Portfolio Brief · May 2026
Where Berkshire Is Invested
A look inside the world's most-watched portfolio — what Warren Buffett's Berkshire Hathaway owns today, what it's quietly buying, and the historic cash pile sitting on the sidelines.
Equity Portfolio
$274B
across 40 holdings
Cash & Treasuries
$397B
record level
Top 5 Holdings
70.9%
of equity portfolio
Largest Position
22.6%
Apple, $62B
The Story Behind The Numbers
More cash than stocks.
For the first time in modern memory, Berkshire Hathaway holds more in U.S. Treasury bills and cash than it does in publicly traded equities. The conglomerate ended the first quarter with roughly $397 billion in cash and short-term Treasuries against a $274 billion stock portfolio.
That ratio matters. Buffett has spent six decades teaching investors that price discipline is the difference between buying a business and overpaying for one. When the firm with the longest track record in American capital markets chooses Treasury bills over stocks at this scale, it is making a statement that deserves attention — not panic, but attention.
Berkshire's T-bill holdings alone have grown so large that the firm now owns roughly 3% of the entire U.S. Treasury bill market — more than any other single institution, including the Federal Reserve at points last year.
The Equity Book
Top ten holdings.
Five names — Apple, American Express, Bank of America, Coca-Cola, and Chevron — account for more than 70% of the entire equity portfolio. Concentration, not diversification, is the operating principle.
| Holding | Sector | Value | Weight | Activity |
|---|---|---|---|---|
| AAPL Apple |
Technology | $62.0B | 22.6% | Reduced |
| AXP American Express |
Financial Services | $56.1B | 20.5% | Held |
| BAC Bank of America |
Financial Services | $28.5B | 10.4% | Reduced |
| KO Coca-Cola |
Consumer Defensive | $28.0B | 10.2% | Held |
| CVX Chevron |
Energy | $19.8B | 7.2% | Added |
| MCO Moody's |
Financial Services | $12.6B | 4.6% | Held |
| OXY Occidental Petroleum |
Energy | $10.9B | 4.0% | Held |
| CB Chubb |
Financial Services | $10.7B | 3.9% | Added |
| KHC Kraft Heinz |
Consumer Defensive | $7.9B | 2.9% | Held |
| GOOGL Alphabet |
Communication Svcs. | $5.6B | 2.0% | Held |
What the sector mix says.
Financial services dominates — American Express, Bank of America, Moody's, and Chubb together account for nearly 40% of the equity book. Energy is the second-largest exposure through Chevron and Occidental. Technology, despite Apple's headline weight, sits in a single name and is being trimmed.
Recent Activity
What's moving in and out.
Berkshire's Q1 filing showed measured changes — modest new positions, continued additions to energy and insurance, and further trimming of two long-held giants.
Buying more
Adds and new positions
- CVXChevron +6.6%
- CBChubb +9.3%
- DPZDomino's Pizza +12.3%
- LLYVKLiberty Live (new) new buy
- NYTNew York Times (new) new buy
Trimming back
Reductions and exits
- AAPLApple −4.3%
- BACBank of America −8.9%
- AONAon −12.1%
- STZConstellation Brands −3.0%
- DVADaVita −1.3%
Reading The Tea Leaves
What this means for everyone else.
A 13F filing is a snapshot, not a recommendation. Berkshire's positions reflect decisions made by a firm with a permanent capital base, no need to satisfy quarterly redemptions, and a multi-decade time horizon. Most individual investors operate under very different constraints.
But the broad signals are worth noting. Berkshire is selling its largest equity position, holding record cash, buying more energy, and adding selectively in financial services and a handful of smaller positions. The composite picture is one of patience — capital preserved, optionality maintained, conviction expressed through concentration rather than breadth.
That posture is not a forecast of doom. It is, however, the posture of an investor unwilling to chase the current price of admission. For pre-retirees and retirees, the takeaway is less about what to buy and more about how to think: position size matters, valuation matters, and the ability to do nothing is sometimes the most valuable position in the portfolio.
How does your portfolio compare?
If you're approaching or already in retirement, the concentration, valuation, and cash questions Berkshire is navigating apply to you too — just at a different scale. We'd be glad to talk through it.
Schedule a ConversationHoldings data is drawn from Berkshire Hathaway's Form 13F filed with the SEC on February 16, 2026, reflecting equity positions as of December 31, 2025, with Q1 2026 portfolio activity referenced where applicable. Cash and Treasury figures reflect Berkshire's Q1 2026 10-Q. This page is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Bailey Financial Services is a fee-only fiduciary registered investment advisor.