According to filings disclosed by the U.S. Securities and Exchange Commission (SEC), Appaloosa LP, managed by Wall Street heavyweight David Tepper, submitted its second quarter (Q2) holdings report (13F) as of June 30, 2025. Tepper, known as the "Wall Street Bottom Fisher," demonstrated his distinctive contrarian investment style by substantially purchasing shares of the troubled UnitedHealth (UNH.US) during the second quarter.

Statistical data shows that Appaloosa LP's total portfolio value in Q2 was $6.45 billion, down from $8.38 billion in the previous quarter, representing a 23% decline. During the second quarter, Appaloosa LP added 8 new positions, increased holdings in 9 stocks, reduced positions in 16 stocks, and completely exited 8 positions. The top ten holdings accounted for 64.63% of the total portfolio value.

Among the top five holdings, Alibaba (BABA.US) ranked first with approximately 7.07 million shares held, valued at about $801 million, representing 12.43% of the investment portfolio. This represents a 23.43% decrease in share count compared to the previous quarter.

UnitedHealth (UNH.US) ranked second with approximately 2.45 million shares held, valued at about $764 million, representing 11.85% of the investment portfolio. The position size surged by 1,300.00% compared to the previous quarter. Notably, Warren Buffett's Berkshire Hathaway also established a new position of over 5 million shares in UnitedHealth during the second quarter. Boosted by this news, UnitedHealth surged over 12% in after-hours trading on Thursday.

According to reports, UnitedHealth's stock price plummeted approximately 40% during the second quarter due to the company suspending its annual earnings guidance, replacing its CEO, and facing criminal investigation over alleged healthcare insurance fraud. During this period, it was among the worst-performing components of the S&P 500 index.

Amazon (AMZN.US) ranked third with approximately 2.7 million shares held, valued at about $592 million, representing 9.19% of the investment portfolio, an increase of 7.57% in share count from the previous quarter.

Vistra Energy (VST.US) ranked fourth with approximately 1.8 million shares held, valued at about $349 million, representing 5.41% of the investment portfolio, a decrease of 21.74% in share count from the previous quarter. The company is one of the largest electricity producers and retail energy suppliers in the United States, primarily engaged in power generation, energy retail, and energy management businesses.

U.S. power producer NRG Energy (NRG.US) ranked fifth with approximately 1.98 million shares held, valued at about $318 million, representing 4.93% of the investment portfolio, a decrease of 3.41% in share count from the previous quarter.

Additionally, Meta Platforms (META.US), NVIDIA (NVDA.US), Alphabet-C (GOOG.US), Uber (UBER.US), and Microsoft (MSFT.US) also made it into the top ten holdings.

During Q2, Appaloosa LP established new positions in Intel (INTC.US), Raytheon Technologies (RTX.US), United Airlines (UAL.US), and Delta Air Lines (DAL.US), while completely exiting Apple put options (AAPL.US, PUT), Broadcom (AVGO.US), and Las Vegas Sands (LVS.US).

In terms of position changes, the top five purchases were: UnitedHealth, NVIDIA, Amazon, Taiwan Semiconductor (TSM.US), and Intel. The top five sales included SPDR S&P 500 Fossil put options (SPYX.US, PUT), Apple put options, Alibaba, and China Large-Cap ETF (FXI.US).