Appaloosa

Q1 2017 13F · by David Tepper, portfolio manager

As of: Mar 31, 2017
Filed: May 12, 2017
US stock: $5.7B · prev $5.4B
Positions: 52 · prev 53
Options notional: $354M
Documents: 1· no amendments

Picture94.2% US stock

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

US stock listed on a US exchange 94.2%
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 5.8%

Moves59 since the prior filing

+21.8 pp in · −21.2 pp out

New 10 +11.61 pp
Added 16 +10.18 pp
Trimmed 20 −11.87 pp
Exited 11 −9.30 pp

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

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 108% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions39% of US stock

ACT Allergan PLC trimmed−4.28 pp trimmed−4.2812.2%
unresolved Energy Transfer Prtnrs L P held held7.6%
unresolved Williams Partners L P New added+0.44 pp added+0.447.1%
GOOG Alphabet Inc. Class C trimmed−0.01 pp trimmed−0.016.9%
META Meta Platforms, Inc. Class A trimmed+0.09 pp trimmed+0.094.7%

Positions52 in this filing · 11 exited


ACTAllergan PLC	12.24%	2,937,121	$702M	trimmed−31%	−4.28 pp	6 q
unresolvedEnergy Transfer Prtnrs L P	7.62%	11,961,842	$437M	held	—	6 q
unresolvedWilliams Partners L P New	7.10%	9,966,502	$407M	added+5%	+0.44 pp	6 q
GOOGAlphabet Inc. Class C	6.87%	475,000	$394M	trimmed−2%	−0.01 pp	12 q
METAMeta Platforms, Inc. Class A	4.73%	1,907,350	$271M	trimmed−13%	+0.09 pp	3 q
PNCPNC Financial Services Group	4.09%	1,950,973	$235M	held	—	3 q
BACBank of America Corporation	3.61%	8,782,641	$207M	new	+3.61 pp	new
MUMicron Technology, Inc.	3.37%	6,690,000	$193M	added×2.1	+2.05 pp	2 q
GMGeneral Motors Company	3.20%	5,181,277	$183M	new	+3.20 pp	new
LUVSouthwest Airlines Co.	2.90%	3,088,076	$166M	added×2.6	+1.80 pp	7 q
OCOwens Corning	2.79%	2,610,486	$160M	trimmed−4%	+0.20 pp	16 q
ALLThe Allstate Corporation	2.64%	1,856,203	$151M	trimmed−28%	−0.91 pp	7 q
HUNHuntsman Corporation	2.38%	5,565,360	$137M	trimmed−3%	+0.37 pp	16 q
MHKMohawk Industries, Inc.	2.26%	563,596	$129M	trimmed−11%	−0.07 pp	5 q
RFRegions Financial Corp.	2.23%	8,811,564	$128M	added+20%	+0.28 pp	2 q
KMIKinder Morgan, Inc.	2.00%	5,267,996	$115M	added+30%	+0.45 pp	6 q
AYAtlantica Sustainable Infras	1.90%	5,189,866	$109M	trimmed−11%	−0.18 pp	4 q
unresolvedTerraform Pwr Inc	1.88%	8,708,708	$108M	held	—	6 q
WDCWestern Digital Corp.	1.87%	1,300,000	$107M	added+16%	+0.46 pp	4 q
PFEPfizer Inc.	1.80%	3,021,000	$103M	trimmed−37%	−1.08 pp	2 q
unresolvedYahoo Inc	1.78%	2,200,000	$102M	added+63%	+0.82 pp	3 q
URIUnited Rentals, Inc.	1.53%	703,117	$88M	added+7%	+0.25 pp	2 q
CNCCentene Corporation	1.46%	1,174,597	$84M	added+50%	+0.64 pp	2 q
