Berkshire Hathaway's holdings in the first quarter of 2026

On May 15th, Berkshire Hathaway filed its Q1 2026 13F report with the SEC. This is the first full quarterly portfolio under new CEO Greg Abel, who succeeded Warren Buffett in December 2025, and the first since former portfolio manager Todd Combs left for JPMorgan. It marks the official beginning of the "post-Buffett era" at Berkshire.

This quarter, Abel conducted a sweeping overhaul of the investment portfolio: total holdings value fell from $274.1 billion to $263.1 billion, the number of positions dropped sharply from 42 to 29, and the top 10 holdings now account for 78% of the portfolio, significantly increasing concentration. The company bought approximately $16 billion in stocks while selling $24 billion, marking its 13th consecutive quarter of net selling, with net sales of about $8.15 billion. As of March 31st, Berkshire's cash reserve reached a record $397 billion, mostly invested in short-term U.S. Treasury bills.

Top 10 Holdings: Core Positions Remain Stable

Berkshire Hathaway's holdings in the first quarter of 2026

Berkshire's core holdings continue the Buffett-era style, dominated by leading companies in consumer, financial, and energy sectors:

Apple (AAPL): $57.84 billion, 22% of portfolio, slightly reduced this quarter, still the largest holding
American Express (AXP): $45.86 billion, 17.4%, unchanged
Coca-Cola (KO): $30.40 billion, 11.6%, unchanged
Bank of America (BAC): $25.04 billion, 9.5%, reduced by approximately $3.4 billion this quarter
Chevron (CVX): $17.46 billion, 6.6%, sharply reduced by 35%, cashing out about $8 billion
Occidental Petroleum (OXY): $17.22 billion, 6.5%, unchanged
Alphabet (GOOGL): $15.60 billion, 5.9%, increased by 204% this quarter, rising from 10th to 7th largest holding
Chubb (CB): $11.16 billion, 4.2%, unchanged
Moody's (MCO): $10.76 billion, 4.1%, unchanged
Kraft Heinz (KHC): $7.32 billion, 2.8%, unchanged

Key Portfolio Moves: Abel's Investment Style Emerges

The three most notable actions this quarter clearly demonstrate Abel's distinct investment style compared to Buffett:

1. Tripled Alphabet Stake, Betting on the AI Era

Abel's biggest move this quarter was a massive increase in Alphabet. He added 36.4 million Class A shares and initiated a new position of 3.58 million Class C shares, bringing total holdings from 17.85 million to 58 million shares. The position's value surged from $5.4 billion to $15.6 billion. This indicates Abel believes Alphabet is one of the most competitive tech giants in the AI era, with its Gemini AI platform and cloud computing business offering strong long-term growth potential.

2. Returned to Airlines After Six Years, Bought Delta Air Lines

This quarter, Berkshire invested $2.65 billion to establish a new position of 39.8 million shares in Delta Air Lines, becoming its third-largest shareholder. This is the first time Berkshire has made a major bet on airlines since Buffett famously liquidated all four U.S. airline holdings during the 2020 pandemic. Abel believes that after six years of industry consolidation, Delta's profitability and cash flow have significantly improved, and its current valuation is attractive.

3. Massive Cleanup, Streamlined the Portfolio

Abel completely exited 16 positions this quarter, including Amazon, Visa, Mastercard, UnitedHealth, Domino's Pizza, and Aon. Selling Visa and Mastercard alone generated approximately $5.2 billion in cash, while exiting Amazon ended a holding that began in 2019. According to The Wall Street Journal, most of the liquidated positions were managed by former portfolio manager Todd Combs, and Abel conducted a full cleanup after his departure.

Investment Takeaway: Cash is King, Waiting for Market Panic

In his first letter to shareholders in February, Abel made it clear that Berkshire will continue to adhere to Buffett's value investing philosophy but will be more proactive in adjusting the portfolio. The current $397 billion cash reserve is Berkshire's greatest advantage, and Abel is patiently waiting for a market panic to deploy it on a large scale.

At the May shareholder meeting, Buffett also stated: "The current market environment is not an ideal time for us to deploy capital. When no one wants to answer the phone and the market is completely deserted, that's when we will be buying aggressively."

For retail investors, Berkshire's portfolio adjustments send a clear signal: AI tech leaders and high-quality cyclical industries have long-term investment value, but overall market valuations are currently elevated. Maintaining sufficient cash reserves and waiting for better buying opportunities is a wise approach.