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Berkshire Hathaway overhauls portfolio with bold stock moves in Q1 2026

Warren Buffett's firm exits Amazon and UnitedHealth while betting big on Delta. A sweeping strategy shift sends cash reserves soaring to $397 billion.

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Berkshire Hathaway overhauls portfolio with bold stock moves in Q1 2026

Berkshire Hathaway reported an 18 percent rise in operating earnings for the first quarter of 2026. The growth came mainly from strong insurance underwriting and improved performance at BNSF rail operations. Meanwhile, the company made sweeping changes to its investment portfolio, cutting ties with several major holdings while building new positions in others. During the first three months of 2026, Berkshire Hathaway reshaped its stock portfolio significantly. The firm fully exited Amazon, UnitedHealth, and Domino’s, while trimming its stakes in Chevron and Bank of America. At the same time, it added a $2.65 billion investment in Delta Air Lines and increased its exposure to Alphabet.

The company also reduced its total equity holdings from 40 positions to just 26. This contraction came alongside a resurgence in share buybacks, with Berkshire repurchasing $234 million worth of its own stock. Cash reserves swelled to near-record levels, reaching $397 billion by the end of the quarter. Berkshire was not alone in its shift away from big tech. Hedge funds broadly cut back on mega-cap technology stocks during the same period. Daniel Loeb’s fund exited Microsoft entirely and slashed its Nvidia stake by over 93 percent, closing 20 positions in total. Bill Ackman followed a similar path, reducing his Alphabet holdings—both Class A and Class C shares—by more than 94 percent.

The first quarter of 2026 saw Berkshire Hathaway tighten its investment focus while boosting cash reserves. Its earnings growth was underpinned by core operations, but the portfolio changes signalled a clear shift in strategy. Across the market, major funds demonstrated a strong move away from dominant tech stocks, reallocating capital elsewhere.

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