First Manhattan Q1 2026: 30% in Berkshire Hathaway

First Manhattan Co., the old-line value manager founded by the late David "Sandy" Gottesman — a longtime Warren Buffett associate and Berkshire Hathaway director — reported a $36.06B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0000728083-26-000005, filed 2026-05-15). Fittingly, the firm's single largest position is Berkshire Hathaway itself: its Class A shares alone are $10.03B, or 27.89% of the entire book, and a separate Class B stake adds about 2.4% more — roughly 30% of the portfolio in Buffett's conglomerate.

That anchor defines First Manhattan. Around it sits a roster of quality compounders held with the patience of a firm built on long-term ownership: Microsoft (MSFT), Apple (AAPL), Alphabet's GOOG shares, Dutch chip-equipment leader ASML, Brookfield (BN), AutoZone (AZO), and private-markets giant KKR.

The quarter's most active move was a 53% increase in Amazon (AMZN), alongside a 9% add to KKR — modest repositioning at the margins of a famously stable book.

A Berkshire-anchored value book

The concentration in Berkshire Hathaway is the portfolio's defining feature — nearly 30% of the book in a single holding company that is itself a diversified portfolio. After Berkshire, the largest positions are Microsoft at 4.50%, Apple at 3.54%, Alphabet at 3.23%, and ASML at 2.77%.

The lineup reflects First Manhattan's heritage: a Buffett-style preference for durable, cash-generative businesses bought to hold. AutoZone, Brookfield, and KKR round out a book that blends megacap quality with compounders across retail, infrastructure, and alternative assets.

Modest moves around a stable core

True to its long-term style, First Manhattan held most of its largest positions roughly flat, including the Berkshire anchor, Microsoft, Apple, and Alphabet. The exceptions were a 53% increase in Amazon — a meaningful add that nearly doubled the position in share terms — and a 9% increase in KKR.

Adding to Amazon while leaving the rest of the book largely untouched is the kind of selective, low-turnover adjustment characteristic of a patient value manager. There is no wholesale repositioning here, just a single conviction add layered onto a stable foundation.

A steady book

First Manhattan's reported 13F value has risen gradually from around $31B in mid-2024 to a peak above $38B in late 2025, easing to $36.06B in Q1 2026.

The smooth path mirrors the book's low turnover: with most positions held flat, the value tracks the performance of its holdings — above all Berkshire — rather than active trading. Track the firm's quarter-over-quarter holdings on the First Manhattan filer page.

FAQ

What is First Manhattan Co.?

First Manhattan is a long-established value manager founded by David "Sandy" Gottesman, a longtime Warren Buffett associate and Berkshire Hathaway director. It reported a $36.06B U.S. equity 13F book for the quarter ended March 31, 2026.

What is First Manhattan's largest holding?

Berkshire Hathaway is by far the largest position — its Class A shares alone are $10.03B, or 27.89% of the book, with a Class B stake adding roughly 2.4% more, totaling about 30% of the portfolio.

What did First Manhattan buy in Q1 2026?

The firm's most active move was a 53% increase in Amazon, alongside a 9% add to KKR, while most other top positions were held roughly flat.

What kind of stocks does First Manhattan own?

It holds a Berkshire-anchored book of quality compounders, including Microsoft, Apple, Alphabet, ASML, Brookfield, AutoZone, and KKR — durable businesses held with a long-term, value orientation.