Appaloosa's Q2 Top Buys/Sells: Intel, Broadcom, UAL, and More

David Tepper's hedge fund, Appaloosa, recently made notable Q2 buys and sells. The fund initiated new positions in Intel, United Airlines, and Delta Air Lines, while also making moves in Broadcom, among others.

David Tepper's hedge fund, Appaloosa Management, has made significant moves in the second quarter of 2025. The fund initiated new positions in Intel, United Airlines, and Delta Air Lines, while also making adjustments to its Chinese stock holdings and other investments.

In Q2 2025, Appaloosa increased its stake in UnitedHealth Group Inc. (UNH) by 2.3 million shares, valuing the position at $764 million [1]. This move came after the company's shares tumbled about 40% during the second quarter, as it faced challenges including a criminal investigation for possible Medicare fraud and the suspension of its annual forecast. Despite these challenges, UnitedHealth Group rallied nearly 10% in after-hours trading on July 1, 2025, following Warren Buffett's Berkshire Hathaway Inc. disclosure of a stake in the company.

Appaloosa also made substantial additions to its technology and healthcare positions. The fund increased its holdings in Nvidia (NVDA) by 750%, in Taiwan Semiconductor (TSM) by 418%, and in Block (SQ) by 970% [2]. Additionally, the fund bought $179.2 million worth of Intel (INTC) shares, $85.4 million worth of Raytheon Technologies (RTX) shares, and $47.28 million worth of IQVIA (IQV) shares.

The fund also made notable exits and reductions in its portfolio. Appaloosa sold its entire stake in S&P 500 ETF (SPYX) worth $2.5 billion and reduced its Apple (AAPL) stake by $277.7 million. The fund also significantly trimmed its exposure to Chinese stocks by reducing its holdings in China Large Cap (FXI) by 82%, PDD Holdings (PDD) by 60%, Alibaba (BABA) by 23%, and JD.com (JD) by 13% [2].

These moves reflect David Tepper's contrarian investment style, as he often makes bold bets on companies that are out of favor with the market. His opportunistic approach combines macroeconomic analysis with deep fundamental research, allowing him to identify mispriced assets during periods of market dislocation.

References:
[1] https://finance.yahoo.com/news/tepper-scoops-beaten-down-unitedhealth-103533585.html
[2] https://www.danielscrivner.com/david-tepper-trades-and-holdings-q2-2025/