Warren Buffett, CEO of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), bears responsibility for "major investment decisions and all major capital allocation decisions" made by the company, according to financial filings with the Securities and Exchange Commission.

With that in mind, Berkshire sold 116 million shares of Apple (NASDAQ: AAPL) in the March quarter, reducing its stake by 13%. Apple still accounts for 40% of its $336 billion portfolio, but the company has now trimmed the position in two consecutive quarters. Meanwhile, Buffett purchased another mega-cap stock he believes will outperform the S 500 (SNPINDEX: ^GSPC) index.

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Source Fool.com