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Greg Abel Has 60% of Berkshire Hathaway's $320 Billion Stock Portfolio Invested in Just 9 Core Holdings

April 12, 2026 — 01:25 am EDT

Written by

Adam Levy for

The Motley Fool->

Key Points

- Abel highlighted nine "core positions" in Berkshire's portfolio in his first letter to shareholders.

- Every company on the list is a wonderful business with strong operations and wide moats.

- Only some of them trade for very attractive valuations right now.

- These 10 stocks could mint the next wave of millionaires ›

Greg Abel is going to be a very different Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) CEO than Warren Buffett. Abel has a proven track record in operational management and striking strategic deals, but he's untested when it comes to portfolio management. While Berkshire has a broad portfolio of operating businesses, the company's marketable equity portfolio and liquid assets absolutely dwarf them.

Abel's strategy as head of Berkshire is to establish core positions that will anchor the portfolio. Luckily, he's taking control from one of the best investors of all time, and that guy's still sticking around as a sounding board for Abel. In the new CEO's first letter to shareholders, he outlined nine core positions for Berkshire Hathaway, and they currently combine to account for roughly 60% of the $320 billion portfolio's value.

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Image source: Getty Images.

1. Apple (18.5% of marketable equities)

Berkshire's stake in Apple (NASDAQ: AAPL) was once worth as much as every other marketable equity position in the portfolio combined. But Buffett started selling shares of the iPhone maker in late 2023 and continued to do so through the end of his tenure in 2025. Abel's comments in his shareholder letter suggest that selling might be over, indicating very little activity in Berkshire's core positions going forward.

"I'm very happy to have it be our largest holding," Buffett said in a recent CNBC interview. He noted that Berkshire could end up readding to its position. "It's not impossible that Apple would get to a price, we would buy a lot of it," he said.

Apple saw strong iPhone sales growth last quarter, particularly in Greater China. That momentum could continue throughout 2026, as it's set to release a long-awaited Siri revamp. That could drive a major upgrade cycle, as older phones aren't capable of running advanced AI features.

With the stock trading for roughly 31 times forward earnings, it trades around fair value, but not a great value. There's still execution risk for the business as it seeks to execute its asset-light AI strategy and drive higher-margin services revenue. But as it continues to generate massive amounts of cash flow, it's a wonderful business to own.

2. American Express (15%)

American Express (NYSE: AXP) has held a spot in Berkshire's portfolio for three decades, and it's changed quite a bit in that time. It primarily issued charge cards, which consumers were required to pay in full every month. But it's shifted toward extending more credit in recent years, with its lending business now contributing a significant amount of its growth.

Discount revenue, the fees Amex receives from every card swipe, still accounts for the bulk of its revenue, but is growing more slowly than every other reporting segment. Net interest income grew 12% last year, accounting for roughly 25% of its total revenue.

Amex is also finding success in increasing its card fees. It revamped its Consumer and Business Platinum cards last year, and it's seen very strong adoption of the products despite higher annual fees. Overall, management has seen net card fee revenue climb 17% per year since 2019, and it now accounts for roughly 13% of revenue. Combined with growing scale for its payments network, Amex has exhibited strong operating leverage over the last few years.

With the stock at 18 times earnings, Amex trades for an excellent value relative to its long-term targets of greater than 10% revenue growth and mid-teens earnings-per-share growth.

3. Coca-Cola (9.8%)

Coca-Cola's (NYSE: KO) red-and-white bottles are known the world over, and it's leveraged its strong brand and distribution capabilities to create a massive beverage portfolio. The company now sports 32 billion-dollar brands across soda, juice, water, sports drinks, coffee, and tea.

Coke's strong brand has enabled it to maintain pricing power while ensuring shelf space at grocery stores. It's