Appaloosa

Q1 2014 13F · by David Tepper, portfolio manager

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $7.5B · prev $8.0B
Positions: 56 · prev 67
Options notional: $1.6B
Documents: 1· no amendments

Picture82.8% US stock

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

US stock listed on a US exchange 82.8%
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 17.2%

Moves64 since the prior filing

+24.4 pp in · −24.7 pp out

New 3 +3.96 pp
Added 26 +20.48 pp
Trimmed 16 −18.09 pp
Exited 14 −6.64 pp

Options: 5 moves on a notional base, in the table below.

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 120% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions40% of US stock

SPY State Street SPDR S&P 500 ETF Trust trimmed−14.41 pp trimmed−14.4112.0%
unresolved Powershares Qqq Trust Series 1 added+1.27 pp added+1.2710.9%
unresolved Google Inc. added+3.24 pp added+3.246.6%
C Citigroup Inc. added+0.07 pp added+0.076.4%
AAL American Airlines Group Inc. added+1.97 pp added+1.974.2%

Positions56 in this filing · 14 exited


SPYState Street SPDR S&P 500 ETF Trust	12.01%	4,814,613	$901M	trimmed−58%	−14.41 pp	4 q
unresolvedPowershares Qqq Trust Series 1	10.88%	9,300,167	$815M	added+7%	+1.27 pp	4 q
unresolvedGoogle Inc.	6.57%	442,259	$493M	added+87%	+3.24 pp	4 q
CCitigroup Inc.	6.40%	10,075,139	$480M	added+4%	+0.07 pp	4 q
AALAmerican Airlines Group Inc.	4.20%	8,602,148	$315M	added+22%	+1.97 pp	2 q
HALHalliburton Company	3.95%	5,024,621	$296M	added×5.1	+3.32 pp	2 q
GTGoodyear Tire & Rubber	3.93%	11,281,096	$295M	trimmed−7%	+0.29 pp	4 q
HCAHCA Healthcare, Inc.	3.73%	5,326,882	$280M	added+4%	+0.68 pp	4 q
GMGeneral Motors Company	3.62%	7,884,118	$271M	added+59%	+1.07 pp	4 q
unresolvedPriceline Grp Inc	2.91%	183,224	$218M	new	+2.91 pp	new
UALUnited Airlines Holdings, Inc.	2.77%	4,648,495	$207M	trimmed−23%	−0.10 pp	4 q
DALDelta Air Lines, Inc.	2.76%	5,969,683	$207M	added+6%	+0.82 pp	4 q
HUNHuntsman Corporation	2.38%	7,315,375	$179M	trimmed−4%	+0.02 pp	4 q
WHRWhirlpool Corp.	2.03%	1,016,847	$152M	added×2.3	+1.15 pp	4 q
AAPLApple Inc.	1.79%	250,378	$134M	added+16%	+0.27 pp	4 q
OCOwens Corning	1.75%	3,046,430	$132M	added+1%	+0.21 pp	4 q
FFord Motor Company	1.52%	7,286,816	$114M	held	—	4 q
DISThe Walt Disney Company	1.47%	1,376,500	$110M	added×5.0	+1.21 pp	2 q
unresolvedChicago Bridge & Iron Co N V	1.43%	1,228,114	$107M	trimmed−1%	+0.13 pp	4 q
EMNEastman Chemical Company	1.32%	1,150,396	$99M	added+91%	+0.71 pp	2 q
MGMMgm Resorts International	1.24%	3,598,758	$93M	trimmed−44%	−0.66 pp	4 q
unresolvedCBS Corp	1.04%	1,260,224	$78M	added×2.6	+0.65 pp	2 q
QCOMQualcomm Inc	1.04%	988,523	$78M	trimmed−11%	0.00 pp	4 q
CECelanese Corporation	1.00%	1,356,268	$75M	held	—	4 q
JPMJPMorgan Chase & Co.	0.97%	1,192,600	$72M	held	—	4 q
unresolvedDu Pont E I De Nemours & Co	0.95%	1,063,942	$71M	added×3.4	+0.69 pp	2 q
