Berkshire Hathaway's adjustments to its investment portfolio drove gains for certain stocks on Monday, as investors analyzed the latest bets and exits disclosed in the company's quarterly regulatory filing.
The filing, submitted on Friday, revealed Berkshire's stock holdings as of quarter-end, marking the first partial glimpse of the portfolio under new CEO Greg Abel since legendary investor Warren Buffett stepped down earlier this year.
One of the most significant moves in the latest filing was a new, sizable position in Delta Air Lines. Berkshire purchased 39.8 million shares of the airline, valued at $2.6 billion as of the end of March, making it the company's 14th-largest holding at that time. Delta's stock rose more than 3% at one point during Monday's trading session.
This investment in Delta signals Berkshire's return to the airline industry. Six years ago, Buffett surprised the market by liquidating Berkshire's entire portfolio of U.S. airline stocks, selling over $4 billion worth of holdings in United Airlines, American Airlines, Southwest Airlines, and Delta. At the time, Buffett believed the pandemic had permanently altered consumer habits and travel demand.
Berkshire also established a new position in Macy's during the last quarter. The filing showed the company held a new stake worth approximately $55 million as of the end of Q1. Following this disclosure, shares of the department store chain climbed more than 1% on Monday.
Meanwhile, Berkshire Hathaway significantly increased its relatively new holding in Alphabet, making the Google parent company's stock its seventh-largest holding. Among its largest positions, holdings in Chevron were reduced.
Berkshire sold a substantial number of stocks last quarter, likely to unwind positions associated with Todd Combs, who left the company at the end of 2025 to join JPMorgan Chase. Combs, who was personally recruited by Buffett, co-managed Berkshire's stock portfolio alongside Ted Weschler.
Notable sales included Mastercard and Visa—two stocks that were early investments by Combs, reflecting holdings from his previous hedge fund—as well as a complete exit from Amazon, widely considered another position linked to him.
Other stocks sold by Berkshire included UnitedHealth Group, Aon, Pool Corporation, Domino's Pizza, and Charter Communications.
Abel, who was in the spotlight earlier this month at Berkshire's annual meeting, stated that he still consults the 95-year-old Buffett on investment decisions.
"He comes to the office every day, so whenever I'm in Omaha, we talk every day, and we're always in touch," Abel said in March. "If I'm traveling, like I was yesterday, I often check in with him, discussing what he's seeing, what he's hearing, and my own thoughts. So we communicate every other day if not daily."
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