After Buffett's departure, Berkshire Hathaway boldly ushered in the "Abel Era" with a quarterly holdings report featuring significant portfolio adjustments.
The 13F filing disclosed on Friday, Eastern Time, the 15th, showed that in the first quarter of 2026, Berkshire made major adjustments to its investment portfolio: on one hand, it spent approximately $2.65 billion to establish a new position in Delta Air Lines, marking Berkshire's first renewed bet on airline stocks since divesting from the four major U.S. airlines during the pandemic in 2020; on the other hand, it further increased its stake in Google's parent company Alphabet, while completely exiting holdings in multiple consumer and fintech stocks such as Amazon, Visa, and Mastercard.
Meanwhile, Berkshire reduced its stake in Chevron by approximately 45.78 million shares in Q1. Based on the volume-weighted average price of $182.59 calculated by Bloomberg data, this generated proceeds of about $8 billion. Its ownership percentage decreased to 4.2%, but Berkshire remained Chevron's fourth-largest shareholder. Chevron's stock hit a record high in March this year before retreating somewhat, making this sale opportune given the high price.
Overall, Berkshire noticeably increased its portfolio adjustment intensity in Q1. According to media statistics, Berkshire purchased about $16 billion worth of stocks and sold about $24 billion worth in the quarter. The number of holdings plummeted from 42 to 29, indicating the new management is undertaking a more concentrated and distinct rebalancing of the investment portfolio.
Q1 Splurges $2.6 Billion to Establish Position in Delta Air Lines
Among the data disclosed this Friday, the market paid the most attention to Berkshire's move to re-enter airline stocks.
The 13F shows Berkshire established a new position of approximately 39.8 million shares in Delta Air Lines (DAL) in Q1. These shares were worth nearly $2.65 billion, accounting for about 1% of Berkshire's portfolio. In terms of holding value, Delta Air Lines became Berkshire's 14th-largest holding immediately after being established in Q1.
This move holds special significance. In 2020, when the pandemic hit the global aviation industry, Buffett quickly exited positions in the four major U.S. airlines, including Delta, United, Southwest, and American Airlines, publicly stating that the business model of the aviation industry had fundamentally changed.
Now, Berkshire's renewed bet on the aviation industry after six years is seen by the market as a signal that management has turned optimistic again regarding U.S. consumer and business travel, as well as corporate profit prospects.
In addition to Delta, Berkshire also established new positions in Macy's and slightly increased its stake in Alphabet Class C shares.
Alphabet Class A Holdings Soar Over 200%, Rise to 7th Largest Holding
Regarding the tech sector, Berkshire continued to strengthen its bet on Google.
The filing shows Berkshire increased its holdings of Alphabet (GOOGL) Class A shares by over 36.4 million shares in Q1. The share count surged approximately 204% compared to the end of Q4, with the holding value rising to $15.6 billion. Its ranking among Berkshire's major holdings rose from tenth in Q4 to seventh.
The market believes this means Berkshire's recognition of the value of Google's core assets in the AI era is increasing. In recent years, Berkshire has long been cautious about large tech companies, with Apple being the only tech stock it held heavily. However, as generative AI competition intensifies and Google increases investment in AI infrastructure, its valuation and cash flow advantages have re-attracted Berkshire.
Notably, Alphabet is also one of the few large tech companies Berkshire has consistently added to over recent quarters.
In contrast, Apple remains Berkshire's number one holding, although Berkshire sold Apple for three consecutive quarters starting from Q2 2025 until stopping this Q1. Data shows that as of the end of March, Apple accounted for about 22.6% of Berkshire's U.S. stock portfolio, still the absolute core asset.
Exits Amazon, Visa, Mastercard, UnitedHealth, "Portfolio Slimming" Evident
While adding to Google and airline stocks, Berkshire also made a "clean break" from several non-core assets.
The 13F shows Berkshire completely exited its position in Amazon and also cleared out holdings in Visa, Mastercard, UnitedHealth Group, Domino's Pizza, Pool Corp, Aon, and several other stocks.
Among these, the exit from Amazon is particularly noteworthy, marking the first time in nearly seven years that Berkshire does not hold Amazon. Last Q4, Amazon was the stock Berkshire reduced the most, with its share count falling over 77.2% quarter-on-quarter to about 2.3 million shares.
Berkshire first bought Amazon in Q2 2019. Buffett said at the time that although he had historically been cautious about tech stocks, it was "stupid" not to have bought shares of the online retail giant earlier.
Amazon was seen as one of Berkshire's rare investments in internet e-commerce in recent years, but its position size was never large. Its complete exit is also interpreted by the market as Berkshire further focusing its "tech allocation," i.e., concentrating bets on giants like Apple and Google that possess greater platform moats and cash flow advantages.
In the financial sector, Berkshire continued to trim some banking and payment assets:
- Bank of America (BAC) holdings reduced by about 3.67 million shares, a decrease of approximately 0.7% compared to Q4;
- The beverage stock Constellation Brands (STZ) was reduced by nearly 12.37 million shares, a sharp drop of about 95.1%.
However, long-term core positions like Coca-Cola and American Express remained largely stable.
Sells Chevron at Highs for ~$8 Billion, Remains Fourth-Largest Shareholder
The reduction in Chevron was the single largest transaction by value in this holdings report.
According to Bloomberg, Berkshire sold approximately 45.78 million shares of Chevron at a volume-weighted average price of $182.59, generating proceeds of about $8 billion. The holding decreased by about 35%, with the remaining ownership at 4.2%. After the sale, Berkshire remained 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 soaring oil prices. Berkshire initially bought Chevron around $65 in 2020 and partially reduced its stake in 2021; around the time of the Russia-Ukraine conflict outbreak in 2022, it significantly increased its position again at an average price of $124. Based on the current sale average price of $182.59, this represents an unrealized gain of about 47% compared to the 2022 buying cost.
Top Ten Holdings at End of Q1: Apple Still Far Ahead
As of the end of March 2026, Berkshire's top ten holdings remained highly concentrated in Apple, financials, and consumer leaders, all "familiar faces" from Q4, though their specific rankings shifted, with Alphabet's ranking rising the most—three positions quarter-on-quarter.
According to the 13F filing, Berkshire's top ten holdings in Q1 this year were:
- Apple (AAPL)
- American Express (AXP)
- Coca-Cola (KO), ranking rose from fourth in Q4 to third
- Bank of America (BAC), ranking fell from third to fourth
- Chevron (CVX)
- Occidental Petroleum (OXY), ranking rose from seventh to sixth
- Alphabet (GOOGL), ranking rose from tenth to seventh
- Chubb (CB)
- Moody's (MCO), ranking fell from sixth to ninth
- Kraft Heinz (KHC), ranking fell from ninth to tenth
Among these, the combined positions of Apple, American Express, and Bank of America still account for over half of the entire stock portfolio.
However, compared to the Buffett era, the new management is demonstrating a higher portfolio adjustment frequency and a more evident "active rotation" style.
The market's current focus is also shifting: as Buffett gradually steps back and new CEO Greg Abel takes the lead, will Berkshire transition from its "long-term, extremely concentrated holding" model towards a more flexible, industry-trend-oriented investment style?
