Berkshire's Q2 2026 13F: Abel Ends the Net-Selling Streak and Piles Into Alphabet

For more than three years, the Berkshire Hathaway 13F told one story: Warren Buffett was selling more stocks than he was buying. The Q2 2026 filing, covering the period ended June 30, breaks that pattern. Under CEO Greg Abel, Berkshire was a net buyer of roughly $20 billion of US-listed equities, according to Morningstar-based coverage, ending a 14-quarter streak of net selling.

The Headline: Alphabet

The biggest move was Alphabet. Berkshire added about 48 million shares across Class A and Class C, lifting its stake by roughly 83% to around 106 million shares, worth about $37 billion by most reports. That makes Alphabet one of the largest positions in the portfolio, behind only Apple and American Express.

Here is a nuance 13F readers should not miss: a large share of that purchase reportedly came directly from Alphabet in a roughly $10 billion private placement announced in early June, rather than from the open market. A 13F shows only what was held at quarter-end, not how it was acquired. Dollar estimates for the quarter also vary between outlets, so treat precise figures as approximate until you check the filing itself.

You can see which other top investors hold Alphabet on our overlap page, where crowded positions across institutional portfolios are ranked.

Other Additions

Delta Air Lines, which Berkshire re-entered earlier in 2026, was increased again, with reports putting the new total near 57 million shares and about $5 billion in value. Berkshire also added to its Lennar exposure and made a small, percentage-heavy increase in Macy's. Those are modest dollar amounts against a portfolio of roughly $300 billion in US-listed equities, but they hint at where Abel sees value: a consumer-facing airline, a homebuilder, and a department store, none of which is a classic Buffett-era mega-cap.

What Was Cut

The selling was concentrated in financials and a handful of consumer and industrial names:

• Bank of America continued its long reduction, with roughly $1.6–1.7 billion sold in the quarter.
• Capital One was trimmed by well over half.
• Ally Financial was cut by a single-digit percentage.
• Kroger was reduced by about $700 million, and Constellation Brands was reportedly sold out entirely.
• Nucor was trimmed as well.

Berkshire does not explain individual trades, so the reasons behind each exit are speculation. What the data does show is a consistent direction: less US bank exposure, more large-cap technology.

Cash and Buybacks

Berkshire's cash and Treasury bill pile remained enormous at around $365 billion, down about 8% from the prior quarter. It also repurchased roughly $4.5 billion of its own stock, its first sizable buyback in about two years. The takeaway is that Abel is deploying capital through several channels at once, and the 13F only captures one of them.

How to Use This Information

Three practical lessons stand out for anyone tracking institutional investors:

1. Check the 45-day lag. These holdings are as of June 30, and Berkshire's current portfolio may already look different.

2. Separate private placements from open-market buying. A large block bought directly from the company is a different signal from an investor accumulating shares on the market.

3. Compare against other managers. Berkshire's Alphabet bet matters more if other top funds are also adding. The investors page lets you check individual portfolios, and the flow page shows aggregate buying and selling across all tracked filers.

For a wider view of how this fits into hedge fund positioning, see the macro consensus page.

The Bottom Line

One quarter does not make a trend, and Berkshire's first big net purchase in years was helped along by a single large private placement. Still, a shift from net seller to net buyer, paired with a return of buybacks, suggests the post-Buffett Berkshire is more willing to act than the market assumed. The next filing, covering Q3, is due by mid-November, and it will show whether Abel's buying continued.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.