Alibaba's stock price is rising after several large hedge funds have increased their holdings in the company.
David Tepper's Appaloosa fund added a large stake in Alibaba in the second quarter.
The fund added 3.69 million shares valued at $520.5 million, making it one of the top positions held by the fund.
Alibaba has been a popular bet this quarter. Shares are up 74.48% this year and other funds, like Daniel Loeb's Third Point, have added positions in the company in the second quarter.
Appaloosa also added positions in a Nasdaq 100 ETF from PowerShares and a Nasdaq Biotech ETF from iShares. The fund also increased its shares in Alphabet and Facebook, while it decreased its holdings in Southwest and General Motors.
Those changes were disclosed in an SEC filing which reflects the firm's second quarter holdings, and Appaloosa's positions could have changed since the filing.
Alibaba was up 1.93% on Monday, the same day Appaloosa's filing was released.
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