Appaloosa

Q1 2016 13F · by David Tepper, portfolio manager

As of: Mar 31, 2016
Filed: May 13, 2016
US stock: $5.0B · prev $4.4B
Positions: 47 · prev 51
Options notional: $664M
Documents: 1· no amendments

Picture88.3% US stock

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

US stock listed on a US exchange 88.3%
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 11.7%

Moves58 since the prior filing

+28.1 pp in · −27.9 pp out

New 10 +14.84 pp
Added 17 +13.23 pp
Trimmed 15 −14.90 pp
Exited 14 −12.97 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

High turnover · 103% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions38% of US stock

unresolved Energy Transfer Prtnrs L P added+6.53 pp added+6.5310.5%
GOOG Alphabet Inc. Class C added−0.28 pp added−0.289.0%
DAL Delta Air Lines, Inc. added−0.05 pp added−0.058.4%
unresolved Williams Partners L P New added+3.92 pp added+3.925.4%
WHR Whirlpool Corp. trimmed−0.29 pp trimmed−0.295.1%

Positions47 in this filing · 14 exited


unresolvedEnergy Transfer Prtnrs L P	10.47%	16,165,914	$523M	added×3.1	+6.53 pp	2 q
GOOGAlphabet Inc. Class C	8.96%	600,550	$447M	added+12%	−0.28 pp	8 q
DALDelta Air Lines, Inc.	8.38%	8,594,855	$418M	added+17%	−0.05 pp	12 q
unresolvedWilliams Partners L P New	5.42%	13,237,383	$271M	added×5.6	+3.92 pp	2 q
WHRWhirlpool Corp.	5.10%	1,410,796	$254M	trimmed−13%	−0.29 pp	12 q
HCAHCA Healthcare, Inc.	4.96%	3,173,423	$248M	trimmed−30%	−2.01 pp	12 q
ALLThe Allstate Corporation	4.31%	3,193,515	$215M	added+9%	+0.19 pp	3 q
LUVSouthwest Airlines Co.	3.91%	4,360,961	$195M	added+2%	−0.29 pp	3 q
METAMeta Platforms, Inc. Class A	3.72%	1,627,950	$186M	new	+3.72 pp	new
OCOwens Corning	3.17%	3,345,606	$158M	trimmed−0%	−0.42 pp	12 q
AMLPAlerian MLP ETF	3.03%	13,877,659	$151M	added×2.3	+1.41 pp	2 q
SYFSynchrony Financial	2.88%	5,020,453	$144M	new	+2.88 pp	new
CYHCommunity Health Systems, Inc.	2.65%	7,150,000	$132M	added×7.2	+2.05 pp	2 q
NXPINXP Semiconductors N.V.	2.35%	1,446,159	$117M	added+81%	+0.82 pp	7 q
unresolvedAbengoa Yield PLC	2.27%	6,365,156	$113M	added+1%	−0.49 pp	2 q
HDSHD Supply Holdings, Inc.	2.20%	3,317,171	$110M	added+4%	+0.02 pp	10 q
HUNHuntsman Corporation	2.14%	8,037,950	$107M	held	—	12 q
MHKMohawk Industries, Inc.	2.12%	553,895	$106M	new	+2.12 pp	new
BACBank of America Corporation	1.89%	6,986,100	$94M	new	+1.89 pp	new
unresolvedTwenty First Centy Fox Inc	1.66%	2,965,354	$83M	new	+1.66 pp	new
KMIKinder Morgan, Inc.	1.61%	4,500,000	$80M	trimmed−52%	−1.59 pp	2 q
unresolvedTerraform Pwr Inc	1.51%	8,708,708	$75M	added+15%	−0.66 pp	2 q
