AHNIM STUDIO · Guru · Institutional 13F · Q2 2026
Berkshire’s Q2 disclosure shows a much larger Alphabet position, but no increase in its Apple share count. The important distinction is between more shares and a higher market price: Apple remained at 227,917,808 shares, while Alphabet’s two common classes together rose 83.24%. The filing is a June 30 snapshot, not a record of what Berkshire owns today.
Research cut-off: October 17, 2026 (Korea). Holdings dates: March 31 and June 30, 2026. Q2 filing date: 2026-08-14. Values are USD as filed; tables display USD millions rounded to three decimals, while calculations retain whole-dollar values. No Q3 report for this manager was found in the filing-history check. The official Q3 deadline is November 16, 2026; that deadline is not a filed portfolio.
The manager and the reporting perimeter
Warren Buffett was Berkshire’s chairman during Q2; Greg Abel was chief executive. On September 18, Buffett became chairman emeritus and remained a director, while Howard Buffett became chairman. This report covers Berkshire’s filing, including its listed other managers; it does not assign each decision to Buffett.
Berkshire’s disclosed stock portfolio sits within a much larger operating and insurance group. A 13F omits the operating businesses, cash, Treasury holdings and other assets that matter to Berkshire’s capital allocation. It is useful for studying the reported listed securities, but it is not a measure of the entire business or assets under management.
| Measure | Q1 2026 | Q2 2026 |
|---|---|---|
| All reported line values* | $263,095.704m | $299,253.556m |
| Common operating equity | $263,095.704m | $299,253.556m |
| Original filing rows | 90 | 89 |
| Operating companies | 26 | 26 |
| Top 10 companies / equity value | 91.11% | 91.04% |
*The all-line total may include option-underlying values and other instruments. It is neither option premiums nor total assets/AUM, and its change is not investment performance.
What changed in the disclosed positions
Alphabet is the clearest change in the larger positions. Class A rose from 54,249,798 to 78,791,167 shares, and Class C from 3,585,215 to 27,188,433. Combining the classes gives 57,835,013 shares in Q1 and 105,979,600 in Q2. Alphabet’s own Q2 10-Q identifies a June 4 private placement of 14 million Class A and 14 million Class C shares to a Berkshire affiliate. Consequently, the whole increase cannot be described as open-market buying. The remaining difference is a disclosed net change, not a reconstruction of transaction dates or prices.
Apple, American Express and Coca-Cola all retained the same reported share counts. Their market values can move substantially without any additional shares being acquired. Bank of America, by contrast, fell from 513,624,165 to 483,394,015 shares. Capital One and Nucor also show large percentage reductions, although their dollar weights are much smaller than the leading positions.
Delta and both Lennar classes increased. D.R. Horton appears with only 3,564 shares, a position too small to justify treating it as the central portfolio development. Constellation Brands is no longer in the public table; that is an observation about this filing, not independent proof that every related account had no remaining exposure.
Largest disclosed common-equity positions
| Security / share class | Q2 shares | USD value | Equity weight |
|---|---|---|---|
| Apple Inc (AAPL) · COM | 227,917,808 | $65,950.297m | 22.04% |
| American Express Co (AXP) · COM | 151,610,700 | $51,282.319m | 17.14% |
| Coca Cola Co (KO) · COM | 400,000,000 | $32,508.000m | 10.86% |
| Alphabet Inc (GOOGL) · CAP STK CL A | 78,791,167 | $28,157.599m | 9.41% |
| Bank Of Amer Corp (BAC) · COM | 483,394,015 | $27,543.791m | 9.20% |
| Chevron Corporation (CVX) · COM | 84,375,856 | $13,986.142m | 4.67% |
| Occidental Pete Corp (OXY) · COM | 264,941,431 | $12,868.205m | 4.30% |
| Chubb Limited (CB) · COM | 34,249,183 | $11,670.067m | 3.90% |
| Moodys Corp (MCO) · COM | 24,669,778 | $11,173.436m | 3.73% |
| Alphabet Inc (GOOG) · CAP STK CL C | 27,188,433 | $9,606.489m | 3.21% |
The table ranks security classes; the chart combines common classes belonging to the same issuer. Top-ten-company concentration uses the chart’s issuer basis. The denominator includes reported common/ordinary shares, ADRs, REITs and operating-partnership equity, and excludes options, funds, commodity trusts, preferred depositary shares, warrants and principal-unit instruments.
