Tepper’s Appaloosa dumps Snap Inc. stake, loads up on tech, health care


David Tepper’s hedge fund Appaloosa Management unloaded its position in Snapchat-parent Snap Inc., and disclosed increases in the tech and health-care sectors at the end of the second quarter. As of June 30, Tepper’s fund showed that his fund dumped 100,000 shares of of Snap Inc.

SNAP, +6.51%

which has lost more than a third of its value since it debuted as a public entity in early March. Tepper had been one of a number of prominent investors who had vocally expressed support of the social-messaging company. On Monday, Snap’s shares were among the most active, gaining about 6.5% to start the week. Elsewhere, Appaloosa showed new positions in the PowerShares QQQ Trust Series 1

QQQ, +1.29%

which mimics the technology laden Nasdaq-100

NDX, +1.31%

purchasing 1.8 million shares of the so-called QQQs, valued at $249 million, representing about 3.7% of his overall portfolio, according to data from research provider Whalewisdom.com. The fund also more than doubled its Apple Inc.

AAPL, +1.50%

position to 625,000 shares worth about $90 million and those of Altaba Inc.

AABA, +1.64%

which he boosted to 5.1 million shares valued at $280 million. Appaloosa showed a fresh stake in Alibaba Group Holding Limited

BABA, +1.92%

scooping up 3.6 million shares worth $520 million. Tepper’s investment vehicle added a new position in exchange-traded IBB

IBB, +1.03%

a prominent ETF tracking the biotech sector, and SPDR S&P Biotech ETF

XBI, +0.88%

which closely mimics the S&P 500’s health-care sector. Tepper’s firm bought 235,000 shares of IBB worth about $73 million and 330,000 shares of XBI valued at $34 million, as of the end of June. In other sales, Tepper & Co. unloaded all of its position in Teva Pharmaceutical Industries

TEVA, -0.81%

Energy Transfer Partners L.P.

ETP, +0.62%

and Pfizer Inc.

PFE, +0.18%

among others.