Berkshire’s Greg Abel Excludes Chevron from Core Four Despite 7% Stake Increase
Chevron was not included in Berkshire Hathaway’s designated “Core Four” holdings by new CEO Greg Abel despite a 7% stake increase in Q4 2025. Abel’s focus on a concentrated portfolio and $370 billion cash reserve suggests Chevron may face reduced strategic emphasis under the new leadership.
1. Omission from Core Four
Greg Abel’s inaugural shareholder letter identified Apple, American Express, Coca-Cola and Moody’s as the “Core Four” holdings, leaving out Chevron despite it being one of Berkshire’s top-five equity positions and a 7% stake rise in Q4 2025.
2. Shift in Equity Strategy
Abel underscored a concentrated, long-term investment approach supported by a fortress-like balance sheet with over $370 billion cash, indicating a prioritization of select high-conviction assets.
3. Potential Impact on Chevron
Chevron’s exclusion from the core list may signal reduced strategic priority, raising questions about its long-term role in Berkshire’s portfolio even as the firm slightly increased its stake.