Warren Buffett Portfolio 2026: What Berkshire Hathaway Is Buying and Selling

Warren Buffett's Portfolio in 2026: The Current Picture

Warren Buffett's Berkshire Hathaway manages one of the most closely watched public equity portfolios in the world. Each quarterly 13F filing reveals not just holdings but investment philosophy — what sectors Buffett is willing to own at current valuations, where he sees durable competitive advantages, and which prior investments he has reconsidered. Over Buffett's decades of stewardship since 1965, Berkshire's positioning has become the most studied example of long-term value investing, which is why each 13F filing draws close attention from investors seeking to understand how a disciplined value framework is applied at scale.

This analysis draws on the most recent 13F disclosures filed by Berkshire Hathaway and applies Meridian's institutional tracking framework to interpret the moves in context.

Berkshire Hathaway's Investment Philosophy

Before reviewing holdings, understanding Buffett's documented investment criteria is essential for interpreting his position changes. The Berkshire portfolio is not built on market timing — it is built on four tenets:

1. Circle of Competence: Only businesses Buffett can reliably understand and value
2. Economic Moat: Companies with durable competitive advantages — brand, network effects, switching costs, scale economies, or cost advantages — that protect returns on capital over decades
3. Owner Earnings: Buffett evaluates businesses on owner earnings (net income + depreciation/amortization - maintenance capex), not GAAP earnings per share
4. Margin of Safety: He purchases only when market price is substantially below intrinsic value

When Buffett sells a long-held position, it is worth examining whether the moat has deteriorated, whether valuation exceeded intrinsic value, or whether Berkshire needs capital for a better opportunity. These distinctions are not always clear from the 13F alone but become apparent over subsequent quarters.

Berkshire Hathaway's Top Holdings (2026)

The following represents Berkshire's disclosed long equity positions as of the most recent quarterly filing. Note that Berkshire occasionally files for confidential treatment of specific positions, which SEC may grant while the position is being built.

Top 10 Holdings by Market Value

Values are approximate and based on the most recent 13F disclosures. Berkshire's actual portfolio changes continuously and this should not be read as current financial advice.

Sector Allocation

The Apple Reduction: What It Signals

Buffett's most notable recent transaction — the significant trimming of Berkshire's Apple position through 2024 — deserves detailed analysis. Berkshire reduced its Apple stake from approximately 905 million shares (Q3 2023) to approximately 400 million shares by Q4 2024, realizing significant gains.

Buffett's stated reason was tax management: realizing gains while capital gains tax rates are relatively predictable and before potential legislative changes. However, several other factors may be relevant:

• Concentration risk: Apple at peak represented over 50 percent of the disclosed equity portfolio — unusually concentrated even by Berkshire standards
• Valuation: Apple's price-to-earnings multiple expanded well beyond historical norms during 2023-2024
• Circle of competence: Buffett has historically been cautious about technology businesses that require prediction of rapidly changing product cycles

Importantly, even after the trimming, Apple remains Berkshire's largest disclosed equity position. The reduction is a relative conviction decrease, not an exit.

Bank of America: The Capital Rotation Trade

Berkshire's reduction of its Bank of America position — selling tens of billions worth of BAC shares in mid-to-late 2024 — created significant market attention. Berkshire held Bank of America shares from a 2011 warrants deal, meaning the cost basis was minimal and the tax bill on sale was substantial.

Possible interpretations:

1. Valuation discipline: BAC appreciated significantly; price exceeded Buffett's intrinsic value estimate
2. Capital deployment: Berkshire's cash position reached record levels (over $300 billion), suggesting difficulty finding sufficient-quality new investments at acceptable prices
3. Regulatory concerns: Bank regulation changes could affect financial sector returns

Occidental Petroleum: The Active Accumulation Case

Occidental Petroleum represents Berkshire's most actively accumulated position in recent years. Berkshire has built ownership exceeding 28 percent of OXY's outstanding shares, regularly adding to the position and explicitly exploring a full acquisition.

This position illustrates Buffett's macro view on energy:

• He considers US oil and gas production strategically important for national security
• OXY's Permian Basin assets represent irreplaceable low-cost production
• CEO Vicki Hollub's capital allocation discipline impressed Buffett (he watched her presentation at a conference and began buying within days)

The position has an important implication for signal users: when Berkshire accumulates a stock to near-30 percent ownership, the next logical step is a full acquisition bid. The spread between OXY's current trading price and a full Berkshire acquisition premium represents a potential risk-arbitrage opportunity.

