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Warren Buffett massively increased his bet on Apple

Warren Buffett’s Berkshire Hathaway (BRK-A, BRK-B) has been on a stock buying spree since the election.

Buffett told Charlie Rose in a recent interview that he loaded up on $12 billion worth of stock since the election through the end of January. He didn’t specify the securities he purchased at the time.

Now we have the first glimpse.

During the fourth quarter, Berkshire added another 42.1 million shares of Apple (AAPL), bringing its total investment to 57.4 million shares, or 1.09% of the company’s stock. That position was valued at more than $6.6 billion at the end of 2016.

On Tuesday, Apple hit an intra-day record high for the first time since 2015. Assuming Berkshire’s position hasn’t changed, it’s now valued at more than $7.74 billion.

Warren Buffett

It’s been a great investment for Berkshire, especially since Buffett has historically shied away from tech companies. The “Oracle of Omaha” hinted that his investment deputies— Ted Weschler and Todd Combs— are responsible for buying Apple, according to notes posted by Dr. David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business:

“Ted (Weschler) and Todd (Combs) each have about $9 billion to invest. One or more invested in Apple. With Apple, people get hooked on things that they like.  [Buffett] has a competitive edge within his circle of competence (which does not include tech companies).  His circle grows wider over time but outside of his circle tech people know better than he does.  [Buffett] mentioned that he did not invest in Microsoft even though it had no cost of goods sold and was earning a ‘royalty on the world’ since the world needed its operating system.”

Elsewhere, Buffett increased his positions in the airlines, including Southwest (LUV), American Airlines (AAL), Delta (DAL), and United Continental (UAL), the filing shows.

Other new buy include Southwest Airlines (LUV) and Sirius XM (SIRI).

He also massively cut his Wal-mart (WMT) stake, selling more than 11.5 million shares during the quarter. Berkshire last held just over 1.3 million shares of the retail giant.

Julia La Roche is a finance reporter at Yahoo Finance. Follow her on Twitter.

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