Share-count changes: additions, reductions and missing rows
| Security | Observed change | Q1 → Q2 shares, split-adjusted | Shares QoQ | Weight change |
|---|---|---|---|---|
| D R Horton Inc · COM | First reported | 0 → 3,564 | New | +0.00 pp |
| Alphabet Inc (GOOGL) · CAP STK CL A | Increased | 54,249,798 → 78,791,167 | +45.24% | +3.48 pp |
| Alphabet Inc (GOOG) · CAP STK CL C | Increased | 3,585,215 → 27,188,433 | +658.35% | +2.82 pp |
| Delta Air Lines Inc (DAL) · COM NEW | Increased | 39,809,456 → 57,320,000 | +43.99% | +0.79 pp |
| Lennar Corp · CL A | Increased | 10,099,642 → 13,111,741 | +29.82% | +0.06 pp |
| Bank Of Amer Corp (BAC) · COM | Reduced | 513,624,165 → 483,394,015 | -5.89% | -0.31 pp |
| Davita Inc (DVA) · COM | Reduced | 30,100,585 → 28,880,209 | -4.05% | +0.39 pp |
| Kroger Co · COM | Reduced | 50,000,000 → 39,000,000 | -22.00% | -0.65 pp |
| Ally Finl Inc · COM | Reduced | 29,000,000 → 27,000,000 | -6.90% | -0.02 pp |
| Constellation Brands Inc · CL A | No longer reported | 632,890 → 0 | -100.00% | -0.04 pp |
Rows shown are the largest within each change group by Q2 value, or Q1 value for missing rows. Changes compare matching CUSIP, share class and unit. No split factor is guessed. Corporate actions and reporting-scope issues identified in this report are discussed above; “first reported” is not proof of a discretionary purchase, and “no longer reported” is not proof of a complete economic exit. We do not estimate trade dates, cost basis or gross buying amounts from these differences.
Industry mix: a sourced, partial classification
| SEC SIC industry | Q1 weight | Q2 weight |
|---|---|---|
| SIC 3571 — ELECTRONIC COMPUTERS | 21.99% | 22.04% |
| SIC 6199 — FINANCE SERVICES | 17.43% | 17.14% |
| SIC 7370 — SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. | 6.32% | 12.62% |
| SIC 2080 — BEVERAGES | 11.56% | 10.86% |
| SIC 6021 — NATIONAL COMMERCIAL BANKS | 10.01% | 9.41% |
| Unclassified / mapping pending | 5.63% | 4.82% |
Industries use SEC SIC codes in issuer submission profiles retrieved October 17, with labels from the official SEC SIC dictionary, applied consistently to both quarters; these are not GICS sectors or historical classifications. Mapped Q2 value is 95.18%; the remaining 4.82% is explicitly unclassified. Additional categories outside this six-row view total 23.12% in Q2. The retained data include every industry bucket and issuer source.
What the filing suggests—and what it cannot establish
AHNIM interpretation: the filing shows selective changes around a stable core rather than a wholesale replacement of the largest holdings. Combining Alphabet’s common classes is essential for assessing issuer concentration. Even after doing that, the ten largest companies account for roughly nine-tenths of the disclosed operating-equity value. A new reader should focus on that concentration and the funding and transaction context, rather than the number of rows in the XML.
In the next report, watch whether Alphabet’s larger share base persists, whether Bank of America reductions continue, and whether changes outside the top positions become large enough to affect issuer weights. Any new private placement or capital action must be reconciled with the issuer’s own documents before calling a share-count change discretionary market trading.
Methodology and limitations
Share change (%) = (Q2 shares ÷ Q1 shares − 1) × 100; a zero Q1 balance is labeled New. Weight = a security’s reported value ÷ same-quarter operating-equity value. Weight change is measured in percentage points. Top-ten-company concentration sums the ten largest issuer values after combining common share classes. Values are not inflation-adjusted or converted into a manager return. Market-value changes combine price effects, position differences and potentially changes in the filing perimeter.
We checked the current SEC submission histories for Q1/Q2 amendments and more recent 13F reports at this cut-off. No applicable amendments were found for the source filings used here. A future restatement would replace the affected quarter; an adds-new-holdings amendment would be joined to its original rather than treated as another independent portfolio. Confidential treatment, permissible small-position omissions and non-reportable securities can limit what a public table reveals.
This report is holdings research, not a price-target initiation. It does not change AHNIM’s company valuation targets, create a manager performance ranking or make a personalized investment recommendation. AHNIM uses AI to assist research and illustration; filing checks, explicit calculations and dated corrections govern publication. See our research and corrections policy.
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This is the initial Q2 2026 report. The Q1 baseline is reproduced above and linked to its original filings below; no earlier AHNIM quarterly report exists for this manager at publication.
Sources and original documents
BERKSHIRE HATHAWAY INC · 13F-HR · period 2026-06-30 · filed 2026-08-14 · accession 0001193125-26-352200. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
BERKSHIRE HATHAWAY INC · 13F-HR · period 2026-03-31 · filed 2026-05-15 · accession 0001193125-26-226661. EDGAR filing index; 13F-HR XML; INFORMATION TABLE XML.
Official manager/person biography or role notice. Portrait is an AI-generated editorial illustration checked against an official institutional reference, not a photograph or endorsement.
Alphabet Q2 2026 10-Q, Note 11 — June placement and share classes.
SEC Form 13F FAQ — reporting scope, current dollar units, amendments and Q3 2026 deadline. SEC company-ticker file and SEC issuer-submissions profiles — ticker and SIC identity mapping; individual issuer URLs are retained with calculations.
Publication record: initial analysis, October 17, 2026 (Korea). No prior version replaced.