Appaloosa

Q4 2014 13F · by David Tepper, portfolio manager

As of: Dec 31, 2014
Filed: Feb 13, 2015
US stock: $4.0B · prev $6.8B
Positions: 28 · prev 42
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%

Moves43 since the prior filing

+1.6 pp in · −1.6 pp out

New 1 +0.65 pp
Added 4 +0.94 pp
Trimmed 23 +30.54 pp
Exited 15 −32.15 pp

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 2.9% a year, more than 30 years per position

Low
Moderate
High

Top 5 positions47% of US stock

GM General Motors Company trimmed+5.65 pp trimmed+5.6512.7%
HCA HCA Healthcare, Inc. trimmed+3.54 pp trimmed+3.549.1%
unresolved Priceline Grp Inc trimmed+2.66 pp trimmed+2.668.9%
UAL United Airlines Holdings, Inc. trimmed+4.71 pp trimmed+4.718.1%
WHR Whirlpool Corp. trimmed+3.84 pp trimmed+3.848.1%

Positions28 in this filing · 15 exited


GMGeneral Motors Company	12.65%	14,678,800	$512M	trimmed−1%	+5.65 pp	7 q
HCAHCA Healthcare, Inc.	9.08%	5,010,582	$368M	trimmed−6%	+3.54 pp	7 q
unresolvedPriceline Grp Inc	8.92%	316,874	$361M	trimmed−14%	+2.66 pp	4 q
UALUnited Airlines Holdings, Inc.	8.13%	4,919,067	$329M	trimmed−1%	+4.71 pp	7 q
WHRWhirlpool Corp.	8.13%	1,698,595	$329M	trimmed−15%	+3.84 pp	7 q
GTGoodyear Tire & Rubber	7.22%	10,238,716	$293M	trimmed−9%	+3.47 pp	7 q
GOOGAlphabet Inc. Class C	6.50%	499,887	$263M	trimmed−22%	+1.08 pp	3 q
AALAmerican Airlines Group Inc.	5.77%	4,355,050	$234M	trimmed−40%	+1.96 pp	5 q
unresolvedGoogle Inc.	4.84%	369,687	$196M	trimmed−16%	+1.01 pp	7 q
NXPINXP Semiconductors N.V.	4.44%	2,352,752	$180M	trimmed−7%	+1.89 pp	2 q
DALDelta Air Lines, Inc.	3.91%	3,221,474	$158M	trimmed−57%	−0.07 pp	7 q
HUNHuntsman Corporation	3.44%	6,114,274	$139M	trimmed−16%	+0.64 pp	7 q
MASMasco Corporation	2.86%	4,600,409	$116M	trimmed−21%	+0.82 pp	7 q
OCOwens Corning	2.51%	2,834,260	$101M	trimmed−14%	+0.97 pp	7 q
unresolvedLorillard Inc	1.67%	1,076,900	$68M	trimmed−24%	+0.42 pp	2 q
unresolvedChicago Bridge & Iron Co N V	1.40%	1,347,598	$57M	trimmed−18%	−0.01 pp	7 q
TG7Triumph Group Inc	1.26%	759,625	$51M	trimmed−18%	+0.37 pp	5 q
unresolvedAxiall Corp	1.19%	1,135,088	$48M	trimmed−20%	+0.44 pp	7 q
TEXTerex Corporation	1.14%	1,651,706	$46M	added+6%	+0.41 pp	7 q
HDSHD Supply Holdings, Inc.	0.95%	1,304,309	$38M	added+1%	+0.43 pp	5 q
EMNEastman Chemical Company	0.89%	474,852	$36M	trimmed−2%	+0.31 pp	5 q
KBRKBR, Inc.	0.85%	2,042,473	$35M	trimmed−22%	+0.13 pp	7 q
unresolvedRyland Group Inc	0.85%	890,159	$34M	trimmed−18%	+0.32 pp	3 q
unresolvedAmerican Rlty Cap Pptys Inc	0.65%	2,927,632	$26M	new	+0.65 pp	new
unresolvedThe Hartford Financial Services Group	0.42%	500,000	$17M	trimmed−31%	+0.11 pp	7 q
unresolvedGeneral Mtrs Co	0.12%	190,011	$5M	added+3%	+0.06 pp	7 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	22,854	$5M	trimmed−98%	−3.72 pp	7 q
unresolvedGeneral Mtrs Co	0.08%	190,011	$3M	added+3%	+0.04 pp	7 q
CCitigroup Inc.	—	−8,319,639	—	exited	−6.35 pp	—
HALHalliburton Company	—	−5,024,621	—	exited	−4.78 pp	—
unresolvedPowershares Qqq Trust Series 1	—	−3,200,000	—	exited	−4.66 pp	—
METAMeta Platforms, Inc. Class A	—	−3,585,329	—	exited	−4.18 pp	—
unresolvedCBS Corp	—	−2,855,078	—	exited	−2.25 pp	—
AAPLApple Inc.	—	−1,160,705	—	exited	−1.72 pp	—
FFord Motor Company	—	−7,286,816	—	exited	−1.59 pp	—
MHKMohawk Industries, Inc.	—	−568,129	—	exited	−1.13 pp	—
unresolvedBroadcom Corp	—	−1,693,336	—	exited	−1.01 pp	—
BABAAlibaba Group Holding Limited	—	−725,000	—	exited	−0.95 pp	—
SLBSLB Limited	—	−598,400	—	exited	−0.90 pp	—
MGMMgm Resorts International	—	−2,638,625	—	exited	−0.89 pp	—
0WEWeatherford International plc	—	−2,667,195	—	exited	−0.82 pp	—
unresolvedShire PLC	—	−185,944	—	exited	−0.71 pp	—
DISThe Walt Disney Company	—	−158,600	—	exited	−0.21 pp	—