- Since the start of the COVID-19 pandemic,
David Tepper has been wary of the market and its recent strength. - In May, Tepper said the stock market was the most overvalued in history, second to the dot-com bubble.
- Still, Tepper's
hedge fund Appaloosa has remained invested instocks throughout the pandemic, according to a13F filed with the SEC last week. - Here were the top 10 holdings of Appaloosa Management in the second quarter.
- Visit Business Insider's homepage for more stories.
Back in May, amid the height of the COVID-19 pandemic and a recovering
In fact, Tepper told CNBC's Scott Wapner that the market was "maybe the second most overvalued" he's ever seen, barring the dot-com bubble.
From there, stocks continued to rally, and just hit record all-time highs earlier this week.
Luckily, Tepper's hedge fund, Appaloosa Management, stayed invested in the market. The fund had a long portfolio valued at $5.7 billion as of the second quarter, according to a 13F filed with the Securities and Exchange Commission last week.
Here were the top 10 holdings of Appaloosa Management in the second quarter.
10. Mastercard
Ticker: MA
Market Value: $161.2 million
Percent of Portfolio: 2.80%
Change in Ownership: New position
9. Visa
Ticker: V
Market Value: $162.2 million
Percent of Portfolio: 2.82%
Change in Ownership: New position
8. Twitter
Ticker: TWTR
Market Value: $165.3 million
Percent of Portfolio: 2.87%
Change in Ownership: Added +20,000 shares (+0%)
7. AT&T
Ticker: T
Market Value: $274.4 million
Percent of Portfolio: 4.77%
Change in Ownership: New position
6. Alphabet
Ticker: GOOG
Market Value: $472.1 million
Percent of Portfolio: 8.20%
Change in Ownership: Sold 27,000 shares (-7%)
Ticker: MU
Market Value: $481.7 million
Percent of Portfolio: 8.37%
Change in Ownership: Added +490,000 shares (+5%)
4. Facebook
Ticker: FB
Market Value: $507.0 million
Percent of Portfolio: 8.81%
Change in Ownership: Sold 180,000 shares (-7%)
3. T-Mobile
Ticker: TMUS
Market Value: $614.5 million
Percent of Portfolio: 10.67%
Change in Ownership: Added +5.1 million shares (+666%)
2. Amazon
Ticker: AMZN
Market Value: $620.7 million
Percent of Portfolio: 10.78%
Change in Ownership: Sold 25,000 shares (-10%)
1. Alibaba
Ticker: BABA
Market Value: $727.9 million
Percent of Portfolio: 12.64%
Change in Ownership: Added +1.1 million shares (+49%)