Appaloosa Management LP, the hedge fund run by David Allan Tepper, bet on technology in the first quarter with purchases of Apple Inc., Google Inc. and an exchange-traded fund that mimics the Nasdaq 100 Index.
The hedge fund, based in Chatham, New Jersey, bought 503,000 shares of Apple valued at $337 million, 162,000 shares of Google valued at $104 million and 18.9 million shares of the PowerShares QQQ Trust, valued at $1.27 billion, according to a filing Monday with the Securities and Exchange Commission.
Tepper also bought 6 million shares of Citigroup Inc. with a value of $223 million.
Technology stocks have declined 7.3 percent since March 31, making them the third-worst performing group in the Standard & Poor’s 500 Index, according to data compiled by Bloomberg. Financial stocks have declined 8.4 percent, the most of any of the 10 groups in the index.
Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt.
Hedge funds are lightly regulated pools of capital whose managers can invest in any asset, and share in annual profits.
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