Berkshire spent nearly $20 billion on stocks, made Alphabet a top-three holding, boosted Delta and Lennar bets. The buying spree ended a record run of net equity sales.
Berkshire Hathaway made Alphabet one of its three largest stock holdings in the second quarter, buying Alphabet shares through a $10 billion private placement announced in early June. The conglomerate also expanded its bets on Delta Air Lines and homebuilders, signaling a pivot back toward equities after a record streak of net sales.
The Alphabet position climbed 83% during the quarter, to roughly 106 million shares valued at $37.9 billion at June 30, Berkshire's quarterly 13F filing showed. Only Apple and American Express command larger market values inside the Omaha-based conglomerate. The increase largely reflects the $10 billion private stock purchase Alphabet arranged to help fund its AI infrastructure spending.
Warren Buffett, Berkshire's chairman, told CNBC he had been behind the bullish view on Alphabet, with CEO Greg Abel's support.
Berkshire also continued rebuilding its airline exposure. The Delta Air Lines holding rose 44% in the quarter, to 57.3 million shares worth about $5.4 billion. The move marks a further reversal of Berkshire's sharp exit from airlines during the early pandemic period.
Housing was another theme. Berkshire increased its Class A stake in Lennar by nearly 30%, to 13.1 million shares worth roughly $1.19 billion, while Class B holdings rose 25% to about 298,000 shares. The company also disclosed a small new position in D.R. Horton, holding 3,600 shares at June 30.
The buying spree ended a long stretch of net stock sales. Berkshire was a net seller of equities for 14 consecutive quarters before the latest three-month period. Net purchases reached nearly $20 billion in the second quarter, according to the filing.
Cash fell to $365.5 billion at the end of June from a record $397.4 billion three months earlier, as Berkshire put more capital to work through investments and share repurchases. The quarter also included the completion of Berkshire's acquisition of Taylor Morrison, the Arizona-based homebuilder.
Berkshire's BRK.B stock page shows an Alpha Score of 51 out of 100, a "Mixed" label as of the latest reading.
Buffett's company has long been a bellwether for institutional equity demand. The second quarter's shift into cyclical sectors such as airlines and housing suggests confidence in the domestic economic expansion. Investors will watch the third-quarter filing for signs of whether the buying accelerated or slowed after the June moves.
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