Appaloosa

Q3 2013 13F · by David Tepper, portfolio manager

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $6.2B · prev $6.9B
Positions: 62 · prev 68
Options notional: $47M
Documents: 1· no amendments

Picture99.3% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.8%

Moves75 since the prior filing

+8.0 pp in · −9.7 pp out

New 6 +1.76 pp
Added 11 +6.24 pp
Trimmed 40 −6.06 pp
Exited 12 −3.66 pp

Options: 6 moves on a notional base, in the table below.

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 20% a year, about 5.1 years per position

Low
Moderate
High

Top 5 positions36% of US stock

SPY State Street SPDR S&P 500 ETF Trust trimmed−8.59 pp trimmed−8.5910.3%
C Citigroup Inc. added+0.91 pp added+0.917.6%
unresolved Powershares Qqq Trust Series 1 held held7.3%
GT Goodyear Tire & Rubber trimmed+1.93 pp trimmed+1.936.8%
UAL United Airlines Holdings, Inc. added+0.70 pp added+0.704.2%

Positions62 in this filing · 12 exited


SPYState Street SPDR S&P 500 ETF Trust	10.35%	3,837,366	$645M	trimmed−53%	−8.59 pp	2 q
CCitigroup Inc.	7.57%	9,733,639	$472M	added+1%	+0.91 pp	2 q
unresolvedPowershares Qqq Trust Series 1	7.27%	5,750,000	$453M	held	—	2 q
GTGoodyear Tire & Rubber	6.79%	18,843,154	$423M	trimmed−14%	+1.93 pp	2 q
UALUnited Airlines Holdings, Inc.	4.20%	8,523,821	$262M	added+10%	+0.70 pp	2 q
DALDelta Air Lines, Inc.	3.18%	8,400,000	$198M	trimmed−18%	+0.40 pp	2 q
HCAHCA Healthcare, Inc.	3.14%	4,573,082	$196M	added+17%	+1.09 pp	2 q
METMetLife, Inc.	3.04%	4,031,818	$189M	trimmed−2%	+0.32 pp	2 q
GMGeneral Motors Company	2.88%	4,983,202	$179M	trimmed−2%	+0.44 pp	2 q
unresolvedUS Airways Group Inc.	2.85%	9,385,636	$178M	added+1%	+0.63 pp	2 q
QCOMQualcomm Inc	2.72%	2,517,323	$170M	trimmed−16%	+0.07 pp	2 q
HUNHuntsman Corporation	2.58%	7,816,166	$161M	added+12%	+0.91 pp	2 q
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	2.42%	1,000,000	$151M	held	—	2 q
AIGAmerican International Group, Inc.	2.17%	2,778,848	$135M	trimmed−2%	+0.34 pp	2 q
MGMMgm Resorts International	2.16%	6,576,869	$134M	trimmed−2%	+0.73 pp	2 q
PRUPrudential Financial, Inc.	2.12%	1,692,581	$132M	trimmed−2%	+0.30 pp	2 q
FFord Motor Company	2.08%	7,698,815	$130M	trimmed−26%	−0.26 pp	2 q
unresolvedGoogle Inc.	2.04%	144,909	$127M	trimmed−12%	−0.06 pp	2 q
HIGThe Hartford Insurance Group, Inc.	2.02%	4,052,770	$126M	trimmed−2%	+0.17 pp	2 q
AAPLApple Inc.	1.87%	244,120	$116M	trimmed−36%	−0.32 pp	2 q
FLRFluor Corporation	1.66%	1,459,629	$104M	trimmed−2%	+0.38 pp	2 q
RIGTransocean LTD.	1.61%	2,259,167	$101M	trimmed−12%	−0.16 pp	2 q
unresolvedChicago Bridge & Iron Co N V	1.60%	1,471,044	$100M	trimmed−2%	+0.31 pp	2 q
OCOwens Corning	1.50%	2,459,292	$93M	trimmed−2%	+0.08 pp	2 q
unresolvedE M C Corp Mass	1.39%	3,389,569	$87M	trimmed−9%	+0.12 pp	2 q
TEXTerex Corporation	1.27%	2,356,969	$79M	added+8%	+0.44 pp	2 q
CECelanese Corporation	1.20%	1,416,401	$75M	added+51%	+0.59 pp	2 q
unresolvedAxiall Corp	1.12%	1,840,215	$70M	trimmed−2%	−0.04 pp	2 q
KBRKBR, Inc.	1.12%	2,137,317	$70M	added+21%	+0.29 pp	2 q
