Greg Abel's Trades and Holdings in Q1 2026

Breaking down the stocks Greg Abel (Berkshire Hathaway) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Berkshire Hathaway's 13F filed on May 15, 2026.

Who are Warren Buffett, Greg Abel and Berkshire Hathaway?

Berkshire Hathaway Inc. is led by Warren Buffett (Chairman and CEO), with Greg Abel (transitioning to CEO at the end of the year), and profoundly influenced by the late Charlie Munger (former Vice Chairman). The company is known for its diversified equity portfolio, typically consisting of around 45 stocks, with the top 5 holdings comprising approximately 70% of equity assets, and massive cash reserves for opportunistic deployments during market dislocations.

Their investment strategy is a classic value investing approach inspired by Benjamin Graham's principles of margin of safety and evolved through Munger's emphasis on acquiring wonderful businesses at fair prices, treating equities as ownership stakes in enduring enterprises rather than tradable securities. They focus on undervalued or high-quality companies across industries that can compound intrinsic value over decades, with strong qualitative factors like durable economic moats, high returns on capital, honest and capable management, predictable cash flows, and ample reinvestment opportunities in growing markets.

Berkshire Hathaway's Website https://www.berkshirehathaway.com

Holdings in Q1 2026

Current Investment Strategy

In Greg Abel's first quarter at the helm, Berkshire Hathaway executed one of its most aggressive portfolio overhauls in years, cutting the number of holdings from 40 to roughly 26-29 as it fully exited Visa, Mastercard, UnitedHealth Group, Domino's Pizza and Aon, while tripling its stake in Alphabet and adding new positions in Delta Air Lines and Macy's—moves the market read as opportunistic value bets on cyclically depressed names rather than a philosophical break from Buffett's playbook. The reshuffle, still anchored by long-held compounders like Apple, American Express and Coca-Cola, suggests Abel is pairing classic Graham-and-Buffett-style value discipline with a newfound willingness to pay up for a business, Alphabet, seen as possessing an underappreciated moat in artificial intelligence and cloud computing.

New Investments

Delta Air Lines Inc

Greg Abel bought $2.65B of Delta Air Lines Inc in Q1 2026. The purchase comes as Delta reported record June-quarter adjusted revenue of $17.7 billion, up 14% year over year, with adjusted EPS of $1.56 and GAAP EPS of $2.44, both ahead of guidance and consensus despite margin pressure from the highest quarterly fuel expense in its history. In the prior quarter, Delta also beat expectations with EPS of $0.64 versus the $0.61 consensus and has now surpassed EPS estimates in each of the last four quarters, underscoring consistent execution even as fuel and non-fuel unit costs have risen. Looking ahead to the current September quarter, management is guiding mid-teens year-over-year revenue growth, an operating margin of 11–13%, EPS of $2.00–$2.50, and a projected fuel price around $3.15 per gallon, while reinstated full-year guidance, double-digit return on invested capital, and growing premium and loyalty revenues are key catalysts that could drive further value creation if demand holds.

• Q2 2026 GAAP operating revenue rose to $19.8 billion from $16.6 billion a year earlier, while adjusted operating revenue was $17.7 billion, reflecting approximately 14% year-over-year growth..
• Q2 2026 adjusted pre-tax income was $1.4 billion with an adjusted operating margin of about 8.8–9% and return on invested capital around 11%, as total fuel expense climbed to roughly $4.4 billion, nearly $2 billion higher than last year..
• For Q3 2026, Delta guides revenue up mid-teens year over year with an operating margin of 11–13% and EPS of $2.00–$2.50, assuming an all-in fuel price near $3.15 per gallon including a refinery benefit of about $0.05 per gallon..

Alphabet

Greg Abel bought $1.03B of Alphabet in Q1 2026. This purchase adds exposure to a mega-cap AI, search, and cloud franchise that has delivered a very strong trailing 12‑month share price gain of between roughly 69% and 80%, while in the current quarter the stock has been consolidating with a modest pullback of about 3% over the past month and a small decline over the last three months that improves the risk‑reward for new capital. Operationally, the last two quarters have been exceptionally robust: in the most recent quarter revenue grew about 24% year over year to roughly $120B with operating margin expanding 2 points to 34%, Google Cloud revenue surged 82% to around $25B with segment margin rising to 36%, and EPS of 9.11 beat consensus by over 200%, following a prior‑quarter EPS beat of roughly 94% and four consecutive quarters of upside surprises. Despite near‑term share weakness linked to a leadership shakeup in the AI division and the departure of key figure Jeff Dean, repeated large EPS beats, accelerating cloud profitability, and expectations for next‑quarter revenue to increase toward about $126B against a still‑reasonable P/E in the mid‑20s support the view that recent volatility is sentiment‑driven and that strong AI and cloud fundamentals can be repriced higher over coming quarters.

