Is Warren Buffett still playing the long game with his core financial stalwarts? The latest 13F filing for Berkshire Hathaway shows the legendary investor has kept his massive $45.09 billion stake in American Express (AXP) completely untouched, cementing it as the firm's largest holding at 17.14% of the total portfolio.

With a total assets under management figure reaching $263.10 billion across 11 reported positions, this portfolio remains remarkably concentrated compared to the broader screener metrics we usually track. The sheer size of the Berkshire Hathaway capital allocation to American Express suggests a conviction that hasn't wavered since the last reporting period.

Why is Occidental Petroleum still sitting at the number two spot?

Occidental Petroleum (OXY) occupies a significant 6.55% of the portfolio, representing a dollar value of $17.22 billion. The filing shows no activity here, meaning Buffett is happy to keep this energy exposure exactly where it was previously. It is a massive bet on domestic production, and it dwarfs most other individual sector bets within this specific book.

How are the growth-oriented tech names being adjusted?

The most notable shift in the equity book is the movement into Alphabet Inc (GOOGL). The position is now worth $11.87 billion, accounting for 4.51% of the total assets. This move to increase the stake in the search giant signals a departure from the "hands-off" approach taken with the other top holdings. It’s a clear allocation shift, bumping Alphabet up the ranks while most of the other legacy stalwarts saw their share counts remain frozen.

What should we make of the steady hands in consumer staples and finance?

Beyond the top three, we see a string of positions that appear to have been ignored entirely during the quarter. Kraft Heinz (KHC) accounts for $7.32 billion, or 2.78% of the total value, and shows no movement. Bank of America (BAC) remains a anchor at $6.13 billion, or 2.33% of the portfolio. Similarly, Coca-Cola (KO) holds steady at $6.11 billion, representing 2.32% of the total. Moody’s Corp (MCO) is also unchanged, sitting at $5.22 billion, which is 1.99% of the total assets. Finally, Apple (AAPL) rounds out these static positions with $3.67 billion, or 1.40% of the book. It is rare to see such a high number of major holdings remain completely static, suggesting that the team is comfortable with these valuations and sees no reason to rebalance.

Why did Delta Air Lines and Sirius XM show up as new positions?

The most unexpected additions to the ledger are the fresh bets on Delta Air Lines (DAL) and Sirius XM (SIRI). The firm initiated a position in Delta worth $2.65 billion, making it a meaningful, if not massive, entry point. Meanwhile, Sirius XM saw a $2.51 billion initiation. By bringing these two names into the fold, the portfolio count has expanded to 11 holdings, showing a slight diversification effort away from the traditional financial and energy sectors that have defined this firm for years.

Where did the capital for these new entries come from?

While the portfolio grew in complexity, the firm did trim its exposure to Chevron (CVX). The stake currently sits at $2.79 billion, reflecting a decrease from previous levels. This adjustment is the only notable reduction in the filing, serving as the likely source of liquidity for the new entries mentioned above. It’s a tactical swap, moving capital out of one major energy player and into the transportation and media sectors.

Looking at the portfolio as a whole, the concentration remains extremely high. With only 11 positions making up $263.10 billion in value, each holding—from the massive AXP stake down to the newly acquired SIRI—carries significant weight. The lack of movement across the core names suggests that the thesis for the legacy holdings remains intact, even as the firm experiments with new, smaller-cap entries like the airline and satellite radio industries.

This information is based on public 13F filings which are delayed by up to 45 days and does not constitute investment advice.