Berkshire Hathaway Has Been Selling. Here's the 1 Stock It's Still Buying.
Key Points
With Greg Abel now at the helm of Berkshire Hathaway, the holding company made some major portfolio changes.
Berkshire cashed out of longtime holdings like Visa but jumped back into a former holding, Delta Airlines.
Warren Buffett famously bailed on airline stocks in 2020, but his successor has a much different view on the sector.
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Last week, Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) submitted its latest 13-F with the Securities and Exchange Commission (SEC), disclosing its positions in U.S.-listed stocks. This latest 13-F filing is interesting for several reasons. For starters, as the report covers changes to the portfolio made during the first quarter of 2026, it reveals changes made since Greg Abel succeeded legendary investor Warren Buffett as CEO at the start of this year.
Second, while Abel has made some noticeable changes to Berkshire's stock portfolio, he has made a big leap back into one of the holding company's past equity holdings. That is, after famously dumping it alongside other airline stocks in 2020, Berkshire Hathaway is once again long Delta Airlines (NYSE: DAL) shares.
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Berkshire's portfolio: Big changes after Abel takes the helm
Greg Abel, now in Warren Buffett's seat, has so far made fairly small changes. Berkshire still owns its scores of wholly owned subsidiaries. Long-term stock holdings in names like Coca-Cola and Apple remain untouched.
That said, Abel closed many of Berkshire's most recent long-term stock positions. These include longtime Warren Buffett investments in Amazon, Domino's Pizza, Mastercard, UnitedHealth, and Visa. However, alongside these major sales, Berkshire, under Abel's direction, has made a major buy. It now owns 6.1% of Delta Airlines, a position worth nearly $3 billion.
Key takeaways from this unexpected buy
While Berkshire's investment back into Delta shares changes the portfolio only slightly, there is one key takeaway: Its view of Delta has changed dramatically. Remember back in 2020, when, amid the COVID-19 pandemic, Berkshire dumped all of its airline stocks? Then again, the industry has since evolved dramatically.
Post-pandemic, the U.S. airline industry has tapped into trends like premiumization to sustain demand, even amid challenges like high inflation and the recent spike in fuel costs. With these changes, perhaps Abel, and by extension Buffett, who remains chairman, believes that Delta has developed a durable competitive advantage, something Buffett has previously said has proven elusive for airlines "since the days of the Wright Brothers."
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Thomas Niel has positions in UnitedHealth Group. The Motley Fool has positions in and recommends Amazon, Apple, Berkshire Hathaway, Domino's Pizza, and Visa. The Motley Fool recommends Delta Air Lines and UnitedHealth Group. The Motley Fool has a disclosure policy.
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