Berkshire Hathaway Overhauls Portfolio Under Greg Abel’s Leadership
The conglomerate nearly tripled its Alphabet stake, bought into Delta Air Lines, and sold $24.09 billion in equities, signalling a shift towards faster capital cycling and AI infrastructure exposure.
Berkshire Hathaway has unveiled a significant portfolio overhaul in its first-quarter 2026 13F filing, marking a strategic departure from its traditional long-term holding philosophy under new chief executive Greg Abel. The filing reveals a conglomerate actively reshaping its capital allocation, increasing its exposure to technology and artificial intelligence infrastructure while exiting several legacy positions that defined the Warren Buffett era.
The most notable additions to the portfolio include a stake in Delta Air Lines valued at approximately $2.65 billion and a near-tripling of its position in Alphabet. The Alphabet holding, representing Google’s parent company, is estimated to be worth between $17 billion and $23 billion, depending on valuation timing. This move into Alphabet suggests a strategic pivot towards cloud computing and AI infrastructure, sectors that Buffett historically shunned in favour of more predictable, traditional industries.
Conversely, the conglomerate exited holdings in Amazon, UnitedHealth, Visa, and Mastercard. It also reduced its Chevron position by approximately 35%. The decision to retain American Express while divesting from Visa and Mastercard indicates a preference for closed-loop payment ecosystems and customer loyalty models over general transaction-based networks. Similarly, the reduction in Chevron, despite energy being a recent focus, may reflect a shift in long-term upside preference towards digital infrastructure over oil markets.
Net sales of equities during the quarter totalled $24.09 billion, significantly exceeding purchases of $15.94 billion. This net outflow suggests a move towards faster capital cycling and greater portfolio flexibility. While core holdings such as Apple, Coca-Cola, and Moody’s remain intact, the aggressive trimming of smaller legacy positions implies that Berkshire is becoming less loyal to investments that no longer align with its highest-conviction themes.
The filing provides one of the clearest early indications of how Abel intends to steer the conglomerate. While Berkshire remains famous for its patient, disciplined approach to investing, this quarter’s activity points to a new era where capital moves more swiftly and technology plays a central role. For investors, the filing offers a glimpse of Berkshire’s trajectory in the post-Buffett era, balancing its foundational values with a more dynamic response to modern market opportunities.
