevron (6,64%).<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Warren Buffett reste pr\u00e9sident du conseil et principal actionnaire individuel<\/strong>, avec environ 188 000 actions de classe A valoris\u00e9es autour de 138 milliards de dollars, soit environ 30% des droits de vote. <strong>Greg Abel a pris le poste de CEO le 1er janvier 2026.<\/strong><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>La <strong>tr\u00e9sorerie<\/strong> (cash) et les <strong>Bons du Tr\u00e9sor am\u00e9ricain \u00e0 court terme<\/strong> (Titres de dette de l\u2019\u00c9tat am\u00e9ricain, tr\u00e8s liquides) ont atteint un record de <strong>397,4 milliards de dollars<\/strong> au T1 2026 : Berkshire d\u00e9tient environ 1,5 fois plus de cash que d\u2019actions cot\u00e9es.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Le T1 2026 a marqu\u00e9 un grand m\u00e9nage : <strong>sortie totale de 15 entreprises<\/strong>, dont Visa, Mastercard, Amazon et UnitedHealth, tandis que la <strong>participation dans Alphabet a plus que tripl\u00e9<\/strong>.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Les investisseurs particuliers peuvent acc\u00e9der \u00e0 Berkshire en achetant directement BRK.B ou via un <strong>CFD sur action<\/strong> (contrat financier qui r\u00e9plique la variation du cours sans d\u00e9tenir l\u2019action), permettant de prendre une position \u00e0 la hausse (long) ou \u00e0 la baisse (short) avec <strong>effet de levier<\/strong> (emprunt implicite qui amplifie gains et pertes).<\/li>\n<!-- \/wp:list-item --><\/ul>\n<p><!-- \/wp:list --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Qu\u2019est-ce que Berkshire Hathaway ? Une usine textile en \u00e9chec devenue un conglom\u00e9rat \u00e0 1 000 milliards de dollars<\/h2>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire Hathaway est une holding diversifi\u00e9e bas\u00e9e \u00e0 Omaha, dans le Nebraska. Elle ne vend pas un \u00ab produit phare \u00bb. Elle contr\u00f4le des dizaines d\u2019entreprises op\u00e9rationnelles et d\u00e9tient aussi des participations minoritaires dans des soci\u00e9t\u00e9s cot\u00e9es, financ\u00e9es en grande partie par les liquidit\u00e9s g\u00e9n\u00e9r\u00e9es par ses activit\u00e9s d\u2019assurance.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>L\u2019histoire est peu glamour : Berkshire Hathaway \u00e9tait un fabricant textile en difficult\u00e9 en Nouvelle-Angleterre lorsque Warren Buffett a commenc\u00e9 \u00e0 acheter des actions au d\u00e9but des ann\u00e9es 1960. Il en a pris le contr\u00f4le en 1965, a progressivement ferm\u00e9 le textile, puis a utilis\u00e9 la structure cot\u00e9e pour racheter d\u2019autres entreprises. Le premier achat majeur dans l\u2019assurance, National Indemnity en 1967, a pos\u00e9 le mod\u00e8le encore en place.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Sur l\u2019exercice 2025, Berkshire a publi\u00e9 <strong><a href=\"https:\/\/www.investopedia.com\/how-berkshire-hathaway-makes-money-4801173\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">371,4 milliards de dollars de chiffre d\u2019affaires et 66,97 milliards de dollars de b\u00e9n\u00e9fice net attribuable aux actionnaires<\/a><\/strong>, contre 89 milliards l\u2019ann\u00e9e pr\u00e9c\u00e9dente, surtout \u00e0 cause des variations de valorisation \u00ab mark-to-market \u00bb (r\u00e9\u00e9valuation au prix de march\u00e9) de ses actions cot\u00e9es.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Les deux moteurs de Berkshire Hathaway<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Comprendre l\u2019action Berkshire Hathaway suppose de distinguer deux ensembles.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Moteur 1 : les filiales d\u00e9tenues \u00e0 100%.<\/strong> Elles sont int\u00e9gr\u00e9es dans les comptes du groupe et n\u2019apparaissent pas dans le 13F. Exemple :<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Entreprise<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Activit\u00e9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Taille<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GEICO<\/td><td class=\"has-text-align-center\" data-align=\"center\">Assurance automobile pour particuliers, rachet\u00e9e en totalit\u00e9 en 1996<\/td><td class=\"has-text-align-center\" data-align=\"center\">Deuxi\u00e8me assureur auto aux \u00c9tats-Unis<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BNSF Railway<\/td><td class=\"has-text-align-center\" data-align=\"center\">Transport ferroviaire de fret, rachet\u00e9e en 2010<\/td><td class=\"has-text-align-center\" data-align=\"center\">8,1 Mds$ de cash-flow op\u00e9rationnel en 2025, dont 4,4 Mds$ remont\u00e9s \u00e0 Berkshire<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Energy<\/td><td class=\"has-text-align-center\" data-align=\"center\">Services publics r\u00e9gul\u00e9s (\u00e9lectricit\u00e9, gaz) et pipelines<\/td><td class=\"has-text-align-center\" data-align=\"center\">26,2 Mds$ de CA en 2025, ~5,4 M de clients, ~23 900 employ\u00e9s<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Reinsurance<\/td><td class=\"has-text-align-center\" data-align=\"center\">R\u00e9assurance (assurer des assureurs) et couverture des catastrophes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Source principale du \u00ab float \u00bb (fonds temporaires issus des primes)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Precision Castparts<\/td><td class=\"has-text-align-center\" data-align=\"center\">Pi\u00e8ces pour l\u2019a\u00e9ronautique, rachet\u00e9e en 2016<\/td><td class=\"has-text-align-center\" data-align=\"center\">Prix d\u2019achat ~37 Mds$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pilot Travel Centers<\/td><td class=\"has-text-align-center\" data-align=\"center\">Aires routi\u00e8res pour camions et vente de carburant : contr\u00f4le total en 2024<\/td><td class=\"has-text-align-center\" data-align=\"center\">Premier r\u00e9seau am\u00e9ricain de \u00ab travel centers \u00bb<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Autres<\/td><td class=\"has-text-align-center\" data-align=\"center\">See&#8217;s Candies, Dairy Queen, Duracell, Clayton Homes, NetJets, Marmon, McLane, Fruit of the Loom, Benjamin Moore, Shaw Industries, Lubrizol, Forest River, Brooks<\/td><td class=\"has-text-align-center\" data-align=\"center\">~190 filiales au total<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>En octobre 2025, Berkshire a accept\u00e9 de racheter <strong>OxyChem, la division chimie d\u2019Occidental Petroleum, pour 9,7 milliards de dollars<\/strong>, sa plus grosse op\u00e9ration depuis trois ans.