BRK's equity portfolio return

The total return of Berkshire’s equity portfolio in 2021 was approximately 28.5%, versus 28.7% for the S&P 500. The total return of BRK’s equity portfolio was estimated as

((ending portfolio value - beginning portfolio value - purchases of equity securities + sales of equity securities)/(beginning portfolio value)) + dividend yield

The dividend yield was estimated as the actual yield of the top four holdings, which made up 69.9% of the portfolio, plus the yield of the S&P 500 for the remaining 30.1% of the portfolio.