A regulatory filing late Thursday showed that Berkshire Hathaway's stake in the tech giant fell 1% to 249.6 million shares in the three months to December 31 2018, down from 252.5 million in the previous three months.
The news sent Apple's shares about 0.5% lower in pre-market New York trading as of 11.10 a.m in London (6.10 a.m. in New York) on Friday. Buffett also dumped stock of Oracle, sending that stock tumbling 2.9% in premarket trading.
Buffetts assistant Debbie Bosanek said the shares sold were not under Buffett's direct control. "One of the managers other than Warren had a position in Apple and sold part of it in order to make an unrelated purchase. None of the shares under Warrens direction have ever been sold," she said in an email to Reuters.
Still, investors follow what Berkshire buys and sells closely because of Buffett's successful track record, and news of his holdings often moves share prices. At 88 years old, the investing guru is among the richest people in the world, worth an estimated $87 billion .
Buffett helped send Apple shares to a then-record high in May 2018, making it the first trillion dollar company, after loading up on Apple shares.
Apple's fortunes turned later in the year its shares slid 30% from an October high while its holiday season sales underwhelmed.
Buffett is notoriously sceptical on tech. Buffett doesn't keep a computer on his desk, and he chooses to use a flip phone rather than a smartphone. He's shied away from Google or Amazon shares.
"Buffett cares much more about the underlying fundamental strength of a company and its leadership than what is happening with the companys stock price," Owen Murray, director of investments at Horizon Advisors, told U.S. News & World Report this week.
The US magazine outlined his investing philosophy: "He loves to identify companies with durable, competitive advantages in their respective industries."
Buffett has also made contrarian moves against the rest of the market, such as his $5 billion investment in Bank of America in the wake of the 2008 financial crisis.
Buffett is bullish on banks again. The filing showed Omaha, Nebraska-based Berkshire Hathaway increased its holdings in JPMorgan and Bank of America Merrill Lynch despite a 14% drop in the S&P 500 Financials Index in the fourth quarter.
Apple has had a strong start to 2019, with its shares 8% up since the beginning of the year.
Other disclosures on Berkshire's holdings, per the filing:
- 4.2 million shares in software firm Red Hat, which was acquired by IBM on October 29. It's unclear whether the company had the shareholding before or after the $34 billion acquisition.
- Berkshire Hathaway also increased its holdings in regional lenders PNC Financial Services and U.S. Bancorp.
SEE ALSO: 24 mind-blowing facts about Warren Buffett and his $87 billion fortune