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Moteur 2 : le portefeuille d\u2019actions cot\u00e9es.<\/strong> Il s\u2019agit des 263,1 milliards de dollars d\u2019actions \u00ab liquides \u00bb (faciles \u00e0 acheter\/vendre) d\u00e9clar\u00e9es chaque trimestre dans le 13F : c\u2019est ce que beaucoup appellent \u00ab le portefeuille de Warren Buffett \u00bb.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le lien entre les deux moteurs, c\u2019est le <strong>float<\/strong> d\u2019assurance : les clients paient des primes aujourd\u2019hui, et les sinistres peuvent \u00eatre pay\u00e9s des ann\u00e9es plus tard. Entre-temps, Berkshire d\u00e9tient cet argent et peut l\u2019investir. Le float ressemble \u00e0 un financement tr\u00e8s bon march\u00e9 et de long terme, un avantage difficile \u00e0 reproduire pour un investisseur particulier.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Berkshire Hathaway en chiffres (juillet 2026)<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Indicateur<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Capitalisation boursi\u00e8re<\/td><td class=\"has-text-align-center\" data-align=\"center\">~1 058 milliards de dollars (14e groupe mondial)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Cours BRK.A<\/td><td class=\"has-text-align-center\" data-align=\"center\">733 526 $ (21 juillet 2026)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Cours BRK.B<\/td><td class=\"has-text-align-center\" data-align=\"center\">489,39 $ (22 juillet 2026)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Chiffre d\u2019affaires 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">371,4 milliards de dollars<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">B\u00e9n\u00e9fice net 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">66,97 milliards de dollars<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">R\u00e9sultat op\u00e9rationnel T1 2026<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,35 milliards de dollars (+18% sur un an)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">R\u00e9sultat net T1 2026<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,1 milliards de dollars<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Tr\u00e9sorerie et Bons du Tr\u00e9sor court terme (31 mars 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">397,4 milliards de dollars (record)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Portefeuille actions d\u00e9clar\u00e9 au 13F (31 mars 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">263,1 milliards de dollars sur 26 soci\u00e9t\u00e9s<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Dividende<\/td><td class=\"has-text-align-center\" data-align=\"center\">Aucun depuis 1967<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Performance 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">BRK.A +10% vs S&amp;P 500 +16,4%<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">BRK.A vs BRK.B : pourquoi l\u2019une vaut 733 000 $ et l\u2019autre 489 $<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire n\u2019a jamais fractionn\u00e9 (split) ses actions de classe A. Buffett explique qu\u2019un prix \u00e9lev\u00e9 d\u00e9courage la sp\u00e9culation de court terme. L\u2019action est donc rest\u00e9e hors de port\u00e9e de beaucoup d\u2019investisseurs ; en 1996, Berkshire a cr\u00e9\u00e9 les actions de classe B.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Caract\u00e9ristique<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.A<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Prix indicatif (juillet 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">733 526 $<\/td><td class=\"has-text-align-center\" data-align=\"center\">489,39 $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Droits \u00e9conomiques<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 unit\u00e9<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\/1 500e d\u2019une action A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Droits de vote<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 vote<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\/10 000e d\u2019un vote A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Conversion<\/td><td class=\"has-text-align-center\" data-align=\"center\">Oui, en 1 500 actions B<\/td><td class=\"has-text-align-center\" data-align=\"center\">Non, pas de retour vers A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">D\u00e9tenteurs typiques<\/td><td class=\"has-text-align-center\" data-align=\"center\">Actionnaires historiques, successions, institutions<\/td><td class=\"has-text-align-center\" data-align=\"center\">Particuliers, fonds indiciels, ETF (fonds cot\u00e9s)<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Cette conversion \u00e0 sens unique sert aux dons : Buffett convertit des actions A en B, puis donne des B. Cons\u00e9quence : le poids de vote des actions A diminue au fil du temps.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Pour la plupart des investisseurs particuliers et des traders de CFD, <strong>BRK.B est l\u2019instrument pertinent<\/strong>. Il suit BRK.A presque au centime pr\u00e8s, \u00e0 environ 1\/1 500e du prix.