Berkshire Cuts U.S. Equity Roster to 26 Stocks and Holds Record Cash

Overview

• The 13F, filed in mid‑May, showed Berkshire fully exited 16 positions that together amounted to about $8.1 billion and reduced its disclosed U.S. equity holdings to 26 stocks.
• Berkshire reported a near‑record cash balance of roughly $397 billion as of the March 31 snapshot, a war chest that limits small moves and favors large, concentrated investments.
• The filing showed a much larger Alphabet position and a new roughly 6% stake in Delta Air Lines while retaining a large Bank of America holding that represented about 8% of the reported stock portfolio.
• Many of the sold stakes, including Visa, Mastercard, Amazon, UnitedHealth, Domino’s and Pool Corp., have been linked by reporters to the unwinding of positions tied to former portfolio manager Todd Combs after his move to JPMorgan.
• Analysts say the trades point to a stylistic shift toward fewer, higher‑conviction public bets under Abel but caution the 13F covers only U.S. equity holdings as of March 31 and does not show foreign shares, private investments or intra‑quarter moves, so investors should watch separate foreign filings and future disclosures for the full picture.