(Bloomberg) David Tepper, the billionaire founder of $20 billion Appaloosa Management, cut his hedge fund’s investments in U.S. stocks by almost a third in the last quarter, reducing stakes in some of its biggest investments.
The value of Appaloosa Management’s publicly disclosed U.S. equity positions dropped by $1.21 billion in the last quarter to $2.8 billion, according to a regulatory filing Friday. The hedge fund exited its holdings in Alibaba Group Holding Ltd., and trimmed stakes in General Motors Co. and HCA Holdings Inc., its top two largest holdings.