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Qui d\u00e9tient Berkshire Hathaway ?<\/h2>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire Hathaway est d\u00e9tenue par un grand actionnaire individuel, de tr\u00e8s grands gestionnaires indiciels, puis de nombreux actionnaires particuliers. La structure \u00e0 deux cat\u00e9gories d\u2019actions fait que la part \u00e9conomique (valeur) et le contr\u00f4le des votes diff\u00e8rent.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Warren Buffett : toujours premier actionnaire, et il r\u00e9duit volontairement sa participation<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Warren Buffett reste le principal actionnaire individuel et pr\u00e9sident du conseil. Apr\u00e8s son don de juillet 2026, il d\u00e9tient environ <strong>188 000 actions de classe A, valoris\u00e9es autour de 138 milliards de dollars<\/strong>, soit environ <strong>30% des droits de vote<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Cette participation baisse volontairement. Le 14 juillet 2026, Buffett a converti 8 000 actions A en 12 millions d\u2019actions B, puis a donn\u00e9 ces 12 millions (environ 6 milliards de dollars) \u00e0 quatre fondations familiales :<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Fondation b\u00e9n\u00e9ficiaire<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actions de classe B<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur approximative<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Susan Thompson Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">9 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~4,4 Mds$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sherwood Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~500 M$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Howard G. Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~500 M$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NoVo Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~500 M$<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>\u00c0 noter : la Bill &amp; Melinda Gates Foundation, b\u00e9n\u00e9ficiaire pendant pr\u00e8s de deux d\u00e9cennies, n\u2019a pas \u00e9t\u00e9 incluse. Buffett dit vouloir <strong>c\u00e9der le reste de sa participation d\u2019ici fin 2034<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Pour l\u2019investisseur, c\u2019est important : pendant plusieurs ann\u00e9es, des milliards de dollars d\u2019actions B arrivent r\u00e9guli\u00e8rement sur le march\u00e9, et le bloc de votes de Buffett, protection historique contre les fonds activistes (investisseurs qui poussent une entreprise \u00e0 changer de strat\u00e9gie, voire \u00e0 se scinder), se r\u00e9duit.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Greg Abel et l\u2019organisation apr\u00e8s Buffett<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Greg Abel est devenu CEO de Berkshire Hathaway le 1er janvier 2026<\/strong>, apr\u00e8s avoir \u00e9t\u00e9 d\u00e9sign\u00e9 successeur en mai 2025. Buffett est rest\u00e9 pr\u00e9sident du conseil. Abel dirigeait auparavant Berkshire Hathaway Energy et supervisait les activit\u00e9s hors assurance.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Abel d\u00e9tient <strong>moins de 1% du capital<\/strong> : c\u2019est le c\u0153ur du changement de gouvernance. L\u2019allocation de capital est d\u00e9sormais men\u00e9e par un dirigeant sans position d\u2019actionnaire dominante, tandis que la participation du pr\u00e9sident est progressivement donn\u00e9e.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Lors de l\u2019assembl\u00e9e annuelle de mai 2026, Abel a \u00e9cart\u00e9 l\u2019id\u00e9e de scinder Berkshire et a mis en avant la continuit\u00e9. Buffett a aussi indiqu\u00e9 que son fils Howard Buffett pourrait devenir pr\u00e9sident non ex\u00e9cutif apr\u00e8s son d\u00e9c\u00e8s, avec un r\u00f4le de gardien de la culture plut\u00f4t que de gestionnaire.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Les g\u00e9ants de la gestion indicielle<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Comme Berkshire est l\u2019une des plus grosses pond\u00e9rations du S&amp;P 500 (indice des 500 grandes valeurs am\u00e9ricaines), les fonds passifs (qui r\u00e9pliquent un indice) en d\u00e9tiennent massivement. D\u2019apr\u00e8s les derni\u00e8res d\u00e9clarations :<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actionnaire<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Nombre approximatif d\u2019actions B<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Part approximative des actions B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Warren Buffett (\u00e9quivalent classe A)<\/td><td class=\"has-text-align-center\" data-align=\"center\">~188 000 actions A<\/td><td class=\"has-text-align-center\" data-align=\"center\">~30% des droits de vote<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">The Vanguard Group<\/td><td class=\"has-text-align-center\" data-align=\"center\">~148 millions<\/td><td class=\"has-text-align-center\" data-align=\"center\">~11%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BlackRock<\/td><td class=\"has-text-align-center\" data-align=\"center\">~111,6 millions<\/td><td class=\"has-text-align-center\" data-align=\"center\">~8,3%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">State Street Corporation<\/td><td class=\"has-text-align-center\" data-align=\"center\">~71,7 millions<\/td><td class=\"has-text-align-center\" data-align=\"center\">~5,35%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Fondations de la famille Buffett et Gates Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">Importantes, en baisse au fil des ventes finan\u00e7ant les dons<\/td><td class=\"has-text-align-center\" data-align=\"center\">Variable<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Particuliers et autres institutionnels<\/td><td class=\"has-text-align-center\" data-align=\"center\">Solde<\/td><td class=\"has-text-align-center\" data-align=\"center\">Majorit\u00e9 du flottant (actions disponibles)<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Vanguard et BlackRock d\u00e9tiennent ensemble plus de 12% des actions, surtout via des produits indiciels. Ce ne sont pas des paris \u00ab actifs \u00bb sur Buffett : ce sont des positions m\u00e9caniques li\u00e9es au poids de Berkshire dans l\u2019indice.