Berkshire Hathaway (BRKA -1.08%)(BRKB -1.15%)‘s 13F filing for the second quarter came out recently, which highlighted the company’s changes in holdings during the period. While under previous CEO Warren Buffett, the company has been cautious about buying stocks and adding to its positions, that has changed of late under Greg Abel, who took over at the start of 2026.
These were the three biggest changes in Berkshire’s holdings in the second quarter.
Image source: Getty Images.
The company drastically increased its position in Alphabet
Berkshire bought Alphabet (GOOG -0.61%)(GOOGL -0.55%) stock last year but has since increased its position in the tech giant. Buffett claims to have been “initiated” into the initial purchase of it. But under Abel, the position has become more significant and prominent. In Q2, Alphabet bought approximately $17 billion worth of Alphabet stock, bringing its total position in the company to 106 million shares. And at $36 billion in total, it has now become its third-largest holding, behind just Apple and American Express.
It’s a notable move for Berkshire, which has typically shied away from the tech sector. Alphabet is among the most valuable companies in the world, with a market cap exceeding $4 trillion. However, it’s arguably in the same realm as Apple, another top Buffett holding. In terms of earnings, Alphabet isn’t all that expensive, trading at about 17 times its expected future earnings (based on analyst estimates). Like Apple, it also has a strong competitive advantage, or moat, which Buffett loves to see from businesses.
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While Alphabet is a bit surprising simply because it’s in tech and how big its position is, it’s the type of stock that certainly makes sense within Berkshire’s portfolio.
It added more shares of Delta Air Lines
Another big move for Berkshire during Q2 was adding to its position in Delta Air Lines(DAL -1.97%). It bought 17.5 million shares during the period, bringing its total to 57 million. Although it’s not one of Berkshire’s largest holdings, it accounts for a little over 1% of the portfolio, so it’s still a decent amount.
Delta reported strong earnings back in July, noting “broad demand strength” and expecting “mid-teens revenue growth and double-digit margin” for the current period. It also increased its dividend by 15%, a clear sign of business strength and confidence in its future performance.
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Previously, under Buffett, Berkshire largely avoided airlines, exiting its position in four major airlines, including Delta, back in 2020. Now, however, Abel appears to have a greater appetite for the airline industry, with Delta being one of the company’s more notable stock purchases during the most recent quarter.
Berkshire continued to trim its position in Bank of America
The largest stock sale for Berkshire during the period involved its stake in Bank of America (BAC -0.93%). The company reduced its position in the top bank by about 6% by selling more than 30 million shares. It’s been a trend for multiple quarters at Berkshire, as its position in Bank of America has diminished over the past couple of years, reduced more than 50% after eight quarters of sales.
Even amid the reductions, however, Bank of America remains one of Berkshire’s largest holdings, accounting for nearly 9% of its entire portfolio. That’s now less than Alphabet, but it’s still sufficient to make it a top-five holding.
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The move may simply have been to reduce exposure to financial stocks, as American Express is already the second-largest position in the company’s portfolio. But at $1.7 billion, it was Berkshire’s largest reduction in value during the second quarter.
Berkshire’s portfolio is changing but remains in excellent shape
There were other changes within Berkshire’s portfolio, but the most significant moves were its additions to Alphabet and Delta Air Lines, and the largest cut was in its stake in Bank of America. All in all, Abel appears to be more active of late, and perhaps that’s a sign that he’s more comfortable in his position as the company’s new leader.
It’s a good sign for investors that he’s willing to put the company’s cash to use, and it may help unlock greater gains for Berkshire by enabling it to capitalize on new opportunities. But with the company still taking a thoughtful approach to its purchases and investing in quality stocks, it remains in solid shape and still makes for an excellent long-term holding.
