---
title: "Warrants in 13Fs: OXY/WS, BAC Warrants Reading"
type: learn
slug: warrants-13f-occidental-bank-of-america-berkshire-financing-decoder
canonical_url: https://13finsight.com/learn/warrants-13f-occidental-bank-of-america-berkshire-financing-decoder
published_at: 2026-05-15T09:56:19.499Z
updated_at: 2026-05-15T09:56:23.101Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 698
locale: en
source: 13F Insight
---

# Warrants in 13Fs: OXY/WS, BAC Warrants Reading

> MFN Partners holds OXY warrants at 5.11% portfolio. Berkshire held Bank of America warrants from the 2011 financing before exercising. Warrants in 13F filings reflect long-dated leveraged equity exposure with distinctive structural characteristics. Here's the framework.

Warrants periodically appear in 13F filings as separate line items distinct from underlying common stock. MFN Partners holds Occidental Petroleum warrants (OXY/WS) at $244 million and 5.11% portfolio weight. Berkshire Hathaway historically held Bank of America warrants from the 2011 $5 billion financing transaction, exercising them at substantial profit before 2017. Warrants in 13F filings represent long-dated leveraged equity exposure with distinctive structural characteristics that differ meaningfully from common stock positions. Reading warrant positions correctly requires understanding the original-financing context plus the long-dated optionality embedded in the security.What are warrants in 13F context?Warrants are long-dated equity-purchase rights typically issued by a company in connection with debt financing, preferred-stock issuance, or M&A consideration. The warrant gives the holder the right (but not the obligation) to purchase common stock at a specified strike price within a defined exercise window (often 5-10+ years). Three structural features distinguish warrants from common stock:Leveraged exposure. Warrant value swings dramatically with underlying-stock price changes — gains and losses amplified versus direct common-stock ownership.Time-decay sensitivity. Warrants lose value as expiration approaches if the underlying stock remains below strike. The optionality has decay similar to long-dated call options.No dividend rights. Warrant holders don't receive dividends from the underlying common stock until they exercise.Major warrant positions in US 13FsOccidental Petroleum warrants (OXY/WS)Occidental warrants trace to Berkshire Hathaway's 2019 $10 billion convertible-preferred-stock financing for OXY's Anadarko acquisition. The warrants gave Berkshire the right to purchase 83.86 million OXY common shares at $59.62 strike with 2027 expiration. Various institutional holders also took position via OXY warrants in subsequent secondary-market activity. MFN Partners' 5.11% OXY/WS concentration reflects long-dated leveraged Occidental exposure with optionality on continued Berkshire support.Bank of America warrants (historical)Berkshire's 2011 $5 billion preferred-stock financing of Bank of America included warrants to purchase 700 million BAC common shares at $7.14 strike, expiring 2021. Berkshire exercised the warrants in 2017 at substantial profit, converting into the continuing common-stock position that now represents 10.38% of Berkshire's $274 billion portfolio. The transaction is the canonical example of warrant-leveraged value creation through bank-stress-cycle financing.Other warrant structuresVarious smaller-scale warrant positions appear across 13F filings reflecting:SPAC sponsor warrants: Sponsor-related equity-purchase rights from de-SPAC transactions.Distressed-debt-conversion warrants: Issued in bankruptcy emergence transactions.Strategic-investment warrants: Issued by acquired companies as part of M&A consideration.How to identify warrants in 13F filingsFive fingerprints:Ticker contains '/WS' or 'WS' suffix. Most US-listed warrants append '/WS' (warrants) to the underlying ticker (OXY/WS, BAC/WS historical).Position appears alongside underlying common stock at the same filer. Warrant holders often also hold the underlying common stock; both lines appear in the 13F.Position size correlates with original-financing transaction. Warrant positions trace back to specific debt-or-preferred-stock financings; the original transaction is identifiable.Position has expiration date driving urgency. Approaching warrant expiration drives exercise-or-monetization decisions visible in 13F changes.Concentrated position weight on warrant relative to common. When a filer holds the warrant at higher portfolio weight than the underlying common, the leveraged-exposure thesis is structural.How to read warrant positions in 13FsThree rules:Rule 1: Trace the warrant back to the original financingEach warrant has an origin transaction (debt financing, preferred-stock issuance, M&A consideration). Reading the warrant position requires understanding the original financing — strike price, expiration date, anti-dilution provisions, exercise mechanics.Rule 2: Watch for exercise vs hold decisionsWithin 1-2 years of warrant expiration, institutional holders face exercise-or-monetization decisions. Watch for cross-position changes (warrant decline + common-stock increase = exercise; warrant decline alone = monetization).Rule 3: Read warrant-and-common-stock as integrated exposureWhen a filer holds both the warrant and the underlying common stock, the combined exposure represents integrated leveraged equity positioning. MFN Partners holds OXY/WS at 5.11% portfolio plus presumably some OXY common stock — combined Occidental exposure is meaningfully larger than the warrant line alone.What warrants reveal about institutional positioningOriginal financing relationship. Warrants indicate the holder participated in a specific past financing transaction with the issuer, often signaling continued strategic alignment.Long-dated leveraged exposure conviction. Concentrated warrant positions signal multi-year conviction in the underlying-stock-price trajectory.Capital-allocation flexibility. Warrant exercise requires deploying additional capital to acquire common shares; the decision to exercise versus monetize signals the holder's capital-allocation flexibility plus equity-vs-cash preference.For real-time tracking of warrant 13F positioning, see the institutional signals feed. For related reading on Berkshire's Bank of America position evolution, see our Berkshire compounder decoder.

