Berkshire Hathaway ups stake in Apple
Print Edition
WARREN Buffett’s Berkshire Hathaway Inc yesterday revealed a new stake in Apple Inc, in a bet that the stock’s price could rebound after iPhone sales fell for the first time.
Berkshire held 9.81 million Apple shares worth US$1.07 billion as of March 31, according to a filing with the United States Securities and Exchange Commission detailing the company’s US-listed stock holdings. It is not clear who made the investment, Buffett or one of his portfolio managers, Todd Combs and Ted Weschler, who each invests about US$9 billion.
The investment in Apple might have been made with money from the sale of AT&T Inc stock.
Berkshire held US$1.6 billion of AT&T at the end of last year.
Apple shares are nearly a third below their record high last April, and well below their price at the end of March.
The Apple stake deepens Berkshire’s links to the tech sector, which Buffett has shunned, apart from a stake in International Business Machines Corp. He said he does not understand the tech sector well enough.
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