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(Image credit: \u00a0Dan Brouillette\/Bloomberg via Getty Images)<\/p>\n
CEO Greg Abel made a major housecleaning of Berkshire Hathaway<\/a>‘s (BRK.B<\/a>) stock portfolio in the first quarter. The holding company, of which Warren Buffett<\/a> remains chairman, initiated stakes in Delta Air Lines (DAL<\/a>) and Macy’s (M<\/a>), and added to some other key positions. The big news, however, was a mass exodus from more than a dozen holdings.<\/p>\n Abel now oversees Berkshire’s equity portfolio<\/a>, although Buffett keeps his hand in and plays a key advisory role. Investment manager Ted Weschler also continues to manage perhaps 5% of Berkshire’s stock investments.<\/p>\n <\/p>\n But the late-2025 departure of former co-portfolio manager Todd Combs \u2014 now at JPMorgan Chase (JPM<\/a>) \u2014 has at least partly contributed to Berkshire’s holdings getting a fresh new look. A number of names thought to have been Combs’ picks are no more.<\/p>\n From just $107.88 $24.99 for Kiplinger Personal Finance<\/p>\n Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues<\/p>\n <\/p>\n \nCLICK FOR FREE ISSUE\n<\/p>\n <\/a><\/p>\n Sign up for Kiplinger\u2019s Free Newsletters<\/p>\n Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.<\/p>\n Profit and prosper with the best of expert advice – straight to your e-mail.<\/p>\n At any rate, Berkshire was very busy during the first quarter. In what was perhaps a nod to stretched valuations, it was once again a net seller of stocks. The company bought $16 billion worth of equities and sold $24 billion. Berkshire has now sold more stocks than it has bought for 14 consecutive quarters. Net sales amounted to $8 billion, up from net sales of about $4 billion in the previous three-month period.<\/p>\n Indeed, over the past three years, Berkshire sold more than $200 billion worth of equities. However, the company did begin buying back its own stock under CEO Abel after halting repurchases in May 2024.<\/p>\n With a market cap of more than $1 trillion, Berkshire maintains a sort of “barbell” portfolio, as it holds approximately $280 billion in stocks and more than $380 billion in cash.<\/p>\n Although Berkshire has become more cautious, it did do some shopping in Q1. In addition to buying Delta Air Lines and department-store operator Macy’s, the holding company increased stakes in three of its holdings.<\/p>\n \n (Image credit: Getty Images)<\/p>\n On the other hand, Berkshire pared back bets on six positions \u2014 and closed out 16 others.<\/p>\n Before we get into Berkshire’s most recent buys and sells, it’s important to know that Buffett always ran a highly concentrated portfolio.<\/p>\n Excluding the company’s Japanese brokerage stocks and other overseas equities, Apple (AAPL<\/a>) alone accounts for more than a fifth of Berkshire’s stock portfolio. (That’s down from more than 40% at its peak.)<\/p>\n Furthermore, Berkshire’s top five U.S. equity holdings comprise about 67% of its portfolio value, while the top 10 account for 90%.<\/p>\n As Buffett likes to say, diversification<\/a> is for those who don’t know what they’re doing.<\/p>\n Stocks Berkshire is buying<\/p>\n Buffett famously avoided airlines for decades. When he finally did come around, his timing was terrible<\/a>, spreading his bets among a handful of major carriers not too long before COVID-19 set the industry into a tailspin. As a result, he quickly closed out those positions.<\/p>\n So it’s a mark of change that Berkshire initiated a stake in Delta Air Lines in Q1, buying 39.8 million shares worth $2.6 billion. With a portfolio weight of a bit more than 1%, the air carrier is Berkshire’s 14th-largest holding.<\/p>\n As noted above, Berkshire also made a bet on the consumer discretionar<\/a>y sector, picking up 3 million shares in Macy’s. The tiny position in the department store operator was worth $55 million as of the end of Q1. At less than 0.1% of the portfolio, M stock is Berkshire’s 27th-largest investment.<\/p>\n More interestingly, Berkshire more than tripled its stake in Google parent Alphabet (GOOGL<\/a>). The holding company now owns 54 million shares worth $15.6 billion as of the end of Q1. With a weight of 5.9%, the Google parent’s Class A shares are Berkshire’s 7th-largest U.S. equity holding. Berkshire first bought GOOGL in the third quarter of 2025.