Warren Buffett’s Berkshire Hathaway has revealed it has taken a stake in Apple valued at more than $1 billion. Berkshire Hathaway said in a Securities and Exchange Commission filing Monday that it has held 9.81 million shares in the iPhone manufacturer since March 31.
Apple shares rose 3.5% in trading Monday following Berkshire Hathaway’s disclosure. Buffett, the legendary investment guru known as the “Oracle of Omaha” for his track record of picking top-performing stocks, has typically shied away from tech stocks as part of his portfolio’s holdings.
Separately, Buffett said Berkshire Hathaway would help provide funding for Quicken Loans founder Dan Gilbert’s bid to acquire Yahoo, the investor said Monday on CNBC.
While Berkshire Hathaway’s holdings in Apple were worth more than $1 billion at the time it acquired the shares (Apple’s stock price was $108.99 per share on March 31), the value of that stake has declined. Apple shares took a hit last month on investor concerns about slowing growth, and the tech giant posted its first quarterly revenue decline in 13 years on weaker iPhone sales.
According to CNBC, Berkshire Hathaway’s investment in Apple was led by portfolio managers Todd Combs and Ted Weschler, not Buffett himself.
The disclosure of Berkshire Hathaway’s Apple stake comes after investor Carl Icahn last month said he had sold all of his shares Apple, citing concerns over the company’s prospects in China.
Also Monday, Berkshire Hathaway disclosed that it increased its stake slightly in IBM (adding 198,853 shares to 81.2 million shares) after Buffett took a stake worth some $10 billion in 2011, while it sold its position in AT&T.