Famed billionaire investor David Tepper’s Appaloosa LP hedge fund reduced its exposure to stocks by one third in the latest quarter, to $3.80 billion as of June 30 from $5.66 billion on March 31, according to regulatory filings filed late Friday. During the second quarter, the stakes of companies he sold off entirely included the 1.6 million shares of Facebook Inc. , the 7.0 million shares of Bank of America Corp. , the 2.5 million shares of Pfizer Inc. , the 945,000 shares of Valeant Pharmaceuticals International Inc. , the 8.6 million shares of Delta Air Lines Inc. and the 1.3 million shares of Cabot Oil & Gas Corp. that he owned as of March 31. The S&P 500 index rose 1.9% during the second quarter, and has gained 4.1% since then.
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