GMGeneral Motors Company	1.50%	2,384,934	$75M	trimmed−81%	−8.22 pp	12 q
ACTAllergan PLC	1.50%	279,109	$75M	added+86%	+0.44 pp	2 q
PFEPfizer Inc.	1.49%	2,512,250	$74M	added+4%	−0.28 pp	2 q
PPGPPG Industries, Inc.	1.41%	630,462	$70M	trimmed−16%	−0.28 pp	2 q
HAINHain Celestial Group Inc	1.16%	1,419,277	$58M	new	+1.16 pp	new
RRCRange Resources Corp	0.93%	1,438,000	$47M	trimmed−10%	+0.03 pp	2 q
unresolvedIngersoll-Rand Plc	0.91%	731,829	$45M	trimmed−30%	−0.40 pp	3 q
unresolvedWmih Corp	0.79%	16,902,465	$40M	held	—	3 q
TG7Triumph Group Inc	0.76%	1,200,652	$38M	added+34%	−0.05 pp	10 q
SW5Southwestern Energy Co	0.72%	4,433,000	$36M	added+1%	+0.01 pp	2 q
URIUnited Rentals, Inc.	0.72%	578,512	$36M	trimmed−24%	−0.54 pp	5 q
GTGoodyear Tire & Rubber	0.63%	952,890	$31M	trimmed−55%	−0.96 pp	12 q
CTRACoterra Energy Inc.	0.57%	1,263,000	$29M	trimmed−9%	+0.01 pp	2 q
unresolvedTwenty First Centy Fox Inc	0.54%	956,983	$27M	new	+0.54 pp	new
unresolvedValeant Pharmaceuticals Intl	0.50%	945,000	$25M	new	+0.50 pp	new
KYNKayne Anderson Energy Infrastructure Fund, Inc.	0.34%	1,014,940	$17M	added0%	−0.06 pp	2 q
THCTenet Healthcare Corporation New	0.20%	348,405	$10M	new	+0.20 pp	new
ARAntero Resources Corporation	0.19%	381,000	$9M	trimmed−32%	−0.09 pp	2 q
unresolvedTerraform Global Inc	0.17%	3,652,380	$9M	new	+0.17 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.09%	22,854	$5M	held	—	12 q
unresolvedGeneral Mtrs Co	0.08%	190,011	$4M	held	—	12 q
unresolvedGeneral Mtrs Co	0.05%	190,011	$3M	held	—	12 q
unresolvedTeekay Offshore Partners L P	0.04%	313,990	$2M	trimmed−69%	−0.11 pp	2 q
unresolvedClearbridge Energy Mlp Fd In	0.00%	18,197	$247,000	trimmed−77%	−0.03 pp	2 q
unresolvedKinder Morgan Inc DEL	0.00%	1,012,760	$37,000	trimmed−32%	0.00 pp	2 q
unresolvedPriceline Grp Inc	—	−110,010	—	exited	−3.19 pp	—
AAPLApple Inc.	—	−1,264,000	—	exited	−3.02 pp	—
HPEHewlett Packard Enterprise Company	—	−3,660,641	—	exited	−1.26 pp	—
unresolvedChicago Bridge & Iron Co N V	—	−1,391,088	—	exited	−1.23 pp	—
EMNEastman Chemical Company	—	−700,333	—	exited	−1.07 pp	—
MYLMylan NV	—	−853,749	—	exited	−1.05 pp	—
UALUnited Airlines Holdings, Inc.	—	−600,985	—	exited	−0.78 pp	—
FCXFreeport-McMoran Inc.	—	−3,557,460	—	exited	−0.55 pp	—
EQTEqt Corp	—	−319,823	—	exited	−0.38 pp	—
EXPEagle Materials, Inc.	—	−215,133	—	exited	−0.30 pp	—
TGPNSeapeak LLC	—	−250,000	—	exited	−0.07 pp	—
TYGTortoise Energy Infrastructure Corp.	—	−47,105	—	exited	−0.03 pp	—
unresolvedNrg Yield Inc	—	−66,190	—	exited	−0.02 pp	—
unresolvedNrg Yield Inc	—	−51,989	—	exited	−0.02 pp	—