Carolina Panthers owner David Tepper listens to a question during a press conference in 2022.<\/p>\n
Alex Slitz | Tribune News Service | Getty Images<\/p>\n
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer.\u00a0Sign up<\/a>\u00a0to receive future editions, straight to your inbox.<\/p>\n Private investment firms of the ultra-wealthy bought beaten up stocks last quarter as AI enthusiasm boosted global markets to record highs, according to third-quarter securities filings analyzed by CNBC.<\/p>\n Hedge-fund billionaire David Tepper’s family office Appaloosa<\/a> exited its entire stake in Oracle<\/a> in the three months ended Sept. 30. During that period, shares of the software giant rallied by nearly 29%. Last quarter, Appaloosa locked in gains for “Magnificent Seven” stocks by closing its stake in Intel<\/a> and trimming its Meta<\/a> holdings by 8%.<\/p>\n Meanwhile, Appaloosa doubled down on tariff-beaten consumer stocks, increasing its stake in Whirlpool<\/a> by 2,000%. Appaloosa’s 5.5 million shares in the home appliance company ranked as its third-largest holding at the quarter-end, worth $432 million. In the second half of the year, Whirlpool stock fallen by almost 31% thus far. Tepper’s firm also upped its stake in Goodyear Tire & Rubber<\/a>, which is down 13% this year.<\/p>\n Get Inside Wealth directly to your inbox<\/p>\n Carl Icahn’s namesake family office is also betting on a turnaround for a consumer stock, increasing its holdings of International Flavors & Fragrances<\/a> by 27% to $292 million. IFF, which is down 23% for the year, produces ingredients for a wide array of consumer products from potato chips to deodorant. Icahn, a longtime activist investor, first built his IFF stake in 2022, and his son Brett joined the firm’s board in late October per a prior agreemen<\/a>t between IFF and Icahn Capital.<\/p>\n Omega Advisors, Leon Cooperman’s hedge-fund-turned-family-office, leaned into health insurance stocks, increasing its Cigna<\/a> stake by 53% to 325,000 shares. Cooperman’s firm also widened its position in Elevance Health<\/a> by 21%, making it Omega Advisor’s eighth-largest holding with a quarter-end value of $110.2 million. Shares of Cigna and Elevance are both down about 18% for the second half of the year, pressured by rising medical costs and anticipated government cuts to healthcare funding.<\/p>\n These bold bets aside, family offices are still buying the rally of some Mag 7 stocks. Soros Fund Management increased its stakes in Apple<\/a> and Amazon<\/a> by 2,000% and 481%, respectively. Amazon shares make up the firm’s largest holding with a quarter-end value of $489 million. <\/p>\n Stanley Druckenmiller’s Duquesne Family Office<\/a> initiated positions in Amazon and Meta of $96 million and $56 million, respectively, after exiting them in the prior quarter.<\/p>\n