Berkshire Hathaway (BRK.A, Financial) heads into its May 3 shareholder meeting with its top 10 holdings still soaking up nearly 90% of its portfolio—led by Apple (AAPL, Financial) at 28.1%—even as Buffett trims tech and boosts financial and energy bets.

Apple's stake fell to 28.12% of the 2024 year-end portfolio from a peak of 40.81% in March, marking a 30% allocation cut in two quarters, while American Express (AXP, Financial) climbed to 16.84% from 10.41% in Q1. Bank of America (BAC, Financial) held steady near 11%, and Coca-Cola (KO, Financial) drifted toward 9.3%, up from 7.4% in March. Chevron (CVX, Financial) edged up to 6.43%, and Occidental Petroleum (OXY, Financial) rose to 4.89%—a clear nod to Buffett's recent energy pivot.

The top 10 bracket again accounts for roughly 89.7% of total equity—nearly unchanged from 91.2% in Q1—underscoring Berkshire's concentrated approach. Moody's (MCO, Financial) and Kraft Heinz (KHC, Financial) remain in mid-single digits at 4.37% and 3.74%, respectively, while Chubb (CB, Financial) and DaVita (DVA, Financial) occupy the 2–3% slots. Over the past three quarters, Barclays data show AXP's weighting jumped 62%, CVX grew 10%, and OXY surged 27%, signaling fresh conviction in financials and oil.

At the upcoming annual meeting in Omaha, investors will press Buffett on where new capital will flow in a choppier market—tech giants versus cyclical sectors—and whether any fresh partners or buybacks lie ahead.

Buffett's Q1 results also delivered $7.8 billion in investment gains, propping up adjusted EPS ahead of consensus, as detailed in Berkshire's earnings release and conference call transcript. Yet the shrinking Apple position—now down 30% from its March high—raises questions about the firm's tech exposure.

Investors should care because Berkshire's top-10 mix sets the tone for $350 billion in equity allocations, influencing retail and institutional bets alike. A sustained overweight in energy and finance could underpin dividend-like returns, even as tech trimming signals caution.

With the May 3 meeting just days away, all eyes will be on Buffett's “long pick” announcements and any hints at portfolio rebalancing, especially given his track record of rare but market-moving shifts.

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