Changes compare share counts with Q1 2026, adjusted for stock splits. Share classes of the same company are combined. Values are at quarter-end prices.

13F holdings with change from the previous quarter

Wells Fargo & CompanyWFC	$117m	1,413,000	45.5%$117m	Unchanged	46.7%
Bank of AmericaBAC	$114m	2,000,000	44.4%$114m	Unchanged	40.5%
Alibaba Group HoldingBABA	$18.7m	195,000	7.3%$18.7m	Unchanged	10.2%
US BancorpUSB	$7.2m	119,500	2.8%$7.2m	Unchanged	2.6%

Download the Q2 2026 holdings: CSV · JSON · Markdown

How the portfolio has changed

Each bar is one 13F. Select a bar or press play to see that quarter’s 12 largest positions. How this works

Bars are split by share of the US portfolio: the six biggest holdings over the period in colour, everything else in grey. The last eight quarters are shown in full, earlier years at year end.

2013

2015

2017

2019

2021

2023

Q4 ’24

Q2 ’25

Q4 ’25

Q2 ’26

WFCBank AmerUSBPKXBACBABAEverything else

2013: Wells Fargo & Company 60844.7%, Bank Amer 30150.5%, US Bancorp 4762.0%, Posco Holdings 4242.3%, Bank of America 0.0%, Alibaba Group Holding 0.0%; 2014: Wells Fargo & Company 64.5%, Bank Amer 30.4%, US Bancorp 4.7%, Posco Holdings 0.5%, Bank of America 0.0%, Alibaba Group Holding 0.0%; 2015: Wells Fargo & Company 65.8%, Bank Amer 29.4%, US Bancorp 4.5%, Posco Holdings 0.3%, Bank of America 0.0%, Alibaba Group Holding 0.0%; 2016: Wells Fargo & Company 60.0%, Bank Amer 0.0%, US Bancorp 4.9%, Posco Holdings 0.3%, Bank of America 34.8%, Alibaba Group Holding 0.0%; 2017: Wells Fargo & Company 55.9%, Bank Amer 0.0%, US Bancorp 4.3%, Posco Holdings 0.4%, Bank of America 39.3%, Alibaba Group Holding 0.0%; 2018: Wells Fargo & Company 53.6%, Bank Amer 0.0%, US Bancorp 4.7%, Posco Holdings 0.4%, Bank of America 41.4%, Alibaba Group Holding 0.0%; 2019: Wells Fargo & Company 48.8%, Bank Amer 0.0%, US Bancorp 4.7%, Posco Holdings 0.3%, Bank of America 46.2%, Alibaba Group Holding 0.0%; 2020: Wells Fargo & Company 38.5%, Bank Amer 0.0%, US Bancorp 5.2%, Posco Holdings 0.5%, Bank of America 55.8%, Alibaba Group Holding 0.0%; 2021: Wells Fargo & Company 29.5%, Bank Amer 0.0%, US Bancorp 3.0%, Posco Holdings 0.2%, Bank of America 39.6%, Alibaba Group Holding 27.6%; 2022: Wells Fargo & Company 37.7%, Bank Amer 0.0%, US Bancorp 3.5%, Posco Holdings 0.0%, Bank of America 43.7%, Alibaba Group Holding 15.2%; 2023: Wells Fargo & Company 42.3%, Bank Amer 0.0%, US Bancorp 3.3%, Posco Holdings 0.0%, Bank of America 41.8%, Alibaba Group Holding 12.6%; Q3 ’24: Wells Fargo & Company 43.1%, Bank Amer 0.0%, US Bancorp 3.0%, Posco Holdings 0.0%, Bank of America 42.8%, Alibaba Group Holding 11.2%; Q4 ’24: Wells Fargo & Company 47.4%, Bank Amer 0.0%, US Bancorp 2.7%, Posco Holdings 0.0%, Bank of America 42.0%, Alibaba Group Holding 7.9%; Q1 ’25: Wells Fargo & Company 47.0%, Bank Amer 0.0%, US Bancorp 2.3%, Posco Holdings 0.0%, Bank of America 38.7%, Alibaba Group Holding 11.9%; Q2 ’25: Wells Fargo & Company 48.1%, Bank Amer 0.0%, US Bancorp 2.3%, Posco Holdings 0.0%, Bank of America 40.2%, Alibaba Group Holding 9.4%; Q3 ’25: Wells Fargo & Company 45.2%, Bank Amer 0.0%, US Bancorp 2.2%, Posco Holdings 0.0%, Bank of America 39.3%, Alibaba Group Holding 13.3%; Q4 ’25: Wells Fargo & Company 47.6%, Bank Amer 0.0%, US Bancorp 2.3%, Posco Holdings 0.0%, Bank of America 39.8%, Alibaba Group Holding 10.3%; Q1 ’26: Wells Fargo & Company 46.7%, Bank Amer 0.0%, US Bancorp 2.6%, Posco Holdings 0.0%, Bank of America 40.5%, Alibaba Group Holding 10.2%; Q2 ’26: Wells Fargo & Company 45.5%, Bank Amer 0.0%, US Bancorp 2.8%, Posco Holdings 0.0%, Bank of America 44.4%, Alibaba Group Holding 7.3%

Q2 2026

Q4 2013Q2 2026

Look-through earnings

Daily Journal Corp’s share of the profits of the US companies it holds. How this works

For each holding, the fraction of the company it owns times the company’s net income. Look-through earnings explained.

Look-through earnings, Q2 2026

$20.2m

Last 12 months, holdings with SEC financials

Price paid for those earnings

11.8×

Value of those holdings ÷ their earnings

Earnings per share growth

+21.0%

Same holdings, against a year earlier

Portfolio covered

93%

Of the 13F value

$11.4m2017

$14.2m2018

$14.2m2019

$6.4m2020

$17.8m2021

$14.0m2022

$16.1m2023

$15.3m2024

$17.8m2025

$10.4m2026*

Q1 Q2 Q3 Q4 · each quarter is that quarter’s profits times the stake reported at its end. *2026 so far: 2 quarters. Click a quarter to see its holdings.

Holdings behind

Look-through earnings by holding, Q2 2026

Wells Fargo & CompanyWFC	0.05%	$23bn	$10.4m	$2.9m	+16.7%
Bank of AmericaBAC	0.03%	$34bn	$9.2m	$2.5m	+26.3%
US BancorpUSB	0.01%	$8.2bn	$628k	$167k	+18.7%

Net income is as reported (GAAP), so it includes one-off items and, for some companies, gains or losses on investments they hold. Companies that report under IFRS (most non-US companies) or whose shares we can’t match reliably are left out; “portfolio covered” shows how much is included. Look-through earnings explained. Growth compares earnings per share over the last 12 months with the 12 months a year earlier, for holdings profitable in both.

US holdings by sector

Financials92.7%
Consumer discretionary7.3%

Sectors are grouped from each company’s SEC industry code, as a share of the Q2 2026 13F.

US portfolio value by quarter

$159mQ3 ’23

$185mQ4 ’23

$177mQ1 ’24

$182mQ2 ’24

$185mQ3 ’24

$209mQ4 ’24

$216mQ1 ’25

$235mQ2 ’25

$262mQ3 ’25

$277mQ4 ’25

$241mQ1 ’26

$257mQ2 ’26

From each quarter’s 13F. Changes reflect both trading and share-price moves.