Appaloosa

Q3 2017 13F · by David Tepper, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $6.9B · prev $6.7B
Positions: 47 · prev 57
Options notional: $210M
Documents: 1· no amendments

Picture97.1% US stock

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

US stock listed on a US exchange 97.1%
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 2.9%

Moves61 since the prior filing

+17.0 pp in · −17.0 pp out

New 3 +0.52 pp
Added 15 +16.52 pp
Trimmed 28 −11.17 pp
Exited 13 −5.84 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 · 70% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MU Micron Technology, Inc. added+3.99 pp added+3.999.7%
BABA Alibaba Group Holding Limited trimmed+1.18 pp trimmed+1.188.9%
META Meta Platforms, Inc. Class A added+2.88 pp added+2.888.2%
GOOG Alphabet Inc. Class C trimmed−0.01 pp trimmed−0.017.9%
ACT Allergan PLC trimmed−3.45 pp trimmed−3.455.6%

Positions47 in this filing · 13 exited


MUMicron Technology, Inc.	9.71%	17,053,999	$671M	added+32%	+3.99 pp	4 q
BABAAlibaba Group Holding Limited	8.91%	3,562,500	$615M	trimmed−4%	+1.18 pp	2 q
METAMeta Platforms, Inc. Class A	8.16%	3,300,000	$564M	added+40%	+2.88 pp	5 q
GOOGAlphabet Inc. Class C	7.88%	568,000	$545M	trimmed−3%	−0.01 pp	14 q
ACTAllergan PLC	5.60%	1,888,188	$387M	trimmed−25%	−3.45 pp	8 q
AABAAltaba Inc.	4.49%	4,682,500	$310M	trimmed−9%	+0.34 pp	2 q
unresolvedWilliams Partners L P New	4.19%	7,436,701	$289M	trimmed−19%	−1.28 pp	8 q
WDCWestern Digital Corp.	3.22%	2,575,138	$222M	added0%	−0.16 pp	6 q
unresolvedEnergy Transfer Partners LP	3.16%	11,950,000	$219M	trimmed−19%	−1.33 pp	2 q
NRGNRG Energy, Inc.	3.13%	8,441,193	$216M	added×6.8	+2.81 pp	2 q
AAPLApple Inc.	3.04%	1,361,000	$210M	added×2.2	+1.70 pp	5 q
unresolvedPowershares Qqq Trust Series 1	3.01%	1,430,000	$208M	trimmed−21%	−0.70 pp	2 q
ALLYAlly Financial Inc.	2.39%	6,810,600	$165M	added×6.2	+2.05 pp	2 q
OCOwens Corning	2.38%	2,130,353	$165M	trimmed−15%	−0.10 pp	18 q
BACBank of America Corporation	2.32%	6,329,404	$160M	trimmed−28%	−0.84 pp	3 q
HUNHuntsman Corporation	2.04%	5,135,744	$141M	trimmed−4%	−0.02 pp	18 q
ALLThe Allstate Corporation	1.95%	1,468,871	$135M	trimmed−14%	−0.28 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.90%	669,000	$131M	added+43%	+0.61 pp	3 q
URIUnited Rentals, Inc.	1.87%	931,880	$129M	trimmed−19%	−0.06 pp	4 q
PNCPNC Financial Services Group	1.80%	922,510	$124M	trimmed−48%	−1.50 pp	5 q
unresolvedTerraform Pwr Inc	1.64%	8,552,482	$113M	trimmed−2%	+0.09 pp	8 q
