Charlie Munger

Berkshire Hathaway’s 2026 first quarter filing shows a portfolio that remains a study in concentrated patience, with the late Charlie Munger’s imprint still visible in the structure. American Express is the largest position at $45.1 billion, or 17.1% of the fund, followed by Coca-Cola at $21.5 billion. These are not trading positions; they are decades-old anchors that define the fund’s character. The combined weight of the top two holdings, roughly 25% of assets, is a level of conviction few peers would tolerate, and it reflects a willingness to sit with a small number of businesses through valuation swings. The fund has not abandoned growth, but it has priced it selectively. Apple appears three separate times in the filing, with combined values of roughly $44.9 billion, making it the effective second-largest holding after American Express. That is a notable departure from the classic value label, yet it fits the Munger doctrine of paying a fair price for a great business rather than a bargain price for a mediocre one. The presence of Alphabet at 4.5% reinforces this: Berkshire now holds large-cap technology alongside insurance and energy, a mix that separates it from stricter value funds that avoid the sector entirely. Energy and financials round out the book. Occidental Petroleum warrants and Chevron together account for over 11% of assets, a bet on hydrocarbon cash flows that many ESG-constrained institutions cannot replicate. Bank of America preferred shares add another 5.8%. Chubb, the Swiss insurer, sits at 4.2%. The portfolio has no small caps, no speculative IPOs, and no obvious distress plays. It is a collection of cash-generative giants, held with the expectation that their earnings power, not multiple expansion, will drive returns. The filing shows no major new entrants, which is consistent with a fund that prefers inaction to forced activity.