Berkshire's $263 Billion Portfolio Pivot: 3 Key Moves in Abel's First Quarter

In his first quarter as chief executive, Greg Abel put his stamp on Berkshire Hathaway Inc.’s $263 billion equity portfolio, executing a significant $8.2 billion net sale of stocks while making a new $2.6 billion bet on Delta Air Lines and more than tripling the firm's stake in Google-parent Alphabet.

"A large portion of our portfolio is concentrated in a small number of American companies such as Apple, American Express, Coca-Cola, and Moody’s – businesses we understand well," Greg Abel wrote in his 2025 shareholder letter, signaling a continuation of the firm's concentrated approach.

The Q1 2026 filing showed Berkshire bought $15.9 billion of stocks while selling $24.1 billion, its fourteenth straight quarter of net sales. The portfolio shrank from 40 positions to just 29, with top five holdings Apple, American Express, Coca-Cola, Bank of America, and Chevron now comprising 67.1% of the total. While the massive Apple stake was held steady, the Alphabet position swelled to over $16.6 billion.

These moves suggest Abel is comfortable with large, concentrated technology bets but is also aggressively streamlining the portfolio to reflect his conviction. The widespread liquidations, largely attributed to the departure of money manager Todd Combs, indicate a consolidation of capital allocation decisions, with the next 13F filing in August expected to show if this selling trend continues.

Berkshire Hathaway’s first quarter under new leadership was a study in decisive action. While Warren Buffett remains as Chairman, the capital allocation decisions for the public equity portfolio now rest with CEO Greg Abel. The latest 13F filing provides the first concrete evidence of his strategy, which appears to blend a commitment to Berkshire’s largest existing positions with a significant house-cleaning of smaller stakes.

The most notable non-move was the decision to maintain the firm's entire position in Apple Inc. (AAPL). After trimming the stake in the prior three quarters, holding steady signals a renewed vote of confidence in the iPhone maker, which remains Berkshire’s largest single investment at approximately 22% of the public portfolio.

Tripling Down on Tech and Travel

While the Apple position was unchanged, Abel made a significant new allocation to another technology giant. Berkshire more than tripled its investment in Alphabet (GOOGL, GOOG), bringing its total stake to $16.6 billion and making it the portfolio's seventh-largest holding. The move deepens Berkshire’s exposure to the digital advertising and cloud computing markets, an area Buffett famously said he previously avoided for lack of expertise.

In a surprising reversal, Berkshire also waded back into the airline industry with a new $2.6 billion position in Delta Air Lines (DAL). The purchase makes Berkshire the carrier’s third-largest shareholder with a 6.06% stake. The move is particularly noteworthy given Buffett’s sale of the firm’s entire airline holdings in 2020 at the height of the pandemic, where he stated, "The world has changed for the airlines."

Consolidating the Portfolio

The quarter was defined as much by what was sold as what was bought. Berkshire exited 16 positions entirely, including major financial-tech players Visa (V) and Mastercard (MA), as well as e-commerce giant Amazon.com (AMZN) and health insurer UnitedHealth Group (UNH).

The sales are widely seen as the unwinding of positions managed by Todd Combs, who departed for JPMorgan at the end of 2025. Abel confirmed as much in public statements, and the liquidations serve to consolidate the portfolio around the highest-conviction ideas of Abel and fellow manager Ted Weschler. Alongside the complete exits, Berkshire also trimmed its stakes in energy firm Chevron (CVX) and Bank of America (BAC). Despite the selling, Berkshire’s cash pile grew to an adjusted $380.2 billion, providing ample firepower for future acquisitions or share repurchases, which resumed with a modest $235 million buyback during the quarter.

This article is for informational purposes only and does not constitute investment advice.