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Date

August 21, 2025

Category

Market Insights

Buffett Isn’t the Only Big Name Who Bought UNH Stock in Q2

Your capital is at risk if you invest. You could lose all your investment.

UnitedHealth stock rose sharply last week after it came to light that Warren Buffett’s investment company, Berkshire Hathaway, took a stake in the health insurance company in the second quarter of 2025. Regulatory filings1 showed that Buffett picked up around five million UNH shares during the quarter, a position worth approximately $1.6 billion at today’s share price.

What’s interesting is that Buffett isn’t the only big-name investor who bought UNH stock in Q2. Looking at 13F filings, a range of elite investors snapped up shares in the insurer during the period, taking advantage of the significant sell-off in the stock.

David Tepper Made a High-Conviction Bet

One such investor was billionaire David Tepper, who is founder and president of hedge fund Appaloosa. His 13F filing2 showed that in Q2, he picked up 2.28 million shares in UNH, taking his holding to 2.45 million shares at the end of the quarter.

Tepper is known for making bold, contrarian trades. And we can see that in his trading activity here. While other investors were bailing out of UNH in Q2, he was building a significant position in the insurer. At the end of the quarter, UNH represented 11.85% of his equity portfolio, the second largest position behind Alibaba Group.

Michael Burry Bought Call Options on UNH

Another well-known investor that acquired UNH stock in Q2 was Michael Burry of Scion Asset Management. He’s best known for making a fortune during the Global Financial Crisis of 2008/2009 by betting against the US housing market. His latest 13F filing showed that in Q2, he picked up 20,000 UnitedHealth shares. That position is worth around $6 million at today’s share price.

Now, that’s not a huge position. However, Burry’s 13F filing3 also showed that he purchased call option contracts against 350,000 shares of UnitedHealth in Q2. This means that he has the right, but not the obligation, to buy a substantial amount of UNH stock at a predetermined price. The main reason investors buy call options is because they believe the price of the underlying asset will increase significantly before the option expires. So, this option trading activity from Burry suggests that he was very bullish on UNH stock in Q2.

Britain’s Stephen Yiu Upped His Stake

One other professional investor who bought UNH stock during Q2 was Stephen Yiu of Blue Whale Capital. A UK fund manager, Yiu is not as prominent as the likes of Tepper and Burry. But he’s quietly making a name for himself within the investment industry. Thanks to large positions in stocks like Nvidia and Broadcom, his fund has produced stellar gains in recent years.

Blue Whale’s 13F filing4 showed that during Q2, Yiu picked up 27,210 UNH shares. This took his total holding to 104,362 shares at the end of the quarter, an increase of 35% quarter on quarter. That’s a relatively large increase in position size. And it suggests that Yiu – who is known for doing a lot of fundamental research – saw significant value in the stock in Q2.

Potential for a Turnaround

Zooming in on UNH itself, it’s not hard to see why it has attracted interest from big-name investors this year. For a start, the stock – previously a consistent performer – has fallen a very long way in a short period of time. At one stage, it was down more than 50% from its 2025 highs. As a result of this weakness, its valuation has looked compelling at times.

Secondly, Stephen Hemsley – who was CEO of the company between 2006 and 2017 and oversaw a period of strong growth for the business – has returned as CEO. And he believes that he can fix the company’s current problems and put it back on a growth trajectory. His plan involves improving pricing, advancing the company’s foresight acumen, optimizing business practices, and enhancing the consumer and provider experience. He is optimistic that this will result in a return to earnings growth in 2026.

It’s worth pointing out that a turnaround at UnitedHealth could take time. Recently, analysts at Morgan Stanley noted that the pathway to a recovery is not entirely clear and that the company has a lot to prove in terms of execution. With the stock still around 50% below its all-time highs, however, it could be worth watching. Especially now that it has come to light that several well-known investors made large bets on the stock in Q2.

Footnotes:

1 BERKSHIRE HATHAWAY INC, as of August 18, 2025
2 APPALOOSA LP, as of August 18, 2025
3 SCION ASSET MANAGEMENT, LLC, as of August 18, 2025
4 BLUE WHALE CAPITAL LLP, as of August 18, 2025

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