NEW YORK, May 19, 2026, 07:01 EDT
- Berkshire’s Q1 filing offered investors the best look so far at how Greg Abel is running the stock portfolio since stepping in for Warren Buffett.
- Delta Air Lines shows up with a new $2.65 billion stake. The firm also increased its Alphabet holding. It dropped UnitedHealth, Amazon, Visa, and Mastercard.
- Market reaction followed the news. UnitedHealth slid Monday after the exit. Delta and Macy’s got a look after Berkshire revealed new stakes.
Berkshire Hathaway, in its first portfolio moves since Greg Abel took over as CEO, added Delta Air Lines again to its holdings, made a big increase in Alphabet, and cut out a number of smaller positions such as UnitedHealth Group, Amazon, Visa, and Mastercard.
Berkshire Hathaway reported a $263.1 billion portfolio of U.S.-listed stocks as of March 31, its Form 13F filing shows. The quarterly disclosure, required from big investment managers, was filed May 15.
Berkshire’s latest portfolio snapshot is drawing attention because it’s the first full quarter since Abel took over as CEO from Buffett. Investors look to Berkshire’s filings for clues on where the money is moving, and the first portfolio under Abel’s lead hints at some changes along with tougher calls on some stocks.
Berkshire picked up 39.8 million Delta shares, around $2.65 billion at the end of the quarter, according to the filing. The company also held about 3.04 million Macy’s shares, much smaller, valued near $55 million.
Alphabet was the bigger strategic bet for Berkshire. The firm raised its Alphabet Class A holdings to 54.25 million shares, up from 17.85 million at the end of December. It also bought 3.59 million Class C shares, so the total Alphabet stake sits at 57.8 million shares valued at $16.6 billion as of March 31.
Berkshire sold out of UnitedHealth, Amazon, Visa, Mastercard, Domino’s Pizza, Aon and Pool, and also cut Chevron, despite Chevron still ranking as one of its biggest positions, Reuters said. The company bought $15.94 billion in stocks but sold $24.09 billion in the first quarter.
UnitedHealth shares dropped over 2% on Monday after news of Berkshire’s sale, Reuters reported. The stock slipped another 0.7% in early Tuesday premarket. Delta barely moved and Macy’s added about 0.7% before the open.
UnitedHealth’s rise this year probably made it a candidate for profit-taking, according to Bill Stone, chief investment officer at Glenview Trust Company. “Berkshire Hathaway’s stock moves tend to have an impact” whether it’s Buffett or not, Stone told Reuters. Reuters
James Harlow, senior VP at Novare Capital Management, told Reuters the UnitedHealth sale might deflate the stock a bit in the short run, but the company’s operating recovery is still intact. Morningstar’s Julie Utterback said the sale seems to be about changing up the portfolio, not a shift in the view on managed care.
Delta stands out for Berkshire followers. Buffett sold off Berkshire’s airline stocks in 2020, offloading Delta, American Airlines, Southwest Airlines and United Airlines, after warning the “world had changed” for airlines at the start of the pandemic. Now, Berkshire’s move into Delta brings the company back to a sector Buffett had openly walked away from. Reuters
Macy’s is a small position for Berkshire. The filing lists it at about $55 million, almost a rounding error for the 13F. It looks like a value nibble, not a broad department store play. The Motley Fool article points to Macy’s low price and dividend as the draw, but the official filing shows Berkshire split the stake between two reporting entities.
Berkshire doesn’t break out which executive is behind each trade. In February, Abel said he managed 94% of the company’s stock portfolio, with Ted Weschler running the other 6%, according to Reuters. Todd Combs, who previously worked as an investment manager for Buffett, left Berkshire for JPMorgan Chase late last year.
Some caution is needed with the 13F. The filing only shows what Berkshire held at the end of the quarter, not its current stakes, and it doesn’t include every non-U.S. position. Delta still has to deal with fuel prices and swings in demand, Macy’s is tied to weak store traffic, and UnitedHealth’s outlook relies on medical costs, rules, and how investors feel after a rough period.