The Cash Pile: A Macro Signal

Berkshire's cash position — Treasury bills plus cash equivalents — reached over $325 billion by late 2024, the largest absolute cash hoard in Berkshire's history. This is arguably Buffett's most important signal for market observers.

Buffett has stated: "We only swing at pitches in the strike zone." The record cash pile indicates either:

• Current equity valuations are above his intrinsic value estimates across most of the investable universe
• He anticipates a dislocation event that will create better buying opportunities
• Berkshire is preparing for a very large acquisition

Historically, large Berkshire cash positions have preceded periods of market correction followed by major Berkshire deployments (2008-2009 financial crisis: Berkshire invested approximately $15 billion in Goldman Sachs, GE, and others at crisis prices).

How Meridian Tracks Berkshire's 13F

Meridian monitors Berkshire Hathaway as one of 37 tracked institutional funds in its 13F analysis system. For each quarterly filing, the platform calculates:

• Position changes (new, increased, reduced, exited)
• Conviction weighting (position size relative to total disclosed portfolio)
• Comparison to prior quarters (3-quarter trend analysis)
• Cross-fund convergence (when other tracked funds also hold the same stock)

Berkshire's positions frequently appear in cross-fund convergence alerts — when a stock is held by Berkshire, a superinvestor, and also shows dark pool accumulation, the conviction signal is substantially elevated. For the full list of tracked superinvestors, see /knowledge/superinvestor-portfolio-tracking.

Buffett's Investment Principles in Practice

For investors seeking to apply Buffett's framework to their own analysis:

Owner Earnings Calculation

Owner Earnings = Net Income + Depreciation/Amortization - Maintenance CapEx

This is Buffett's preferred measure of true cash generation, introduced in the 1986 Berkshire annual letter. It eliminates growth capex from the calculation, reflecting only what the business needs to spend to maintain current competitive position.

Moat Assessment Checklist

• Does the company have pricing power? (Can it raise prices without losing customers?)
• Is the ROE above 15 percent and sustained over 10+ years?
• Does the business model get stronger as it gets larger? (Network effects or scale economies)
• Would customers switch if a competitor offered 10 percent lower prices?

When Buffett's Approach Does Not Apply

Buffett's framework is optimized for mature, capital-light businesses with durable demand. It systematically underweights:

• Early-stage technology companies with no current earnings
• Companies in rapid technological transition
• Small-cap stocks with limited liquidity for Berkshire's scale

For these categories, other signal types (ARK ETF flows, venture secondaries, sector momentum) are more relevant than replicating Berkshire's approach.

Frequently Asked Questions

What are Warren Buffett's current stock holdings in 2026?

Berkshire Hathaway's largest disclosed positions as of the most recent 13F filing are Apple (technology), American Express (financial services), Bank of America (financial services, reduced), Coca-Cola (consumer staples), and Occidental Petroleum (energy, being actively accumulated). The full list changes quarterly.

How can I track Warren Buffett's portfolio?

Berkshire Hathaway files a 13F with the SEC within 45 days of each quarter end. The filings are available free on SEC EDGAR. Meridian tracks Berkshire as one of 37 institutional funds with enhanced analysis of position changes, conviction weighting, and alerts.

Why is Berkshire Hathaway holding so much cash in 2026?

Berkshire's cash position exceeded $325 billion by late 2024. Buffett has stated this reflects an inability to find attractively priced acquisitions or stock purchases at current market valuations. Historically, Berkshire's large cash positions have preceded major market dislocations followed by significant capital deployment.

Why did Buffett sell Apple stock?

Buffett reduced Berkshire's Apple position substantially in 2024, citing tax management reasons (realizing gains while tax rates are known). Other likely factors include portfolio concentration (Apple exceeded 50% of disclosed equities at peak), valuation expansion beyond historical norms, and desire to maintain flexibility for other opportunities.

What does Warren Buffett look for in a stock?

Buffett evaluates businesses on four dimensions: circle of competence (he must understand the business), management quality, financial strength (high and sustainable ROE, low debt), and price (must be substantially below intrinsic value, measured by discounted owner earnings). He prioritizes durable competitive moats over near-term earnings momentum.

Is Warren Buffett still relevant for investors in 2026?

Yes, for long-term value investors. Buffett's framework of analyzing competitive moats, owner earnings, and buying with a margin of safety remains highly applicable to mature businesses. However, his portfolio systematically underweights technology disruption, early-stage growth, and international markets — areas where other frameworks and signal types are more appropriate.