Full Breakdown
Greg Abel’s First-Quarter Portfolio Overhaul Signals New Direction for Berkshire Hathaway
5/19/2026, 9:26:29 PM
Core Event: First-Quarter 2026 Portfolio Changes Under New CEO
On May 15 2026, Berkshire Hathaway filed its Form 13-F for the quarter ending March 31, revealing that new chief executive officer Greg Abel reshaped the equity portfolio. The company added seven stocks, most notably expanding its stake in Alphabet Inc. (Class A and Class C shares) and initiating a $2.6 billion position in Delta Air Lines. It also opened a new $55 million position in Macy’s and increased holdings in Lennar, The New York Times Company, and The New York Times. Simultaneously, Berkshire sold out of 16 positions, including Amazon, Visa, Mastercard, UnitedHealth Group, and Domino’s Pizza.
Background & Context: Transition from Warren Buffett to Greg Abel
Warren Buffett retired as CEO on December 31 2025 after a 60-year tenure, remaining chairman of the board. Abel, Buffett’s longtime understudy, assumed day-to-day control of Berkshire’s $330 billion equity portfolio at the start of 2026. The transition occurred amid a historically high market-valuation environment, prompting a reassessment of value opportunities.
Key Figures & Groups
- Greg Abel – CEO of Berkshire Hathaway, responsible for portfolio decisions in Q1 2026.
- Warren Buffett – Chairman, continues to advise on investment matters.
- Berkshire Hathaway – Conglomerate with a diversified portfolio of public equities and private businesses.
Data & Statistics
- Alphabet: 36,403,656 Class A shares (up 204 %) and 3,585,215 Class C shares (new position), total value ? $23 billion (? 7 % of equity holdings).
- Delta Air Lines: 39.8 million shares, valued at $2.6 billion, the largest new holding.
- Macy’s: 3 million shares, ? $55 million.
- Lennar: increased to 1.47 % of the portfolio.
- The New York Times: 1.57 % of the portfolio.
- Exited positions: Amazon, Visa, Mastercard, UnitedHealth Group, Domino’s Pizza, among others.
- Cash & equivalents: $397 billion at quarter end, enabling $235 million of share repurchases.
Official Statements & Responses
Warren Buffett, in a CNBC interview, affirmed his continued involvement, noting he “won’t make any that Greg thinks are wrong.” Greg Abel emphasized ongoing collaboration, stating, “He’s in the office every day, so we’re talking every day. If I’m in Omaha, we’re always connecting.” Both comments underscore a joint approach to portfolio stewardship.
Criticism & Opposition
Analysts cited the elevated price-to-earnings multiples of technology stocks as a potential risk. The shift toward higher-priced growth equities, such as Alphabet, contrasts with Berkshire’s traditional focus on undervalued, cash-generating businesses, raising questions about value discipline in a record-high market-valuation environment.
Conflicting Reports & Gaps
Sources differ on Alphabet’s exact share count and valuation: some report 58 million shares worth $23 billion, while others cite 57.83 million shares at $23 billion or a $16.6 billion valuation. Delta’s stake is listed as $2.6 billion in some filings and $2.8 billion in others. The precise timing of the purchases within the quarter remains undisclosed.
Verbatim Quotes
- “won't make any that Greg thinks are wrong.” — Warren Buffett, CNBC interview
- “He’s in the office every day, so we’re talking every day. If I’m in Omaha, we’re always connecting,” — Greg Abel, statement to press
What’s Next
Abel indicated that the $235 million share-repurchase program may expand if acquisition opportunities remain limited. Monitoring of the expanded Alphabet position and the performance of the newly added Delta and Macy’s stakes will likely shape Berkshire’s next quarterly filing.