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Les principales lignes d\u2019actions de Berkshire Hathaway : o\u00f9 sont investis 263 milliards de dollars<\/h2>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le formulaire 13F du T1 2026, d\u00e9pos\u00e9 aupr\u00e8s de la SEC (gendarme boursier am\u00e9ricain) le 15 mai 2026, recense au 31 mars 2026 un <strong>portefeuille de 263,1 milliards de dollars r\u00e9parti sur 26 soci\u00e9t\u00e9s<\/strong>, contre 274,2 milliards et 39 soci\u00e9t\u00e9s fin d\u00e9cembre 2025.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le point cl\u00e9 est la concentration : les <strong>trois premi\u00e8res lignes p\u00e8sent 51%<\/strong>, les <strong>cinq premi\u00e8res 67,1%<\/strong> et les <strong>dix premi\u00e8res 91,1%<\/strong>. Les 16 autres titres se partagent moins de 9%.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Tableau complet : principales positions (31 mars 2026)<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>#<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Soci\u00e9t\u00e9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Ticker<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actions d\u00e9tenues<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur (USD)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% du portefeuille<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1<\/td><td class=\"has-text-align-center\" data-align=\"center\">Apple<\/td><td class=\"has-text-align-center\" data-align=\"center\">AAPL<\/td><td class=\"has-text-align-center\" data-align=\"center\">227,917,808<\/td><td class=\"has-text-align-center\" data-align=\"center\">57,84 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">21,99%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2<\/td><td class=\"has-text-align-center\" data-align=\"center\">American Express<\/td><td class=\"has-text-align-center\" data-align=\"center\">AXP<\/td><td class=\"has-text-align-center\" data-align=\"center\">151,610,700<\/td><td class=\"has-text-align-center\" data-align=\"center\">45,86 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">17,43%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3<\/td><td class=\"has-text-align-center\" data-align=\"center\">Coca-Cola<\/td><td class=\"has-text-align-center\" data-align=\"center\">KO<\/td><td class=\"has-text-align-center\" data-align=\"center\">400,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">30,42 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,56%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><td class=\"has-text-align-center\" data-align=\"center\">Bank of America<\/td><td class=\"has-text-align-center\" data-align=\"center\">BAC<\/td><td class=\"has-text-align-center\" data-align=\"center\">513,624,165<\/td><td class=\"has-text-align-center\" data-align=\"center\">25,04 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">9,52%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5<\/td><td class=\"has-text-align-center\" data-align=\"center\">Chevron<\/td><td class=\"has-text-align-center\" data-align=\"center\">CVX<\/td><td class=\"has-text-align-center\" data-align=\"center\">84,375,856<\/td><td class=\"has-text-align-center\" data-align=\"center\">17,46 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,64%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><td class=\"has-text-align-center\" data-align=\"center\">Occidental Petroleum<\/td><td class=\"has-text-align-center\" data-align=\"center\">OXY<\/td><td class=\"has-text-align-center\" data-align=\"center\">264,941,431<\/td><td class=\"has-text-align-center\" data-align=\"center\">17,22 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,55%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">7<\/td><td class=\"has-text-align-center\" data-align=\"center\">Alphabet<\/td><td class=\"has-text-align-center\" data-align=\"center\">GOOGL \/ GOOG<\/td><td class=\"has-text-align-center\" data-align=\"center\">57,835,013<\/td><td class=\"has-text-align-center\" data-align=\"center\">16,63 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,32%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">8<\/td><td class=\"has-text-align-center\" data-align=\"center\">Chubb<\/td><td class=\"has-text-align-center\" data-align=\"center\">CB<\/td><td class=\"has-text-align-center\" data-align=\"center\">34,249,183<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,16 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,24%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">9<\/td><td class=\"has-text-align-center\" data-align=\"center\">Moody&#8217;s<\/td><td class=\"has-text-align-center\" data-align=\"center\">MCO<\/td><td class=\"has-text-align-center\" data-align=\"center\">24,669,778<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,76 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,09%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">10<\/td><td class=\"has-text-align-center\" data-align=\"center\">Kraft Heinz<\/td><td class=\"has-text-align-center\" data-align=\"center\">KHC<\/td><td class=\"has-text-align-center\" data-align=\"center\">325,634,818<\/td><td class=\"has-text-align-center\" data-align=\"center\">7,32 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,78%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">11<\/td><td class=\"has-text-align-center\" data-align=\"center\">DaVita<\/td><td