Tepper’s Appaloosa Took Apple Stake, Cut Google Before Rally

Billionaire investor David Tepper took new positions in Apple Inc. and Chinese e-commerce company Alibaba Group Holding Ltd. last quarter, while cutting his Google Inc. holdings before a share price surge.

Appaloosa Management, Tepper’s $20 billion hedge fund firm, had 2.5 million shares of Apple worth $315.8 million and 1.36 million shares of Alibaba valued at $111.9 million as of June 30, according to a regulatory filing Friday. It liquidated its Google class A shares and decreased its holding of the company’s C shares, according to data compiled by Bloomberg.

Google has risen 28 percent since the end of June. Alibaba dropped 9 percent and Apple slid 7.5 percent during the same period.

Appaloosa, which Tepper started in 1993, increased its position in General Motors Co. during the quarter by 3.5 million shares to 18.8 million shares worth $626.5 million. The automotive company was the hedge fund’s largest U.S. equity holding by market value as of the second quarter.

Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt. Hedge funds are lightly regulated pools of capital whose managers can invest in any asset and share in annual profits.

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