<\/p>\n \n (Image credit: Bloomberg \/ Contributor)<\/p>\n Relatedly, Berkshire initiated a stake in Alphabet Class C (GOOG<\/a>) stock, picking up 3.6 million shares during the first three months of the year. With a value of $1 billion, the Class C investment accounts for Berkshire’s 19th-largest holding.<\/p>\n In another vote of confidence in an existing position, Berkshire tripled its holdings of The New York Times Co. (NYT<\/a>), adding another 10 million shares during Q1. With a market value of $1.3 billion, or 0.5% of the portfolio, NYT is Berkshire’s 17th-largest investment \u2014 up from 30th place when it first bought the stock at the end of 2025.<\/p>\n Berkshire also added to homebuilder Lennar (LEN<\/a>), an investment Berkshire initiated last year. The holding company bought another 3 million shares to bring its total stake to 10 million. With a market value of $877 million, LEN accounts for 0.3% of the portfolio, or the 21st-largest investment. Berkshire picked up more Lennar Class B (LEN.B<\/a>) stock, as well. However, at less than 0.1% of the portfolio, it’s essentially immaterial to a company of Berkshire’s size.<\/p>\n Stocks Berkshire is selling<\/p>\n Berkshire reversed course on Chevron (CVX<\/a>) in Q1, cutting its position in the integrated oil major by 35%. After boosting its stake in Q4, the holding company sold 46 million shares to start the year. Berkshire, which has owned the Buy-rated Dow Jones stock<\/a> since the fourth quarter of 2020, still owns more than 84 million shares worth $17.5 billion as of quarter’s end. And with a weight of more than 6.6% in the portfolio, CVX remains Berkshire’s fifth-largest holding.<\/p>\n In another reprise from previous quarters, Buffett once again sold Bank of America (BAC<\/a>) stock, which has been a major holding since 2017. Don’t panic, though. Berkshire reduced its investment in the nation’s second-largest bank by assets by less than 1%.<\/p>\n \n (Image credit: Igor Golovnov\/SOPA Images\/LightRocket via Getty Images))<\/p>\n With 513 million shares worth more than $25 billion as of March 31, BAC slipped one place, to Berkshire’s No. 3 holding.<\/p>\n In other sales, Berkshire continued to ease up on DaVita (DVA<\/a>), its 11th-largest holding, this time 5%. The company also massively reduced exposure to Constellation Brands (STZ<\/a>), a stake it initiated at the end of 2024, by 95%.<\/p>\n Elsewhere, Berkshire cut its stakes in Liberty Live Holdings (LLYVK<\/a>) and Nucor (NUE<\/a>), but with portfolio weights of less than 1%, respectively, these names don’t move the needle.<\/p>\n The biggest changes came in the form of exits. After slashing its stake by 77% last quarter, Berkshire closed out its position in Amazon.com (AMZN<\/a>).<\/p>\n A number of other familiar names were also banished from the portfolio. Apparently Berkshire is no longer a fan of payments processors, having exited its stakes in both Visa (V<\/a>) and Mastercard (MA<\/a>). The holding company owned both stocks since 2011.<\/p>\n Also getting the boot were Charter Communications (CHTR<\/a>), Diageo (DEO<\/a>), UnitedHealth Group (UNH<\/a>), Domino’s Pizza (DPZ<\/a>), Heico (HEI<\/a>), Lamar Advertising (LAMR<\/a>), Formula One Group (FWONK<\/a>), Atlanta Braves Holdings (BATRK<\/a>), Pool Corp. (POOL<\/a>), Allegion (ALLE<\/a>), Aon (AON<\/a>), Liberty Latin America Class A (LILA<\/a>) and Liberty Latin America Class C (LILAK<\/a>).<\/p>\n The bottom line on Berkshire’s holdings<\/p>\n While the Visa and Mastercard exits represent significant changes, Abel cleaned up a slew of mostly immaterial bets Berkshire picked up over the past few years. And while the portfolio remains top-heavy, its concentration is now weighted more to its top 10 holdings, with less exposure to the top five.<\/p>\n It is a new era, indeed.<\/p>\n Related content<\/p>\n TOPICS<\/p>\n![\"Passengers](\"https:\/\/www.europesays.com\/people\/wp-content\/uploads\/2026\/05\/bcqPBGgFd4u8S8NQhDfJGm.jpg\")
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\nBerkshire Hathaway
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