Appaloosa

Q2 2015 13F · by David Tepper, portfolio manager

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $4.0B · prev $4.2B
Positions: 34 · prev 34
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%

Moves30 since the prior filing

+16.1 pp in · −17.5 pp out

New 3 +12.25 pp
Added 6 +3.80 pp
Trimmed 14 −9.36 pp
Exited 3 −8.10 pp

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

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 67% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions47% of US stock

GM General Motors Company added+1.92 pp added+1.9215.5%
HCA HCA Healthcare, Inc. trimmed+0.65 pp trimmed+0.659.4%
AAPL Apple Inc. new+7.82 pp new+7.827.8%
GT Goodyear Tire & Rubber held held7.5%
unresolved Priceline Grp Inc trimmed−1.95 pp trimmed−1.956.5%

Positions34 in this filing · 3 exited


GMGeneral Motors Company	15.52%	18,796,165	$626M	added+23%	+1.92 pp	9 q
HCAHCA Healthcare, Inc.	9.40%	4,184,525	$380M	trimmed−15%	+0.65 pp	9 q
AAPLApple Inc.	7.82%	2,518,167	$316M	new	+7.82 pp	new
GTGoodyear Tire & Rubber	7.46%	9,987,416	$301M	held	—	9 q
unresolvedPriceline Grp Inc	6.55%	229,539	$264M	trimmed−25%	−1.95 pp	6 q
WHRWhirlpool Corp.	4.76%	1,110,293	$192M	trimmed−2%	−0.66 pp	9 q
GOOGAlphabet Inc. Class C	4.50%	349,055	$182M	trimmed−14%	−0.80 pp	5 q
HUNHuntsman Corporation	4.42%	8,082,950	$178M	held	—	9 q
DALDelta Air Lines, Inc.	4.34%	4,269,511	$175M	trimmed−9%	−0.64 pp	9 q
NXPINXP Semiconductors N.V.	4.04%	1,662,609	$163M	trimmed−9%	−0.31 pp	4 q
OCOwens Corning	3.67%	3,594,114	$148M	added+22%	+0.65 pp	9 q
BABAAlibaba Group Holding Limited	2.77%	1,360,000	$112M	new	+2.77 pp	new
JBLUJetBlue Airways Corp	2.54%	4,947,994	$103M	added+5%	+0.38 pp	2 q
HDSHD Supply Holdings, Inc.	2.18%	2,505,127	$88M	trimmed−12%	+0.08 pp	7 q
UALUnited Airlines Holdings, Inc.	1.99%	1,516,876	$80M	trimmed−62%	−4.34 pp	9 q
EMNEastman Chemical Company	1.74%	860,729	$70M	trimmed−5%	+0.24 pp	7 q
MYLMylan NV	1.66%	989,528	$67M	new	+1.66 pp	new
MASMasco Corporation	1.56%	2,354,832	$63M	trimmed−45%	−1.17 pp	9 q
unresolvedChicago Bridge & Iron Co N V	1.49%	1,201,848	$60M	added0%	+0.09 pp	9 q
TG7Triumph Group Inc	1.36%	832,270	$55M	held	—	7 q
URIUnited Rentals, Inc.	1.30%	599,046	$52M	added+17%	+0.19 pp	2 q
unresolvedU S G Corp	1.20%	1,748,284	$49M	trimmed−8%	0.00 pp	2 q
MHKMohawk Industries, Inc.	0.95%	201,807	$39M	held	—	2 q
TEXTerex Corporation	0.92%	1,603,306	$37M	held	—	9 q
unresolvedRyland Group Inc	0.85%	735,809	$34M	held	—	5 q
BACBank of America Corporation	0.81%	1,910,000	$33M	added×2.9	+0.57 pp	2 q
unresolvedAxiall Corp	0.80%	895,091	$32M	trimmed−10%	−0.30 pp	9 q
KBRKBR, Inc.	0.79%	1,645,802	$32M	trimmed−3%	+0.21 pp	9 q
RFRegions Financial Corp.	0.78%	3,035,477	$31M	trimmed−41%	−0.37 pp	2 q
LENLennar Corporation Class A	0.77%	609,988	$31M	held	—	2 q
DHID.R. Horton Inc.	0.73%	1,080,898	$30M	held	—	2 q
SPYState Street SPDR S&P 500 ETF Trust	0.12%	22,854	$5M	held	—	9 q
unresolvedGeneral Mtrs Co	0.11%	190,011	$5M	held	—	9 q
unresolvedGeneral Mtrs Co	0.08%	190,011	$3M	held	—	9 q
unresolvedGoogle Inc.	—	−342,437	—	exited	−4.50 pp	—
MUMicron Technology, Inc.	—	−3,553,207	—	exited	−2.29 pp	—
unresolvedLorillard Inc	—	−843,600	—	exited	−1.31 pp	—