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Warren Buffett’s conglomerate, Berkshire Hathaway, has made several noteworthy changes to its investment portfolio in the second quarter, revealing a strategic shift in its holdings. Among the most significant moves, Berkshire acquired stakes in the cosmetics retail chain Ulta Beauty and aircraft parts manufacturer Heico, while also reducing its substantial position in tech giant Apple.

As of June 30, Berkshire Hathaway owned approximately 690,000 shares of Ulta Beauty, valued at $266.3 million, and 1.04 million shares of Heico, worth $185.4 million, according to a regulatory filing released on Wednesday. These acquisitions have sparked significant interest, with Ulta Beauty’s shares soaring 14% and Heico’s shares rising 3% in after-hours trading, reflecting investor confidence that these companies have earned the endorsement of Berkshire—and perhaps Buffett himself.

However, the filing does not specify whether the purchases were directly made by Warren Buffett or by his portfolio managers, Todd Combs and Ted Weschler, who typically manage Berkshire’s smaller stock investments. While Ulta Beauty did not immediately comment on the news, Heico’s Co-President Eric Mendelson expressed his pride in Berkshire’s investment, highlighting the shared values between the two companies, particularly their decentralized business models. Mendelson also noted that the investment suggests Berkshire is bullish on the aerospace industry, a sector in which Heico is heavily involved. Heico’s shares have already seen a 32% increase in value this year, further solidifying the company’s strong market position.

Berkshire Hathaway, known for its vast portfolio, is not only an owner of iconic brands like Geico, Dairy Queen, and Duracell but also has substantial investments in consumer and retail businesses. This includes its $2.5 billion stake in grocery chain Kroger. The addition of Ulta Beauty, which operates roughly 1,395 stores across all 50 U.S. states, aligns with Berkshire’s broader strategy of investing in solid consumer-driven companies.

In the aerospace sector, Berkshire is no stranger, having made its largest acquisition to date with the $32.1 billion purchase of Precision Castparts in 2016. Despite initial struggles with this investment due to the COVID-19 pandemic and the grounding of Boeing’s 737 MAX jets, Buffett’s recent purchase of Heico shares indicates renewed confidence in the aerospace industry.

The second quarter also saw Berkshire make some significant divestitures. Notably, the company nearly halved its massive stake in Apple, selling around 390 million shares. Additionally, Berkshire exited its position in cloud computing company Snowflake, selling nearly $1 billion worth of shares, and completely divested from media company Paramount Global. These sales contributed to a total liquidation of $77.2 billion worth of stock during the period, leaving Berkshire with a cash reserve of $276.9 billion—up from $189 billion at the end of March.

Interestingly, despite the large sell-off, Buffett has indicated that he expects Apple to remain Berkshire’s largest stock holding by the end of the year. Furthermore, although Berkshire sold over $3.8 billion worth of Bank of America shares in the third quarter, it paused further sales as the bank’s share price dropped 12% from mid-July.

In addition to these major changes, Berkshire adjusted its holdings in several other companies. It reduced its stakes in Capital One, Floor & Decor Holdings, Louisiana-Pacific, and T-Mobile, while increasing its investments in Chubb and Sirius XM.

As Warren Buffett approaches his 94th birthday on August 30, the legendary investor continues to steer Berkshire Hathaway with the same strategic acumen that has defined his tenure since 1965. The latest moves underscore Buffett’s ongoing focus on adapting to market conditions while capitalizing on opportunities in both established and emerging sectors.