Major investors turned markedly more defensive in the first quarter, according to 13F filings submitted by the May 15 deadline. Early analysis of 8,664 disclosures shows hedge funds and asset managers shifting toward Treasury ETFs, dividend strategies and large energy names, while trimming exposure to some of the market’s biggest technology stocks. The filings offer one of the first broad snapshots of how professional investors responded to a more uncertain economic backdrop at the start of 2026.
Among 193 early filers, four of the seven largest portfolio weight increases were tied to Treasury and ultra-short bond funds. JPMorgan Ultra-Short Income ETF, SPDR 1-3 Month T-Bill ETF and iShares 7-10 Year Treasury Bond ETF all posted notable gains in average portfolio weight, suggesting that managers were willing to give up some upside in exchange for liquidity and protection. iShares 0-3 Month Treasury Bond ETF also drew new holders, reinforcing the shift toward short-duration safety.
The move was not limited to fixed income proxies. Exxon Mobil and Chevron also saw increased portfolio weights, fitting the same pattern of favoring cash-generative, defensive businesses over higher-volatility growth trades. Dividend-focused products such as Schwab U.S. Dividend Equity ETF attracted fresh interest as well, pointing to a broader preference for income and balance-sheet resilience.
Technology, by contrast, saw signs of rebalancing rather than a wholesale retreat. Microsoft remained widely owned, held by 88% of managers in the early sample, but its average portfolio weight declined by 0.52 percentage points. That suggests profit-taking and risk management after a long stretch of strong performance, not a collapse in conviction. Still, the direction of travel was clear: institutions entered the year looking for more stability and less concentration in the stocks that had driven prior gains.
One filing drew particular scrutiny: Berkshire Hathaway’s first quarterly portfolio report under Chief Executive Greg Abel, who succeeded Warren Buffett at the end of 2025. Buffett remains involved, but the latest disclosure offers the first real indication of how Berkshire’s investment posture may evolve under Abel’s leadership. The company reported more than $10.1 billion in first-quarter operating earnings, up sharply from a year earlier, supported by stronger operating businesses and smaller investment losses.
Berkshire disclosed new stakes in Delta Air Lines and Macy’s, modest but notable additions for a company known for patience and concentration. The changes do not amount to a strategic break with the past, though they may signal a greater willingness to broaden the opportunity set. Insurance remains the group’s earnings engine, generating the float that has long underpinned Berkshire’s investing power, and that advantage remains intact.
Taken together, the filings point to a market increasingly shaped by caution. Managers appear to be preserving liquidity, adding income and reducing reliance on a narrow group of growth leaders. That does not necessarily imply a bearish view on equities, but it does suggest lower tolerance for macro surprises tied to rates, growth or geopolitics.
As more filings are fully processed, the details will become clearer. For now, the message from early disclosures is straightforward: large investors spent the first quarter preparing for a tougher environment, and that stance could continue to favor Treasuries, dividend strategies and other defensive assets in the months ahead.