Appaloosa

Q2 2016 13F · by David Tepper, portfolio manager

As of: Jun 30, 2016
Filed: Aug 12, 2016
US stock: $3.8B · prev $5.0B
Positions: 37 · prev 47
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%

Moves49 since the prior filing

+19.9 pp in · −21.0 pp out

New 4 +5.57 pp
Added 8 +14.37 pp
Trimmed 21 +0.66 pp
Exited 14 −21.62 pp

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

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions45% of US stock

GOOG Alphabet Inc. Class C added+2.50 pp added+2.5011.5%
unresolved Energy Transfer Prtnrs L P trimmed+0.96 pp trimmed+0.9611.4%
unresolved Williams Partners L P New trimmed+3.02 pp trimmed+3.028.4%
ACT Allergan PLC added+6.16 pp added+6.167.7%
ALL The Allstate Corporation added+1.83 pp added+1.836.1%

Positions37 in this filing · 14 exited


GOOGAlphabet Inc. Class C	11.46%	630,000	$436M	added+5%	+2.50 pp	9 q
unresolvedEnergy Transfer Prtnrs L P	11.43%	11,414,857	$435M	trimmed−29%	+0.96 pp	3 q
unresolvedWilliams Partners L P New	8.44%	9,266,864	$321M	trimmed−30%	+3.02 pp	3 q
ACTAllergan PLC	7.66%	1,260,809	$291M	added×4.5	+6.16 pp	3 q
ALLThe Allstate Corporation	6.14%	3,336,569	$233M	added+4%	+1.83 pp	4 q
WHRWhirlpool Corp.	5.72%	1,305,387	$218M	trimmed−7%	+0.62 pp	13 q
OCOwens Corning	4.52%	3,335,787	$172M	trimmed−0%	+1.35 pp	13 q
SYFSynchrony Financial	4.03%	6,068,117	$153M	added+21%	+1.15 pp	2 q
MHKMohawk Industries, Inc.	3.79%	760,568	$144M	added+37%	+1.67 pp	2 q
LUVSouthwest Airlines Co.	3.59%	3,478,953	$136M	trimmed−20%	−0.32 pp	4 q
AYAtlantica Sustainable Infras	3.08%	6,295,065	$117M	new	+3.08 pp	new
NXPINXP Semiconductors N.V.	2.88%	1,400,000	$110M	trimmed−3%	+0.53 pp	8 q
HDSHD Supply Holdings, Inc.	2.52%	2,756,896	$96M	trimmed−17%	+0.32 pp	11 q
unresolvedTerraform Pwr Inc	2.50%	8,708,708	$95M	held	—	3 q
HCAHCA Healthcare, Inc.	2.46%	1,216,940	$94M	trimmed−62%	−2.50 pp	13 q
HUNHuntsman Corporation	2.38%	6,727,231	$90M	trimmed−16%	+0.24 pp	13 q
unresolvedTwenty First Centy Fox Inc	2.33%	3,275,900	$89M	added+10%	+0.67 pp	2 q
CYHCommunity Health Systems, Inc.	1.99%	6,270,130	$76M	trimmed−12%	−0.66 pp	3 q
WDCWestern Digital Corp.	1.80%	1,450,000	$69M	new	+1.80 pp	new
HAINHain Celestial Group Inc	1.68%	1,281,528	$64M	trimmed−10%	+0.52 pp	2 q
AMLPAlerian MLP ETF	1.59%	4,764,435	$61M	trimmed−66%	−1.44 pp	3 q
GMGeneral Motors Company	1.04%	1,391,036	$39M	trimmed−42%	−0.46 pp	13 q
unresolvedWmih Corp	0.96%	16,388,287	$36M	trimmed−3%	+0.17 pp	4 q
TG7Triumph Group Inc	0.94%	1,004,155	$36M	trimmed−16%	+0.18 pp	11 q
unresolvedIngersoll-Rand Plc	0.79%	474,102	$30M	trimmed−35%	−0.12 pp	4 q
unresolvedTwenty First Centy Fox Inc	0.78%	1,084,414	$30M	added+13%	+0.24 pp	2 q
KMIKinder Morgan, Inc.	0.74%	1,500,000	$28M	trimmed−67%	−0.87 pp	3 q
PPGPPG Industries, Inc.	0.60%	217,419	$23M	trimmed−66%	−0.81 pp	3 q
GTGoodyear Tire & Rubber	0.48%	709,076	$18M	trimmed−26%	−0.15 pp	13 q
USFDUS Foods Holding Corp.	0.47%	739,675	$18M	new	+0.47 pp	new
KYNKayne Anderson Energy Infrastructure Fund, Inc.	0.42%	781,173	$16M	trimmed−23%	+0.08 pp	3 q
unresolvedTerraform Global Inc	0.32%	3,701,067	$12M	added+1%	+0.15 pp	2 q
unresolvedQuorum Health Corp	0.22%	771,436	$8M	new	+0.22 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.13%	22,854	$5M	held	—	13 q
unresolvedGeneral Mtrs Co	0.09%	190,011	$4M	held	—	13 q
unresolvedGeneral Mtrs Co	0.05%	190,011	$2M	held	—	13 q
unresolvedKinder Morgan Inc DEL	0.00%	793,836	$13,000	trimmed−22%	0.00 pp	3 q
DALDelta Air Lines, Inc.	—	−8,594,855	—	exited	−8.38 pp	—
METAMeta Platforms, Inc. Class A	—	−1,627,950	—	exited	−3.72 pp	—
unresolvedAbengoa Yield PLC	—	−6,365,156	—	exited	−2.27 pp	—
BACBank of America Corporation	—	−6,986,100	—	exited	−1.89 pp	—
PFEPfizer Inc.	—	−2,512,250	—	exited	−1.49 pp	—
RRCRange Resources Corp	—	−1,438,000	—	exited	−0.93 pp	—
SW5Southwestern Energy Co	—	−4,433,000	—	exited	−0.72 pp	—
URIUnited Rentals, Inc.	—	−578,512	—	exited	−0.72 pp	—
CTRACoterra Energy Inc.	—	−1,263,000	—	exited	−0.57 pp	—
unresolvedValeant Pharmaceuticals Intl	—	−945,000	—	exited	−0.50 pp	—
THCTenet Healthcare Corporation New	—	−348,405	—	exited	−0.20 pp	—
ARAntero Resources Corporation	—	−381,000	—	exited	−0.19 pp	—
unresolvedTeekay Offshore Partners L P	—	−313,990	—	exited	−0.04 pp	—
unresolvedClearbridge Energy Mlp Fd In	—	−18,197	—	exited	0.00 pp	—