Apparently, the tech company that represents no interest for activist investor Carl Icahn does for Warren Buffett’s Berkshire Hathaway. A 13F filing with the Securities and Exchange Commission reveals that Berskshire holds 9.8 million Apple shares worth roughly $1 billion.
As detailed by a Wall Street Journal report, Buffett avoided technology stocks, because he didn’t understand the sector, and invested instead in insurers, financial companies, and industrial business (such as Coca-Cola and American Express).
The filing disclosed the data available from March 31; at this point it isn’t clear whether Berskshire has continued to buy Apple stock since then.
Berkshire is apparently betting on the Cupertino-based company’s stock rebounding, despite an abundance of negative reports following the second fiscal quarter earnings report which revealed Apple’s first revenue drop year-over-year in 13 years.
The disclosure has had a positive effect on Apple’s stock price, as it is currently trading at $93.35 (up $3.13%).