The post-Warren Buffett era at Berkshire Hathaway (NYSE: BRK) is beginning to take shape after the company disclosed its first quarterly portfolio update under new Chief Executive Greg Abel.
Buffett officially stepped down as CEO at the end of 2025 after leading Berkshire for six decades, handing control of the conglomerate to Abel, the longtime executive who previously oversaw Berkshire Hathaway Energy.
Although Warren Buffett remains chairman and continues to serve in an advisory role, Berkshire’s latest Form 13F filing offers the clearest indication yet of how the company’s investment strategy is evolving.
The filing, released on May 15 for the quarter ended March 31, showed Berkshire’s equity portfolio stood at approximately $263 billion, down from around $274 billion in the previous quarter. Despite the changes, the portfolio remains heavily concentrated, with the top 10 holdings accounting for more than 90% of total assets.
Notable Berkshire stock moves
Apple (NASDAQ: AAPL) retained its position as Berkshire’s largest holding, representing roughly 22% of the portfolio. Other major positions included American Express (NYSE: AXP), Coca-Cola (NYSE: KO), and Bank of America (NYSE: BAC).
Among the notable moves, the company significantly increased its stake in Alphabet (NASDAQ: GOOGL), adding 36.4 million Class A shares and 3.6 million Class C shares, boosting the stock’s portfolio weighting by a combined 4.37 percentage points. Berkshire also added 10.1 million shares of The New York Times Company and expanded its Lennar holdings with purchases of 3 million Class A shares and 56,723 Class B shares.
At the same time, Berkshire returned to the airline sector by acquiring 39.8 million shares of Delta Air Lines (NYSE: DAL) and also initiated a new position in Macy’s (NYSE: M) with 3 million shares.
On the selling side, Berkshire reduced its Chevron (NYSE: CVX) stake by 45.8 million shares, a 35.17% cut, while also trimming positions in Nucor, DaVita, Liberty Media, and Bank of America.
The conglomerate fully exited several investments, including Visa, Mastercard, UnitedHealth, Domino’s Pizza, Aon, Pool Corporation, Amazon, Charter Communications, and Diageo.
Berkshire sold 8.3 million Visa shares, 4 million Mastercard shares, 5 million UnitedHealth shares, and 2.3 million Amazon shares.
Additionally, the firm continues to hold an enormous cash reserve of approximately $397 billion, giving the company significant flexibility for future investments or acquisitions.
Berkshire stock post-Buffett
Since Buffett’s retirement announcement, Berkshire shares have struggled to keep pace with the broader market.
The stock has underperformed the S&P 500 by roughly 10 percentage points amid concerns that the company may no longer command the so-called “Buffett Premium” that investors historically attached to the stock.
Some analysts believe Berkshire’s valuation is now closer to its intrinsic value, with the stock trading at about 1.4 times book value.
Investors are also watching how Abel approaches capital allocation amid limited large-scale acquisition opportunities and elevated asset prices.
