Greg Abel May Reassess 21% American Express Stake After 24.7% Gain
Berkshire’s incoming CEO Greg Abel could signal reassessment of major holdings including American Express, which comprises 21% of the portfolio and returned 24.7% in 2025. Abel’s first shareholder letter may reveal plans for potential divestitures, dividend policy shifts or new investments that would directly affect American Express’s role.
1. American Express in Berkshire’s Portfolio
American Express represents 21% of Berkshire Hathaway’s equity portfolio, making it the second-largest position after Apple. The 24.7% return on AXP shares in 2025 places it among only three top holdings to outperform the S&P 500’s 16.6% gain, underlining its importance in overall performance.
2. Performance Versus Benchmarks
Of Berkshire’s top ten equity stakes, American Express was one of only three holdings that outpaced the S&P 500 last year. The broader portfolio return of 11.4% lagged the benchmark, suggesting that AXP’s strong performance was a key contributor to keeping returns competitive.
3. Expectations for Abel’s Shareholder Letter
In his first annual letter, Greg Abel may outline strategies for managing the company’s more than $350 billion cash reserve, including commentary on whether to hold, trim or even increase the American Express position. Investors will watch for any dividend signals or capital deployment plans that could sway AXP’s share trajectory.