Appaloosa

Q4 2015 13F · by David Tepper, portfolio manager

As of: Dec 31, 2015
Filed: Feb 12, 2016
US stock: $4.4B · prev $2.8B
Positions: 51 · prev 32
Options notional: $612M
Documents: 1· no amendments

Picture87.8% US stock

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

US stock listed on a US exchange 87.8%
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 12.2%

Moves53 since the prior filing

+29.3 pp in · −26.5 pp out

New 25 +25.67 pp
Added 13 +3.61 pp
Trimmed 7 −19.06 pp
Exited 6 −7.48 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 51% a year, about 1.9 years per position

Low
Moderate
High

Top 5 positions40% of US stock

Positions51 in this filing · 6 exited


GMGeneral Motors Company	9.72%	12,585,294	$428M	trimmed−2%	−4.00 pp	11 q
GOOGAlphabet Inc. Class C	9.24%	536,150	$407M	added×2.9	+5.21 pp	7 q
DALDelta Air Lines, Inc.	8.43%	7,323,415	$371M	added+21%	−1.24 pp	11 q
HCAHCA Healthcare, Inc.	6.97%	4,537,063	$307M	added+28%	−2.78 pp	11 q
WHRWhirlpool Corp.	5.39%	1,614,903	$237M	added+42%	−0.53 pp	11 q
LUVSouthwest Airlines Co.	4.20%	4,292,484	$185M	added×2.6	+1.99 pp	2 q
ALLThe Allstate Corporation	4.12%	2,920,987	$181M	added×4.7	+2.83 pp	2 q
unresolvedEnergy Transfer Prtnrs L P	3.94%	5,143,082	$173M	new	+3.94 pp	new
OCOwens Corning	3.59%	3,359,738	$158M	held	—	11 q
KMIKinder Morgan, Inc.	3.20%	9,445,321	$141M	new	+3.20 pp	new
unresolvedPriceline Grp Inc	3.19%	110,010	$140M	added+12%	−1.11 pp	8 q
AAPLApple Inc.	3.02%	1,264,000	$133M	trimmed−3%	−2.10 pp	3 q
unresolvedAbengoa Yield PLC	2.76%	6,303,713	$122M	new	+2.76 pp	new
HDSHD Supply Holdings, Inc.	2.18%	3,201,595	$96M	added+41%	−0.12 pp	9 q
unresolvedTerraform Pwr Inc	2.17%	7,600,000	$96M	new	+2.17 pp	new
HUNHuntsman Corporation	2.08%	8,037,950	$91M	held	—	11 q
PFEPfizer Inc.	1.77%	2,412,250	$78M	new	+1.77 pp	new
PPGPPG Industries, Inc.	1.69%	751,154	$74M	new	+1.69 pp	new
AMLPAlerian MLP ETF	1.62%	5,925,778	$71M	new	+1.62 pp	new
GTGoodyear Tire & Rubber	1.59%	2,139,050	$70M	trimmed−64%	−4.58 pp	11 q
NXPINXP Semiconductors N.V.	1.53%	800,000	$67M	trimmed−65%	−5.55 pp	6 q
unresolvedWilliams Partners L P New	1.50%	2,372,159	$66M	new	+1.50 pp	new
unresolvedIngersoll-Rand Plc	1.31%	1,043,967	$58M	added+51%	+0.07 pp	2 q
HPEHewlett Packard Enterprise Company	1.26%	3,660,641	$56M	new	+1.26 pp	new
URIUnited Rentals, Inc.	1.26%	766,046	$56M	trimmed−8%	−0.52 pp	4 q
unresolvedChicago Bridge & Iron Co N V	1.23%	1,391,088	$54M	added+11%	−0.53 pp	11 q
EMNEastman Chemical Company	1.07%	700,333	$47M	trimmed−11%	−0.73 pp	9 q
ACTAllergan PLC	1.06%	150,000	$47M	new	+1.06 pp	new
MYLMylan NV	1.05%	853,749	$46M	added+82%	+0.38 pp	3 q
unresolvedWmih Corp	0.99%	16,902,465	$44M	held	—	2 q
RRCRange Resources Corp	0.90%	1,606,452	$40M	new	+0.90 pp	new
TG7Triumph Group Inc	0.81%	897,061	$36M	added+7%	−0.45 pp	9 q
UALUnited Airlines Holdings, Inc.	0.78%	600,985	$34M	added+28%	−0.11 pp	11 q
SW5Southwestern Energy Co	0.71%	4,383,752	$31M	new	+0.71 pp	new
CYHCommunity Health Systems, Inc.	0.60%	1,000,000	$27M	new	+0.60 pp	new
CTRACoterra Energy Inc.	0.56%	1,388,466	$25M	new	+0.56 pp	new
FCXFreeport-McMoran Inc.	0.55%	3,557,460	$24M	new	+0.55 pp	new
KYNKayne Anderson Energy Infrastructure Fund, Inc.	0.40%	1,010,040	$17M	new	+0.40 pp	new
EQTEqt Corp	0.38%	319,823	$17M	new	+0.38 pp	new
EXPEagle Materials, Inc.	0.30%	215,133	$13M	trimmed−72%	−1.58 pp	2 q
ARAntero Resources Corporation	0.28%	557,465	$12M	new	+0.28 pp	new
unresolvedTeekay Offshore Partners L P	0.15%	1,000,000	$6M	new	+0.15 pp	new
unresolvedGeneral Mtrs Co	0.11%	190,011	$5M	held	—	11 q
SPYState Street SPDR S&P 500 ETF Trust	0.11%	22,854	$5M	held	—	11 q
unresolvedGeneral Mtrs Co	0.07%	190,011	$3M	held	—	11 q
TGPNSeapeak LLC	0.07%	250,000	$3M	new	+0.07 pp	new
unresolvedClearbridge Energy Mlp Fd In	0.03%	78,328	$1M	new	+0.03 pp	new
TYGTortoise Energy Infrastructure Corp.	0.03%	47,105	$1M	new	+0.03 pp	new
unresolvedNrg Yield Inc	0.02%	66,190	$921,000	new	+0.02 pp	new
unresolvedNrg Yield Inc	0.02%	51,989	$767,000	new	+0.02 pp	new
unresolvedKinder Morgan Inc DEL	0.00%	1,500,000	$90,000	new	0.00 pp	new
JBLUJetBlue Airways Corp	—	−4,494,750	—	exited	−4.11 pp	—
TEXTerex Corporation	—	−1,653,306	—	exited	−1.05 pp	—
unresolvedU S G Corp	—	−1,086,065	—	exited	−1.03 pp	—
unresolvedRyland Group Inc	—	−595,842	—	exited	−0.86 pp	—
KBRKBR, Inc.	—	−526,787	—	exited	−0.31 pp	—
unresolvedAxiall Corp	—	−216,883	—	exited	−0.12 pp	—