class=\"has-text-align-center\" data-align=\"center\">DVA<\/td><td class=\"has-text-align-center\" data-align=\"center\">30,100,585<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,63 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,76%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">12<\/td><td class=\"has-text-align-center\" data-align=\"center\">Kroger<\/td><td class=\"has-text-align-center\" data-align=\"center\">KR<\/td><td class=\"has-text-align-center\" data-align=\"center\">50,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,62 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,38%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">13<\/td><td class=\"has-text-align-center\" data-align=\"center\">SiriusXM Holdings<\/td><td class=\"has-text-align-center\" data-align=\"center\">SIRI<\/td><td class=\"has-text-align-center\" data-align=\"center\">124,807,117<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,88 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,09%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">14<\/td><td class=\"has-text-align-center\" data-align=\"center\">Delta Air Lines<\/td><td class=\"has-text-align-center\" data-align=\"center\">DAL<\/td><td class=\"has-text-align-center\" data-align=\"center\">39,809,456<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,65 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,01%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">15<\/td><td class=\"has-text-align-center\" data-align=\"center\">VeriSign<\/td><td class=\"has-text-align-center\" data-align=\"center\">VRSN<\/td><td class=\"has-text-align-center\" data-align=\"center\">8,989,880<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,23 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,85%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">16<\/td><td class=\"has-text-align-center\" data-align=\"center\">Liberty Live Holdings<\/td><td class=\"has-text-align-center\" data-align=\"center\">LLYVA \/ LLYVK<\/td><td class=\"has-text-align-center\" data-align=\"center\">15,573,731<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,45 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,55%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">17<\/td><td class=\"has-text-align-center\" data-align=\"center\">Capital One Financial<\/td><td class=\"has-text-align-center\" data-align=\"center\">COF<\/td><td class=\"has-text-align-center\" data-align=\"center\">7,150,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,30 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,50%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">18<\/td><td class=\"has-text-align-center\" data-align=\"center\">The New York Times<\/td><td class=\"has-text-align-center\" data-align=\"center\">NYT<\/td><td class=\"has-text-align-center\" data-align=\"center\">15,146,535<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,27 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,48%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">19<\/td><td class=\"has-text-align-center\" data-align=\"center\">Ally Financial<\/td><td class=\"has-text-align-center\" data-align=\"center\">ALLY<\/td><td class=\"has-text-align-center\" data-align=\"center\">29,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,14 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,43%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">20<\/td><td class=\"has-text-align-center\" data-align=\"center\">Lennar<\/td><td class=\"has-text-align-center\" data-align=\"center\">LEN<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,337,345<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,90 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,34%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">21<\/td><td class=\"has-text-align-center\" data-align=\"center\">Nucor<\/td><td class=\"has-text-align-center\" data-align=\"center\">NUE<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,907,075<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,66 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,25%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">22<\/td><td class=\"has-text-align-center\" data-align=\"center\">Louisiana-Pacific<\/td><td class=\"has-text-align-center\" data-align=\"center\">LPX<\/td><td class=\"has-text-align-center\" data-align=\"center\">5,664,793<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,41 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,16%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">23<\/td><td class=\"has-text-align-center\" data-align=\"center\">Constellation Brands<\/td><td class=\"has-text-align-center\" data-align=\"center\">STZ<\/td><td class=\"has-text-align-center\" data-align=\"center\">632,890<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,09 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,04%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">24<\/td><td class=\"has-text-align-center\" data-align=\"center\">NVR<\/td><td class=\"has-text-align-center\" data-align=\"center\">NVR<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,112<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,07 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,03%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">25<\/td><td class=\"has-text-align-center\" data-align=\"center\">Macy&#8217;s<\/td><td class=\"has-text-align-center\" data-align=\"center\">M<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,038,355<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,05 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,02%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">26<\/td><td class=\"has-text-align-center\" data-align=\"center\">Jefferies Financial Group<\/td><td class=\"has-text-align-center\" data-align=\"center\">JEF<\/td><td class=\"has-text-align-center\" data-align=\"center\">433,558<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,02 Mds$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,01%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Total<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>263,10 Mds$<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>100%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><em>Source : Berkshire Hathaway Inc., formulaire 13F-HR d\u00e9pos\u00e9 le 15 mai 2026, positions au 31 mars 2026. Les chiffres agr\u00e8gent plusieurs cat\u00e9gories d\u2019actions et des comptes g\u00e9r\u00e9s s\u00e9par\u00e9ment.