Greg Abel's First Quarter: Berkshire Bets $2.65B on Delta, Triples Alphabet Stake

In his first quarterly 13F as CEO of Berkshire Hathaway, Greg Abel initiated a $2.65 billion stake in Delta Air Lines and more than tripled the conglomerate's position in Alphabet. The three signals from Abel's inaugural portfolio — a return to airlines, a conviction bet on big tech, and the unwinding of a predecessor's positions — sent a clear message to markets about what Berkshire looks like in the post-Buffett era.

Berkshire Hathaway's Q1 2026 13F filing, submitted to the SEC on May 15, was the first official portfolio disclosure under CEO Greg Abel. It was bolder than markets expected. A new $2.65 billion stake in Delta Air Lines, a tripling of Alphabet shares, and complete exits from Amazon, Mastercard, Visa, and UnitedHealth. Markets read it as a clear signal that the investment DNA of Berkshire — shaped by Warren Buffett over more than six decades — is shifting.

Back to Airlines — Abel Reverses Buffett's 2020 Exit from Delta

Berkshire acquired 39.8 million shares of Delta Air Lines (DAL), valued at roughly $2.65 billion, making it the 14th-largest holding in the portfolio by quarter-end. This marks a striking reversal of one of Buffett's most famous decisions: in 2020, during the COVID-19 pandemic, he sold over $4 billion in airline stocks — including Delta, United, American, and Southwest — declaring that the pandemic had fundamentally altered the industry. Abel's move effectively walks that call back.

Delta shares have gained just 1% year-to-date despite WTI crude oil topping $100 per barrel on the prolonged Iran conflict. Buying $2.65 billion in an airline under those conditions reads as a contrarian, long-term bet on durable travel demand recovery.

Berkshire does not disclose reasons for its quarterly portfolio changes.

Berkshire Spokesperson

Alphabet Stake Tripled — Google Parent Now Berkshire's 7th-Largest Holding

The bigger surprise was Alphabet. Berkshire had first disclosed a position of 17.8 million shares in Q4 2025; one quarter later, it had grown to roughly 58 million shares worth approximately $17 billion — a 3.3x increase in a single quarter. Alphabet is now Berkshire's seventh-largest equity holding, and analysts say a top-five spot is only a matter of time.

Apple remained unchanged at roughly 228 million shares, still the largest holding at about 22% of the $280 billion equity portfolio. The fact that Abel left Berkshire's biggest bet untouched while aggressively expanding Alphabet signals strong conviction across big tech.

The Exit List — Erasing the Combs Era

Abel also fully exited several positions. The most notable were Mastercard (MA) and Visa (V), sold simultaneously. Both were the first stocks purchased by Todd Combs after joining Berkshire in 2010, and mirrored the core holdings of his former hedge fund, Castle Point Capital. Combs left for JPMorgan at the end of 2025; his positions were widely expected to be unwound. Amazon was also fully exited — another investment attributed to Combs.

• Amazon (AMZN) — fully exited; long viewed as a Combs-driven bet
• Mastercard (MA) — fully exited; the first stock Combs bought after joining Berkshire
• Visa (V) — fully exited; a core holding of Combs's former hedge fund Castle Point
• UnitedHealth (UNH) — fully exited; shares fell more than 4% in after-hours trading on the news

Ted Weschler, Combs's partner investment manager, remains at Berkshire and continues to oversee roughly 6% of the portfolio. A small new position in Macy's (M), worth roughly $55 million, also drew attention as an Abel-era bet.

Three Signals from Year One of the Abel Era

The Q1 2026 13F sends three clear directional messages. First, conviction in a travel recovery: buying $2.65 billion in Delta while WTI crude is above $100 is a contrarian, long-term bet on durable travel demand. Second, structural belief in big tech AI upside: aggressively expanding Alphabet signals confidence in AI search, cloud, and YouTube advertising growth. Third, a clean break: unwinding the Combs positions is Abel's declaration that the new portfolio reflects his own judgment, not inherited bets.

Berkshire's stock (BRK.B) has fallen roughly 4% year-to-date versus the S&P 500's approximately 8% gain, reflecting the loss of the 'Buffett premium' and investor uncertainty about Abel's leadership. Buffett, 95, remains chairman and comes into the office five days a week, consulting Abel on investments and capital allocation. The cash pile has grown to nearly $400 billion — a record.

Markets will watch for the Q2 2026 13F, due in August. Whether Abel adds to Delta and Alphabet or reveals new positions will sharpen the picture of what Berkshire's investment playbook looks like in the post-Buffett era.