Greg Abel is actively restructuring Berkshire Hathaway's massive investment portfolio, reportedly unwinding positions previously managed by the departed investment manager, Todd Combs. The new chief executive has already sold stocks linked to Combs following his departure to JPMorgan at the end of 2025, according to reports from the Wall Street Journal.
Changes Following Combs' Departure
- Todd Combs was one of two portfolio managers hired by Warren Buffett to oversee the conglomerate's equity holdings.
- Abel's actions signal an assertion of control over Berkshire's approximately $300 billion stock portfolio as he assumes leadership.
- The WSJ indicated that Abel is unlikely to hire a replacement for Combs.
- Ted Weschler remains the other investment manager, overseeing about 6% of the portfolio, as stated by Abel in his initial annual shareholder letter.
Portfolio Shifts and Focus Areas
- Amazon Stake Reduction: Berkshire sold nearly 80% of its stake in Amazon during the fourth quarter of 2025. This move had previously been speculated to be influenced by Combs.
- Core Holdings Emphasis: In his annual letter, Abel stated the firm will concentrate on a select group of core holdings expected to compound value over decades. These include:
- Apple
- American Express
- Coca-Cola
- Moody's
Speculation and Notable Absences
- Combs' Past Preferences: Combs was previously associated with investments in technology and financial sectors, including stakes in VeriSign and Snowflake. He had also noted Mastercard and Visa as his initial purchases after joining Berkshire, reflecting holdings from his former hedge fund, Castle Point Capital.
- Bank of America Question: Notably absent from Abel's list of core holdings is Bank of America, which ranked as Berkshire's third-largest holding at the close of 2025. This omission has generated fresh questions regarding the bank's future role in the portfolio.