As a market watcher who has tracked Berkshire Hathaway’s filings for decades, I’ve come to appreciate that these quarterly 13Fs are less about short-term trading signals and more about capital allocation discipline in a conglomerate that now manages hundreds of billions in equities alongside massive insurance float, railroads, utilities, and manufacturing operations. The latest filing, for the period ended March 31, 2026, and disclosed in mid-May, marks the first full quarter under CEO Greg Abel following Warren Buffett’s retirement at the end of 2025. It reveals a more active hand than we’ve often seen, with the equity portfolio contracting from roughly $274 billion to $263 billion, holdings slashed from around 40+ to 29, and a turnover spike that stands out.
Portfolio Snapshot and ConcentrationThe top holdings remain classic Berkshire: Apple (AAPL) at ~22% (227.9 million shares), American Express (AXP) at ~17.4%, Coca-Cola (KO) at ~11.6% (400 million shares unchanged), Bank of America (BAC) at ~9.5%, and Chevron (CVX) at ~6.6%. The top 10 still command over 90% of the portfolio, underscoring the high-conviction, low-churn philosophy that has defined the firm.
Yet beneath the surface, there’s movement. The portfolio value dipped amid what appears to be net selling (Berkshire’s 10-Q noted roughly $16B in stock purchases versus $24B in sales for the quarter). This continues a pattern of net equity sales in recent years, as the company builds cash (nearing or exceeding record levels) for potential large opportunities while returning capital via buybacks—$234 million repurchased in Q1 at about 1.44x book value.
Key Additions and Increases: Building on Quality and ValueAlphabet (GOOGL/GOOG): A major step-up. GOOGL position roughly tripled or saw a ~204% share increase to ~54.2 million shares (~$15.6B, now a top-7 holding), with a new smaller GOOG stake. This boosts tech exposure beyond Apple in a thoughtful way, likely viewing Google’s cash-generating search and cloud businesses through a long-term value lens.
Delta Air Lines (DAL): Re-entered with ~39.8 million shares (~$2.65B). Airlines have been cyclical plays Berkshire has touched before; this reflects confidence in Delta’s positioning amid industry dynamics.
Macy’s (M): New small stake. This drew attention post-filing, with shares popping, as a potential value or special-situation bet in retail.
Continued building in Chubb (CB), New York Times (NYT) (from Q4 initiation), and homebuilders like Lennar (LEN). These align with durable businesses, insurance synergies (Chubb), or consumer-facing stability.
Notable Exits and Trims: Cleaning House and Taking ProfitsBerkshire fully exited or materially reduced several positions: Amazon (AMZN), UnitedHealth (UNH), Visa (V), Mastercard (MA), Domino’s (DPZ), Constellation Brands (STZ), and more than a dozen others. Trims hit BAC, CVX, and others.This pruning streamlines the portfolio, reduces overlap (e.g., payment networks), and likely reflects valuation discipline—selling when prices exceed intrinsic value estimates or when better uses for capital emerge (including cash buildup or acquisitions like the OxyChem deal).
Impacts on Berkshire and the Invested CompaniesFor Berkshire itself: The moves signal continuity with evolution. Core holdings like Apple, Amex, Coke, and BAC provide steady dividends, growth, and economic exposure that complement Berkshire’s operating businesses. Net selling and cash accumulation preserve dry powder—vital in an uncertain macro environment with rates, geopolitics, and potential opportunities. Reduced holdings count and higher turnover under Abel may indicate a slightly more agile approach while retaining the patient, value-oriented core. Buybacks at a premium to book but below intrinsic value (in many estimates) remain shareholder-friendly. Overall, Berkshire’s fortress balance sheet and insurance float give it unmatched flexibility; this 13F doesn’t change the long-term moat.For the companies involved:Positive for buyers like Alphabet, Delta, Macy’s: Berkshire’s stamp brings credibility, potential long-term holding stability, and sometimes a modest price pop (seen in after-hours reactions). For Alphabet, deeper commitment validates the business model.
Mixed/neutral for trims/exits: Large sales of Apple or BAC in prior periods have sometimes pressured shares short-term due to liquidity and signaling, but these are widely held stocks. Exits from AMZN, UNH, etc., remove a major long-term holder, but broad market ownership mitigates impact. Chevron’s trim reflects energy sector views amid oil dynamics.
Broader market: Berkshire’s actions are watched closely but rarely move indices given position sizes relative to market caps. They reinforce value investing principles favoring understandable businesses with strong returns on capital.
This 13F paints a picture of thoughtful repositioning rather than radical overhaul. Greg Abel and the team (with Buffett’s likely input on major calls) are trimming where valuations are rich or fit is imperfect, while adding to high-quality names and selective value plays. Concentration remains extreme, cash is king, and patience prevails. For long-term Berkshire shareholders, it’s business as usual with a fresh edge exactly what one expects from Omaha. Markets will provide the ultimate verdict over years, not quarters.
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