OMAHA, Neb. — Greg Abel stepped to the microphone in early May. Forty thousand fewer fans filled the arena than in years past. The applause was polite. The questions sharp. And the message clear: Berkshire Hathaway won’t break apart. It won’t chase trends. Yet its portfolio already looks different. Abel, 63, took over as chief executive at the start of 2026. Warren Buffett, now chairman, remains a daily presence. The transition Buffett planned for years has begun in earnest. Results from the first quarter show operating profit rose 18% to $11.35 billion. Cash swelled to a record $380.2 billion, later approaching $397 billion. Berkshire under Abel is hoarding ammunition while pruning holdings with a speed Buffett rarely showed. The changes surface in the 13F filing. Berkshire exited 16 positions entirely. It sold all shares of Amazon, UnitedHealth, Visa, Mastercard, Domino’s and more. It slashed stakes in Constellation Brands by 95%, cut Chevron, Bank of America and Nucor.…