Full Breakdown
Greg Abel’s First-Quarter Portfolio Overhaul at Berkshire Hathaway
5/25/2026, 8:22:36 AM
Background: Buffett’s Succession and Berkshire’s Investment Philosophy
At the end of 2025, Warren Buffett retired as chief executive of Berkshire Hathaway after more than six decades. Greg Abel, a 26-year veteran who led Berkshire’s energy businesses, succeeded him. Berkshire’s long-standing approach emphasizes durable competitive advantages, concentrated long-term holdings, and disciplined capital allocation. Abel’s first quarter as CEO coincided with the company’s 13-F filing for Q1 2026, providing the first public view of his portfolio decisions.
Core Portfolio Changes in Q1 2026
The filing shows the closure of 16 equity positions, including Visa, Mastercard, UnitedHealth Group, Domino’s Pizza, Amazon, Charter Communications, Diageo, Aon, Allegion, Heico, Lamar Advertising, Liberty Latin America (Series A and C), Liberty Formula 1, Pool Corp., and others. The exits eliminated roughly one-third of Berkshire’s total equity exposure, leaving 29 positions outside Japan.
New purchases featured a 39.8 million-share stake in Delta Air Lines, valued at about $3 billion (?6.1 % of the airline). Berkshire also added a modest position in Macy’s. The most pronounced addition was 36.4 million shares of Alphabet Class A, raising the total to more than 54 million shares—approximately 6 % of the equity portfolio and tripling the prior stake to a $23 billion holding, now the seventh-largest position.
Data & Statistics: Cash, Portfolio Value, and Top Holdings
Berkshire ended Q1 2026 with $397.4 billion in cash, cash equivalents, and short-term Treasury bills, up from $373 billion at the end of 2025. Reported equity-portfolio size varies: one source cites $263.1 billion, while another references a $330 billion equity portfolio. The top ten holdings account for roughly 90 % of assets, led by:
- Apple – $57.8 billion (21.99 %)
- American Express – $45.9 billion (17.43 %)
- Coca-Cola – $30.4 billion (11.56 %)
- Bank of America – $25.0 billion (9.52 %)
- Chevron – $17.5 billion (6.64 %)
- Occidental Petroleum – $17.2 billion (6.55 %)
- Alphabet Class A – $15.6 billion (5.93 %)
- Chubb – $11.2 billion (4.24 %)
- Moody’s – $10.8 billion (4.09 %)
- Kraft Heinz – $7.3 billion (2.78 %).
Berkshire also authorized share repurchases of up to $325 million and reported that Abel is spending his $15 million after-tax salary on Berkshire stock.
Official Statements & Responses
In Berkshire’s February annual report, Abel communicated a focus on a “concentrated group of high-conviction stocks,” aligning the sell-offs with that intent. The filing notes the authorized $325 million share-repurchase program and confirms Abel’s personal investment of his full salary in Berkshire shares, signaling confidence in the firm’s long-term outlook.
Conflicting Reports & Gaps
Sources differ on the size of Berkshire’s equity portfolio—$263.1 billion versus $330 billion—creating uncertainty about the proportion of cash relative to equities. Additionally, while the 13-F lists 16 exited positions, the exact timing of each sale is not detailed, leaving a gap in understanding the sequencing of portfolio adjustments.
Why It Matters
The shift from modest positions in credit-card issuers to a sizable stake in Alphabet and a re-entry into airlines suggests a nuanced evolution of Berkshire’s risk profile under Abel. The large cash reserve provides flexibility for future acquisitions or share buybacks, while the concentration in high-conviction holdings maintains the firm’s traditional defensive posture. Investors can view the portfolio changes as a test of Abel’s interpretation of Buffett’s disciplined framework.
What’s Next
Abel’s next 13-F filing, due in the coming months, will reveal whether the Delta and Alphabet positions will be expanded further and whether additional cash will be deployed or retained. Monitoring any adjustments to the share-repurchase program and potential new high-conviction entries will be essential for assessing the long-term trajectory of Berkshire Hathaway’s capital-allocation strategy.
