Berkshire Hathaway (BRKa.N) has significantly reshuffled its substantial equity portfolio in the first quarter, disclosing a new $2.65 billion investment in Delta Air Lines (DAL.N) while divesting numerous smaller holdings. The Omaha, Nebraska-based diversified holding company, known for its significant investments across various industries, revealed these changes in a regulatory filing detailing its U.S.-listed stock holdings as of March 31, which comprise the majority of its $288 billion equity portfolio. This portfolio adjustment follows the recent promotion of Greg Abel to succeed Warren Buffett as Berkshire’s chief executive.
Among the notable acquisitions, Berkshire Hathaway more than tripled its share stake in Google parent Alphabet (GOOGL.O), which now stands at $16.6 billion and has become one of its largest common stock investments. The conglomerate also more than doubled its stake in The New York Times (NYT.N), now owning approximately 9% of the media company’s stock, and acquired a small stake in retailer Macy’s (M.N). Delta, often regarded as one of the best-run large U.S. airlines, saw its shares rise 3.2% in after-hours trading, with Macy’s shares also receiving a 5.9% boost following the disclosure.
Conversely, Berkshire sold many of its smaller stock holdings, including prominent names such as Amazon.com (AMZN.O), UnitedHealth Group (UNH.N), and credit card networks Visa (V.N) and Mastercard (MA.N). In total, Berkshire bought $15.94 billion and sold $24.09 billion worth of stocks during the January-to-March period. Most of these stock sales were likely directed by Mr. Abel, who, based on prior disclosures, oversees 94% of Berkshire’s stock holdings. This latest Delta investment marks a notable return, as Berkshire had previously held an 11% stake in the airline but sold it, alongside other aviation investments, in April 2020, with Mr. Buffett citing a changed world for the industry during the early pandemic.