<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Concentration sectorielle<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Regrouper ce portefeuille par secteur montre les paris de Berkshire :<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} --><\/p>\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Secteur<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Positions<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% du portefeuille<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Finance et assurance<\/td><td class=\"has-text-align-center\" data-align=\"center\">American Express, Bank of America, Chubb, Moody&#8217;s, Capital One, Ally, Jefferies<\/td><td class=\"has-text-align-center\" data-align=\"center\">36,2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Technologie et communication<\/td><td class=\"has-text-align-center\" data-align=\"center\">Apple, Alphabet, VeriSign, SiriusXM, Liberty Live, NYT<\/td><td class=\"has-text-align-center\" data-align=\"center\">31,2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Biens de consommation courante<\/td><td class=\"has-text-align-center\" data-align=\"center\">Coca-Cola, Kraft Heinz, Kroger, Constellation Brands<\/td><td class=\"has-text-align-center\" data-align=\"center\">15,8%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u00c9nergie<\/td><td class=\"has-text-align-center\" data-align=\"center\">Chevron, Occidental Petroleum<\/td><td class=\"has-text-align-center\" data-align=\"center\">13,2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sant\u00e9<\/td><td class=\"has-text-align-center\" data-align=\"center\">DaVita<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,8%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Industrie, logement et transport<\/td><td class=\"has-text-align-center\" data-align=\"center\">Delta, Lennar, Nucor, Louisiana-Pacific, NVR<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,8%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Distribution<\/td><td class=\"has-text-align-center\" data-align=\"center\">Macy&#8217;s<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,02%<\/td><\/tr><\/tbody><\/table><\/figure>\n<p><!-- \/wp:table --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Environ deux tiers du portefeuille se concentrent sur deux blocs : finance et technologie grand public. Buffett privil\u00e9gie des entreprises \u00ab p\u00e9age \u00bb : elles pr\u00e9l\u00e8vent une petite commission sur un volume \u00e9norme d\u2019op\u00e9rations.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Les 10 principales positions de Berkshire Hathaway, expliqu\u00e9es<\/h2>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le tableau dit ce que Berkshire d\u00e9tient, pas pourquoi. Les dix positions ci-dessous ont \u00e9t\u00e9 b\u00e2ties \u00e0 des moments pr\u00e9cis, et plusieurs sont d\u00e9tenues depuis des d\u00e9cennies.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"15px\"} --><\/p>\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">1. Apple (AAPL) : 21,99% du portefeuille, 57,84 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 227 917 808 actions, environ 1,6% d\u2019Apple.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Apple est la premi\u00e8re ligne depuis 2018, malgr\u00e9 des ventes importantes. Berkshire a commenc\u00e9 \u00e0 acheter en 2016, surprenant un march\u00e9 habitu\u00e9 \u00e0 voir Buffett \u00e9viter la technologie. Il a expliqu\u00e9 Apple comme une marque de produits grand public, prot\u00e9g\u00e9e par des \u00ab co\u00fbts de changement \u00bb (difficult\u00e9 pratique et financi\u00e8re \u00e0 quitter l\u2019\u00e9cosyst\u00e8me).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>La position a culmin\u00e9 \u00e0 plus de 900 millions d\u2019actions (en donn\u00e9es ajust\u00e9es des splits). Berkshire l\u2019a r\u00e9duite d\u2019environ 75%, surtout en 2024, encaissant de gros gains et donc des imp\u00f4ts. Buffett a \u00e9voqu\u00e9 la crainte d\u2019une hausse future de l\u2019imp\u00f4t sur les plus-values (taxe sur les gains \u00e0 la revente) plut\u00f4t qu\u2019un changement de th\u00e8se sur Apple.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> malgr\u00e9 la plus grande r\u00e9duction de l\u2019histoire de Berkshire, Apple reste plus d\u2019un cinqui\u00e8me du portefeuille. Le dividende d\u2019Apple repr\u00e9sente environ 250 millions de dollars par an pour Berkshire au niveau actuel.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">2. American Express (AXP) : 17,43% du portefeuille, 45,86 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 151 610 700 actions, environ 22% d\u2019American Express.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire a constitu\u00e9 cette participation entre 1991 et 1995 pour environ <strong>1,29 milliard de dollars<\/strong>. Elle vaut aujourd\u2019hui <strong>45,86 milliards<\/strong>. Le groupe n\u2019a quasiment pas boug\u00e9 cette ligne depuis des ann\u00e9es.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le nombre d\u2019actions d\u00e9tenues reste stable tandis qu\u2019Amex rach\u00e8te ses propres actions (buyback : l\u2019entreprise r\u00e9duit le nombre d\u2019actions en circulation), ce qui fait monter m\u00e9caniquement le pourcentage d\u00e9tenu par Berkshire.