Atticus Capital, a giant hedge fund that profited nicely on stocks’ decline last year, has undergone a change in sentiment.

The New York fund, run by Timothy Barakett, ploughed more than $3.5 billion into U.S. stocks in the second quarter, as the market rebounded, according to a filing with the Securities and Exchange Commission, Bloomberg reports.

Atticus’ stock holdings surged to $3.71 billion as of June 30 from $118 million on March 31.

It bought $355 million of Bank of America shares alone.

The Standard & Poor’s 500 Index gained 15 percent in the second quarter, while Bank of America jumped 94 percent.

Atticus had sold 23 stocks in the first quarter. That shifted to a buy of 54 in the second quarter, bringing its total holdings to 57 stocks, Bloomberg reports.

In addition to Bank of America, Atticus added $344 million to its holding of drug maker Wyeth. It bought $210 million of Petro-Canada, which was merged into Suncor Energy Aug. 3.

The fund snapped up $209 million of reinsurer Transatlantic Holdings and $205 million of drug maker Schering-Plough.

The only sale Atticus made in the second quarter was $4 million of cell phone maker Nokia.

Barakett isn’t the only one who’s bullish on stocks.

“We will see markets go down some, and we’ll certainly have our volatility,” big-time value investor David Dreman told CNBC.

“But I think we’re in a market that will go up much higher over the next three to five years.”