Key Takeaways
- Berkshire executed $16B in purchases and $24B in sales during Q1 2026, marking one of its most active trading periods
- CEO Greg Abel eliminated 16 complete positions, including stakes in Amazon, Visa, Mastercard, and UnitedHealth Group
- The conglomerate expanded its Alphabet position threefold to 58 million shares, valued at approximately $23B and ranking among the top five holdings
- Much of the selling activity relates to Todd Combs’ departure, who transitioned to JPMorgan Chase last December
- Warren Buffett appears to have initiated a modest personal position in Macy’s, acquiring roughly 1% of the company for ~$55M
Berkshire Hathaway executed one of its most dramatic portfolio reshuffles in years during the first quarter of 2026, with new CEO Greg Abel overseeing $16 billion in stock purchases against $24 billion in disposals. The moves left the investment giant’s equity holdings valued north of $300 billion.
Abel assumed the chief executive position on January 1, 2026, following Warren Buffett’s transition from the operational leadership role. While Buffett stepped back, he continues serving as chairman and maintains involvement in major investment choices.
The standout transaction involved a dramatic expansion of Berkshire’s Alphabet holdings. The firm grew its position from 18 million shares to 58 million shares, elevating the Google parent company to Berkshire’s fifth-largest investment at approximately $23 billion in value. Alphabet stock has surged 25% year-to-date.
Alphabet commands between 89% and 93% of worldwide internet search traffic throughout the last ten years. The company’s Google Cloud segment has demonstrated impressive expansion, posting 63% year-over-year revenue growth while maintaining cloud margins at 33%.
The Story Behind Berkshire’s Massive Stock Liquidation
Abel orchestrated complete exits from 16 different holdings throughout the quarter. The roster of departed investments encompasses Amazon, Visa, Mastercard, Domino’s Pizza, UnitedHealth Group, Constellation Brands, Aon, and Pool Corporation, among additional names.
A substantial share of these disposals connects directly to Todd Combs’ exit from Berkshire. Combs, a long-serving investment manager at the firm, departed in December to assume duties at JPMorgan Chase. According to Barron’s analysis, the positions associated with Combs that were liquidated represented approximately $14 billion in valueâroughly 5% of the portfolio segment he managed.
Market observers have expressed mixed reactions to these sales. Some critics highlight that firms like Visa and Mastercard represent high-quality businesses with favorable long-term prospects. Supporters counter that maintaining positions without the original manager who selected them lacks strategic logic.
The quarter’s $24 billion in aggregate sales generated an estimated $2 billion tax obligation.
Portfolio Direction and Current Major Holdings
Berkshire has maintained net selling activity for 14 straight quarters, accumulating approximately $195 billion in net disposals over that span. The Buffett Indicatorâwhich compares total market capitalization to GDPârecently reached an unprecedented 235%, far exceeding its historical average of 88%.
Ted Weschler, Berkshire’s remaining investment manager, currently directs roughly 6% of the overall portfolio. His probable positions include Davita, Sirius XM, Kroger, and Capital One. The newly established $3 billion Delta Air Lines stake is widely believed to represent a Weschler selection, aligning with his expanded investment mandate this year.
Berkshire additionally acquired a modest Macy’s position, purchasing three million shares for approximately $55 million. During a March 31 CNBC conversation, Buffett suggested he had executed “one tiny purchase,” which likely references the Macy’s transaction. The department store chain’s extensive real estate portfolio may explain the attraction.
Berkshire’s cash reserves currently total $380 billion.
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