Warren Buffett has $400 billion invested in these 5 dividend stocks. Here are some ASX shares I think are similar

The torchbearer for growth investing actually harvests much income from some of his holdings. These are the Aussie equivalents.

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It's true that Warren Buffett's public image isn't a retiree chasing dividend shares.

He's the poster boy for growth investing, perhaps more precisely growth-at-a-reasonable-price (GARP)

However, if you look closely at how his investment vehicle Berkshire Hathaway Inc (NYSE: BRK.A) rakes in dividends, you might think differently.

The Motley Fool US reported earlier this year that the company is due to collect a whopping US$6.1 billion of dividends in 2023 from just a handful of stocks.

Recently The Motley Fool US' Keith Speights profiled five of these income stocks that Buffett relies on.

For those Australians that dabble in ASX shares, it's easy enough to try to replicate what the world's most famous investor does.

Here are my five ASX dividend shares that are similar to Buffett's beauties:

1. Apple Inc

The tech giant is Berkshire Hathaway's largest position currently.

Within the ASX, I think online jobs classifieds platform Seek Ltd (ASX: SEK) has similar qualities to Apple Inc (NASDAQ: AAPL).

Seek has been one of the leaders in the Australian technology scene over the past 26 years, and has delivered much handsome capital growth for investors.

But, as a mature company, it also spits out a small but useful fully franked dividend yield of 2%.

That's actually better than Apple's yield of just 0.5%.

2. Bank of America

According to Speights, Buffett has recently gone cool on the banking sector but Bank of America Corp (NYSE: BAC) seems to be an exception.

"After Buffett bought more BofA shares in the first quarter of 2023, Berkshire now owns close to US$29.6 billion of the stock."

For me, Macquarie Group Ltd (ASX: MQG) is the ever-reliable financial giant that can match it with the likes of Bank of America.

In fact, over the past five years stocks of the Aussie investment bank have done far better than its American counterpart.

Over that time the Macquarie share price has risen 40.4%, while Bank of America has actually lost almost 1%.

The Australian company pays out better dividends too, with a current 4.3% yield of which 40% is franked. That compares to 3.1% for Bank of America.

3. American Express

The credit card company is one of Buffett's oldest holdings, according to Speights.

"The legendary investor first bought shares of American Express Company (NYSE: AXP) for Berkshire's portfolio three decades ago," he said.

"Amex is also one of Berkshire's biggest positions, with a valuation of over $26 billion."

For me that durability is matched on the ASX by the likes of Washington H Soul Pattinson and Co Ltd (ASX: SOL).

Soul Pattinson is well-known for constantly hiking its dividends each year. In fact, that streak hasn't been broken since 2001.

Add to that share price appreciation of 646% since November 2001 and full franking of the dividends, and you have yourself an enduring winner.

4. The Coca-Cola Company

Perhaps one of the most famous symbols of American consumerism, I think the beverage giant's equivalent on the ASX is supermarket chain Coles Group Ltd (ASX: COL).

Much like Coca-Cola Co (NYSE: KO), the Australian supermarket chain enjoys loyal patronage through economic downturns.

And Coles plays in a near-duopoly, which is a market position similarly strong to Coke.

As recession fears have played out, the Coles share price has soared more than 9.1% higher year to date.

The supermarket pays out a more-than-handy dividend yield of 3.35%, which is fully franked no less. 

This beats Coca-Cola's yield of 3.1%.

5. Chevron Corporation

According to Speights, the oil and gas company is Berkshire Hathaway's fifth biggest investment, even after it sold some off earlier this year.

Chevron Corporation (NYSE: CVX) is one of Buffett's best income producers, with a dividend yield just shy of 4%.

For mine, Whitehaven Coal Ltd (ASX: WHC) is an Australian match.

Both stocks are obviously correlated to energy and oil prices, which in turn fluctuate according to the economic cycle and the whims of OPEC.

Both produce energy that will be valuable as the world awaits renewable infrastructure to play catch up and to backfill the missing supply from Russia.

The Whitehaven share price has gained a handsome 40% over the past year, while paying out a stunning dividend yield of 10.7% fully franked.

That's the sort of income that US stocks can rarely match.

Bank of America is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tony Yoo has positions in Macquarie Group, Seek, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Apple, Bank of America, Berkshire Hathaway, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Chevron and has recommended the following options: long January 2024 $47.50 calls on Coca-Cola. The Motley Fool Australia has positions in and has recommended Coles Group, Macquarie Group, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Apple, Berkshire Hathaway, and Seek. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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