Buffett’s Heir Sold $1.7B in Bank of America Stock - Here’s His New Bet

Berkshire Hathaway's Q2 2026 13F filing revealed that CEO Greg Abel deployed roughly $23.5 billion into equities while selling $3.7 billion, ending a 14-quarter streak in which Berkshire sold more stocks than it bought. The net purchase of approximately $19.8 billion marked the largest single-quarter buying spree in more than three years.

The biggest move was an 83% increase in Alphabet, alongside expanded positions in Delta Air Lines, Lennar, Macy's, The New York Times, and a new stake in D.R. Horton. Recognizing the hidden signs of financial stability in your own portfolio before following Berkshire's shift away from bank stocks is a step worth taking.

Berkshire deployed $23.5 billion in Q2 and ended a 14-quarter net selling streak

Berkshire purchased $23.47 billion in equity securities during the quarter and sold just $3.69 billion, TechTimes detailed from the Q2 10-Q filing. The $19.8 billion in net purchases reversed a selling pattern that had stretched from late 2022 through Abel's first three months as CEO, when Berkshire continued the cautious approach Warren Buffett had set during elevated valuations.

The portfolio held approximately $299.3 billion in reportable U.S. equities at the end of June, with the top five positions comprising 76.5% of the total, Forbes wrote. Abel also repurchased $4.5 billion of Berkshire's own shares during Q2, a sharp increase from $235 million in the first quarter.

Alphabet jumped 83% to $37.9 billion and became Berkshire's third-largest holding

Berkshire owned approximately 106 million Alphabet shares worth $37.9 billion at the end of June, making Alphabet its third-largest U.S. equity holding behind Apple and American Express, CNBC confirmed. Key details of the Alphabet build include the following.

• Shares held jumped 83% during Q2, with roughly 48 million added.
• About 60% of the added shares came from a $10 billion private placement with Alphabet in June.
• The remaining roughly $7 billion was purchased on the open market.
• Alphabet now represents 12.7% of Berkshire's equity portfolio.

Buffett told CNBC he personally initiated the Alphabet investment, with Abel's support, framing it around the company's AI development and Google Cloud trajectory. The private placement, earmarked to help fund AI infrastructure, gave Berkshire a block of shares without moving the public market price.

Berkshire sold roughly 30 million Bank of America shares worth $1.7 billion

The filing showed Berkshire trimmed Bank of America by approximately 30 million shares, a stake valued at about $1.7 billion, the Daily Hodl detailed. Berkshire now holds 483.4 million shares worth approximately $27.5 billion, and BofA remains among its largest positions despite the continued selling.

The reduction marks Berkshire's fifth straight quarterly trim of its Bank of America stake, cutting the holding by roughly 53% from its mid-2024 peak of over one billion shares. The sustained selling suggests Berkshire's leadership views the risk-reward in bank stocks less favorably than it once did, even as BofA delivered accelerating quarterly earnings through the first half of 2026.

Delta, Lennar, Macy's, and two other names received significant additions

Berkshire increased its Delta Air Lines stake by 44% to 57.3 million shares valued at approximately $5.4 billion, CNBC wrote. Lennar Class A shares rose nearly 30% to 13.1 million, worth about $1.19 billion, and a small new position in D.R. Horton gave Berkshire exposure to a second major homebuilder.

Daniel Scrivner disclosed from the 13F data that Macy's shares more than doubled to 7.3 million from 3.0 million, and The New York Times climbed modestly to 15.7 million from 15.1 million. The housing and airline bets suggest Abel sees value in cyclical businesses where earnings could expand as rates eventually stabilize, a thesis that may resonate if your portfolio tilts heavily toward banks or utilities.

Capital One and Ally Financial were trimmed alongside Bank of America

Berkshire cut Capital One by 58% to 3 million shares worth approximately $602 million and trimmed Ally Financial by 7% to 27 million shares valued at about $1.24 billion, the Daily Hodl outlined. The Ally position represents roughly 9% of the company's outstanding shares.

Taken together, the BofA, Capital One, and Ally reductions give a conclusive suggestion. Berkshire is methodically reducing its concentration in financial-sector names while redeploying that capital into technology, airlines, and housing. For retirees whose own portfolios lean on bank dividends, the pattern is worth studying even if the specific trades do not apply directly to your situation.

The shift from bank stocks to tech and cyclicals signals a changed thesis

Berkshire's top five holdings at the end of Q2 were Apple at $69.7 billion, American Express at $51.9 billion, Alphabet at $37.9 billion, Coca-Cola at $35.1 billion, and Bank of America, Forbes confirmed. The insertion of Alphabet ahead of Coca-Cola marks the first time a pure technology company has ranked in Berkshire's top three since Apple.

Berkshire also eliminated its entire position in Constellation Brands during the quarter, the Forbes analysis showed. The combination of aggressive tech buying, housing bets, and sustained bank selling indicates that even the most value-oriented investor in American finance now sees stronger long-term returns outside traditional bank earnings.

Bottom line

Abel's Q2 13F shows Berkshire deploying $23.5 billion into equities and ending a 14-quarter selling streak, with the 83% Alphabet increase and six new or expanded positions marking a definitive pivot from caution to conviction. The $1.7 billion BofA trim extends a five-quarter pattern of reducing bank exposure that has cut the stake by more than half since 2024.

Before you start investing additional capital based on Berkshire's moves, recognizing that the portfolio now concentrates 76.5% in its top five names could help you evaluate whether the same level of concentration makes sense for your own allocation. Berkshire's shift toward technology and cyclicals offers a framework, but the risk tolerance behind it belongs to a company sitting on $365 billion in cash.

This article is for informational purposes only and should not be considered investment advice.

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