Greg Abel is swiftly consolidating his authority over Berkshire Hathaway's massive stock portfolio, now controlling approximately 94% of the conglomerate's $300 billion in equities. Following the departure of Todd Combs to JPMorgan Chase in December, Abel has assumed a more centralized role than Warren Buffett had originally envisioned for his successor. Ted Weschler, the remaining investment manager, oversees the remaining 6%.
According to a report from Barron's, Abel has largely maintained Berkshire's core U.S. holdings, including stakes in Apple, Coca-Cola, American Express, Moody's, and the five major Japanese trading companies. However, the most notable shift has been his increased focus on Japan. In March, Berkshire announced plans to acquire a 2.49% stake in Tokio Marine, valued at approximately $1.8 billion, along with a collaboration on reinsurance and joint investment strategies. By the end of 2025, Berkshire's positions in five Japanese trading houses had grown to $35.4 billion.
Recent filings, as analyzed by Motley Fool, indicate that Abel increased stakes in Itochu, Marubeni, and Sumitomo around mid-March, and initiated the Tokio Marine position just days later. This pivot comes as U.S. valuations remain high, prompting Berkshire's incoming CEO to seek better value abroad. The top 10 positions continue to account for nearly 80% of the portfolio, according to the analysis.
Meanwhile, recent U.S. filings reflect the final moves under Buffett's leadership. Berkshire trimmed its positions in Apple by 4%, Bank of America by 9%, and Amazon by over 77% during the quarter ending December 31, as detailed in a 24/7 Wall St. report. These adjustments are seen as part of a broader portfolio cleanup ahead of Abel's full takeover.
Investors have been closely watching Abel's early decisions for signs of his strategic vision. Evan Pondel of Triunfo Partners noted that Abel's first annual letter gave him a chance to establish his 'voice, tone, and strategy.' Cathy Seifert at CFRA said Abel 'hit the mark' by emphasizing business as usual, while Dan Hanson of Neuberger Berman suggested the letter helped assuage concerns about Abel's readiness.
However, performance remains a key concern. Berkshire's operating profit dropped 30% in the fourth quarter, a broad miss versus expectations, according to Meyer Shields of Keefe, Bruyette & Woods. Seifert has warned that even with buybacks providing a short-term boost, the company needs stronger fundamentals to sustain momentum. Weakness in the underlying businesses could leave questions hanging, regardless of portfolio adjustments.
Abel has also revived Berkshire's buyback program, spending approximately $14.6 million—the after-tax total of his own pay—on Berkshire shares for his personal account, signaling alignment with long-term shareholders. The next major signals will come on May 2 with Berkshire's quarterly results and annual meeting, followed by a detailed 13-F disclosure in mid-May, which will reveal whether Abel is simply closing out Buffett's final quarter or actively reshaping the conglomerate's direction.
