Nine months into his role as Berkshire Hathaway CEO, Greg Abel has begun reshaping the company's roughly $350 billion equities portfolio. In his first shareholder letter, he named Apple (the largest holding), American Express, Coca-Cola and Moody's as core long-term positions, along with Japan's five largest trading houses. Notably absent were Bank of America, which made up over 7% of the portfolio at the end of the second quarter and was slightly trimmed, as well as Chevron (over 5%) and Occidental Petroleum (4.5%). Alphabet has risen to 10.6% of the portfolio after tens of billions were invested, Delta was newly added at 1.3%, and the Lennar stake was increased. Berkshire has also resumed share buybacks despite holding hundreds of billions in cash.
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