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Amex a vers\u00e9 \u00e0 Berkshire environ <strong>479 millions de dollars de dividendes en 2025<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> Amex est un r\u00e9seau \u00ab ferm\u00e9 \u00bb (l\u2019entreprise \u00e9met les cartes et traite les paiements), ciblant une client\u00e8le ais\u00e9e, avec moins de d\u00e9fauts et plus de d\u00e9penses. Cela donne du pouvoir de fixation des prix.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">3. Coca-Cola (KO) : 11,56% du portefeuille, 30,42 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 400 000 000 actions, inchang\u00e9 depuis 1994.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire a achet\u00e9 apr\u00e8s le krach de 1987 et a termin\u00e9 ses achats en 1994, pour un co\u00fbt total d\u2019environ <strong>1,3 milliard de dollars<\/strong>. La participation n\u2019a pas chang\u00e9 depuis. Elle vaut <strong>30,42 milliards<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Coca-Cola a vers\u00e9 \u00e0 Berkshire <strong>816 millions de dollars de dividendes en 2025<\/strong>. Rapport\u00e9 au prix d\u2019achat initial, cela repr\u00e9sente un <strong>rendement sur prix d\u2019achat<\/strong> (dividende actuel compar\u00e9 au prix pay\u00e9 \u00e0 l\u2019\u00e9poque) d\u2019environ <strong>63%<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> l\u2019argument n\u2019est pas la forte croissance, mais la solidit\u00e9 des flux de tr\u00e9sorerie. Un dividende qui augmente, compar\u00e9 \u00e0 un prix d\u2019achat fixe, finit par cr\u00e9er une rente.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">4. Bank of America (BAC) : 9,52% du portefeuille, 25,04 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 513 624 165 actions, environ 7% de Bank of America.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire est entr\u00e9 en 2011 en apportant 5 milliards de dollars sous forme d\u2019actions pr\u00e9f\u00e9rentielles (actions qui versent un coupon fixe, proche d\u2019une obligation) et de warrants (droits d\u2019acheter des actions plus tard \u00e0 un prix fix\u00e9). Buffett a exerc\u00e9 ces warrants en 2017, transformant une op\u00e9ration de \u00ab sauvetage \u00bb en grosse participation, pour un co\u00fbt d\u2019environ 14,6 milliards de dollars.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire r\u00e9duit progressivement depuis mi-2024. La baisse au T1 2026 est faible (-0,7%).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> une banque est tr\u00e8s sensible aux taux d\u2019int\u00e9r\u00eat. Avec une vaste base de d\u00e9p\u00f4ts peu r\u00e9mun\u00e9r\u00e9s, Bank of America peut gagner plus quand les taux montent. Garder cette banque tout en vendant d\u2019autres financi\u00e8res sugg\u00e8re une pr\u00e9f\u00e9rence pour les acteurs tr\u00e8s dominants.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">5. Chevron (CVX) : 6,64% du portefeuille, 17,46 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 84 375 856 actions, r\u00e9duite de 35,2% au T1 2026.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Chevron a \u00e9t\u00e9 le principal pari \u00e9nergie apr\u00e8s la pand\u00e9mie, construit entre 2020 et 2022 sur l\u2019id\u00e9e que la demande mondiale d\u00e9passerait l\u2019investissement dans l\u2019offre. Chevron est un major int\u00e9gr\u00e9 (production, raffinage, distribution) avec des actifs comp\u00e9titifs dans le Permian, un bilan solide et une longue tradition de dividendes.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Le T1 2026 marque la plus forte r\u00e9duction trimestrielle : plus de 45 millions d\u2019actions vendues. En volume, Berkshire diminue nettement son exposition au p\u00e9trole.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">6. Occidental Petroleum (OXY) : 6,55% du portefeuille, 17,22 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 264 941 431 actions, soit environ <strong>26,6%<\/strong> d\u2019Occidental, plus 8,5 milliards de dollars d\u2019actions pr\u00e9f\u00e9rentielles et de warrants.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Occidental ressemble plus \u00e0 un partenariat qu\u2019\u00e0 une simple ligne de portefeuille. En 2019, Berkshire a financ\u00e9 le rachat d\u2019Anadarko par Occidental via 10 milliards de dollars d\u2019actions pr\u00e9f\u00e9rentielles \u00e0 coupon de 8% (paiement annuel fixe), plus des warrants. Berkshire d\u00e9tient d\u00e9sormais plus d\u2019un quart du capital et peut monter jusqu\u2019\u00e0 50% (autorisation r\u00e9glementaire).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Les actions pr\u00e9f\u00e9rentielles g\u00e9n\u00e8rent environ 680 millions de dollars par an en dividendes. Occidental pr\u00e9voit de les rembourser \u00e0 partir de 2029. En octobre 2025, Berkshire a aussi accept\u00e9 d\u2019acheter OxyChem pour 9,7 milliards de dollars.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> contrairement \u00e0 Chevron, Occidental combine actions pr\u00e9f\u00e9rentielles, warrants, actions ordinaires et op\u00e9ration de rachat d\u2019activit\u00e9. Le fait de r\u00e9duire Chevron tout en gardant Occidental intact est un signal fort.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">7. Alphabet (GOOGL) : 6,32% du portefeuille, 16,63 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 57 835 013 actions (classes A et C), contre 17 846 142 pr\u00e9c\u00e9demment, soit +224%.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Alphabet est la mont\u00e9e en puissance la plus marquante. Berkshire a initi\u00e9 la ligne au T3 2025, puis l\u2019a plus que tripl\u00e9e au T1 2026 (environ 40 millions d\u2019actions suppl\u00e9mentaires), la faisant passer dans le haut du classement.