Berkshire’s Portfolio Shift After Buffett Raises Eyebrows

27 May 2026

OMAHA, Nebraska, May 27, 2026, 08:02 CDT

Berkshire trimmed back some smaller names in its U.S.-listed portfolio in its latest filing, while building up Alphabet into a bigger stake.
The moves are notable as they cover Greg Abel’s first quarter as CEO, after Warren Buffett stepped away from day-to-day operations at Berkshire.
The filing is drawing attention to what Berkshire does with its big cash stockpile as markets remain high and investors look at Abel’s record on capital allocation.

Berkshire Hathaway’s first stock filing with Greg Abel as CEO revealed some bigger changes. The firm ramped up its stake in Alphabet, went back into Delta Air Lines, and dropped out of names like Amazon, Visa, Mastercard, and UnitedHealth. It also cut several smaller holdings.

Timing matters here. The filing shows results from Abel’s first full quarter as CEO after taking over from Warren Buffett, offering an early read on any shifts in Berkshire’s investing approach while Buffett still holds the chairman role.

The filing is a Form 13F, which large investment managers use each quarter to report their U.S. stock holdings. The snapshot is helpful, but it isn’t a real-time view. It shows what Berkshire held as of March 31. That may not reflect the current portfolio.

Berkshire’s May 15 filing showed it held $263.1 billion in 13F securities as of March 31, down from $274.2 billion at the end of December. The number of reported line items dropped to 90 from 110. Line items don’t equal unique companies since some issuers can be listed more than once.

Alphabet stood out for Berkshire Hathaway. Berkshire held almost 58 million shares of the Google parent as of March, a position worth nearly $17 billion, the AP reported. That’s up from 17.8 million shares and $5.6 billion in value just three months before. The bigger stake brings Alphabet much closer to Berkshire’s core holdings like Apple and away from the smaller, experimental bets it sometimes carries.

Berkshire’s Delta buy was different. The company picked up 39.8 million Delta shares, taking a 6.1% stake. That comes six years after Buffett sold out of airlines including Delta, American Airlines, Southwest Airlines, and United Airlines near the start of the pandemic. Macy’s was a smaller bet, at about 3 million shares for $55 million, but it brought another turnaround play to the quarter.

Berkshire’s selling was evident. Reuters said the company dumped several smaller positions, like Amazon, UnitedHealth, Visa and Mastercard. Berkshire also left Domino’s Pizza, Aon and Pool, and cut Chevron by 35%, but Chevron stayed among its biggest holdings.

Berkshire moved to cut its portfolio “more quickly than we expected” after Abel took charge, Morningstar senior equity analyst Greggory Warren wrote. Morningstar put net stock sales for the quarter at $8.1 billion, with $24.1 billion in sales and $16.0 billion in buys. Morningstar

Berkshire’s biggest U.S.-listed holdings are much the same. Apple, American Express, Coca-Cola, Bank of America, and Chevron are still on top, Reuters said. The company also holds operating units like BNSF railroad, Geico, energy operations, manufacturers, and retailers such as Dairy Queen and See’s.

Berkshire Vice Chairman Greg Abel has been telling investors not to expect big changes right away. At the company’s annual meeting this month, Abel said, “We want Berkshire to endure.” Buffett added, “Greg is doing everything I did and then some.” In the first quarter, Berkshire posted $11.35 billion in operating profit and reported record cash of $380.2 billion. That gives Abel a lot of room to maneuver, but also adds pressure to make moves. Reuters

The filing isn’t clear on some points. It doesn’t say who—Abel, Buffett or Ted Weschler—made each trade, and doesn’t show any changes after March 31. The new Delta position means Berkshire is back in a sector hit by fuel prices and shaky travel demand. Macy’s, meanwhile, is still tied to the difficult department-store business.

Berkshire’s Class B shares traded at $483.62 ahead of the U.S. open, off 0.6% from the last close. Investors now are asking if Abel is unwinding Buffett’s strategy quickly enough to put his own mark on Berkshire’s next ten years, rather than if he’s sticking to the playbook.

Khadija Saeed Latest posts

Khadija Saeed is a financial markets reporter at TS2.tech. Her coverage ranges from stocks and technology to emerging industries and developments across global markets. She studied economics and finance at the London School of Economics and worked in market research before becoming a financial journalist. Follow Khadija Saeed on Google News.

View all