Appaloosa

Q4 2016 13F · by David Tepper, portfolio manager

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $5.4B · prev $3.9B
Positions: 53 · prev 41
Options notional: $224M
Documents: 1· no amendments

Picture96.0% US stock

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

US stock listed on a US exchange 96.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 4.0%
Calls at notional value 0.0%

Moves56 since the prior filing

+24.1 pp in · −22.3 pp out

New 21 +20.96 pp
Added 11 +3.16 pp
Trimmed 14 −13.46 pp
Exited 9 −8.84 pp

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

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 71% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions43% of US stock

ACT Allergan PLC added+9.26 pp added+9.2616.5%
unresolved Energy Transfer Prtnrs L P added−3.22 pp added−3.227.9%
GOOG Alphabet Inc. Class C added−2.62 pp added−2.626.9%
unresolved Williams Partners L P New added−2.26 pp added−2.266.7%
META Meta Platforms, Inc. Class A added−0.29 pp added−0.294.6%

Positions53 in this filing · 9 exited


ACTAllergan PLC	16.52%	4,261,406	$895M	added×3.5	+9.26 pp	5 q
unresolvedEnergy Transfer Prtnrs L P	7.91%	11,961,842	$428M	added+3%	−3.22 pp	5 q
GOOGAlphabet Inc. Class C	6.88%	483,000	$373M	added+2%	−2.62 pp	11 q
unresolvedWilliams Partners L P New	6.66%	9,487,301	$361M	added+2%	−2.26 pp	5 q
METAMeta Platforms, Inc. Class A	4.64%	2,182,350	$251M	added+47%	−0.29 pp	2 q
PNCPNC Financial Services Group	4.21%	1,950,973	$228M	added×3.2	+2.78 pp	2 q
ALLThe Allstate Corporation	3.55%	2,594,834	$192M	trimmed−17%	−2.04 pp	6 q
TEVATeva Pharmaceutical Industries Limited	3.38%	5,053,000	$183M	new	+3.38 pp	new
PFEPfizer Inc.	2.88%	4,810,000	$156M	new	+2.88 pp	new
OCOwens Corning	2.59%	2,716,544	$140M	trimmed−8%	−1.49 pp	15 q
MHKMohawk Industries, Inc.	2.33%	632,164	$126M	added+9%	−0.67 pp	4 q
MYLMylan NV	2.31%	3,275,000	$125M	new	+2.31 pp	new
AYAtlantica Sustainable Infras	2.08%	5,820,326	$113M	trimmed−3%	−0.88 pp	3 q
unresolvedTerraform Pwr Inc	2.06%	8,708,708	$112M	held	—	5 q
HUNHuntsman Corporation	2.01%	5,715,053	$109M	trimmed−10%	−0.66 pp	15 q
RFRegions Financial Corp.	1.95%	7,340,137	$105M	new	+1.95 pp	new
WHRWhirlpool Corp.	1.90%	566,936	$103M	trimmed−51%	−2.96 pp	15 q
CFGCitizens Financial Group, Inc.	1.86%	2,829,750	$101M	added+10%	+0.21 pp	2 q
QCOMQualcomm Inc	1.69%	1,400,000	$91M	added+56%	+0.09 pp	2 q
HCAHCA Healthcare, Inc.	1.57%	1,145,250	$85M	trimmed−7%	−0.85 pp	15 q
KMIKinder Morgan, Inc.	1.55%	4,062,996	$84M	added+11%	−0.64 pp	5 q
SGISomnigroup International Inc.	1.46%	1,160,199	$79M	trimmed−2%	−0.28 pp	2 q
CMAComerica Incorporated	1.45%	1,151,993	$78M	new	+1.45 pp	new
WDCWestern Digital Corp.	1.41%	1,120,000	$76M	trimmed−3%	−0.33 pp	3 q
MUMicron Technology, Inc.	1.32%	3,250,000	$71M	new	+1.32 pp	new
URIUnited Rentals, Inc.	1.28%	656,862	$69M	new	+1.28 pp	new
AMLPAlerian MLP ETF	1.11%	4,764,435	$60M	held	—	5 q
AALAmerican Airlines Group Inc.	1.11%	1,293,367	$60M	new	+1.11 pp	new
LUVSouthwest Airlines Co.	1.10%	1,190,402	$59M	added×2.1	+0.52 pp	6 q
AAPLApple Inc.	0.96%	450,000	$52M	trimmed−44%	−1.38 pp	2 q
unresolvedYahoo Inc	0.96%	1,350,000	$52M	trimmed−25%	−1.05 pp	2 q
CNCCentene Corporation	0.82%	785,000	$44M	new	+0.82 pp	new
JCPJ.C. Penney Company, Inc.	0.78%	5,079,886	$42M	new	+0.78 pp	new
SUMSummit Materials, Inc. Class A	0.74%	1,694,487	$40M	new	+0.74 pp	new
HAINHain Celestial Group Inc	0.73%	1,016,506	$40M	trimmed−20%	−0.44 pp	4 q
MCKMcKesson Corporation	0.71%	275,000	$39M	new	+0.71 pp	new
KMTKennametal Inc.	0.58%	1,009,638	$32M	new	+0.58 pp	new
BMYBristol-Myers Squibb Co.	0.40%	375,000	$22M	new	+0.40 pp	new
TECKTeck Resources Limited	0.36%	985,007	$20M	new	+0.36 pp	new
KYNKayne Anderson Energy Infrastructure Fund, Inc.	0.28%	781,173	$15M	held	—	5 q
unresolvedTerraform Global Inc	0.28%	3,847,657	$15M	held	—	4 q
BSXBoston Scientific Corp.	0.22%	550,000	$12M	new	+0.22 pp	new
DALDelta Air Lines, Inc.	0.22%	238,000	$12M	trimmed−51%	−0.27 pp	2 q
UALUnited Airlines Holdings, Inc.	0.22%	160,000	$12M	new	+0.22 pp	new
XUnited States Steel Corp	0.22%	360,000	$12M	new	+0.22 pp	new
unresolvedWmih Corp	0.22%	7,600,000	$12M	trimmed−3%	−0.25 pp	6 q
GTGoodyear Tire & Rubber	0.14%	236,951	$7M	trimmed−72%	−0.58 pp	15 q
unresolvedArcelormittal SA Luxembourg	0.13%	976,578	$7M	new	+0.13 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.09%	22,854	$5M	held	—	15 q
unresolvedGeneral Mtrs Co	0.06%	190,011	$3M	held	—	15 q
RIORio Tinto plc	0.06%	91,043	$4M	new	+0.06 pp	new
ARCHArch Resources Inc	0.04%	27,178	$2M	new	+0.04 pp	new
unresolvedKinder Morgan Inc DEL	0.00%	793,836	$4,000	held	—	5 q
SYFSynchrony Financial	—	−4,164,671	—	exited	−3.02 pp	—
HDSHD Supply Holdings, Inc.	—	−2,821,662	—	exited	−2.34 pp	—
BACBank of America Corporation	—	−4,135,303	—	exited	−1.68 pp	—
VMWVMware, Inc	—	−382,276	—	exited	−0.73 pp	—
unresolvedDell Technologies Inc	—	−330,000	—	exited	−0.41 pp	—
USFDUS Foods Holding Corp.	—	−622,762	—	exited	−0.38 pp	—
CCitigroup Inc.	—	−100,000	—	exited	−0.12 pp	—
GMGeneral Motors Company	—	−94,826	—	exited	−0.08 pp	—
NXPINXP Semiconductors N.V.	—	−30,999	—	exited	−0.08 pp	—