TMOThermo Fisher Scientific, Inc.	1.62%	592,000	$112M	added+58%	+0.65 pp	3 q
BSXBoston Scientific Corp.	1.58%	3,752,866	$109M	added+66%	+0.65 pp	4 q
CNCCentene Corporation	1.52%	1,086,164	$105M	added+13%	+0.38 pp	4 q
AYAtlantica Sustainable Infras	1.33%	4,675,000	$92M	trimmed−1%	−0.16 pp	6 q
ETEnergy Transfer LP	1.18%	4,672,707	$81M	added+64%	+0.42 pp	2 q
MHKMohawk Industries, Inc.	1.14%	317,682	$79M	trimmed−31%	−0.52 pp	7 q
SYKStryker Corporation	1.10%	533,000	$76M	added+20%	+0.18 pp	2 q
KMTKennametal Inc.	1.05%	1,800,463	$73M	added+35%	+0.31 pp	4 q
WHRWhirlpool Corp.	0.98%	365,976	$68M	trimmed−6%	−0.13 pp	18 q
KMIKinder Morgan, Inc.	0.95%	3,407,996	$65M	trimmed−14%	−0.17 pp	8 q
SUMSummit Materials, Inc. Class A	0.91%	1,963,585	$63M	trimmed−11%	−0.04 pp	4 q
unresolvedCBS Corp	0.75%	898,317	$52M	trimmed−13%	−0.23 pp	3 q
DGDollar General Corp.	0.70%	599,264	$49M	trimmed−36%	−0.30 pp	2 q
LUVSouthwest Airlines Co.	0.63%	772,202	$43M	added+24%	+0.06 pp	9 q
HAINHain Celestial Group Inc	0.45%	757,547	$31M	trimmed−18%	−0.08 pp	7 q
Peabody Energy Corpconvertible	0.27%	301,316	$19M	new	+0.27 pp	new
HCAHCA Healthcare, Inc.	0.21%	183,711	$15M	added+10%	−0.01 pp	18 q
AMATApplied Materials Inc	0.19%	250,000	$13M	new	+0.19 pp	new
GMGeneral Motors Company	0.15%	250,000	$10M	trimmed−87%	−0.84 pp	3 q
AERIAerie Pharmaceuticals, Inc.	0.12%	169,799	$8M	trimmed−11%	−0.03 pp	2 q
unresolvedWmih Corp	0.10%	7,600,000	$7M	held	—	9 q
BTUPeabody Energy Corporation	0.09%	216,536	$6M	trimmed−79%	−0.28 pp	2 q
XPOXPO, Inc.	0.06%	64,311	$4M	new	+0.06 pp	new
CHKChesapeake Energy Corp	0.05%	766,000	$3M	trimmed−79%	−0.21 pp	2 q
ARAntero Resources Corporation	0.04%	150,000	$3M	trimmed−70%	−0.12 pp	2 q
RRCRange Resources Corp	0.04%	150,000	$3M	trimmed−63%	−0.10 pp	2 q
IBBiShares Biotechnology ETF	—	−235,000	—	exited	−1.08 pp	—
LBBath & Body Works, Inc.	—	−835,592	—	exited	−0.67 pp	—
DALDelta Air Lines, Inc.	—	−832,438	—	exited	−0.66 pp	—
CXCemex S.A.B. de C.V.	—	−3,990,309	—	exited	−0.56 pp	—
WFCWells Fargo & Co.	—	−681,463	—	exited	−0.56 pp	—
XLVState Street Health Care Select Sector SPDR ETF	—	−425,000	—	exited	−0.50 pp	—
AIYActivision Blizzard Inc	—	−525,000	—	exited	−0.45 pp	—
EXPEExpedia Group, Inc.	—	−200,000	—	exited	−0.44 pp	—
XBIState Street SPDR S&P Biotech ETF	—	−330,000	—	exited	−0.38 pp	—
SW5Southwestern Energy Co	—	−2,540,948	—	exited	−0.23 pp	—
RIORio Tinto plc	—	−238,276	—	exited	−0.15 pp	—
NUENucor Corporation	—	−143,254	—	exited	−0.12 pp	—
KYNKayne Anderson Energy Infrastructure Fund, Inc.	—	−150,000	—	exited	−0.04 pp	—