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Buffett a dit avoir regrett\u00e9 de ne pas avoir achet\u00e9 Google plus t\u00f4t, alors m\u00eame que GEICO d\u00e9pensait beaucoup en publicit\u00e9 sur le moteur de recherche. Acheter en 2026, quand le march\u00e9 d\u00e9bat de l\u2019impact des chatbots d\u2019IA sur la recherche, revient \u00e0 parier que la position dominante de Google en publicit\u00e9 reste solide, et que ses actifs IA sont sous-valoris\u00e9s.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> cela montre aussi le poids des g\u00e9rants Todd Combs et Ted Weschler, qui ont souvent port\u00e9 les choix technologiques. C\u2019est ce portefeuille que Greg Abel h\u00e9rite.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">8. Chubb (CB) : 4,24% du portefeuille, 11,16 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 34 249 183 actions, environ 9% de Chubb.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire a constitu\u00e9 cette position discr\u00e8tement en 2023-2024 gr\u00e2ce \u00e0 une exemption de confidentialit\u00e9 de la SEC (autorisation temporaire de ne pas divulguer une ligne dans le 13F pour \u00e9viter d\u2019\u00eatre copi\u00e9e pendant l\u2019accumulation). La participation n\u2019a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9e qu\u2019en mai 2024.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Chubb est le plus grand assureur dommages cot\u00e9 au monde. L\u2019int\u00e9r\u00eat est logique : Berkshire ma\u00eetrise l\u2019assurance et Cherche des acteurs disciplin\u00e9s sur les prix et les risques.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">9. Moody&#8217;s (MCO) : 4,09% du portefeuille, 10,76 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 24 669 778 actions, environ 14% de Moody&#8217;s.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Berkshire n\u2019a pas achet\u00e9 activement la majorit\u00e9 de cette ligne : elle provient de la scission (spin-off : s\u00e9paration d\u2019une activit\u00e9 en soci\u00e9t\u00e9 ind\u00e9pendante) de Moody\u2019s par Dun &amp; Bradstreet en 2000, et Berkshire a conserv\u00e9 les titres.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Moody\u2019s est un cas d\u2019\u00e9cole : le rating de cr\u00e9dit est un quasi-duopole avec S&amp;P Global, rendu presque incontournable par la r\u00e9glementation et les usages de march\u00e9. Le m\u00e9tier demande peu de capital et offre des marges \u00e9lev\u00e9es : une forme de \u00ab p\u00e9age \u00bb sur l\u2019\u00e9mission de dette.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">10. Kraft Heinz (KHC) : 2,78% du portefeuille, 7,32 milliards de dollars<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Position :<\/strong> 325 634 818 actions, environ 27% de Kraft Heinz.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Kraft Heinz est l\u2019erreur la plus reconnue par Buffett. Berkshire s\u2019est associ\u00e9 \u00e0 3G Capital pour fusionner Kraft et Heinz en 2015, puis a admis avoir trop pay\u00e9. La valeur a souffert de la concurrence des marques de distributeurs et de l\u2019\u00e9volution des go\u00fbts des consommateurs, entra\u00eenant des d\u00e9pr\u00e9ciations (baisse comptable de valeur) de plusieurs milliards.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p><strong>\u00c0 retenir :<\/strong> la position est difficile \u00e0 vendre sans peser sur le cours, et la part de 27% place Berkshire en actionnaire tr\u00e8s influent plut\u00f4t qu\u2019en simple investisseur passif.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:spacer {\"height\":\"25px\"} --><\/p>\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<p><!-- \/wp:spacer --><\/p>\n\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Le reste du portefeuille : positions 11 \u00e0 26<\/h3>\n<p><!-- \/wp:heading --><\/p>\n\n<p><!-- wp:paragraph --><\/p>\n<p>Les petites lignes montrent davantage la patte des g\u00e9rants et des contraintes :<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n<p><!-- wp:list --><\/p>\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><strong>DaVita (1,76%)<\/strong> : Berkshire d\u00e9tient <strong>plus de 40%<\/strong> de ce sp\u00e9cialiste de la dialyse. Un accord de \u00ab standstill \u00bb (engagement de ne pas d\u00e9passer un seuil) limite la participation ; DaVita rach\u00e8te ses actions et Berkshire vend juste assez pour rester sous le plafond.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Kroger (1,38%)<\/strong> et <strong>Delta Air Lines (1,01%)<\/strong> : consommation d\u00e9fensive et retour surprenant dans une compagnie a\u00e9rienne. Delta est la plus grosse nouvelle ligne du T1 2026 (2,65 milliards de dollars), alors que Buffett avait vendu les compagnies a\u00e9riennes en 2020.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>SiriusXM (1,09%)<\/strong> : Berkshire d\u00e9tient environ un tiers du groupe, h\u00e9rit\u00e9 en grande partie de restructurations li\u00e9es \u00e0 Liberty Media.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>VeriSign (0,85%)<\/strong> : op\u00e9rateur quasi exclusif des noms de domaine .com et .net via un contrat public am\u00e9ricain, avec des hausses de prix pr\u00e9vues.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Logement et mat\u00e9riaux<\/strong> : Lennar, NVR, Louisiana-Pacific et Nucor donnent une petite exposition \u00e0 la construction am\u00e9ricaine. Lennar augmente de 42,9% au T1 2026, Nucor recule de<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>Et si Berkshire Hathaway valait plus qu\u2019un conglom\u00e9rat ? Holding \u00e0 1 060 Mds$ m\u00ealant 190 filiales et 263 Mds$ d\u2019actions, cash record 397 Mds$, Buffett chairman, Abel CEO, portefeuille concentr\u00e9.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-52093","post","type-post","status-publish","format-standard","hentry","category-discover"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Et si Berkshire Hathaway valait plus qu\u2019un conglom\u00e9rat ? 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