Warren Buffett

Berkshire Hathaway’s 13F for the first quarter of 2026 shows a portfolio of $263 billion that is still anchored by financials and consumer staples, but the weightings have shifted in ways that separate Buffett from the average large-cap value manager. American Express is the largest position at 17.1% of the portfolio, a stake worth $45 billion. Coca-Cola follows at 8.2%, and the combined Apple holdings, which appear across three separate line items, total roughly $44.9 billion, or about 17.1% of the fund. That arithmetic puts Apple and AmEx in a statistical tie for the top spot, though the structure of the filings makes the exact ranking ambiguous. The more telling move is the continued commitment to Occidental Petroleum. The OXY warrants alone are 6.5% of the portfolio, and Chevron adds another 4.6%, meaning energy is roughly 11% of total assets. That is a heavier energy bet than most value peers run, and it is a direct expression of Buffett’s willingness to hold volatile commodity-linked names for decades. Bank of America preferred shares and Chubb round out the top ten, giving Berkshire a distinct tilt toward insurance and financial services that most index-heavy competitors do not replicate. The presence of Alphabet in the top ten, at 4.5%, is the clearest sign of adaptation. Buffett spent years avoiding big tech outside Apple, but the Google parent now sits alongside the legacy holdings. The portfolio still looks like Buffett: concentrated, patient, and biased toward cash-generative businesses with wide moats. But the mix of energy warrants, preferred bank stock, and a search giant suggests the definition of a moat has broadened. Berkshire is not selling its old favorites, but it is adding new ones at the margin.