Appaloosa Management – headed by Hedge Fund Honcho David Pepper – has added a huge stake in Alibaba in the second quarter. According to the most recent quarterly fillings, Appaloosa Management and three other major hedge funds have taken new stakes in the China-based online retailing giant in the second quarter.

Appaloosa’s fund decreases its holdings in GM and Southwest

The funds added 3.69 million shares to the e-commerce giant, making the China-based online retailing giant one of the top positions held by the fund. The shares taken by Appaloosa Fund were valued at $520.5 million. This quarter, the online retailer has been a popular bet. This quarter, the shares of the e-commerce company were up 74.48%.

Other funds, such as Third Point of Daniel Loeb, have added positions in the e-commerce company in the second quarter. On Monday, the shares of the Chinese online retailer were up 1.93%. On the same day, the filing of Appaloosa Management was released. In an SEC filing, which reflects the second quarter holdings of the firm, those changes were revealed but the positions of Appaloosa could have changed since the filing.

The firm headed by David Pepper has added position in a Nasdaq Biotech ETF from iShares and a Nasdaq 100 ETF from PowerShares. The fund has increased its shares in the social media giant Facebook and Google parent Alphabet as well while it decreased its holdings in General Motors and Southwest.

Hedge Fund leaders including David Tepper are increasing holdings in Alibaba

According to quarterly filings, four large hedge funds have purchased stakes of the China-based online retailing giant in the second quarter. Daniel Loeb’s Third Point and David Tepper’s Appaloosa and revealed the largest stakes. The shares of e-commerce giant have hiked up 9.7% this quarter while the iShares MSCI Emerging Markets saw a 4.8% jump and the S&P 500 saw a 1.8% rise.

According to a Monday filing with the U.S. Securities and Exchange Commission, the Appaloosa Management disclosed a 3.7 million stake in shares of the online retailer. According to a Friday filing, Daniel Loeb’s Third Point purchased 4.5 million shares.

According to the filings, Tiger Global Management and Moore Capital disclosed a slight drop in their holdings of Alibaba in the second quarter. The online retailing company is slated to report the quarterly results this Thursday before the opening bell. The subsidiaries of Hangzhou – the Chinese firm led by Alibaba CEO Jack Ma – includes Ant Financial that is trying its best to acquire the Dallas, Texas-based money transfer platform called MoneyGram.