Mirae Asset Global Investments Bets the House on Berkshire in 2026-Q1

The headline move is the new Berkshire position at $264.6B, but the surrounding adds show how Mirae wants to complement that core. The overlay is a barbell of AI infrastructure, global platforms, and staple cash machines.

On the growth side, the fund leans further into the AI stack and mega‑cap platforms:

• Alphabet is a clear conviction riser, with shares up 36.0% and about $464.7M added, doubling down on cloud, ads, and AI tools at a still-reasonable cost basis.
• Nvidia, already massively in the money at +234.4% vs cost, still gets a 4.3% share increase — a modest but pointed signal they see the GPU cycle as early, not late.
• Qualcomm’s 73.6% share jump and $113.9M incremental capital say “AI at the edge” is a theme worth paying up for.

The other leg of the barbell is scale defensives that benefit from nominal growth and market share gains:

• Walmart’s stake is up 185.6% by shares and roughly $219.4M, turning it into a central call on value-seeking global consumers.
• Procter & Gamble’s position is increased 176.5% despite being slightly under water vs cost, implying this isn’t performance-chasing but a deliberate size-up in staples.
• Health care adds — notably Abbott (+275.9% shares), UnitedHealth (+139.0%), and Alphabet-adjacent names like Intuitive Surgical — show Mirae paying for earnings durability, not just momentum.

To fund Berkshire and those targeted adds, Mirae is clearly selling generic exposure first. Broad S&P 500 sleeves are the primary source of cash.

• Vanguard’s VOO is cut by -27.9% (about -$263.1M) and iShares IVV by -17.4% (about -$55.9M), both heavily in the green, signaling a conscious choice to swap index beta for Berkshire plus handpicked names.
• On the fixed-income side, TLT, SPTL, and VGLT are all trimmed double‑digit in share terms, reducing long-duration rate exposure just as they’re ramping equity concentration.

Within tech, the pattern is not a growth retreat but a winner-skim:

• AMD (-14.7%) and Micron (-9.5%), each with triple‑digit to four‑digit gains vs cost, are being partially harvested; Mirae is reallocating from the most extended memory/CPU plays into other AI beneficiaries and Berkshire.
• Cisco is cut -29.3% and Verizon -10.8%, both solid gainers — a quiet admission that mature telecom and networking gear are better used as liquidity than as future alpha engines.

These trims are surgical rather than panicked. The fund is monetizing winners and broad exposure, not dumping thesis-driven problem children — exactly what you’d expect from a manager re-underwriting where each risk dollar sits.

The sector chart says “tech de‑risking,” but that understates what actually happened: Berkshire simply swallowed most of the book and now sits in the unclassified bucket at 88.4%. What used to be a tech‑dominated set of direct bets is now, in practice, Berkshire plus a curated cross‑sector sleeve.

Technology’s reported share plunges from 59.5% to 4.3%, yet they are still adding to Nvidia, Alphabet, Microsoft, Broadcom, and Qualcomm. The real shift is form, not theme — from owning the full semi and software complex to a smaller, higher‑conviction subset riding AI, cloud, and digital payments.

Consumer exposure is reshaped rather than abandoned. Consumer discretionary falls on paper to 0.85%, but inside that bucket Mirae is leaning into category killers: Amazon, Netflix, Walmart, Costco, and Home Depot all see share increases, with Walmart and Costco in particular recast as core holdings.

Health care’s 0.45% headline weight masks a clear tilt toward durable compounders: Eli Lilly is gently trimmed, but UnitedHealth, Abbott, Amgen, Johnson & Johnson, and Intuitive Surgical all grow. Meanwhile, Energy (Chevron, ConocoPhillips, Exxon) quietly edges up, giving the portfolio some inflation and commodity ballast beneath the Berkshire umbrella.

Going forward, Mirae looks less like a traditional global allocator and more like an equity satellite strapped to Berkshire’s balance sheet. The implicit thesis is that owning Berkshire at scale plus a handful of secular winners beats a diversified index-and-bond mix over the next leg of the cycle.

The overlay still leans into AI and digitization — Nvidia, Alphabet, Microsoft, Amazon, Broadcom, and Qualcomm are the clearest expression of that view. Trims in Micron, AMD, and Cisco suggest they want AI exposure where economic moats and pricing power are clearest, not where cycles are most violent.

At the same time, aggressive builds in Walmart, Costco, Procter & Gamble, and the health care complex show a sharp appreciation for earnings resilience if volatility persists. Mirae is positioning for an environment of solid nominal growth, choppy multiples, and continued AI capex — one where capital allocators and dominant platforms win.

The main risk is obvious: 88.4% in one name makes the whole book ride Berkshire’s fortunes and governance. But for investors trying to read the tea leaves, Mirae is signaling strong belief that concentrated quality plus secular themes, not broad beta or duration, will drive the next five years of returns.