Appaloosa

Q4 2013 13F · by David Tepper, portfolio manager

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $8.0B · prev $6.2B
Positions: 67 · prev 62
Options notional: $10M
Documents: 1· no amendments

Picture99.9% US stock

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

US stock listed on a US exchange 99.9%
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 0.1%

Moves84 since the prior filing

+26.7 pp in · −26.7 pp out

New 19 +6.82 pp
Added 11 +19.91 pp
Trimmed 36 −18.41 pp
Exited 14 −8.28 pp

Options: 4 moves on a notional base, in the table below.

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 74% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions49% of US stock

SPY State Street SPDR S&P 500 ETF Trust added+16.07 pp added+16.0726.4%
unresolved Powershares Qqq Trust Series 1 added+2.34 pp added+2.349.6%
C Citigroup Inc. trimmed−1.24 pp trimmed−1.246.3%
GT Goodyear Tire & Rubber trimmed−3.15 pp trimmed−3.153.6%
unresolved Google Inc. added+1.29 pp added+1.293.3%

Positions67 in this filing · 14 exited


SPYState Street SPDR S&P 500 ETF Trust	26.42%	11,397,099	$2.1B	added×3.0	+16.07 pp	3 q
unresolvedPowershares Qqq Trust Series 1	9.61%	8,700,000	$765M	added+51%	+2.34 pp	3 q
CCitigroup Inc.	6.33%	9,675,139	$504M	trimmed−1%	−1.24 pp	3 q
GTGoodyear Tire & Rubber	3.64%	12,154,921	$290M	trimmed−35%	−3.15 pp	3 q
unresolvedGoogle Inc.	3.33%	236,709	$265M	added+63%	+1.29 pp	3 q
HCAHCA Healthcare, Inc.	3.05%	5,101,382	$243M	added+12%	−0.09 pp	3 q
UALUnited Airlines Holdings, Inc.	2.87%	6,047,365	$229M	trimmed−29%	−1.33 pp	3 q
GMGeneral Motors Company	2.55%	4,968,052	$203M	trimmed−0%	−0.33 pp	3 q
HUNHuntsman Corporation	2.36%	7,640,166	$188M	trimmed−2%	−0.22 pp	3 q
AALAmerican Airlines Group Inc.	2.23%	7,022,765	$177M	new	+2.23 pp	new
DALDelta Air Lines, Inc.	1.94%	5,635,683	$155M	trimmed−33%	−1.24 pp	3 q
MGMMgm Resorts International	1.90%	6,421,869	$151M	trimmed−2%	−0.26 pp	3 q
METMetLife, Inc.	1.63%	2,413,663	$130M	trimmed−40%	−1.41 pp	3 q
PRUPrudential Financial, Inc.	1.63%	1,405,727	$130M	trimmed−17%	−0.49 pp	3 q
AIGAmerican International Group, Inc.	1.62%	2,524,848	$129M	trimmed−9%	−0.55 pp	3 q
OCOwens Corning	1.54%	3,014,115	$123M	added+23%	+0.04 pp	3 q
AAPLApple Inc.	1.52%	215,320	$121M	trimmed−12%	−0.35 pp	3 q
FFord Motor Company	1.41%	7,286,816	$112M	trimmed−5%	−0.67 pp	3 q
unresolvedChicago Bridge & Iron Co N V	1.30%	1,241,944	$103M	trimmed−16%	−0.30 pp	3 q
FLRFluor Corporation	1.23%	1,217,429	$98M	trimmed−17%	−0.43 pp	3 q
HIGThe Hartford Insurance Group, Inc.	1.17%	2,579,004	$93M	trimmed−36%	−0.85 pp	3 q
TEXTerex Corporation	1.08%	2,047,769	$86M	trimmed−13%	−0.19 pp	3 q
QCOMQualcomm Inc	1.04%	1,113,523	$83M	trimmed−56%	−1.68 pp	3 q
KBRKBR, Inc.	1.02%	2,550,000	$81M	added+19%	−0.10 pp	3 q
unresolvedAxiall Corp	1.00%	1,683,515	$80M	trimmed−9%	−0.12 pp	3 q
CECelanese Corporation	0.94%	1,356,268	$75M	trimmed−4%	−0.26 pp	3 q
unresolvedE M C Corp Mass	0.91%	2,872,569	$72M	trimmed−15%	−0.48 pp	3 q
JPMJPMorgan Chase & Co.	0.88%	1,192,600	$70M	added+7%	−0.05 pp	3 q
WHRWhirlpool Corp.	0.88%	446,170	$70M	trimmed−6%	−0.24 pp	3 q
RIGTransocean LTD.	0.85%	1,369,194	$68M	trimmed−39%	−0.76 pp	3 q
MASMasco Corporation	0.84%	2,932,517	$67M	trimmed−3%	−0.20 pp	3 q
