David Tepper's Hedge Fund Bets On Intel, UnitedHealth; Cuts Position In Four Mag 7 Stocks

The Appaloosa hedge fund, run by Carolina Panthers owner David Tepper, revealed several new stock positions in the second quarter, including a couple of airline stocks.

Here's a look at the new positions and the top changes made in the second quarter.

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New Positions

In the second quarter, Appaloosa took new stakes in several companies across a diverse range of sectors. Here are the new stock positions listed below:

Intel Corp INTC
RTX Corp RTX
IQVIA Holdings IQV
United Airlines Holdings UAL
Delta Air Lines DAL
Whirlpool Corporation WHR
Goodyear Tire & Rubber GT
Mohawk Industries MHK

Based on the new filings, Intel becomes one of the fund's largest bets with a new eight million share stake revealed. The fund is also betting on the airline sector with new positions in Delta and United.

Exited Positions

In the second quarter, Appaloosa exited its position in several stocks, including put options on one of the most valuable companies in the world.

Here were the positions that were completed exited by Appaloosa in the second quarter, as reported by 13finfo:

SPDR S&P 500 Fossil Fuel Reserves Free ETF SPYX put options
Apple Inc AAPL put options
Wynn Resorts WYNN
Las Vegas Sands LVS
Broadcom Inc AVGO
VanEck Semiconductor ETF SMH put options

The hedge fund exited its put options on Apple stock in the quarter. The fund also sold off stakes in two casino companies. The exit in Broadcom stock also comes as a bit of a surprise since this was a new stake in the first quarter.

Changes to Positions

Along with the new positions disclosed in the new 13F filing, Appaloosa revealed changes to existing stock positions.

Here were the stocks with the largest increases in the second quarter, ranked by the percentage change in shares:

UnitedHealth Group UNH: +1,300%
Block Inc XYZ: +756%
NVIDIA Corp NVDA: +483%
Taiwan Semiconductor TSM: +280%
Micron Technology MU: +106%
L3 Harris Technologies LHX: +8%
Amazon.com Inc AMZN: +7%

The fund's increased stake in UnitedHealth made the health insurance company the top holding in the fund at 12%, tied with Alibaba by percentage of assets. Block was a new position in the first quarter and saw a large increase in the quarter.

The big increase in the Nvidia and Taiwan Semiconductor positions comes after Tepper's fund decreased its Nvidia position in the first quarter and exited a position in chip stock Advanced Micro Devices.

Here were the stocks with the largest decreases in the second quarter, ranked by the percentage change in shares:

iShares China Large Cap ETF FXI: -82%
Oracle Corp ORCL: -79%
PDD Holdings PDD: -54%
Meta Platforms META: -27%
Alphabet Inc GOOG: -25%
Alibaba Group BABA: -23%
Vistra Corp VST: -22%
KE Holdings BEKE: -21%
Lam Research Corporation LRCX: -20%
Baidu Inc BIDU: -19%
Uber Technologies UBER: -14%
JD.com Inc JD: -13%
Lyft Inc LYFT: -11%
Caesars Entertainment CZR: -4%
NRG Energy Inc NRG: -3%
Microsoft Corp MSFT: -2%

While Tepper increased stakes in Magnificent Seven stocks Nvidia and Amazon in the quarter, the fund also cut its position size in Meta Platforms, Alphabet and Microsoft, showing a preference to certain stocks over the entire tech sector.

Despite the sizable cut in the Alibaba position, the Chinese company remains tied for the biggest percent of the overall Appaloosa fund at 12%.

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