• Last quarter EPS was 9.11, a surprise of about 216% versus the 2.88 consensus estimate..
• Latest quarter revenue reached roughly $119.8B–$120B, up about 24% year over year, with Google Cloud revenue up 82% to around $25B and segment margin at approximately 36%..
• Share price is up around 69–80% over the last 12 months, versus a roughly 0.7% decline over the last 3 months and about 3% decline over the past month..

Macy's

Greg Abel bought $54.96M of Macy's in Q1 2026. Over the last two reported quarters, Macy's fundamentals have been improving, with Q4 FY25 delivering $7.6 billion in net sales and 1.8% comparable sales growth, followed by Q1 FY26 comps accelerating to 3.0% and net sales rising 1.8% year over year as its turnaround gains traction. In the current quarter, strength is broad-based across banners—Bloomingdale’s comps up 10.2%, Bluemercury up 6.4%, and Macy’s banner up 1.6%—while profitability has normalized seasonally from the holiday quarter but still beat expectations with adjusted EPS of $0.13 versus consensus $0.02, and operating cash flow of roughly $292 million supporting balance-sheet flexibility. Management raised full-year 2026 guidance on the back of four consecutive quarters of positive comps and continued progress in its go-forward and Reimagine store strategy, providing a near-term catalyst for valuation upside if execution remains disciplined against a weak discretionary spending backdrop.

• Q1 FY26 comparable sales up 3.0% and net sales up 1.8% year over year to roughly $4.7–$4.9 billion, marking the strongest first-quarter comp performance in four years and the fourth consecutive quarter of positive comps..
• Q4 FY25 adjusted EPS of $1.67 and net sales of $7.6 billion both beat consensus, with comparable sales up 1.8% even as reported net sales declined 1.7% due to store closures (about $200 million of prior-year sales)..
• Bloomingdale’s Q1 FY26 comparable sales surged 10.2%, Bluemercury comps rose 6.4%, and Macy’s banner comps increased 1.6%, underscoring a mix shift toward higher-growth, higher-margin banners within the portfolio..

Added, Trimmed, and Exited

Added

Berkshire Hathaway added meaningfully to three existing holdings. Alphabet saw the biggest increase, with shares roughly tripling from 17.85 million to 54.25 million, lifting the position's value from $5.59B to $15.60B (+179%). New York Times Co Mtn Be shares nearly tripled from 5.07 million to 15.15 million, with value climbing from $351.66M to $1.27B (+261%), while Lennar shares rose from 7.05 million to 10.10 million, pushing value from $724.84M to $877.05M (+21%).
What it means: The dramatic scale-up in Alphabet — on top of the separate new stake initiated in the quarter — signals strong conviction in the company's AI and cloud momentum despite recent share-price volatility, suggesting management views the pullback as a buying opportunity rather than a red flag. The sharp increase in New York Times Co Mtn Be points to growing confidence in its subscription-driven digital model, while the added exposure to homebuilder Lennar hints at optimism that housing demand and rate relief could support margins going forward.

Trimmed

Berkshire Hathaway trimmed six positions. Chevron was cut by roughly 45.78 million shares (about 35%), reducing value from $19.84B to $17.46B (-12%), and Constellation Brands was slashed by 12.37 million shares (about 95%), collapsing its value from $1.79B to $94.93M (-94.7%). Bank of America was trimmed modestly by 3.67 million shares, with value falling from $28.45B to $25.04B (-12%), while Nucor was reduced by 2.50 million shares (about 39%), DaVita by 1.66 million shares, and Liberty Live Holdings Inc by 330,518 shares.
What it means: The near-total exit from Constellation Brands and steep cut to Chevron and Nucor suggest a deliberate reduction in cyclical, commodity-linked, and consumer-discretionary exposure amid margin pressure and softer demand in those sectors. The continued paring of Bank of America, now a multi-quarter trend, indicates the position is being methodically resized even as it remains one of the largest holdings. Notably, DaVita and Liberty Live Holdings Inc were trimmed even as their values rose (+28% and +10%, respectively), implying disciplined profit-taking rather than a loss of conviction.

Exited

Berkshire Hathaway fully exited fifteen positions, most notably Visa ($2.91B) and Mastercard ($2.28B), along with UnitedHealth Group ($1.66B), Domino's Pizza ($1.40B), Aon ($1.27B), Pool ($702.01M), Amazon ($525.35M), Heico ($326.80M), Liberty Media ($297.36M), Charter Communications ($221.46M), Lamar Advertising ($152.20M), Allegion ($124.21M), Diageo ($19.65M), Liberty Latin America ($17.71M), and Atlanta Braves ($4.55M).
What it means: The wholesale exit from payment giants Visa and Mastercard is a striking departure from two long-held compounders, potentially reflecting valuation concerns or a strategic pivot away from that thematic bet under incoming leadership. Combined with the exit from UnitedHealth Group and a broad swath of smaller media, industrial, and consumer names, this looks like a significant portfolio rationalization — likely freeing up capital that was redeployed into higher-conviction, larger new bets such as Delta Air Lines Inc and the expanded Alphabet stake, as Greg Abel reshapes the book heading into his CEO transition.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.