Buffett’s Berkshire Hathaway (NYSE:BRKA) made several changes during the fourth quarter. Amid plunging oil prices, the company completely sold out of ConocoPhillips (NYSE:COP), National Oilwell Varco (NYSE:NOV), and Exxon Mobil (NYSE:XOM). The Exxon Mobil sale was a bit surprising given that it was a relatively new position, worth almost $3.9 billion at the end of September. However, Berkshire added shares in Suncor Energy (NYSE:SU), General Motors (NYSE:GM), Charter Communications (NASDAQ:CHTR), and DaVita HealthCare Partners (NYSE:DVA). Under the cloak of confidential treatment with the SEC, Berkshire also built a $1.5 billion position in Deere (NYSE:DE) during the second half of 2014.
Berkshire’s largest investments include some of the most popular blue chips known to Wall Street. Let’s take a look at Berkshire’s top seven holdings according to dollar value at the end of December. This list does not include Buffett’s option to purchase 700 million shares of Bank of America (NYSE:BAC) at any time prior to September 2021 for $5 billion.

7. U.S. Bancorp (USB)
Berkshire maintained its stake in U.S. Bancorp at 80.1 million shares, worth $3.6 billion at the end of December. Shares performed well last year and continue to look solid in 2015. In January, the bank reported record full year 2014 net income of $5.85 billion. Furthermore, U.S. Bancorp returned 72% of 2014 earnings to shareholders through dividends and share buybacks.

6. Procter & Gamble (PG)
Consumer staples play a significant role in Buffett’s portfolio. At the end of December, Berkshire held 52.8 million shares of Procter & Gamble, worth $4.8 billion. The position was unchanged from the prior quarter, but Berkshire announced in November that it will acquire Procter & Gamble’s Duracell battery business. In fact, Berkshire will exchange its P&G stake for a recapitalized Duracell, which will include $1.7 billion in cash at closing. The transaction is expected to close in the second half of 2015.
“I have always been impressed by Duracell, as a consumer and as a long-term investor in P&G and Gillette,” said Buffett in a press release. “Duracell is a leading global brand with top quality products, and it will fit well within Berkshire Hathaway.”

5. Wal-Mart (WMT)
Berkshire maintained its stake in the world’s largest retailer at 60.4 million shares in the fourth quarter. The position was worth $5.2 billion at the end of December. Berkshire steadily increased its stake in Wal-Mart last year, and it appears to be paying off. Shares of the retailer gained 9% in 2014 and continue to pay a healthy dividend above 2%.

4. International Business
Machines (IBM)
IBM was the worst performer in the Dow Jones Industrial Average last year, but is Berkshire’s fourth largest position. During the fourth quarter, Berkshire raised its stake in Big Blue from 70.5 million shares to almost 77 million shares, worth $12.3 billion. IBM shares plunged 7% in a single day last October after missing earnings and posting its 10th consecutive quarter of declining revenue. In January, IBM reported another quarter of declining revenue, but shares appear to be finding support in 2015.

3. American Express (AXP)
The only sector Buffett favors more than consumer staples is financial services. Berkshire held 151.6 million shares of American Express at the end of December, worth $14.1 billion. The position was unchanged from the previous quarter. It has been a volatile 2015 for the credit card company. Shares dropped more than 6% after news hit that its exclusive partnership with Costco will end in March 2016.

While Buffett appears to be staying true to American Express, he is not ignoring its competitors either. In the fourth quarter, Berkshire raised its stake in Mastercard (NYSE:MA) and Visa (NYSE:V).

2. Coca-Cola (KO)
Coca-Cola is one of the most predictable positions at Berkshire. In fact, Buffett is on record saying he will never sell his shares in the world-renowned beverage company. At the end of the fourth quarter, Berkshire held the usual 400 million shares of Coca-Cola, worth $16.9 billion. The market has fears about consumers losing their taste for Coke, but the company entered into an agreement to purchase a 16.7% equity stake in Monster Beverage (NASDAQ:MNST), and recently hiked its strategic position in Keurig Green Mountain. Coca-Cola is also making operating changes to drive stronger growth and save $3 billion annually by 2019.

1. Wells Fargo (WFC)
America’s most profitable bank is also Buffett’s top holding. Berkshire held 463.5 million shares of Wells Fargo at the end of the fourth quarter, unchanged from the previous quarter and worth $25.4 billion. Shares of