Berkshire Hathaway 13F Portfolio · Warren Buffett

The “biggest buys” widget is basically a manifesto: Berkshire wants much more Alphabet, and it wants meaningful optionality in housing and select cyclicals.

On the tech side, the step‑change is unmistakable:

• GOOGL: up 45.2%, adding about $8.77B, to a 9.41% position. That’s not tweaking; that’s declaring Alphabet an anchor alongside Apple.
• GOOG: up an eye‑catching 658.3%, adding roughly $8.34B, to 3.21% of the book. Berkshire is synthesizing a single, very large Alphabet bet across share classes.

Away from tech, the new capital tells you where they see cyclical upside:

• Delta Air Lines: stake up 44.0%, adding about $1.64B. Berkshire is effectively rehabbing the airline thesis post‑pandemic, but through its preferred operator.
• Lennar (LEN and LEN.B): combined additions of roughly $278M and $5.4M, with LEN up 29.8%. Alongside NVR and a new D.R. Horton toe‑hold, this looks like a deliberate U.S. homebuilder basket.
• Macy’s: shares up 141.8%, an extra ~$101.5M into a small but aggressive retail swing. This is a high‑beta way to express confidence in the consumer and Macy’s specific turnaround progress.
• New: D.R. Horton enters, small in dollars (~$0.6M) but strategically important as the third pure‑play homebuilder.

These aren’t random stock‑picking flourishes. Berkshire is building three explicit satellites around its legacy core: Alphabet as the second tech cornerstone, a homebuilder triad as a leveraged housing call, and a handful of cyclicals (Delta, Macy’s, New York Times) to benefit if the U.S. consumer and travel stay resilient.

To pay for tens of billions in fresh Alphabet, Berkshire didn’t touch the crown jewels — Apple, American Express, Coke, Chevron, and Moody’s all stay flat. The funding instead comes from a controlled bleed across banks, an industrial, and a couple of mature defensives.

Finance is the obvious cash register:

• Bank of America: trimmed 5.9%, freeing about $1.72B. With the stake still at 9.2%, this reads as risk‑management and capital rotation, not a thesis reversal.
• Capital One: cut by 58.0%, releasing roughly $0.83B. That’s a clear downgrade of enthusiasm for more credit‑sensitive consumer finance.
• Ally: reduced 6.9%, a smaller ~$92M pullback. Alongside COF, it signals less appetite for second‑tier U.S. lenders versus payment networks and core banks.

Outside financials, Berkshire is easing off pro‑cyclical industrial and staples exposure:

• Nucor: shares slashed 52.5%, taking out about $456.5M. Steel is one of the purest economic‑cycle plays in the book; the cut suggests they see better risk‑reward elsewhere.
• Kroger: down 22.0%, freeing about $610.8M. They’re content to let Coca‑Cola and Kraft Heinz carry consumer‑staples ballast without Kroger at prior size.
• DaVita: trimmed 4.1% (~$271.5M). After a strong run, the position stays meaningful at 2.15%, but Berkshire is quietly taking some health‑care chips off the table.

The pattern is consistent: cash out of spread‑ and cycle‑sensitive names that have worked, recycle into scalable tech and structurally undersupplied housing, without disturbing the insurance, energy, and core consumer franchises.

The sector bar chart confirms what the individual trades imply: Berkshire is slowly trading balance‑sheet risk for operating leverage in tech and housing.

Technology climbs from an estimated 31.28% to 35.41%, almost entirely on the back of Alphabet additions. Apple remains fixed, so the incremental tech risk is a conscious bet on Alphabet’s ad, cloud, and AI earnings power rather than a generalized tech grab.

Finance slips from 37.38% to 34.6%, even with American Express and Chubb unchanged. Trims in Bank of America, Capital One, Ally, and Nucor’s drop in Industrials (0.31% to 0.14%) all point to a desire to run with fewer pure macro and credit calls.

Consumer Discretionary edges up from 3.93% to 4.42%, but the composition matters more than the headline number. That weight now embeds a real housing cluster (Lennar, NVR, D.R. Horton), a recommitment to travel via Delta, and selective consumer media/retail through New York Times and a much larger Macy’s stake.

Meanwhile, Energy (Chevron and Occidental) and Consumer Staples (Coca‑Cola, Kraft Heinz, Kroger) tick modestly lower in share but are essentially being left intact. The message is clear: keep the legacy cash‑flow moats, but ask higher‑growth tech and cyclical consumption to drive marginal returns.

Taken together, the 2026‑Q2 moves look like a Berkshire answer to an AI‑and‑housing‑driven cycle: keep the fortress, but change where the upside comes from.

On one side, they maintain enormous, unrealized gains in Apple, American Express, Coca‑Cola, Moody’s, Chevron, and Chubb, all showing triple‑digit or better gains versus cost. Those positions supply the liquidity and balance‑sheet stability that allow Berkshire to be patient when it swings big elsewhere.

On the other, they’ve chosen their growth horses. Alphabet is now large enough at 12.62% to matter almost as much as Apple for look‑through earnings, and the homebuilder cluster plus Delta and Macy’s gives them targeted exposure to U.S. household formation and discretionary spend.

The trims in banks, industrial steel, and a touch of health care suggest an under‑the‑hood risk rebalance: a bit less leverage to interest‑rate and credit cycles, a bit more to secular tech and structural housing supply shortages. For outside investors reading this 13F, the signal is that Berkshire still believes in concentrated, high‑quality compounding — but it increasingly expects the incremental compounding to come from Alphabet and U.S. housing, not just from banks and old‑guard defensives.

If this quarter’s pattern persists, future filings are likely to show further deepening of the Alphabet and housing themes, funded by gradual trims in non‑core financials and smaller cyclicals, rather than any abrupt upheaval of the long‑standing core.