TRNTrinity Industries, Inc.	0.82%	1,203,139	$66M	trimmed−2%	−0.07 pp	3 q
unresolvedBroadcom Corp	0.64%	1,718,336	$51M	trimmed−17%	−0.22 pp	3 q
HALHalliburton Company	0.63%	992,600	$50M	new	+0.63 pp	new
EMNEastman Chemical Company	0.61%	601,112	$49M	new	+0.61 pp	new
INGRIngredion Incorporated	0.54%	628,766	$43M	added×2.1	+0.22 pp	2 q
unresolvedDelphi Automotive PLC	0.54%	713,311	$43M	trimmed−9%	−0.19 pp	3 q
FCXFreeport-McMoran Inc.	0.53%	1,128,056	$43M	trimmed−36%	−0.40 pp	2 q
unresolvedFoster Wheeler AG	0.53%	1,290,752	$43M	trimmed−14%	−0.10 pp	3 q
BIDUBaidu, Inc.	0.46%	205,692	$37M	new	+0.46 pp	new
MWAMueller Water Products, Inc.	0.46%	3,946,210	$37M	trimmed−31%	−0.27 pp	3 q
unresolvedThe Hartford Financial Services Group	0.44%	1,275,475	$35M	held	—	3 q
HESHess Corporation	0.43%	411,780	$34M	trimmed−2%	−0.09 pp	3 q
unresolvedCBS Corp	0.39%	489,000	$31M	new	+0.39 pp	new
SLBSLB Limited	0.38%	336,900	$30M	new	+0.38 pp	new
BERYBerry Global Group, Inc.	0.37%	1,252,302	$30M	trimmed−2%	−0.04 pp	3 q
BZHBeazer Homes USA, Inc. New	0.36%	1,186,943	$29M	trimmed−2%	+0.01 pp	3 q
CCLCarnival Corporation Ltd.	0.36%	711,019	$29M	trimmed−21%	−0.11 pp	3 q
CYHCommunity Health Systems, Inc.	0.33%	668,754	$26M	added×3.2	+0.19 pp	2 q
CMCSAComcast Corp	0.26%	391,000	$20M	new	+0.26 pp	new
DISThe Walt Disney Company	0.26%	273,500	$21M	new	+0.26 pp	new
unresolvedDu Pont E I De Nemours & Co	0.26%	314,600	$20M	new	+0.26 pp	new
VZVerizon Communications	0.25%	409,300	$20M	new	+0.25 pp	new
OMCOmnicom Group Inc.	0.22%	237,675	$18M	new	+0.22 pp	new
ASMLASML Holding NV	0.19%	163,000	$15M	new	+0.19 pp	new
unresolvedIngersoll-Rand Plc	0.13%	164,100	$10M	new	+0.13 pp	new
unresolvedPentair Ltd	0.13%	130,900	$10M	new	+0.13 pp	new
IPGThe Interpublic Group of Companies, Inc.	0.12%	531,100	$9M	new	+0.12 pp	new
BYDBoyd Gaming Corporation	0.11%	787,248	$9M	trimmed−2%	−0.07 pp	3 q
VMIValmont Industries, Inc.	0.10%	51,500	$8M	new	+0.10 pp	new
unresolvedPly Gem Holdings Inc	0.08%	344,231	$6M	trimmed−22%	−0.02 pp	3 q
unresolvedCytec Inds Inc	0.07%	57,044	$5M	new	+0.07 pp	new
unresolvedGeneral Mtrs Co	0.07%	184,879	$6M	added+5%	0.00 pp	3 q
TG7Triumph Group Inc	0.07%	70,750	$5M	new	+0.07 pp	new
HDSHD Supply Holdings, Inc.	0.06%	204,733	$5M	new	+0.06 pp	new
unresolvedChimera Investment Corp	0.05%	1,205,774	$4M	trimmed−57%	−0.09 pp	3 q
unresolvedGeneral Mtrs Co	0.05%	184,879	$4M	added+5%	0.00 pp	3 q
unresolvedUS Airways Group Inc.	—	−9,385,636	—	exited	−2.85 pp	—
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	—	−1,000,000	—	exited	−2.42 pp	—
unresolvedHertz Global Holdings Inc	—	−1,500,000	—	exited	−0.53 pp	—
BACBank of America Corporation	—	−2,219,607	—	exited	−0.49 pp	—
unresolvedSanDisk Corp	—	−424,934	—	exited	−0.41 pp	—
LNCLincoln National Corp.	—	−550,465	—	exited	−0.37 pp	—
unresolvedAshland Inc New	—	−169,665	—	exited	−0.25 pp	—
unresolvedMPG Office Trust Inc	—	−3,967,674	—	exited	−0.20 pp	—
SEESealed Air Corp New	—	−453,718	—	exited	−0.20 pp	—
THCTenet Healthcare Corporation New	—	−210,000	—	exited	−0.14 pp	—
DFODQDean Foods Co	—	−428,792	—	exited	−0.13 pp	—
unresolvedFusion-io Inc	—	−495,973	—	exited	−0.11 pp	—
JCPJ.C. Penney Company, Inc.	—	−737,800	—	exited	−0.10 pp	—
TNNTenneco Inc-class A	—	−102,348	—	exited	−0.08 pp	—