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Why Warren Buffett is grabbing Apple stock while other big names run away

Warren Buffett famously avoided technology stocks for years with Berkshire Hathaway Inc., but has now amassed a large stake in Apple Inc.

Apple Inc. is now officially a value stock.

On Monday, the investor profile of Apple AAPL, +1.20% switched dramatically with news that Berkshire Hathaway Inc.’s BRK.B, +0.04% Warren Buffett loaded up on the company’s stock while other investors like Scion Asset Management, the second hedge fund run by Michael Burry, sold off. A few other institutional investment funds also reported changes in their holdings via Securities and Exchange Commission filings on Monday, showing a new kind of Apple investor: One that prefers slower growth companies with big piles of cash and dividend payouts instead of high-growth (and higher risk) investments.

Other investment managers unloading Apple stakes on Monday—the last day to report second-quarter changes—included George Soros’s hedge fund Soros Asset Management, David Einhorn’s Greenlight Capital, which reduced its stake by 16%, and Tiger Global Management. Those moves come a few...