There is only one Warren Buffett. No other working equity mutual fund manager matches his longevity and record, and any attempt to mimic his portfolio with an assemblage of exchange-traded funds would be a weak facsimile. If you want to invest with Buffett, or the people the legendary nonagenarian investor has assembled to continue after he eventually leaves the stage, buy Berkshire Hathaway BRK.B.
Yet, there are some managers who, intentionally or serendipitously, construct Buffett-esque portfolios. Yearly, as crowds of Buffett’s fans and shareholders descend on Omaha, Nebraska, for Berkshire Hathaway’s annual meeting, Morningstar has highlighted a few funds whose managers, judging from their funds’ overlap with the stocks mentioned in Buffett’s annual shareholder letter and annual report, seem to be on Warren’s wavelength.
It has gotten a little harder to do in recent years. Buffett’s letter used to list Berkshire’s biggest 15 holdings by market value. Since 2023, it has taken a little more digging to find the conglomerate’s top holdings. As of Dec. 31, 2024, the five largest were American Express AXP, Apple AAPL, Bank of America BAC, Coca-Cola KO, and Chevron CVX. Occidental Petroleum OXY, Kraft Heinz KHC, Chubb CB, Moody’s MCO, and Mitsubishi 8058 were also big positions.
Below are 10 large, active stock funds that own at least three of these “Buffett stocks,” keep a big portion of assets in them, and get Morningstar Medalist Ratings of Bronze, Silver, or Gold. Even portfolios that overlap with Buffett’s or whose managers claim him as an inspiration are far from exact copies; none of these funds hold large cash stakes, for instance. There is no guarantee any of them will achieve what Buffett has, but Morningstar analysts like their processes, people, or both.
Ample Apple
A couple of funds made this list because of one stock. Silver-rated funds Fidelity Blue Chip Growth FBGRX and Fidelity Growth Company FDGRX each owned four Buffett stocks and devoted a respective 11.6% and 9.9% of their assets to them. Blue Chip Growth had small positions in American Express, Moody’s, and Coke, while Growth Company swapped in Bank of America for Moody’s. Apple, however, accounted for almost all of the funds’ Buffett-stock weighting.
Fidelity Blue Chip Growth manager Sonu Kalra and Fidelity Growth Company’s Steve Wymer won’t give investors steady, Berkshire-like experiences. They are much more aggressive and share a penchant for fast-growing, highly valued companies like Nvidia NVDA. It’s telling that these strategies are down by double digits so far in 2025 and that Berkshire is up by nearly 18%.
Fidelity Advisor Diversified Stock’s FDESX biggest position also was in Apple, but experienced manager Dan Kelley kept it much smaller than his colleagues’ stakes. He also owned Berkshire Hathaway itself among the fund’s more than 230 stocks. Still, this Bronze-rated fund focuses on companies with high earnings-growth expectations and price momentum, so Kelley is more aggressive than Buffett, albeit to a lesser degree than Kalra and Wymer.
Apple also accounted for the bulk of Bronze-rated Hartford Core Equity’s HAIAX Buffett overlap. The fund had a nearly 7.7% stake in the stock at the end of March 2025, but it also had decent stakes in Bank of America, American Express, and Chubb. The strategy, which Wellington Management subadvises, looks for solid businesses with improving fundamentals and reasonable valuations. It’s more focused on risk control than the Fidelity funds.
Dialing for Dividends
Gold-rated Vanguard Dividend Growth VDIGX, whose manager Peter Fisher invests in companies with the will and wherewithal to pay and increase dividends over the long term, has a risk profile much more akin to Berkshire’s. It often lags in big up years, like 2023 and 2024, while losing less in down ones, such as 2022 and so far this year. Its portfolio of fewer than 60 stocks is compact, but its position sizes are reasonable. Stakes in Buffett stocks Coke, Chubb, American Express, and Apple range from 2.4% to 3.7% of assets.
Gold-rated T. Rowe Price Dividend Growth’s PRDGX veteran manager Tom Huber owned five Buffett stocks—the same four as his Vanguard rival, plus Bank of America. Huber also favors financially healthy companies with above-average dividend growth, which has helped the strategy excel in down markets.
Principal Equity Income’s PQIAX Daniel Coleman and Sarah Radecki also focus on dividend-paying companies with competitive advantages and strong finances. Chubb, Bank of America, Coke, Apple, and Chevron made the cut for its portfolio. This Bronze-rated fund has been streakier than the previous two, though. Thus far this year, stakes in KKR & Co KKR and UnitedHealth Group UNH have detracted.
Silver-rated JPMorgan Equity Income’s HLIEX longtime manager Clare Hart retired at the end of 2024, but the fund retains the prudent, time-tested approach that has led it to own six Buffett stocks—the same ones owned by the other dividend-oriented funds on this list. Hart’s successors Andrew Brandon and David Silberman look for profitable companies with stable dividend yields. This strategy is also known for its moderate volatility.
Fidelity Growth & Income FGRIX manager Matt Fruhan tries to avoid overhyped stocks and find underappreciated growth stories while building a portfolio with an above-S&P 500 yield. That has included Bank of America, Apple, Coke, Chubb, and Moody’s. Performance ebbs and flows at this Bronze-rated fund, but Fruhan has delivered over his 14-year tenure.
More Flexible
Gold-rated T. Rowe Price All-Cap Opportunities PRWAX, managed by Justin White since April 2016, plies a flexible approach that mixes both growth and value stocks, including four of Buffett’s stocks. White’s is a higher-turnover process, but his stock-picking acumen and tactical moves have been adept.
There are worse ways to go about selecting a fund than looking for those whose portfolios overlap with that of the Oracle of Omaha. There are other important factors to consider, though, and buying a Buffett-esque fund does not guarantee Buffett-like results.
Morningstar Manager Research Principal Jack Shannon contributed to this report.
