Appaloosa

Q3 2015 13F · by David Tepper, portfolio manager

As of: Sep 30, 2015
Filed: Nov 13, 2015
US stock: $2.8B · prev $4.0B
Positions: 32 · prev 34
Options notional: $44M
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 1.5%
Calls at notional value 0.0%

Moves37 since the prior filing

+18.5 pp in · −18.5 pp out

New 5 +8.17 pp
Added 7 +10.31 pp
Trimmed 17 −10.16 pp
Exited 7 −8.37 pp

Options: 1 move on a notional base, in the table below.

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions46% of US stock

Positions32 in this filing · 7 exited


GMGeneral Motors Company	13.72%	12,885,294	$387M	trimmed−31%	−1.80 pp	10 q
HCAHCA Healthcare, Inc.	9.75%	3,553,537	$275M	trimmed−15%	+0.35 pp	10 q
DALDelta Air Lines, Inc.	9.67%	6,077,033	$273M	added+42%	+5.33 pp	10 q
NXPINXP Semiconductors N.V.	7.08%	2,294,123	$200M	added+38%	+3.04 pp	5 q
GTGoodyear Tire & Rubber	6.17%	5,929,089	$174M	trimmed−41%	−1.29 pp	10 q
WHRWhirlpool Corp.	5.92%	1,133,693	$167M	added+2%	+1.16 pp	10 q
AAPLApple Inc.	5.12%	1,309,000	$144M	trimmed−48%	−2.70 pp	2 q
OCOwens Corning	4.99%	3,359,738	$141M	trimmed−7%	+1.32 pp	10 q
unresolvedPriceline Grp Inc	4.30%	98,000	$121M	trimmed−57%	−2.25 pp	7 q
JBLUJetBlue Airways Corp	4.11%	4,494,750	$116M	trimmed−9%	+1.57 pp	3 q
GOOGAlphabet Inc. Class C	4.03%	186,650	$114M	trimmed−47%	−0.47 pp	6 q
HUNHuntsman Corporation	2.76%	8,037,950	$78M	trimmed−1%	−1.66 pp	10 q
HDSHD Supply Holdings, Inc.	2.30%	2,268,416	$65M	trimmed−9%	+0.12 pp	8 q
LUVSouthwest Airlines Co.	2.21%	1,636,300	$62M	new	+2.21 pp	new
EXPEagle Materials, Inc.	1.88%	774,637	$53M	new	+1.88 pp	new
EMNEastman Chemical Company	1.80%	782,729	$51M	trimmed−9%	+0.06 pp	8 q
URIUnited Rentals, Inc.	1.78%	834,046	$50M	added+39%	+0.48 pp	3 q
unresolvedChicago Bridge & Iron Co N V	1.76%	1,254,461	$50M	added+4%	+0.27 pp	10 q
unresolvedWmih Corp	1.55%	16,902,465	$44M	new	+1.55 pp	new
ALLThe Allstate Corporation	1.29%	625,084	$36M	new	+1.29 pp	new
TG7Triumph Group Inc	1.26%	841,494	$35M	added+1%	−0.10 pp	8 q
unresolvedIngersoll-Rand Plc	1.24%	689,566	$35M	new	+1.24 pp	new
TEXTerex Corporation	1.05%	1,653,306	$30M	added+3%	+0.13 pp	10 q
unresolvedU S G Corp	1.03%	1,086,065	$29M	trimmed−38%	−0.17 pp	3 q
UALUnited Airlines Holdings, Inc.	0.89%	471,243	$25M	trimmed−69%	−1.10 pp	10 q
unresolvedRyland Group Inc	0.86%	595,842	$24M	trimmed−19%	+0.01 pp	6 q
MYLMylan NV	0.67%	470,071	$19M	trimmed−53%	−0.99 pp	2 q
KBRKBR, Inc.	0.31%	526,787	$9M	trimmed−68%	−0.48 pp	10 q
SPYState Street SPDR S&P 500 ETF Trust	0.16%	22,854	$4M	held	—	10 q
unresolvedGeneral Mtrs Co	0.14%	190,011	$4M	held	—	10 q
unresolvedAxiall Corp	0.12%	216,883	$3M	trimmed−76%	−0.68 pp	10 q
unresolvedGeneral Mtrs Co	0.09%	190,011	$3M	held	—	10 q
BABAAlibaba Group Holding Limited	—	−1,360,000	—	exited	−2.77 pp	—
MASMasco Corporation	—	−2,354,832	—	exited	−1.56 pp	—
MHKMohawk Industries, Inc.	—	−201,807	—	exited	−0.95 pp	—
BACBank of America Corporation	—	−1,910,000	—	exited	−0.81 pp	—
RFRegions Financial Corp.	—	−3,035,477	—	exited	−0.78 pp	—
LENLennar Corporation Class A	—	−609,988	—	exited	−0.77 pp	—
DHID.R. Horton Inc.	—	−1,080,898	—	exited	−0.73 pp	—