Warren Buffet's Berkshire sells UnitedHealth

UnitedHealth's stock collapsed more than 50% in the first half of 2025. Berkshire Hathaway stepped in at the lows. The stock then rebounded 45% in nine months. And on May 15, Berkshire's 13F filing showed the position was gone.

The speed of the trade and the timing of the exit tell investors something specific about how Greg Abel is beginning to run the world's most closely watched investment portfolio.

What Berkshire's 13F disclosed about the UnitedHealth exit

Berkshire Hathaway's Q1 2026 13F filing, disclosed on May 15, showed the company had completely exited its position in UnitedHealth Group, selling all approximately 5 million shares it had accumulated during the second quarter of 2025, according to 247 Wall St. The position was valued at approximately $1.6 billion when Berkshire first revealed it in August 2025.

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Berkshire bought the shares while UnitedHealth was trading around $271, near a 15-year low following a steep decline driven by the December 2024 assassination of CEO Brian Thompson, a rare first-quarter earnings miss tied to elevated medical costs, the abrupt resignation of replacement CEO Andrew Witty, and a Department of Justice criminal investigation into alleged Medicare fraud.

By the time Berkshire exited, UnitedHealth had recovered to approximately $394 per share, a 45% rebound in roughly nine months, 247 Wall St confirmed.

Why the UnitedHealth trade fits Berkshire's classic contrarian pattern

The trade followed a template that investors have come to associate with Berkshire over decades.

The company bought a dominant business at a moment of maximum fear, waited for the fear to subside, and sold after the recovery had largely played out.

UnitedHealth, even at its lows, remained the largest health insurer in the United States with more than $400 billion in annual revenue and approximately $23 billion in trailing operating cash flow.

The exit appears to reflect valuation discipline rather than a loss of confidence in the business. At $394, UnitedHealth had recovered much of its lost ground. The unresolved DOJ investigation, continued medical-cost pressures across the insurance industry, and political scrutiny of Medicare Advantage practices all represent ongoing headwinds that make the risk-reward less compelling at the recovered price than it was at the original entry point.

Both the UnitedHealth position and Berkshire's Amazon stake, which was cut by 77% in the fourth quarter, were widely believed to be investments managed by Berkshire investment lieutenant Todd Combs rather than Warren Buffett personally.

That attribution matters because it suggests the exits may reflect Abel's portfolio preferences rather than a change in Combs's views, and that Berkshire under Abel is already making deliberate choices about which inherited positions to keep.

How UnitedHealth fits into Berkshire's broader portfolio reshaping under Abel

The UnitedHealth exit is not an isolated decision. Since Greg Abel formally assumed the CEO role at the end of 2025, Berkshire has exited Kraft Heinz entirely, significantly reduced its Bank of America stake, cut its Amazon position by 77%, and now sold all of its UnitedHealth shares, according to 247 Wall St.

Taken together, those moves represent a meaningful rotation away from positions that carry either regulatory risk, premium AI-driven valuations, or both.

Healthcare insurers sit at an unusual intersection of those concerns in 2026. They face ongoing regulatory pressure from the DOJ and CMS, elevated medical utilization that has compressed margins across the sector, and political scrutiny of Medicare Advantage that shows no sign of easing. Abel appears to be signaling that businesses where the downside risks have expanded faster than the upside potential are candidates for trimming or exiting even when the underlying businesses remain fundamentally sound.

Key figures from Berkshire's Q1 2026 13F and the UnitedHealth trade:

• UnitedHealth shares held: approximately 5 million, fully exited in Q1 2026; position first disclosed August 2025 at approximately $1.6 billion
• Entry price: approximately $271 per share, near a 15-year low; exit price: approximately $394; return: approximately 45% in nine months
• UnitedHealth fundamentals: more than $400 billion in annual revenue; approximately $23 billion in trailing operating cash flow; DOJ criminal probe into Medicare fraud still unresolved
• Other Q1 Abel portfolio changes: Kraft Heinz exited entirely; Bank of America reduced significantly; Amazon position cut 77% in Q4 2025
• Todd Combs attribution: both UNH and Amazon were widely believed to be Combs's positions rather than Buffett's personal picks

Source: 247 Wall St

What the UnitedHealth exit signals for investors watching Berkshire

The most important read from this trade is not whether UnitedHealth will continue to recover. It is what Berkshire's decision process looks like under Abel. The exit of a position that generated a 45% return in nine months, while the underlying business still operates at scale and still generates tens of billions in cash flow, suggests Abel is applying a rigorous near-term risk-reward framework rather than Buffett's characteristic multi-decade holding horizon.

That shift may be intentional. Berkshire's cash pile remains near record levels. Abel has more flexibility than almost any other investor on earth to wait for better entry points. Exiting positions where the easy money has already been made, even when the business remains excellent, frees capital for higher-conviction opportunities where the asymmetry is more favorable.

For investors who have long tracked Berkshire's 13Fs as a guide to smart-money positioning, the message from this filing is specific: Abel is not Buffett, and the portfolio will reflect that over time. The UnitedHealth trade was textbook contrarian investing executed quickly and profitably. What Abel does with the proceeds will reveal more about his investment framework than this exit can on its own.

Related: Warren Buffet's Berkshire makes major $2.65B move in surging stock

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This story was originally published May 18, 2026 at 10:33 AM.