Following Warren Buffett's departure, Berkshire Hathaway has emphatically entered the "Abel Era" with a quarterly holdings report showcasing significant portfolio adjustments. The 13F filing disclosed on Friday, May 15th, reveals that in the first quarter of 2026, Berkshire executed major changes to its investment portfolio. On one hand, the conglomerate initiated a new position in Delta Air Lines, investing approximately $2.65 billion. This marks Berkshire's first renewed bet on airline stocks since liquidating its holdings in the four major U.S. carriers during the 2020 pandemic. On the other hand, Berkshire increased its stake in Alphabet, the parent company of Google, while completely exiting positions in several consumer and fintech stocks, including Amazon.com, Visa, and Mastercard. Concurrently, Berkshire reduced its stake in Chevron by approximately 45.78 million shares. Based on the volume-weighted average price of $182.59 calculated by Bloomberg data, this divestment realized around $8 billion. The holding percentage was lowered to 4.2%, though Berkshire remains Chevron's fourth-largest shareholder. Chevron's stock reached a record high in March this year before retreating somewhat, positioning this sale near a peak. Overall, Berkshire notably intensified its portfolio rebalancing efforts in Q1. Media statistics indicate the conglomerate purchased about $16 billion and sold roughly $24 billion worth of stock during the quarter. The total number of holdings plummeted from 42 to 29, signaling that the new management is steering the portfolio toward a more concentrated and distinctly rebalanced composition.
**Q1: A $2.65 Billion Bet on Delta Air Lines** Among the actions disclosed this Friday, the market's attention was particularly captured by Berkshire's re-entry into airline stocks. The 13F filing shows Berkshire established a new position of about 39.8 million shares in Delta Air Lines (DAL) during Q1. These shares were valued at nearly $2.65 billion, constituting approximately 1% of Berkshire's portfolio. By market value, Delta Air Lines immediately became Berkshire's 14th-largest holding upon initiation. This move carries special significance. In 2020, when the pandemic devastated the global aviation industry, Buffett swiftly exited positions in the four major U.S. airlines—Delta, United, Southwest, and American—publicly stating that the industry's business model had fundamentally changed. Now, Berkshire's renewed bet on the aviation sector after six years is viewed by the market as a signal that management is turning optimistic again regarding U.S. consumer and business travel, as well as corporate profit prospects. Beyond Delta, Berkshire also initiated a new position in Macy's and made a small increase to its holding of Alphabet Class C shares.
**Alphabet Class A Holdings Surge Over 200%, Becoming Seventh-Largest Holding** In the technology sector, Berkshire continued to strengthen its bet on Google. The filing reveals that in Q1, Berkshire increased its holding of Alphabet (GOOGL) Class A shares by over 36.4 million, boosting the share count by approximately 204% compared to the end of Q4. The position's market value grew to $15.6 billion, elevating its rank within Berkshire's major holdings from tenth in Q4 to seventh. The market interprets this as an indication that Berkshire's recognition of the value of Google's core assets in the AI era is rising. Over the past few years, Berkshire maintained long-term caution toward large tech companies, with Apple being its only true heavyweight tech holding. However, as generative AI competition intensifies and Google ramps up investments in AI infrastructure, its valuation and cash flow advantages have re-attracted Berkshire. It is noteworthy that Alphabet is also one of the few large-cap tech companies Berkshire has consistently added to over recent quarters. In contrast, Apple remains firmly Berkshire's top holding. However, Berkshire sold Apple shares for three consecutive quarters starting from Q2 2025, only halting the sales in Q1 this year. Data shows that as of the end of March, Apple constituted about 22.6% of Berkshire's U.S. stock portfolio, remaining the absolute core asset.
**Exiting Amazon.com, Visa, Mastercard, UnitedHealth; Notable "Portfolio Slimming"** While adding to Google and airline stocks, Berkshire also executed a "clean break" from several non-core assets. The 13F shows Berkshire has completely exited its position in Amazon.com, while also liquidating holdings in Visa, Mastercard, UnitedHealth Group, Domino's Pizza, Pool Corp, and Aon, among others. The exit from Amazon.com is particularly noteworthy, marking the first time in nearly seven years that Berkshire holds no Amazon.com shares. In Q4 last year, Amazon.com was the stock Berkshire reduced the most, with the share count falling by over 77.2% quarter-over-quarter to about 2.3 million shares. Berkshire first purchased Amazon.com in Q2 2019. Buffett stated at the time that, despite his historical caution toward tech stocks, not buying the online retail giant's stock earlier was "stupid." Amazon.com was seen as one of Berkshire's rare investments in internet e-commerce in recent years, though its position size was never substantial. Its complete exit is now interpreted by the market as Berkshire further focusing its "tech allocation," concentrating bets on giants like Apple and Alphabet that possess stronger platform moats and cash flow advantages. In the financial sector, Berkshire continued to trim some banking and payment-related assets:
* Its holding in Bank of America (BAC) was reduced by approximately 3.67 million shares, a decrease of about 0.7% from Q4. * Its stake in Constellation Brands (STZ) was cut by nearly 12.37 million shares, a sharp reduction of about 95.1%.
However, long-term core holdings like Coca-Cola and American Express remained largely stable.
**Chevron Sale Nets ~$8 Billion Near Highs; Remains Fourth-Largest Shareholder** Within this holdings report, the reduction in Chevron represents the single largest transaction by value. According to Bloomberg, Berkshire sold approximately 45.78 million Chevron shares at a volume-weighted average price of $182.59, realizing around $8 billion. The holding was reduced by about 35%, with the remaining stake at 4.2%. Post-sale, Berkshire remains Chevron's fourth-largest shareholder. Bloomberg reported that Chevron's stock price hit a record high in March this year against the backdrop of U.S.-Iran tensions and surging oil prices. Berkshire initially purchased Chevron around the $65 range in 2020 and partially reduced the stake in 2021. Around the time of the Russia-Ukraine conflict in 2022, Berkshire significantly increased its position again at an average price of $124. Based on the recent sale average of $182.59, this represents an approximate 47% unrealized gain compared to the 2022 acquisition cost.
**Top Ten Holdings at Q1-End: Apple Maintains Commanding Lead** As of the end of March 2026, Berkshire's top ten holdings remained highly concentrated in Apple, financials, and consumer staples leaders. All were "familiar faces" from Q4, though specific rankings shifted, with Alphabet's position rising three spots—the largest increase. According to the 13F filing, Berkshire's top ten holdings for Q1 2026 were:
1. Apple (AAPL) 2. American Express (AXP) 3. Coca-Cola (KO), rising from fourth in Q4 to third 4. Bank of America (BAC), falling from third to fourth 5. Chevron (CVX) 6. Occidental Petroleum (OXY), rising from seventh to sixth 7. Alphabet (GOOGL), rising from tenth to seventh 8. Chubb (CB) 9. Moody's (MCO), falling from sixth to ninth 10. Kraft Heinz (KHC), falling from ninth to tenth
Among these, the combined holdings of Apple, American Express, and Bank of America still constitute over half of the entire stock portfolio. However, compared to the Buffett era, the new management is exhibiting a higher frequency of portfolio adjustments and a more pronounced style of "active rotation." Market focus is now shifting toward whether Berkshire Hathaway, led by new CEO Greg Abel as Buffett gradually steps back, will transition from a model of "extremely concentrated long-term holding" toward a more flexible investment style attuned to industry trends.
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