Berkshire Hathaway’s Q1 2026 13F filing disclosed a $263.10 trillion equity portfolio. The firm maintained 29 positions, initiating three new stakes. Apple (22.0%), American Express (17.4%), Coca-Cola (11.6%), Bank of America (9.5%), and Chevron (6.6%) combined to represent 67.1% of the total capital, reflecting substantial concentration.

Berkshire Hathaway committed significant capital to new positions in Q1 2026. A $2.65 trillion stake in Delta Air Lines Inc. marks a striking departure from Warren Buffett’s historical skepticism towards airlines. This investment signals deep conviction in Delta’s specific operational advantages, perhaps its brand loyalty or efficient route network, despite the industry’s capital intensity. Alphabet Inc. also drew substantial funds, a $1.03 trillion position affirming a belief in its enduring digital advertising and cloud computing dominance. Alphabet’s strong free cash flow generation and formidable competitive moat align squarely with Buffett’s classic criteria. A smaller, $54.96 billion purchase of Macy’s Inc. represents a more contrarian bet on a struggling department store chain.

These Q1 moves reflect a diverse interpretation of “wonderful businesses at fair prices.” Delta Air Lines, despite its cyclical nature, likely offers a specific brand strength and operational discipline rarely seen in airlines. Alphabet’s market leadership across search and digital advertising provides immense, predictable cash flows. Macy’s, though a challenged retailer, may present a deep value play, potentially for its underlying real estate assets or a belief in its long-term stabilization. Buffett’s Q1 activity suggests a re-evaluation of traditional industry barriers and a pursuit of perceived value wherever it appears, whether in dominant tech platforms, best-in-class legacy industrials, or distressed retail.

Berkshire Hathaway piled into existing holdings during 2026’s first quarter, signaling deepened conviction in specific sectors. Warren Buffett added significantly to The New York Times Company, expanding its position by 49%. Berkshire’s NYT stake now reaches $1.27 trillion. Berkshire also increased its Lennar Corporation allocation, adding 43% to its Class A shares. The Class A holding pushed to $877.05 billion. Lennar’s Class B shares grew 31%, bringing that segment to $20.00 billion.

Such moves reflect Buffett’s continued belief in businesses exhibiting durable competitive advantages and predictable cash flow. Buying more NYT and Lennar indicates Berkshire found these companies still offer fair prices despite current market valuations. Expanding positions rather than initiating new ones reinforces a preference for familiar operations and trustworthy management, cornerstones of Buffett’s long-term value strategy. The strategy avoids complexity and speculation, focusing instead on clear, understandable business models.

Berkshire Hathaway slashed positions across its portfolio during Q1 2026. Apple saw a 92% reduction. American Express holdings shrank 67%. Coca-Cola stock decreased 90%. Bank of America shares dropped 89%. Chevron exposure fell 84%. Alphabet Class A stock reduced 24%. These are not minor trims; such deep cuts represent a stark departure from the typical Berkshire holding pattern.

Warren Buffett consistently advocates buying wonderful businesses at fair prices, then holding them indefinitely. He prioritizes durable competitive moats, trustworthy management, and predictable free cash flow, while explicitly avoiding complexity and speculation. Divesting 92% of Apple or 90% of Coca-Cola challenges that “indefinitely” mantra, particularly for companies often cited as examples of his “wonderful businesses.” This suggests a strategic reassessment, or a capital reallocation, of unusual magnitude for the Omaha-based conglomerate.