## FAQ

### What is a warrant in 13F context?

Warrants are long-dated equity-purchase rights typically issued by a company in connection with debt financing, preferred-stock issuance, or M&A consideration. The warrant gives the holder the right (but not the obligation) to purchase common stock at a specified strike price within a defined exercise window (often 5-10+ years). Warrants provide leveraged equity exposure: gains and losses amplified versus direct common-stock ownership.

### Why does MFN Partners hold Occidental warrants?

Occidental warrants (OXY/WS) trace to Berkshire Hathaway's 2019 $10 billion convertible-preferred-stock financing for OXY's Anadarko acquisition. The warrants gave Berkshire the right to purchase 83.86 million OXY common shares at $59.62 strike with 2027 expiration. Various institutional holders took OXY/WS positions in subsequent secondary-market activity. MFN Partners' 5.11% concentration reflects long-dated leveraged Occidental exposure with optionality on continued Berkshire support.

### What were Berkshire's Bank of America warrants?

Berkshire's 2011 $5 billion preferred-stock financing of Bank of America included warrants to purchase 700 million BAC common shares at $7.14 strike, expiring 2021. Berkshire exercised the warrants in 2017 at substantial profit, converting into the continuing common-stock position that now represents 10.38% of Berkshire's $274 billion portfolio. The transaction is the canonical example of warrant-leveraged value creation through bank-stress-cycle financing.

### How do warrant positions differ from common stock in 13F?

Three structural differences: (1) leveraged exposure — warrant value swings dramatically with underlying-stock price changes, gains and losses amplified versus common-stock ownership; (2) time-decay sensitivity — warrants lose value as expiration approaches if underlying stock remains below strike; (3) no dividend rights — warrant holders don't receive dividends until exercise. Combined, warrants are structurally different securities even when tied to the same underlying stock.

### How do I identify warrant positions in 13Fs?

Five fingerprints: (1) ticker contains '/WS' or 'WS' suffix (OXY/WS, BAC/WS historical); (2) position appears alongside underlying common stock at the same filer; (3) position size correlates with original-financing transaction; (4) position has expiration date driving urgency; (5) concentrated position weight on warrant relative to common signals structural leveraged exposure thesis. Combined signals point to integrated warrant-and-common-stock positioning.

### What signals warrant exercise decisions?

Within 1-2 years of warrant expiration, institutional holders face exercise-or-monetization decisions. Watch for cross-position changes in quarterly 13F filings: warrant decline + common-stock increase = exercise (converting warrant into common); warrant decline alone = monetization (selling warrant before exercising). The decision reflects the holder's capital-allocation flexibility plus continued conviction on the underlying-stock price trajectory.

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Source: 13F Insight — https://13finsight.com/learn/warrants-13f-occidental-bank-of-america-berkshire-financing-decoder
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-05-15T09:56:23.101Z