Appaloosa

Q3 2014 13F · by David Tepper, portfolio manager

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $6.8B · prev $7.1B
Positions: 42 · prev 50
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
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 0.0%

Moves36 since the prior filing

+10.7 pp in · −12.3 pp out

New 5 +6.28 pp
Added 8 +4.42 pp
Trimmed 10 −4.37 pp
Exited 13 −7.92 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 46% a year, about 2.2 years per position

Low
Moderate
High

Top 5 positions31% of US stock

GM General Motors Company added+0.41 pp added+0.417.0%
C Citigroup Inc. trimmed+0.67 pp trimmed+0.676.3%
unresolved Priceline Grp Inc added+0.96 pp added+0.966.3%
HCA HCA Healthcare, Inc. held held5.5%
GOOG Alphabet Inc. Class C held held5.4%

Positions42 in this filing · 13 exited


GMGeneral Motors Company	7.00%	14,863,791	$475M	added+14%	+0.41 pp	6 q
CCitigroup Inc.	6.35%	8,319,639	$431M	trimmed−3%	+0.67 pp	6 q
unresolvedPriceline Grp Inc	6.26%	366,574	$425M	added+16%	+0.96 pp	3 q
HCAHCA Healthcare, Inc.	5.54%	5,326,882	$376M	held	—	6 q
GOOGAlphabet Inc. Class C	5.42%	637,067	$368M	held	—	2 q
HALHalliburton Company	4.78%	5,024,621	$324M	held	—	4 q
unresolvedPowershares Qqq Trust Series 1	4.66%	3,200,000	$316M	held	—	6 q
WHRWhirlpool Corp.	4.29%	2,000,000	$291M	added+98%	+2.32 pp	6 q
METAMeta Platforms, Inc. Class A	4.18%	3,585,329	$283M	held	—	3 q
DALDelta Air Lines, Inc.	3.98%	7,480,799	$270M	added+17%	+0.51 pp	6 q
SPYState Street SPDR S&P 500 ETF Trust	3.84%	1,322,866	$261M	trimmed−1%	+0.19 pp	6 q
unresolvedGoogle Inc.	3.83%	442,259	$260M	held	—	6 q
AALAmerican Airlines Group Inc.	3.81%	7,286,892	$259M	trimmed−37%	−3.19 pp	4 q
GTGoodyear Tire & Rubber	3.75%	11,281,096	$255M	held	—	6 q
UALUnited Airlines Holdings, Inc.	3.42%	4,956,901	$232M	trimmed−4%	+0.45 pp	6 q
HUNHuntsman Corporation	2.80%	7,315,375	$190M	held	—	6 q
NXPINXP Semiconductors N.V.	2.55%	2,530,584	$173M	new	+2.55 pp	new
unresolvedCBS Corp	2.25%	2,855,078	$153M	added+32%	+0.37 pp	4 q
MASMasco Corporation	2.04%	5,794,851	$139M	trimmed−6%	+0.12 pp	6 q
AAPLApple Inc.	1.72%	1,160,705	$117M	trimmed−31%	−0.47 pp	6 q
FFord Motor Company	1.59%	7,286,816	$108M	held	—	6 q
OCOwens Corning	1.54%	3,285,130	$104M	held	—	6 q
unresolvedChicago Bridge & Iron Co N V	1.41%	1,649,598	$95M	added+10%	−0.02 pp	6 q
unresolvedLorillard Inc	1.25%	1,421,000	$85M	new	+1.25 pp	new
MHKMohawk Industries, Inc.	1.13%	568,129	$77M	held	—	2 q
unresolvedBroadcom Corp	1.01%	1,693,336	$68M	held	—	6 q
BABAAlibaba Group Holding Limited	0.95%	725,000	$64M	new	+0.95 pp	new
SLBSLB Limited	0.90%	598,400	$61M	held	—	4 q
MGMMgm Resorts International	0.89%	2,638,625	$60M	trimmed−27%	−0.44 pp	6 q
TG7Triumph Group Inc	0.89%	930,876	$61M	held	—	4 q
0WEWeatherford International plc	0.82%	2,667,195	$55M	new	+0.82 pp	new
unresolvedAxiall Corp	0.75%	1,418,309	$51M	held	—	6 q
TEXTerex Corporation	0.73%	1,560,563	$50M	added+23%	0.00 pp	6 q
KBRKBR, Inc.	0.72%	2,612,500	$49M	added+3%	−0.13 pp	6 q
unresolvedShire PLC	0.71%	185,944	$48M	new	+0.71 pp	new
EMNEastman Chemical Company	0.58%	486,852	$39M	trimmed−21%	−0.17 pp	4 q
unresolvedRyland Group Inc	0.53%	1,083,471	$36M	held	—	2 q
HDSHD Supply Holdings, Inc.	0.52%	1,286,830	$35M	held	—	4 q
unresolvedThe Hartford Financial Services Group	0.31%	725,000	$21M	trimmed−31%	−0.09 pp	6 q
DISThe Walt Disney Company	0.21%	158,600	$14M	trimmed−88%	−1.44 pp	4 q
unresolvedGeneral Mtrs Co	0.06%	184,879	$4M	held	—	6 q
unresolvedGeneral Mtrs Co	0.04%	184,879	$3M	held	—	6 q
EXPEExpedia Group, Inc.	—	−897,137	—	exited	−0.99 pp	—
AIGAmerican International Group, Inc.	—	−1,209,231	—	exited	−0.92 pp	—
PRUPrudential Financial, Inc.	—	−738,060	—	exited	−0.92 pp	—
unresolvedWeatherford Intl Ltd	—	−2,667,195	—	exited	−0.86 pp	—
CECelanese Corporation	—	−782,768	—	exited	−0.70 pp	—
ASMLASML Holding NV	—	−525,275	—	exited	−0.69 pp	—
CMCSAComcast Corp	—	−902,888	—	exited	−0.68 pp	—
BIDUBaidu, Inc.	—	−205,692	—	exited	−0.54 pp	—
unresolvedDu Pont E I De Nemours & Co	—	−580,600	—	exited	−0.53 pp	—
INGRIngredion Incorporated	—	−501,379	—	exited	−0.53 pp	—
MWAMueller Water Products, Inc.	—	−2,116,510	—	exited	−0.26 pp	—
BERYBerry Global Group, Inc.	—	−663,937	—	exited	−0.24 pp	—
unresolvedPly Gem Holdings Inc	—	−422,988	—	exited	−0.06 pp	—