According to a filing with the U.S. Securities and Exchange Commission, Berkshire Hathaway reported its second-quarter portfolio holdings for the period ending June 30, 2026. The filing shows that Berkshire's total portfolio value stood at $299 billion, up from $263 billion in the previous quarter. During the second quarter, Berkshire added one new stock, increased stakes in seven positions, reduced holdings in six stocks, and fully exited one position. The top ten holdings accounted for 88.47% of the total portfolio value.
This marks the second full quarter under Greg Abel's leadership as CEO, succeeding Warren Buffett. Berkshire Hathaway added 17.5 million shares of Delta Air Lines (DAL.US), bringing the stake's value to $5.37 billion by the end of June. Additionally, Abel increased the position in Alphabet (GOOGL.US) by 48.1 million shares, making it the conglomerate's third-largest holding, valued at $37.8 billion at mid-year.
As of the end of June, Berkshire Hathaway held approximately 106 million shares of Alphabet (Class A and Class C combined), worth $37.9 billion. This position grew 83% in the second quarter, pushing Alphabet ahead of Coca-Cola (KO.US) to become the Omaha-based firm's third-largest holding by market value, trailing only Apple (AAPL.US) and American Express (AXP.US), which account for 22.04% and 17.14% of the portfolio, respectively. The increase was largely driven by a $10 billion private equity acquisition announced in early June, when Alphabet sought new capital to fund its massive artificial intelligence infrastructure buildout. This implies Berkshire bought roughly $7 billion worth of Alphabet stock on the open market. Warren Buffett, current chairman of Berkshire Hathaway, told media he has always been bullish on Alphabet and has Abel's backing.
Second, Berkshire Hathaway continued to expand its investment in the airline industry, a sector long favored by Buffett. The company's stake in Delta Air Lines grew 44% in the quarter, reaching 57.3 million shares valued at roughly $5.4 billion by the end of June. This move comes after Buffett sold Delta Air Lines and three other airline stocks at a loss in early 2020 during the COVID-19 pandemic, only to repurchase Delta Air Lines shares shortly after. Housing is another cyclical sector where Berkshire Hathaway increased its exposure. The firm boosted its holdings in Lennar Corporation (LEN.US) Class A shares by nearly 30%, to 13.1 million shares worth about $1.19 billion, while its Class B stake also rose 25%, to roughly 298,000 shares. Berkshire Hathaway also disclosed a new small position in D.R. Horton (DHI.US), holding 3,600 shares worth approximately $580,000 as of June 30. The company completed its $6.8 billion acquisition of Scottsdale, Arizona-based homebuilder Taylor Morrison (TMHC.US) during the quarter. In other additions, Berkshire Hathaway increased its stake in Macy's (M.US) by 142%, though the actual value of the increase was only about $100 million due to its relatively small size.
Berkshire Hathaway has been reducing its financial sector holdings in recent quarters, a trend that continued. The company cut its stake in Ally Financial (ALLY.US) by 7% and reduced its position in Capital One (COF.US) by 58%. The reduction in Bank of America (BAC.US) was smaller at 5.9%, but due to the large size of the holding, the sale resulted in a value drop of about $1.7 billion, making it the largest single disposal in the quarter. After eight consecutive quarters of selling, Berkshire Hathaway has cut its Bank of America stake by 53%. From a portfolio composition perspective, Berkshire also significantly reduced its holdings in Kroger (KR.US), Nucor (NUE.US), and DaVita (DVA.US) in the second quarter, and fully exited Constellation Brands (STZ.US).
Berkshire Hathaway ended its long streak of net stock selling in the second quarter, turning into a net buyer with nearly $20 billion in net purchases. This reversal came after 14 consecutive quarters of net selling. By the end of June, the conglomerate's cash pile had fallen to $365.5 billion from a record $397.4 billion three months earlier, as Berkshire began deploying more capital into investments and share buybacks. In its second-quarter earnings report, Berkshire Hathaway said it spent about $4.5 billion on repurchasing its own stock during the period while adding nearly $20 billion in net stock purchases. Under Buffett's leadership, trading activity was relatively subdued, with Buffett often complaining about high market valuations. Abel, however, has overseen multiple multi-billion-dollar deals during this period.
Michael Burry, the investor who inspired the film "The Big Short," expressed dissatisfaction with Berkshire Hathaway CEO Greg Abel's decision to reduce the company's massive cash reserve in the second quarter. Burry posted on Substack on Sunday that his "biggest fear" was that Warren Buffett's successor would not possess the same patience as Buffett to wait for the "fat pitch." Now, he wrote: "I believe my fears have been realized. Therefore, I believe Berkshire Hathaway is no longer an attractive investment going forward." Burry acknowledged that "the cash pile hasn't been depleted that much," with the remaining roughly $360 billion still a huge sum. But he worries Abel's "first steps look more like framing than investing." Burry clarified he is not suggesting anyone short Berkshire Hathaway. A key element of Buffett's investment strategy over the years has been maintaining the discipline to wait for exceptional opportunities, much like baseball legend Ted Williams would wait for a "fat pitch" he could easily hit.
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