BSXBoston Scientific Corp.	1.45%	3,340,000	$83M	added×6.1	+1.23 pp	2 q
WHRWhirlpool Corp.	1.44%	481,938	$83M	trimmed−15%	−0.46 pp	16 q
MYLMylan NV	1.29%	1,900,000	$74M	trimmed−42%	−1.02 pp	2 q
unresolvedCBS Corp	1.26%	1,044,381	$72M	new	+1.26 pp	new
TEVATeva Pharmaceutical Industries Limited	1.22%	2,175,000	$70M	trimmed−57%	−2.16 pp	2 q
SUMSummit Materials, Inc. Class A	1.11%	2,566,546	$63M	added+51%	+0.37 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.86%	300,000	$49M	new	+0.86 pp	new
SYMCGen Digital Inc.	0.83%	1,550,000	$48M	new	+0.83 pp	new
HCAHCA Healthcare, Inc.	0.76%	487,711	$43M	trimmed−57%	−0.81 pp	16 q
AAPLApple Inc.	0.75%	300,000	$43M	trimmed−33%	−0.21 pp	3 q
CHTRCharter Comm Inc Del CL A New	0.74%	129,784	$42M	new	+0.74 pp	new
unresolvedArcelormittal SA Luxembourg	0.73%	4,985,456	$42M	added×5.1	+0.60 pp	2 q
KMTKennametal Inc.	0.69%	1,005,758	$39M	trimmed−0%	+0.11 pp	2 q
NUENucor Corporation	0.57%	542,714	$32M	new	+0.57 pp	new
DALDelta Air Lines, Inc.	0.51%	639,000	$29M	added×2.7	+0.29 pp	3 q
HAINHain Celestial Group Inc	0.50%	774,169	$29M	trimmed−24%	−0.23 pp	5 q
AMLPAlerian MLP ETF	0.47%	2,108,582	$27M	trimmed−56%	−0.64 pp	6 q
UALUnited Airlines Holdings, Inc.	0.45%	364,615	$26M	added×2.3	+0.23 pp	2 q
TMOThermo Fisher Scientific, Inc.	0.43%	160,000	$25M	new	+0.43 pp	new
unresolvedTerraform Global Inc	0.32%	3,847,657	$18M	held	—	5 q
RIORio Tinto plc	0.28%	395,143	$16M	added×4.3	+0.22 pp	2 q
XUnited States Steel Corp	0.27%	453,339	$15M	added+26%	+0.05 pp	2 q
MCKMcKesson Corporation	0.26%	100,000	$15M	trimmed−64%	−0.45 pp	2 q
KYNKayne Anderson Energy Infrastructure Fund, Inc.	0.24%	641,989	$13M	trimmed−18%	−0.04 pp	6 q
unresolvedWmih Corp	0.19%	7,600,000	$11M	held	—	7 q
AKSAK Steel Holding Corp.	0.07%	534,327	$4M	new	+0.07 pp	new
GTGoodyear Tire & Rubber	0.05%	75,951	$3M	trimmed−68%	−0.09 pp	16 q
SNAPSnap Inc.	0.04%	100,000	$2M	new	+0.04 pp	new
unresolvedKinder Morgan Inc DEL	0.00%	793,836	$2,000	held	—	6 q
CFGCitizens Financial Group, Inc.	—	−2,829,750	—	exited	−1.86 pp	—
QCOMQualcomm Inc	—	−1,400,000	—	exited	−1.69 pp	—
SGISomnigroup International Inc.	—	−1,160,199	—	exited	−1.46 pp	—
CMAComerica Incorporated	—	−1,151,993	—	exited	−1.45 pp	—
AALAmerican Airlines Group Inc.	—	−1,293,367	—	exited	−1.11 pp	—
JCPJ.C. Penney Company, Inc.	—	−5,079,886	—	exited	−0.78 pp	—
BMYBristol-Myers Squibb Co.	—	−375,000	—	exited	−0.40 pp	—
TECKTeck Resources Limited	—	−985,007	—	exited	−0.36 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−22,854	—	exited	−0.09 pp	—
unresolvedGeneral Mtrs Co	—	−190,011	—	exited	−0.06 pp	—
ARCHArch Resources Inc	—	−27,178	—	exited	−0.04 pp	—