Berkshire Revamps its Portfolio, Signaling Greg Abel’s Major Shift from Buffett Era Holdings

Berkshire Hathaway reshuffled major positions in its equity portfolio during the first quarter, sending several stocks higher in early trading Monday as investors assessed what appears to be the first significant portfolio repositioning under new chief executive Greg Abel.

The filing, released Friday, offered Wall Street its clearest look yet at how Berkshire's investment strategy is evolving after Abel formally succeeded legendary investor Warren Buffett at the start of 2026.

Among the most notable moves was Berkshire's return to the airline industry through a multibillion-dollar investment in Delta Air Lines, years after Buffett abruptly exited the sector during the Covid-19 pandemic.

According to CNBC, Berkshire acquired 39.8 million Delta shares valued at roughly $2.6 billion, making the carrier the conglomerate's 14th-largest holding by the end of March. Delta shares rose about 2.5% in premarket trading following the disclosure.

The move marks a striking reversal from Buffett's 2020 decision to liquidate Berkshire's entire airline portfolio, including positions in Delta, United Airlines, American Airlines, and Southwest Airlines, after concluding the pandemic had permanently altered consumer travel behavior and airline economics.

The fresh Delta investment suggests Berkshire now sees a structurally stronger airline industry, supported by resilient travel demand, tighter capacity discipline, and improving profitability across major carriers.

Alphabet Stake Expanded as Berkshire Rotates Toward AI and Tech

The largest increase in Berkshire's portfolio came in Alphabet, where the conglomerate boosted its position by 58 million shares, a 224% increase that elevated the Google parent to Berkshire's seventh-largest holding. The move reinforces Berkshire's growing exposure to artificial intelligence and digital infrastructure at a time when large technology firms continue dominating U.S. equity performance.

Although Alphabet shares slipped modestly in early trading on Monday, Berkshire's increased exposure signals confidence in the company's long-term positioning in AI, cloud computing, and digital advertising despite mounting competition from rivals, including Microsoft and Amazon.

The aggressive accumulation of Alphabet stock also reflects a broader transition inside Berkshire itself. Under Buffett, the conglomerate historically avoided large technology bets outside a handful of major positions, such as Apple. Abel's early moves indicate a willingness to lean further into sectors tied to AI-driven productivity and digital infrastructure growth.

Berkshire also initiated a smaller position in Macy's, valued at roughly $55 million at the end of the quarter. Macy's shares rose about 5% in premarket trading after the filing.

The retailer investment comes as parts of the market increasingly speculate that deeply discounted consumer and retail names could benefit from stabilizing consumer spending and potential restructuring upside.

Chevron Trimmed, Amazon Exit Completed

At the same time, Berkshire has reduced exposure to several long-held positions. The conglomerate cut its stake in Chevron by 35%, including roughly $8 billion worth of stock sales, as energy prices remain volatile amid geopolitical instability tied to the Iran conflict.

Berkshire also fully exited its remaining investment in Amazon, selling the last 2.3 million shares during the first quarter after already sharply reducing the position late last year. Amazon shares slipped modestly in early trading Monday.

The Amazon exit is especially notable because the investment had long been viewed by investors as one of the signature bets tied to former Berkshire investment manager Todd Combs.

Combs left Berkshire at the end of 2025 to join JPMorgan Chase, prompting what analysts increasingly view as a broader unwinding of positions associated with his tenure.

Among the clearest examples were Berkshire's exits from Mastercard and Visa, both widely regarded as early Combs-driven investments after he joined the conglomerate from hedge fund Castle Point Capital. The sales indicate Berkshire may be simplifying parts of its portfolio while reallocating capital toward sectors Abel views as having stronger long-term growth potential.

Buffett Still Looms Over Berkshire Strategy

Even with Abel now leading the conglomerate, Buffett remains heavily involved in Berkshire's strategic thinking. Abel recently told CNBC that he continues consulting Buffett regularly on investments and capital allocation decisions.

"He's in the office every day, so we're talking every day if I'm in Omaha, we're always connecting," Abel said during a March appearance on CNBC's Squawk Box.

"If I'm traveling, like I was yesterday, I often check in just to catch up on what he's seeing, what he's hearing, what am I feeling. So if it's not every day, it's every couple days."

The continued collaboration reflects Berkshire's delicate leadership transition as investors assess whether Abel will maintain Buffett's traditionally conservative investment philosophy or gradually reshape the conglomerate into a more growth-oriented and technology-focused holding company.

The latest filing suggests elements of both approaches are emerging simultaneously. Berkshire is still maintaining massive liquidity and defensive positioning, but its expanding exposure to AI-linked technology companies and renewed willingness to enter cyclical sectors such as airlines point to a more active recalibration of the portfolio.

That recalibration comes at a time when Berkshire's nearly $400 billion cash pile continues to generate pressure from shareholders seeking clearer deployment strategies in an expensive and increasingly concentrated market.

Currently, Wall Street appears to be treating Abel's first major portfolio adjustments as an early signal that Berkshire's post-Buffett era may be more flexible, more technology-oriented, and more opportunistic than many investors initially expected.