David Tepper trims his major tech holdings and bets big on PG&E — Here are the details

Published Mon, Nov 16 20205:15 PM EST

Jesse Pound @/in/jesse-pound @jesserpound

(This story is for CNBC Pro subscribers only). Billionaire David Tepper trimmed his positions in high flying tech stocks and made a big bet on a utility stock during the third quarter, according to a securities filing released Monday. Appaloosa Management, Tepper's hedge fund, still had large positions in some of the biggest tech and telecom stocks at the end of September, according to the filing. However, Appaloosa's biggest stake was in California utility company PG & E . The fund increased its shares in PG & E by more than 800% during the quarter, bringing its stake to north of $750 million. In March, the utility company reached a deal with California to emerge from bankruptcy . Tepper also increased his bets on chipmaker Micron , with Appaloosa's stake rising to more than 12 million shares from around 9 million at the end of June. The increased stake was worth more than $575 million at the end of the third quarter. Many of Appaloosa's other top holdings were trimmed significantly during the quarter. The fund sold more than one-third of its stake in Alibaba , a 37% decrease in shares of Amazon and nearly half of its shares of AT & T . The fund also sold off some of its stake in Facebook , Netflix and Paypal , among others. The fund exited several positions during the third quarter, including Qualcomm, Humana and Tesla. None of those stakes were more more than $64 million as of June. The fund did not have any new individual stock positions at the end of the quarter. Appaloosa was not the only hedge fund to make big bets on PG & E during the second quarter. Baupost Group, run by Seth Klarman, also dramatically increased its stake in the utility company to $288 million. Dan Loeb's Third Point also initiated a position in the company. Tepper's fund had about $13 billion in assets at the end of 2019, according to Bloomberg News. The billionaire, who also owns the NFL's Carolina Panthers, has said he is transitioning the hedge fund into a family office but still has some outside clients. At the end of the second quarter , Appaloosa's biggest bets were on the two e-commerce giants and it had initiated new positions in telecom and payments companies.

David Tepper, founder and president of Appaloosa Management.

David Orrell | CNBC

(This story is for CNBC Pro subscribers only).

Billionaire David Tepper trimmed his positions in high flying tech stocks and made a big bet on a utility stock during the third quarter, according to a securities filing released Monday.

Appaloosa Management, Tepper's hedge fund, still had large positions in some of the biggest tech and telecom stocks at the end of September, according to the filing. However, Appaloosa's biggest stake was in California utility company PG&E.