Warren Buffett's trillion-dollar conglomerate, built by the "Oracle of Omaha," enters a new phase in 2026. Berkshire Hathaway (NYSE: BRK.A / BRK.B) saw Buffett step down as CEO on December 31, with daily operations and the management of a $355 billion portfolio falling to successor Greg Abel. Abel quickly began implementing his own investment strategy.

In the first quarter, he aggressively reshuffled Berkshire's holdings, liquidating 16 stocks and reducing positions in six others. However, his moves did not stop there. Based on Berkshire's second-quarter operating results released last weekend, Abel ended the streak of net stock sales that Buffett had initiated since late 2022, which had lasted for 14 consecutive quarters. The consolidated cash flow statement showed $23.47 billion in equity securities purchased during the period, compared to only $3.69 billion sold. The net stock purchase of nearly $19.8 billion has drawn intense attention from Wall Street and all investors. Within hours, we will know exactly which targets this Buffett successor has bought.

Alphabet is already a buy target, but who else is on the list? August 14 is the deadline for institutional investors with assets of at least $100 million to file their 13F holdings reports with the SEC. These reports clearly show the stock buying and selling moves of top Wall Street fund managers, covering transactions for the quarter ending June 30. Berkshire typically discloses its 13F filing after U.S. stock market close (usually around 4:30 PM ET) to avoid triggering sharp market volatility during trading hours.

One thing is certain: Google parent Alphabet (GOOGL / GOOG) was a key addition target for Abel in the second quarter. In the first quarter, Abel more than tripled Berkshire's holdings of Alphabet Class A shares (GOOGL) and established a new position in Alphabet Class C shares (GOOG). On June 1, Berkshire announced it would acquire an additional $10 billion in Alphabet stock through a private placement (split evenly between Class A and C shares). Alphabet's near-monopoly in internet search and its leading position in AI applications clearly impressed Abel and his research team.

But this $10 billion represents only a portion of the $23.47 billion Abel deployed in the second quarter. This raises a question for the market: What other stocks has Berkshire's new leader positioned in? Looking back, the Buffett team typically built core and medium-sized positions gradually over several consecutive quarters. For example, Berkshire increased its stake in The New York Times in two consecutive quarters already disclosed, and bought Lennar homes in three of the five quarters through March. Based on past patterns, there is potential for continued buying in these two companies.

Another clue comes from Berkshire's cost basis by industry sector. Below is a comparison of cost bases for three major categories in the first and second quarters: Banking, insurance, and finance: $14.685 billion (Q1) / $15.279 billion (Q2); Consumer goods: $8.847 billion (Q1) / $8.650 billion (Q2); Industrial, commercial, and other: $61.063 billion (Q1) / $82.142 billion (Q2). The data reflects Abel reducing consumer goods stocks, slightly increasing the financial sector, and making a big bet on industrial, commercial, and other categories. Technology companies like Alphabet fall under the "Other" category. After U.S. markets close today, Berkshire's leader will unveil a major holdings list to Wall Street.