MASMasco Corporation	0.94%	3,176,775	$71M	added+8%	+0.10 pp	4 q
KBRKBR, Inc.	0.91%	2,550,000	$68M	held	—	4 q
unresolvedAxiall Corp	0.85%	1,418,309	$64M	trimmed−16%	−0.15 pp	4 q
PRUPrudential Financial, Inc.	0.85%	755,727	$64M	trimmed−46%	−0.78 pp	4 q
AIGAmerican International Group, Inc.	0.82%	1,224,848	$61M	trimmed−51%	−0.80 pp	4 q
TG7Triumph Group Inc	0.80%	930,876	$60M	added×13.2	+0.73 pp	2 q
METMetLife, Inc.	0.78%	1,113,663	$59M	trimmed−54%	−0.85 pp	4 q
SLBSLB Limited	0.78%	598,400	$58M	added+78%	+0.40 pp	2 q
TEXTerex Corporation	0.75%	1,266,163	$56M	trimmed−38%	−0.33 pp	4 q
unresolvedBroadcom Corp	0.71%	1,693,336	$53M	trimmed−1%	+0.07 pp	4 q
EXPEExpedia Group, Inc.	0.67%	695,837	$50M	new	+0.67 pp	new
TRNTrinity Industries, Inc.	0.67%	695,444	$50M	trimmed−42%	−0.15 pp	4 q
INGRIngredion Incorporated	0.65%	718,896	$49M	added+14%	+0.11 pp	3 q
unresolvedDelphi Automotive PLC	0.65%	713,311	$48M	held	—	4 q
ASMLASML Holding NV	0.65%	525,275	$49M	added×3.2	+0.46 pp	2 q
CMCSAComcast Corp	0.60%	902,888	$45M	added×2.3	+0.34 pp	2 q
HESHess Corporation	0.46%	411,780	$34M	held	—	4 q
unresolvedThe Hartford Financial Services Group	0.45%	1,275,475	$34M	held	—	4 q
VMIValmont Industries, Inc.	0.45%	225,535	$34M	added×4.4	+0.35 pp	2 q
BIDUBaidu, Inc.	0.42%	205,692	$31M	held	—	2 q
BERYBerry Global Group, Inc.	0.39%	1,252,302	$29M	held	—	4 q
unresolvedIngersoll-Rand Plc	0.39%	508,679	$29M	added×3.1	+0.26 pp	2 q
METAMeta Platforms, Inc. Class A	0.38%	478,500	$29M	new	+0.38 pp	new
MWAMueller Water Products, Inc.	0.38%	3,031,510	$29M	trimmed−23%	−0.08 pp	4 q
HDSHD Supply Holdings, Inc.	0.35%	1,009,630	$26M	added×4.9	+0.29 pp	2 q
OMCOmnicom Group Inc.	0.34%	354,086	$26M	added+49%	+0.12 pp	2 q
BZHBeazer Homes USA, Inc. New	0.07%	253,275	$5M	trimmed−79%	−0.29 pp	4 q
unresolvedPly Gem Holdings Inc	0.07%	422,988	$5M	added+23%	−0.01 pp	4 q
unresolvedGeneral Mtrs Co	0.06%	184,879	$5M	held	—	4 q
unresolvedGeneral Mtrs Co	0.04%	184,879	$3M	held	—	4 q
FLRFluor Corporation	—	−1,217,429	—	exited	−1.23 pp	—
HIGThe Hartford Insurance Group, Inc.	—	−2,579,004	—	exited	−1.17 pp	—
unresolvedE M C Corp Mass	—	−2,872,569	—	exited	−0.91 pp	—
RIGTransocean LTD.	—	−1,369,194	—	exited	−0.85 pp	—
FCXFreeport-McMoran Inc.	—	−1,128,056	—	exited	−0.53 pp	—
unresolvedFoster Wheeler AG	—	−1,290,752	—	exited	−0.53 pp	—
CCLCarnival Corporation Ltd.	—	−711,019	—	exited	−0.36 pp	—
CYHCommunity Health Systems, Inc.	—	−668,754	—	exited	−0.33 pp	—
VZVerizon Communications	—	−409,300	—	exited	−0.25 pp	—
unresolvedPentair Ltd	—	−130,900	—	exited	−0.13 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−531,100	—	exited	−0.12 pp	—
BYDBoyd Gaming Corporation	—	−787,248	—	exited	−0.11 pp	—
unresolvedCytec Inds Inc	—	−57,044	—	exited	−0.07 pp	—
unresolvedChimera Investment Corp	—	−1,205,774	—	exited	−0.05 pp	—