Warren Buffett’s Berkshire Hathaway made a big bet on auto and home lender Ally Financial in the second quarter while increasing its wager on iPhone maker Apple despite signs that an economic slowdown is beginning to weigh on consumers.

The investments, along with purchases of shares in video streaming service Paramount Global and oil majors Occidental Petroleum and Chevron, showed that Buffett and his investment team continued to bet on the US economy even as the Federal Reserve embarks on a string of sharp interest rate rises.

Berkshire more than tripled its position in Ally to 30mn shares worth $1bn at the end of June, according to a US securities filing made public on Monday. That makes Buffett’s investment group one of the lenders’ largest shareholders with a 9.7 per cent stake, per data provider Refinitiv.