Warren Buffett

Buffett executes largest single-quarter reshuffle on record — $63.4B repositioning across 14 holdings

Berkshire Hathaway undertook its largest single-quarter reshuffle on record with us — $63.4B (since 2024-Q2) — in the March 2026 quarterly filing, reshaping its equity portfolio across 14 new and existing positions. The moves signal a broad rebalancing rather than a concentrated thesis, with the largest addition to GOOGL on record with us — +$10.0B (since 2024-Q2) — anchoring the tech exposure alongside a $57.8B position in AAPL (≈22% of disclosed book). Buffett simultaneously executed the largest reduction in AXP on record with us — −$10.2B (since 2024-Q2) — while maintaining a $45.9B stake (≈17% of disclosed book), and trimmed DVA for a 5th consecutive quarter (−1.7M shares in 2026-Q1). New positions opened across consumer staples, energy, and healthcare. Buffett initiated stakes in KO ($30.4B, ≈12% of portfolio), CVX ($17.5B, ≈7% of portfolio), KR ($3.6B, ≈1% of portfolio), and KHC ($7.3B, ≈3% of portfolio), alongside smaller entries in NVR, LLYVA, DAL, NUE, GOOG, and STZ. The breadth and dollar scale of the reshuffle — touching nearly every major sector — reflects a portfolio-wide recalibration rather than a single investment conviction. The window captures a single quarterly filing with no accompanying letters or commentary, leaving the strategic rationale for the reshuffle undisclosed. The pattern of large trims to AXP paired with substantial new commitments to consumer and energy names suggests a reweighting of financial and cyclical exposure, though the precise thesis remains opaque.