Berkshire Hathaway's new CEO, Greg Abel, is rapidly restructuring the company's equity investment portfolio within his first 100 days in the role. Reports indicate Abel has begun liquidating stock positions previously managed by former investment manager Todd Combs.
Combs departed Berkshire Hathaway at the end of 2025 to join JPMorgan Chase. Since Berkshire Hathaway does not disclose which manager is responsible for specific stock selections, the market can only speculate based on changes in holdings. However, during his tenure, Combs was widely believed to favor technology and financial stocks, including VeriSign and Snowflake. He also previously disclosed that Mastercard and Visa were among the first stocks he purchased after joining the firm.
Recent transactions by Berkshire Hathaway have sparked widespread market speculation. In the fourth quarter of 2025, the company reduced its stake in Amazon by nearly 80%, a holding widely attributed to Combs's influence. Notably, Amazon did not appear on the list of "core holdings" outlined in Abel's letter to shareholders this past February.
In his inaugural annual letter to shareholders, released on February 28, Abel explicitly identified Apple, American Express, Coca-Cola, and Moody's as Berkshire Hathaway's "core holdings." He stated that stakes in these companies would see "limited activity," with the expectation that they will continue to deliver compound growth for decades. These four stocks collectively account for over half of Berkshire Hathaway's approximately $300 billion stock portfolio.
Beyond these four "permanent holdings," Abel also included Japan's five major trading houses—Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo—within the core holdings category. Together, these companies represent approximately 13.4% of the Berkshire Hathaway portfolio.
In his letter, Abel noted that Berkshire Hathaway holds "meaningful positions" in a "small number of other companies," where capital allocation will be "more dynamic," with the potential for these positions to be elevated to core holdings in the future. It is noteworthy that Bank of America and Chevron were absent from the core holdings list. Over the past 18 months, Berkshire Hathaway has reduced its Bank of America stake by about half to 517 million shares, while its Chevron holding is valued at approximately $20 billion.
Compared to his predecessor Warren Buffett, Abel's management style is described as more proactive and assertive. Sources familiar with the matter indicate he is not hesitant to take necessary actions to improve operations, including dismissing senior executives when required. Regarding investments, Abel is unlikely to hire new personnel to assist with portfolio management and is expected to lead stock investment decisions personally.
Berkshire Hathaway currently holds a record $373.1 billion in cash. For investors, a key measure of the new CEO's leadership will be his ability to decisively deploy this capital into significant acquisitions, particularly during an economic downturn. Further details on the company's holdings will be disclosed in its earnings report on May 2 and in regulatory filings submitted in mid-May.
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