Recently, Berkshire Hathaway officially submitted its U.S. stock holdings report for the second quarter of 2026 (13F) to the U.S. Securities and Exchange Commission (SEC). This is also the second portfolio adjustment report delivered by the new head Abel after taking charge of the company for half a year.

From this report, Berkshire made significant moves in the second quarter, with the core trend summarized as "one buy, one sell":

Heavy Google Holdings: Berkshire Hathaway continued to make a large increase in Google's parent company Alphabet in Q2 (including Class A and Class C shares). After two consecutive quarters of buying, Google's total market value soared, directly becoming Berkshire's third-largest holding stock.

Increasing Aviation Holdings: Besides tech stocks, Berkshire Hathaway has also heavily increased its holdings in Delta Air Lines, showing optimism about the air travel sector.

Selling Bank Stocks: While buying, Berkshire Hathaway continued to reduce its positions in financial stocks, reducing holdings in Bank of America, Capital One, and other companies.

Overall, Berkshire Hathaway under Abel is accelerating its capital adjustment, shifting funds from traditional financial sectors to more growth-oriented technology and cyclical sectors.

| Google "Shopping Stock" for Two Consecutive Quarters

In the second quarter under Abel's leadership, Berkshire's most notable move was undoubtedly its two consecutive quarters of frenzied "buying of Alphabet" from Google's parent company.

During the second quarter, Berkshire significantly increased its holdings in Google-A and Google-C stocks, not only by astonishing increases but also directly pushing Google to the position of the company's third-largest holdings, surpassing Coca-Cola, which has long held that position.

Berkshire's increase in Alphabet was not a spur-of-the-moment decision, but a long-planned strategic move. As early as the first quarter of this year, Berkshire had already expanded its Google-A holdings to over 200% and created a new Class C share position. By the second quarter, this buying momentum intensified further, with C-share holdings increasing by more than 658%.

After two consecutive quarters of substantial buying, by the end of Q2, Berkshire held about 106 million shares of Alphabet, with the total market value of holdings soaring to approximately $37.764 billion. This allowed Google's parent company to surpass Coca-Cola in one fell swoop, becoming Berkshire's third-largest holding on a consolidated basis after Apple and American Express, quickly moving from a medium-sized investment into Berkshire's core holdings.

Against the backdrop of Google's strong rise, Berkshire's holdings have undergone significant changes. By the end of Q2, Berkshire's total U.S. stock market value had risen to approximately $299.3 billion. Currently, Apple remains the largest holding stock, with a market value of about $65.95 billion; American Express ranks second with about $51.28 billion; consolidated Alphabet follows in third place; while Coca-Cola and Bank of America rank fourth and fifth respectively.

It is worth noting that while Berkshire is aggressively reselling, its holdings in established core holdings such as Apple, American Express, Coca-Cola, Chevron, and Occidental Petroleum have not changed at all.

This indicates that, against the backdrop of continued warming of AI investment, Berkshire Hathaway, during the Abel era, is firmly betting new chips on tech giants represented by Google, which has become an important indicator for the market to observe its future investment theme.

| Betting on aviation and real estate

In addition to heavy holdings in tech giants, Berkshire also turned its attention to aviation and real estate in Q2, which form its clearest main themes for increasing holdings outside of tech stocks.

Delta Air Lines is another major target Berkshire has focused on increasing its holdings for two consecutive quarters.

In the first quarter of this year, Berkshire Hathaway, after many years, repurchased airline stocks and created a new position of about 39.81 million shares of Delta. By Q2, this buying momentum did not stop, with Berkshire continuing to increase holdings by about 17.51 million shares, an increase of 44%. After two consecutive quarters of accumulation, Delta's holdings at the end of the period have risen to 57.32 million shares, with a market value of approximately $5.369 billion, officially becoming one of the larger new holdings in Berkshire's portfolio.

In the real estate sector, Berkshire is also continuously expanding. In the second quarter, the company continued to increase its holdings in Class A and Class B shares of residential builder Lennar, an increase of nearly 30%. In addition, Berkshire has rebuilt another well-known homebuilder, Horton Housing (D.R. Horton), although currently smaller in scale, demonstrates its ongoing focus on the U.S. residential construction industry.

In retail and consumer sectors, Berkshire has also made partial configurations. In the second quarter, the company significantly increased its holdings in Macy's by about 4.31 million shares, an increase of 141.82%; At the same time, it slightly increased its holdings in The New York Times by about 550,000 shares.

Judging from the portfolio adjustment pattern over two consecutive quarters, Berkshire's main investment theme during the Abel era has gradually become clear: technology (centered on Alphabet) and aviation (represented by Delta Air Lines) are its two most definite areas for increasing holdings.

At the same time, increased allocation to residential builders and some retail companies also shows that the company is actively seeking new growth points beyond traditional core assets.

| "Rebalancing and Stock Swap": Continue to shrink the financial sector, liquidate some consumer stocks

While heavily investing in technology and aviation, Berkshire also decisively "selled" in Q2, further reducing some financial stocks and clearing out some cyclical and consumer stocks.

As Berkshire's traditional heavy holdings, Bank of America remains its fifth largest holding, but Berkshire is reducing its holdings for two consecutive quarters.

In the first quarter, Berkshire Hathaway slightly reduced its holdings by about 3.67 million shares; By the second quarter, the reduction intensified significantly, with about 30.23 million shares sold (a reduction of 5.89%). However, even after the reduction, Berkshire still held 483 million shares of Bank of America at the end of the period, valued at about $27.544 billion, remaining an indispensable part of its portfolio.

Besides Bank of America, Berkshire Hathaway's reduction of holdings in other financial stocks is even more thorough. In the second quarter, the company significantly reduced its holdings in Capital One by 4.15 million shares, a reduction of 58.04%; At the same time, it also reduced its holdings of Ally Financial by 2 million shares, a reduction of 6.90%. These actions demonstrate that Berkshire is systematically reducing its overall risk exposure in the financial sector.

Some of the reduction operations showed clear continuity. In the first quarter, Berkshire Hathaway reduced its holdings in steel stock Nucor by about 39%, and in the second quarter, it cut its remaining holdings by more than half. In the consumer sector, Constellation Brands, which had been heavily reduced in the first quarter, was completely liquidated in the second quarter, with the remaining approximately 630,000 shares sold off.

Overall, the Q2 reduction and increase operations clearly reflect that Berkshire, under Abel's management, is accelerating its "restructuring and share swap": withdrawing chips from traditional finance and some consumer sectors, shifting to more growth-oriented technology and cyclical recovery sectors.