TL;DR - Berkshire Hathaway's Q2 2026 Form 13F (filed Aug. 14) reveals Greg Abel nearly doubled the conglomerate's Alphabet position by 83%, deploying ~$17B to make GOOGL the third-largest equity holding at ~106 million shares (~$37B). - Delta Air Lines (DAL) stake rose 44% in Q2 — from 39.8 million to 57.3 million shares (~$5.4B) — marking Abel's most visible airline endorsement since Berkshire's famous 2020 airline exit. - The total equity portfolio reached $299.3 billion across 29 positions; Apple and American Express remain the top two holdings. - Berkshire trimmed Bank of America, Capital One, Ally Financial, Kroger, and DaVita, and fully exited Constellation Brands.
The 13F Filing: Abel's Q2 Portfolio at a Glance
On August 14, 2026, Berkshire Hathaway filed its Q2 2026 Form 13F with the SEC, disclosing equity positions as of June 30. The $299.3 billion portfolio spans 29 positions — among the most concentrated in the conglomerate's recent history — and reflects Greg Abel's second full quarter as CEO after taking over from Warren Buffett in January 2026.
Q2 2026 Portfolio Snapshot
| Position | Est. Value (June 30) | Q2 Change |
|---|---|---|
| Apple (AAPL) | ~$160B | Unchanged |
| American Express (AXP) | ~$45B | Slightly higher |
| Alphabet (GOOGL) | ~$37B | +83% |
| Bank of America (BAC) | Reduced | Lower |
| Delta Air Lines (DAL) | ~$5.4B | +44% |
Key Buys and Sales
Added / Increased: - Alphabet (GOOGL): +83%, ~$17B deployed in Q2. Approximately $10B came via Alphabet's June 2026 private capital raise — part of the company's $49.6B equity and convertible preferred offering to fund AI infrastructure. The remaining ~$7B was purchased on the open market. Total position: ~106 million shares. - Delta Air Lines (DAL): +44%, adding 17.5 million shares to a Q1 position of 39.8 million. Total: 57.3 million shares worth roughly $5.4B at quarter-end. - Also added: Lennar (LEN), Macy's (M), New York Times (NYT)
Trimmed / Exited: - Bank of America (BAC) — continued multi-quarter reduction - Capital One Financial (COF), Ally Financial (ALLY), Kroger (KR), DaVita (DVA) — trimmed to lock in gains - Constellation Brands (STZ) — fully exited
Investor Analysis: What Abel's Portfolio Tells the Market
1. The Alphabet Bet: Endorsing the AI Capex Cycle
Berkshire's Alphabet position grew from a modest $5.6B at year-end 2025 to roughly $37B by June 30 — in just two quarters. What makes the Q2 portion especially significant is the private placement component. About $10B of Berkshire's Q2 Alphabet buying came through a direct participation in Alphabet's capital raise — the same offering used to fund a $195–205B FY2026 capital expenditure program, the largest in the company's history.
This is not a passive bet on search-ad cash flows. By participating in the private raise, Berkshire effectively co-signed Alphabet's AI infrastructure investment thesis. For investors who have questioned whether hyperscaler capital spending will yield durable returns, Berkshire's direct deal-style participation carries a strong signaling effect.
Context matters: Alphabet's Google Cloud backlog stood at $513.9B (total remaining performance obligations $519.5B) as of Q2 2026. Even as some analysts flagged a slower conversion rate versus prior years, the absolute scale of the backlog implies years of contracted revenue — exactly the kind of durable competitive moat that Berkshire values.
The addition brings Alphabet to the conglomerate's third-largest holding, trailing only Apple (~$160B) and American Express (~$45B). Combined with American Express's existing Berkshire position, the Q2 13F shows Abel constructing a portfolio weighted heavily toward technology and premium consumer spending.
2. The Delta Reversal: Airlines as Pricing-Power Vehicles
Warren Buffett's 2020 airline exit was one of the most memorable portfolio decisions of the COVID era. At Berkshire's 2020 annual meeting, Buffett acknowledged the stakes were sold at a loss and said: "The world has changed for airlines." Six years later, Greg Abel is making a very different call.
