(Bloomberg) -- It’s easy to see why Warren Buffett has a soft spot for Japan.

The legendary stock picker, who told Japanese media he’s open to more investment opportunities in the country at the right price, has gained an estimated $4.5 billion from his positions in a clutch of Japanese trading houses since 2020, according to data compiled by Bloomberg.

Buffett, the chairman of Berkshire Hathaway Inc., unveiled his stakes in the companies in August 2020, investing an estimated $6.1 billion before boosting his holdings by about $2.4 billion in November. Those positions are now worth almost $13 billion.

Buffett told Nikkei he has since raised his holdings even further, though Berkshire has yet to officially disclose any additional purchases.

Buffett’s initial bet on the trading houses, which earn much of their income from energy-related businesses, came at a time when the Covid pandemic had left oil prices deeply depressed. All but one of the businesses were valued at less than their net assets when Buffett purchased his initial stakes. While valuations have since climbed, several are still trading at discounts to Japan’s benchmark Topix index. 

©2023 Bloomberg L.P.