MarketMoodz
Berkshire Q1 2026 13F: Delta Returns, Macy’s Small Bet, Japan Stakes Rise
Berkshire Hathaway’s Q1 2026 13F shows Delta Air Lines re-entering the portfolio after a six-year absence, a roughly $63 million stake in Macy’s, and enlarged positions in Japanese trading houses. These moves — disclosed alongside a massive cash balance and continued buybacks — hint at a more concentrated, internationally leaning tilt under Greg Abel’s stewardship.
Key Takeaways
- Delta Air Lines stake is about $3.0 billion, up roughly 14.5% since March 31; Delta closed at $76.14, rising about 8.4% that week.
- Macy’s position is valued at about $63 million, up roughly 14.2% since March 31, with the stock up about 12.2% that week.
- Two Japan filings show stakes of roughly 11.1% in Mitsubishi Corp (as of April 30) and 10.3% in Sumitomo Corp (as of May 12).
- The six publicly disclosed U.S. and Japanese stocks total nearly $46 billion, while Berkshire repurchased $234 million of its shares in Q1 and held a large cash pile at year-end (~$373.3 billion).
People Involved
- Greg AbelBerkshire Hathaway CEO — reported to have overall responsibility for investments
- Warren BuffettBerkshire Hathaway Chairman — remains involved in investment calls
Entities Involved
- Berkshire Hathaway (BRK.B)Investor and filer — disclosed portfolio changes and repurchases
- Delta Air Lines (DAL)Re-entered holding — stake valued at roughly $3.0 billion
- Macy's (M)Small disclosed stake — valued at about $63 million
- Mitsubishi Corp (8058.T)Japanese trading house — stake reported at ~11.1% (as of Apr 30)
- Sumitomo Corp (8053.T)Japanese trading house — stake reported at ~10.3% (as of May 12)
MarketMoodz Analysis
For investors, the headline items signal a selective, value-oriented playbook rather than broad market timing. A roughly $3.0 billion Delta holding is material enough to move perceptions of the airline’s outlook, and the re-entry after six years suggests Berkshire sees improved cashflow durability or an attractive valuation. Macy’s position is modest by Berkshire standards but consistent with opportunistic purchases in beaten-down retail names. The expanded Japan stakes — concentrated holdings in two trading houses — point to a meaningful international tilt that could boost Berkshire’s exposure to commodity flows, FX dynamics, and Asia-linked growth without piling into single-country equity indices.
Historically, Berkshire has oscillated between concentrated bets and diversified cushions. The Delta move echoes Buffett’s episodic airline exposures: big in 2016, largely out after the pandemic, and now back in on a scale that implies conviction. Berkshire’s previous Japan investments in 2020 were notable; these larger reported stakes in Mitsubishi and Sumitomo would mark a continuation and deepening of that play. Balance-sheet context matters: a year-end cash pile reported near $373 billion gives Berkshire optionality to backstop positions, deploy into distressed pockets, or accelerate buybacks — though the reported $234 million of Q1 repurchases is small relative to that cash hoard. Caveats: several filing details and leadership-role descriptions require independent confirmation from SEC and Japanese filings, and some figures are drawn from media reports that flagged verification limits.
What to watch next: follow-up 13F and Form 4 filings for changes in position sizes, look for Japanese regulatory disclosures to confirm stake dates and ownership thresholds, and watch Delta and Macy’s quarterly results for signs that justify Berkshire’s purchases. Also monitor Berkshire’s own updates for clarity on who executes investment decisions and whether Abel’s reported operational investment role changes disclosure cadence or portfolio concentration going forward.
Source: Original Article