Delta was Berkshire's chosen vehicle in Q1 2026 ($2.6B initial stake, the first airline investment since 2020). The Q2 doubling-down to $5.4B is a stronger conviction signal.
Why Delta specifically? The Q2 2026 earnings report (July 10, 2026) illustrated the structural shift that has occurred in U.S. air travel:
| Metric | Q2 2026 | Commentary |
|---|---|---|
| Total Revenue | $19.8B (+19% YoY) | Near-1% capacity growth drove the gain |
| Premium Cabin Revenue | $6.92B | Surpassed Main Cabin for first time |
| Main Cabin Revenue | $6.85B | Legacy revenue base growing more slowly |
| Capacity Growth | ~+1% | Revenue grew 19× faster than seats added |
| Analyst Consensus | Strong Buy | 22 of 24 analysts rate Buy or better |
| 12-Month Avg. Target | $105.52 | ~17–21% upside from mid-August levels |
The critical insight is this: Delta grew revenue 19% on just 1% more capacity. That kind of operating leverage — driven by premium cabin mix, loyalty program economics (the Delta–American Express SkyMiles co-brand is among the most profitable in U.S. financial services), and corporate travel recovery — resembles the kind of durable toll-road economics that Berkshire has historically favored.
The SkyMiles connection also creates an interesting portfolio synergy: Berkshire is simultaneously the largest institutional shareholder in American Express and one of the largest shareholders in Delta. The two companies share one of the most valuable co-brand credit card relationships in the industry.
3. The Bank Trim: Positioning Ahead of Rate Cuts
The consistent reduction of Bank of America — which Berkshire has been trimming since mid-2024 — alongside cuts to Capital One and Ally Financial, points to a deliberate rotation out of rate-sensitive financials. With the Federal Reserve expected to accelerate cuts through 2026–2027, the spread-income tailwind that richly rewarded U.S. banks over the past three years may begin to narrow. Locking in gains now while maintaining exposure through American Express (a more fee- and volume-driven model) reflects a nuanced shift in financial sector positioning.
The full Constellation Brands exit removes one of the last Buffett-era consumer staple positions from the portfolio, further tilting Berkshire's equity book toward high-conviction cyclical growth.
4. Abel's Portfolio Philosophy: Concentrated, Deal-Oriented, and Forward-Looking
Through two full quarters, Greg Abel has shown he is comfortable making large, concentrated bets — $17B into one technology stock, $5.4B into one airline. Equally important, he has shown willingness to participate in primary capital raises (the Alphabet private placement), not just buy shares in the open market. That deal-style capital deployment echoes the Buffett playbook for Bank of America in 2011 and Goldman Sachs in 2008 — investing alongside companies at moments of structural capital need.
For Berkshire watchers, the Q2 13F may answer the most important question since Abel's appointment: Does he manage the portfolio as a steward of the Buffett legacy, or will he put his own signature on it? The $17B Alphabet bet — executed through a private deal channel — suggests the answer is the latter.
Berkshire Hathaway's 13F filings reflect equity positions held as of June 30, 2026. Actual current holdings may differ. This article is for informational and journalistic purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
Sources - Warren Buffett's Berkshire raises stake in world's largest airline — Yahoo Finance / TheStreet (Aug. 16, 2026) - Berkshire Hathaway Boosts Delta Air Lines and Alphabet Holdings — GuruFocus (Aug. 15, 2026) - Berkshire Hathaway nearly doubles its Alphabet stake with $17B Q2 buying spree — Cryptobriefing (Aug. 14, 2026) - Berkshire Hathaway Dramatically Expands Alphabet position by 83% — Blockonomi (Aug. 14, 2026) - Berkshire bulks up on Alphabet, Delta Air, exits Constellation Brands — Seeking Alpha (Aug. 14, 2026) - Berkshire Hathaway returns to airlines with $2.6B Delta stake — CNBC (May 15, 2026) - Delta Air Lines (DAL) Q2 2026 earnings — CNBC (July 10, 2026) - Berkshire Hathaway Expands Delta Air Lines position — Foreign Policy Journal (Aug. 16, 2026) - Major Changes to Berkshire Portfolio During Q2 2026 — Dr. David Kass, UMD (Aug. 15, 2026)
