Berkshire Hathaway made sweeping changes to its investment portfolio during the first quarter, significantly increasing its stake in Alphabet while initiating a major new position in Delta Air Lines.
The moves were revealed in Berkshire’s latest quarterly 13-F filing released after Friday’s market close.
Berkshire Doubles Down on Alphabet
Berkshire dramatically expanded its Alphabet investment, increasing its holdings to nearly 58 million shares as of March 31, up from about 18 million shares at the end of 2025.
The stake is now valued at approximately $23 billion, making Alphabet one of Berkshire’s largest technology investments.
The sharp increase is likely to fuel speculation that Berkshire’s new CEO, Greg Abel, played a major role in the purchase strategy following his succession of Warren Buffett at year-end.
New $3 Billion Delta Air Lines Position
Berkshire also initiated a new investment in Delta Air Lines, purchasing nearly 40 million shares now valued at roughly $3 billion.
Following news of Berkshire’s investment, Delta shares rose about 3% in after-hours trading to around $72.45.
Massive Portfolio Restructuring
This quarter marked one of the largest portfolio reshuffles in Berkshire’s history.
According to the company’s filings:
- Berkshire sold roughly $24 billion worth of stocks
- Berkshire purchased around $16 billion worth of stocks
The changes appear tied partly to the departure of longtime Berkshire investment manager Todd Combs, who left in December for a role at JPMorgan Chase.
Reports indicate many of the positions sold were originally overseen by Combs.
Berkshire’s Biggest Sales
One of the largest reductions involved Chevron.
Berkshire cut its Chevron stake by about 46 million shares, reducing its holdings to 84 million shares. The remaining position is still worth roughly $16 billion, though Berkshire likely sold close to $8 billion worth during the quarter.
Berkshire also completely exited positions in several major companies, including:
- Visa
- UnitedHealth Group
- Mastercard
- Aon
- Amazon
- Domino's Pizza
- Charter Communications
- Heico
The company also nearly eliminated its stake in Constellation Brands, selling almost all of a previously large position.
Other Notable Purchases
Berkshire initiated a smaller position in Macy's with about 3 million shares worth roughly $55 million.
The company also tripled its investment in The New York Times Company to around 15 million shares, now valued at over $1 billion.
In homebuilding, Berkshire increased its holdings in Lennar by expanding its Class A shares position from 7 million to 10 million shares.
Core Holdings Remain Untouched
Despite the broad restructuring, Berkshire maintained its major long-term positions in:
- Apple
- Coca-Cola
- American Express
- Moody's
Greg Abel has previously described these investments as core holdings unlikely to change unless major circumstances arise.
The portfolio overhaul signals a major transition period inside Berkshire Hathaway as leadership and investment responsibilities continue shifting in the post-Buffett era.
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