Berkshire Hathaway 13F: Abel Takes Hard Look at Portfolio; Sales Outweigh Purchases

Key Morningstar Metrics for Berkshire Hathaway

• Fair Value Estimate
  : $510
• Morningstar Rating
  : ★★★★
• Morningstar Economic Moat Rating
  : Narrow
• Morningstar Uncertainty Rating
  : Low

Berkshire Hathaway BRK.B reported quite a few changes in its 13F equity investment portfolio for the first quarter, including selling off a large chunk of holdings we had ascribed to Todd Combs and Ted Weschler.

Why it matters: Berkshire’s quarterly 13F filing has historically provided insight into the company’s stock trading activity in the US markets.

• At the end of March 2026, Berkshire had $263.1 billion in 13F reportable equity securities, which includes its US holdings but not foreign investments that are held abroad, such as the insurer’s stakes in the Japanese Sogo Shosha trading houses. Including those holdings, the insurer had $312.6 billion in stock holdings at the end of the first quarter.
• Based on Berkshire’s recent 10-Q filing, the company recorded net sales of $8.1 billion (composed of $24.1 billion of estimated sales and $16.0 billion of purchases) during the first quarter.

The bottom line: With Greg Abel taking over as CEO at the start of the year, we had expected Berkshire to winnow the stock portfolio to fewer, more-concentrated holdings. The firm has moved more quickly than we expected, eliminating holdings we had previously ascribed to Todd Combs (who left at the end of last year) as well as to Ted Weschler.

• Among the major changes made during the March quarter was the sale of 45.8 million shares of Chevron (for an estimated $8.2 billion), 8.3 million shares of Visa ($2.7 billion), 4.0 million shares of MasterCard ($2.1 billion), 12.4 million shares of Constellation Brands ($1.8 billion), 5.0 million shares of UnitedHealth ($1.5 billion), 3.4 million share of Domino’s Pizza ($1.3 billion), and 3.6 million shares of Aon ($1.2 billion). Almost all of these holdings we had ascribed to either Combs or Weschler in the past.
• Major purchases included another 36.4 million shares of Alphabet Class A (for an estimated $10.9 billion), 3.6 million shares of Alphabet Class C ($1.1 billion), and 39.8 million shares of Delta Air Lines ($2.7 billion).