WHRWhirlpool Corp.	1.12%	475,470	$70M	trimmed−5%	+0.29 pp	2 q
MASMasco Corporation	1.04%	3,037,517	$65M	trimmed−2%	+0.17 pp	2 q
FCXFreeport-McMoran Inc.	0.93%	1,754,639	$58M	new	+0.93 pp	new
JPMJPMorgan Chase & Co.	0.93%	1,116,600	$58M	added+25%	+0.25 pp	2 q
TRNTrinity Industries, Inc.	0.89%	1,228,139	$56M	added+31%	+0.37 pp	2 q
unresolvedBroadcom Corp	0.86%	2,064,336	$54M	trimmed−36%	−0.72 pp	2 q
MWAMueller Water Products, Inc.	0.73%	5,733,825	$46M	trimmed−21%	+0.01 pp	2 q
unresolvedDelphi Automotive PLC	0.73%	783,311	$46M	trimmed−2%	+0.14 pp	2 q
unresolvedFoster Wheeler AG	0.63%	1,501,470	$40M	trimmed−2%	+0.15 pp	2 q
unresolvedHertz Global Holdings Inc	0.53%	1,500,000	$33M	trimmed−50%	−0.54 pp	2 q
HESHess Corporation	0.52%	420,180	$32M	trimmed−2%	+0.11 pp	2 q
BACBank of America Corporation	0.49%	2,219,607	$31M	trimmed−65%	−0.69 pp	2 q
CCLCarnival Corporation Ltd.	0.47%	903,619	$29M	trimmed−49%	−0.41 pp	2 q
unresolvedThe Hartford Financial Services Group	0.46%	1,275,475	$29M	held	—	2 q
BERYBerry Global Group, Inc.	0.41%	1,277,802	$26M	trimmed−2%	−0.01 pp	2 q
unresolvedSanDisk Corp	0.41%	424,934	$25M	trimmed−60%	−0.52 pp	2 q
LNCLincoln National Corp.	0.37%	550,465	$23M	trimmed−2%	+0.07 pp	2 q
BZHBeazer Homes USA, Inc. New	0.35%	1,210,943	$22M	trimmed−2%	+0.04 pp	2 q
INGRIngredion Incorporated	0.32%	297,452	$20M	new	+0.32 pp	new
unresolvedAshland Inc New	0.25%	169,665	$16M	trimmed−2%	+0.04 pp	2 q
unresolvedMPG Office Trust Inc	0.20%	3,967,674	$12M	trimmed−2%	+0.02 pp	2 q
SEESealed Air Corp New	0.20%	453,718	$12M	trimmed−62%	−0.22 pp	2 q
BYDBoyd Gaming Corporation	0.18%	803,248	$11M	trimmed−2%	+0.05 pp	2 q
unresolvedChimera Investment Corp	0.14%	2,830,152	$9M	trimmed−2%	+0.01 pp	2 q
CYHCommunity Health Systems, Inc.	0.14%	210,000	$9M	new	+0.14 pp	new
THCTenet Healthcare Corporation New	0.14%	210,000	$9M	new	+0.14 pp	new
DFODQDean Foods Co	0.13%	428,792	$8M	new	+0.13 pp	new
unresolvedFusion-io Inc	0.11%	495,973	$7M	trimmed−69%	−0.22 pp	2 q
JCPJ.C. Penney Company, Inc.	0.10%	737,800	$7M	new	+0.10 pp	new
unresolvedPly Gem Holdings Inc	0.10%	439,858	$6M	added×2.9	+0.06 pp	2 q
TNNTenneco Inc-class A	0.08%	102,348	$5M	trimmed−2%	+0.01 pp	2 q
unresolvedGeneral Mtrs Co	0.07%	175,561	$5M	held	—	2 q
unresolvedGeneral Mtrs Co	0.05%	175,561	$3M	held	—	2 q
CMCSAComcast Corp	—	−1,465,032	—	exited	−0.89 pp	—
MSFTMicrosoft Corp	—	−1,400,000	—	exited	−0.70 pp	—
unresolvedWeatherford Intl Ltd	—	−2,281,636	—	exited	−0.45 pp	—
CHKPCheck Point Software Technologies Ltd	—	−554,947	—	exited	−0.40 pp	—
NTAPNetApp, Inc	—	−640,067	—	exited	−0.35 pp	—
CLMTCalumet Specialty Products	—	−437,439	—	exited	−0.23 pp	—
unresolvedDean Foods Co	—	−1,249,684	—	exited	−0.18 pp	—
CFCF Industries Holding, Inc.	—	−45,167	—	exited	−0.11 pp	—
VLOValero Energy Corporation	—	−220,234	—	exited	−0.11 pp	—
unresolvedWhiteWave Foods Co-CL B	—	−446,610	—	exited	−0.10 pp	—
TERTeradyne, Inc.	—	−338,450	—	exited	−0.09 pp	—
unresolvedWhiteWave Foods Co	—	−206,188	—	exited	−0.05 pp	—