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Major hedge funds bought nearly $1 billion worth of Warren Buffett's Berkshire Hathaway in the second quarter, according to a report from the Financial Times. 

Buyers include DE Shaw, Renaissance Technologies and Bridgewater Associates. Some of the largest buyers were so-called quant funds, which use computer-driven investment strategies.

Many of the funds added to existing positions in Berkshire stock, which is appealing because of its low volatility and relatively low price compared to earnings, the report said. 

On the other hand, 20 firms that previously did not hold any position in Berkshire added the stock to their portfolios in June, according to Goldman Sachs research cited by the FT.

Berkshire Hathaway was one of the 10 most significant holdings for 22 hedge funds tracked by Goldman, while 98 of the money managers also tracked by the bank reported a stake in the company. 

Berkshire Hathaway has been an attention grabber for year with the firm plunging a modest 6% so far this year — far outperforming the S&P 500 which has plummeted 17% year-to-date. Berkshire Hathaway is the largest company inside the S&P 500 value index. 

The rise of interest rates has caused losses for for some of the largest hedge funds on Wall Street. Funds are showing increased willingness to accept slower growth stocks for the sake of a more prudent investment.

Richard Chilton, the founder and chief investment officer of Chilton Investment Company, told the FT he added to his Berkshire stake once Buffett bought more Occidental Petroleum stock this year, believing Berkshire eventually may take over the oil giant.

"It was a very low-risk purchase for what we believe could be pretty darn high reward," he said of Berkshire stock. "It's a value play . . . We analyse business models and invest in businesses in the long term."