Earlier this year, Warren Buffett signaled to the public that Berkshire Hathaway had quietly executed a small acquisition, despite ongoing challenges in locating undervalued assets in the current market. A recent regulatory filing has shed light on this activity, revealing that the conglomerate established a $55 million stake in Macy’s during the first quarter. Given the massive scale of Berkshire’s portfolio, which exceeds $300 billion, this position aligns with Buffett’s description of a ‘tiny purchase.’

While the Macy’s investment fits the timeline and the modest description, it remains unclear if this was the specific transaction Buffett had in mind. Berkshire also disclosed a significantly larger $2.6 billion stake in Delta Air Lines for the same period, which far exceeds the scope of a minor acquisition. Furthermore, regulatory filings only capture U.S.-listed equities that meet specific reporting thresholds, leaving the possibility that the ‘tiny’ deal could involve an international holding or another asset not yet disclosed to the public.

Despite stepping down as CEO in 2026 to hand the reins to Greg Abel, the 95-year-old Buffett remains highly active in the firm’s investment strategy. He continues to report to the office daily, collaborating with director of financial assets Mark Millard on trading decisions. Buffett noted that while he maintains a heavy influence on portfolio management, he ensures his strategies remain aligned with Abel’s vision for the company.

In addition to the new stakes, the firm has been actively restructuring its holdings. Berkshire exited positions in Mastercard and Visa, marking a shift away from assets previously managed by Todd Combs, who departed for JPMorgan at the conclusion of 2025. Meanwhile, investment manager Ted Weschler continues to oversee approximately 6% of the company’s equity portfolio.