Warren Buffett isn’t a fan of bonds—and his distaste is paying off for Berkshire Hathaway now as rising interest rates squeeze rivals with large bond portfolios.

Its bond portfolio totaled just $17 billion on June 30, or 2% of its total portfolio. The typical P&C insurer has about 80% of its investments in bonds.

Buffett’s bond aversion is one of several pluses for Berkshire now. The company’s equity portfolio is having a strong third quarter, paced by gains in its investments in Apple, Coca-Cola, Chevron, and the group of five Japanese trading companies. Barron’s estimates the portfolio is up by $20 billion to $25 billion so far this quarter off a base of more than $300 billion.

Barron’s estimates that Berkshire’s book value should rise more than 3% in the current quarter to about $542,000 for an A share. That means Berkshire’s price-to-book ratio stands at an estimated 1.4 times—at the lower end of its range in the past few years.

stocks.apple.com: Warren Buffett Hates Bonds—and Berkshire’s Portfolio Is Loving Him Right Now