The torch has officially been passed. On May 15, Berkshire Hathaway (NYSE: BRK.A) released its first Form 13F under new CEO Greg Abel, marking the first time in more than 60 years that Warren Buffett’s name didn’t appear on the ledger. Abel’s tenure began when the 95-year-old Buffett officially stepped down on Jan. 1, and the new CEO’s first 13F reveals an equity book that’s slimming down and raising cash. Berkshire fully exited 16 different positions totaling $8.1 billion, its largest net equity sale since Q3 2024. Is this a continuation of Buffett’s value-centric approach, or a new CEO flexing muscle? A few hints emerge when breaking down the filing.
What Greg Abel’s First Quarter as CEO Says About Berkshire’s Strategy
In many ways, Abel’s first 13F revealed that Berkshire remains as focused as ever on patiently waiting for bargains. The company’s equity book now holds just 26 stocks, down from over 40 last year, and its cash position sits at a record $397 billion. A few points stand out:
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Higher Concentration: Abel’s equity book is smaller and full of high-conviction bets, including moving Alphabet Inc. (NASDAQ: GOOGL) into a top seven position. Buffett was famous for avoiding expensive tech stocks, so this shows Abel is more willing to swing big when he sees an opportunity, even if it goes against traditional value metrics.
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Value Still Overwhelming Focus: Abel deployed capital into multiple beaten-down stocks trading at discounts to their average value, including Delta Air Lines Inc. (NYSE: DAL) and Macy’s Inc. (NYSE: M). Investments like these show that valuation is still the backbone of the Berkshire portfolio.
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Unwinding the Combs Book: One of Berkshire’s top investors, Todd Combs, left for JPMorgan late last year, and many of the positions closed out in Q1 had been opened by him. Closing out Combs’ book was clearly a priority for Abel, who now controls more than 90% of Berkshire’s trading.
Analyzing 3 Berkshire Stock Sales From the Latest 13F
The biggest theme emerging from Abel’s filing is that Berkshire sees the market as overvalued and is raising cash. Many of the stocks sold in Q1 no longer fit the tight valuation profile Berkshire seeks in its holdings, so capital will remain in Treasuries until discounts like those in Delta or Macy’s materialize.
Visa: Strong Fundamentals Point to Likely Philosophical Exit
Visa Inc. (NYSE: V) seems like the type of company Berkshire would target in the current environment: trading below its 10-year average forward P/E following an exceptional quarter. The company reported revenue over $11.2 billion in fiscal Q2 2026, up 17% year-over-year (YOY). EPS figures were up 20% YOY, and both numbers easily surpassed analysts’ estimates. Management also upped full-year revenue and EPS guidance.
Abel’s exit from Visa shares looks more like a cleanup of the Combs’ equity book than a fundamental thesis change. The company reported its strongest quarter in years, and the daily chart shows several bullish technical signals, including a bullish breakout on the Moving Average Convergence Divergence (MACD) indicator. If the price breaks resistance at the 200-day moving average, there could be further gains ahead.
Domino’s Pizza: Fundamental Growth Story Under Pressure
Here’s one where the exit matches a company’s deteriorating fundamentals. Berkshire opened a position in Domino’s Pizza Inc. (NASDAQ: DPZ) in 2024, and the quick exit following a disappointing pair of quarters speaks to a change in the individual company thesis rather than a broader strategy tweak. In Q4 2025, management laid out a same-store sales goal of 3% for 2026, and guided 2.3% for Q1. But in the numbers released during the Q1 2026 conference call on April 27, U.S. same-store sales grew at a paltry 0.9%, and international same-store sales actually declined 0.4%. CEO Russell Weiner was forced to revise Domino’s 2026 same-store sales outlook down to the low single digits amid the threat of a pullback in low-income consumer spending.
The chart also paints an ugly picture. DPZ shares are down nearly 25% so far in 2026, and there’s no bottom currently in sight. The price has faced stiff resistance at the 50-day moving average, dragging shares lower and lower over the last six months. The Relative Strength Index (RSI) is also struggling to get out of bearish territory, so the technicals match the fundamentals with Domino’s. Abel’s decision to exit this position looks shrewd in retrospect.
Pool Corp: Housing Uncertainty Stifles Business Outlook
Pool Corp. (NASDAQ: POOL) is also facing serious headwinds, though the most prominent is beyond management’s control. The company’s growth prospects rely on a robust housing market and new construction spending, both of which have been stymied by persistent inflation and high interest rates. The Q1 2026 earnings report was solid but unspectacular, with net sales growing 6% YOY but falling below expectations. Most of the sales growth came from price increases, and the company installed just 58,000 pools in 2025, far below the 75,000-100,000 range seen during the post-COVID-19 peak.
Until rates move lower, it's unlikely POOL shares will break out of this bearish momentum. The stock has already had two failed breakouts at the 50-day moving average this year, and the MACD flashed a bearish crossover last month, hinting at more downside ahead. Macro conditions are weighing heavily on the stock, and that’s a variable Abel wants out of the Berkshire portfolio.
The article "Berkshire Sells Visa, Domino's, and Pool Corp: Should You Follow?" first appeared on MarketBeat.
