Berkshire Hathaway's latest quarterly filing offers the clearest glimpse yet into how Greg Abel is reshaping the conglomerate's massive stock portfolio since taking the helm from Warren Buffett. The 13F, covering the first quarter of 2026, shows a net seller posture, with $15.94 billion in purchases and $24.09 billion in sales, leaving the U.S.-listed equity portfolio at $263.1 billion as of March 31.
New Positions and Major Increases
The most striking addition is a fresh $2.65 billion stake in Delta Air Lines (DAL), consisting of 39.8 million shares. This marks a reversal for Berkshire, which sold its airline holdings in 2020 after Buffett declared the sector's prospects had been permanently altered by the pandemic. The decision to re-enter airlines under Abel suggests a more opportunistic approach to value plays.
Berkshire also significantly expanded its Alphabet (GOOGL) position, boosting Class A shares to 54.25 million from 17.85 million at year-end 2025, and adding 3.59 million Class C shares. The total Alphabet stake now stands at 57.8 million shares valued at approximately $16.6 billion.
Exits and Reductions
The filing revealed complete exits from UnitedHealth Group (UNH), Amazon (AMZN), Visa (V), Mastercard (MA), Domino's Pizza (DPZ), Aon (AON), and Pool (POOL). Berkshire also trimmed its Chevron (CVX) position, though it remains one of the portfolio's largest holdings.
Market reaction was swift. UnitedHealth shares fell over 2% on Monday following the disclosure, with an additional 0.7% decline in early Tuesday premarket trading. Analysts suggest the sale reflects profit-taking after UnitedHealth's strong performance this year.
Market Context and Analyst Views
Bill Stone, chief investment officer at Glenview Trust Company, noted that Berkshire's moves continue to carry weight. "Berkshire Hathaway's stock moves tend to have an impact whether it's Buffett or not," he told Reuters. James Harlow, senior vice president at Novare Capital Management, characterized the UnitedHealth exit as a portfolio rotation rather than a fundamental shift in view on managed care. Morningstar's Julie Utterback echoed that sentiment.
The Delta re-entry is particularly notable given Buffett's 2020 airline selloff, when he warned the "world had changed" for airlines. Abel's decision to buy Delta suggests a more tactical approach, possibly capitalizing on post-pandemic travel recovery and relatively depressed valuations.
Other Holdings and Portfolio Structure
Berkshire also disclosed a small stake in Macy's (M), valued at roughly $55 million, split between two reporting entities. This appears to be a value-oriented nibble rather than a broad department store bet, given Macy's low price and dividend yield.
In February, Abel stated he manages 94% of Berkshire's stock portfolio, with Ted Weschler overseeing the remaining 6%. Todd Combs, a former Berkshire investment manager, departed for JPMorgan Chase late last year.
Investors should note that 13F filings reflect holdings as of the quarter's end and may not represent current positions. The portfolio remains heavily concentrated in financials, consumer goods, and now selectively in transportation, with Abel's first major imprint signaling a willingness to revisit sectors previously abandoned by his predecessor.
