Chevron Enters Berkshire Hathaway's Top 5 – First New Top Position in Years

Chevron has entered the top-five positions of Warren Buffett's Berkshire Hathaway for the first time in the second quarter of 2026. With a portfolio share of 7.2 percent and an estimated value of around $19.8 billion, the oil company now ranks fifth among the approximately $275 billion equity holdings, according to the 13F filing published on August 14, 2026, for the quarter ending June 30, 2026.

Berkshire increased its Chevron position by approximately 6 percent in the second quarter. The buildup is part of a broader strategy that Buffett's investment company has pursued since 2024: While tech and banking holdings like Apple and Bank of America have been gradually reduced, Berkshire has deliberately built up positions in energy stocks.

Which stocks lead the Berkshire portfolio?

Apple remains by far the largest single holding with approximately $62 billion and a share of 22.6 percent, although Buffett reduced the stake by about 4 percent in the second quarter. Rank two goes to American Express with $56.1 billion (20.5 percent), followed by Bank of America with $28.5 billion (10.4 percent) and Coca-Cola with $28 billion (10.2 percent). Chevron rounds out the top 5.

The portfolio remains highly concentrated: the ten largest positions account for over 88 percent of total equity holdings. This focus on a few highly competitive companies has characterized Berkshire's strategy for decades.

Energy overweight increases

In addition to Chevron, Berkshire holds another significant energy holding: Occidental Petroleum with a value of $10.9 billion and a portfolio share of 4 percent. Together, the two oil companies represent around 11.2 percent of equity holdings – a clear signal of Buffett's long-term view of the energy sector.

While many institutional investors avoid fossil fuels due to ESG considerations, Berkshire deliberately focuses on established energy majors with stable cash flows and dividend yields. Both companies benefit from demand for conventional energy, which continues alongside the energy transition.

15 portfolio changes in the second quarter

Overall, Berkshire reported 15 transactions for the second quarter of 2026: seven increases, one new investment, six reductions, and one complete exit. Among the notable new purchases is a position in the New York Times, which represents Berkshire's growing interest in subscription-based business models with recurring revenue.

Also increased were Chubb (plus 9 percent) and Domino's Pizza (plus 12 percent). The insurance company Chubb aligns with Buffett's preference for quality in the insurance business through its robust underwriting margins. Domino's exemplifies a resilient consumer franchise with a scalable franchise model.

On the sell side, Berkshire reduced its positions in Amazon and DaVita in addition to Apple and Bank of America. Buffett completely exited the Liberty Media tracking stocks, which were dissolved as part of a corporate restructuring.

Alphabet purchase underscores tech diversification

In June 2026, Berkshire invested an additional $10 billion in Alphabet, significantly expanding its position in Google's parent company. With an estimated value of $5 to $6 billion and a portfolio share of over 2 percent, Alphabet now belongs to the extended top tier.

The holding spans a broad spectrum: advertising, cloud infrastructure, artificial intelligence, hardware, autonomous vehicles, and health technology. Alphabet joined the Dow Jones Industrial Average in June 2026 – a sign of the company's growing importance in the U.S. economy.

Cash buildup and defensive positioning

Berkshire's strategy since 2024 can be characterized as selective profit-taking from strongly performing positions while simultaneously building historically high cash reserves. The sales of Apple and Bank of America shares served less to fundamentally reassess these companies than to rebalance the portfolio after significant gains.

In parallel, Buffett is focusing on business models with recurring revenues and high barriers to entry – so-called toll-road businesses. In addition to the New York Times, this includes positions in Sirius XM, VeriSign, and Lamar Advertising.

The current portfolio structure reflects Buffett's established principles: dominant consumer franchises with pricing power, financial services and payment networks with enduring competitive advantages, energy majors with fundamentally stable long-term data, and high-quality data and analytics businesses. No strategic shift is apparent – instead, Berkshire is betting on proven quality in a challenging valuation environment.