Appaloosa

Q4 2017 13F · by David Tepper, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $10.4B · prev $6.9B
Positions: 46 · prev 47
Options notional: $255M
Documents: 1· no amendments

Picture96.7% US stock

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

US stock listed on a US exchange 96.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.9%
Puts at notional value 0.0%
Calls at notional value 2.4%

Moves61 since the prior filing

+28.5 pp in · −28.4 pp out

New 12 +13.16 pp
Added 17 +15.32 pp
Trimmed 16 −21.20 pp
Exited 13 −7.25 pp

Options: 3 moves on a notional base, in the table below.

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 70% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions44% of US stock

MU Micron Technology, Inc. added+1.18 pp added+1.1810.9%
META Meta Platforms, Inc. Class A added+1.24 pp added+1.249.4%
unresolved Powershares Qqq Trust Series 1 added+5.69 pp added+5.698.7%
AAPL Apple Inc. added+4.44 pp added+4.447.5%
BABA Alibaba Group Holding Limited added−1.74 pp added−1.747.2%

Positions46 in this filing · 13 exited


MUMicron Technology, Inc.	10.89%	27,500,000	$1.1B	added+61%	+1.18 pp	5 q
METAMeta Platforms, Inc. Class A	9.40%	5,529,441	$976M	added+68%	+1.24 pp	6 q
unresolvedPowershares Qqq Trust Series 1	8.70%	5,800,000	$903M	added×4.1	+5.69 pp	3 q
AAPLApple Inc.	7.48%	4,587,852	$776M	added×3.4	+4.44 pp	6 q
BABAAlibaba Group Holding Limited	7.17%	4,320,234	$745M	added+21%	−1.74 pp	3 q
AABAAltaba Inc.	5.96%	8,865,000	$619M	added+89%	+1.47 pp	3 q
ACTAllergan PLC	5.46%	3,465,862	$567M	added+84%	−0.14 pp	9 q
BACBank of America Corporation	4.88%	17,150,000	$506M	added×2.7	+2.56 pp	4 q
EEMiShares MSCI Emerging Markets ETF	4.13%	9,100,000	$429M	new	+4.13 pp	new
GOOGAlphabet Inc. Class C	3.58%	355,729	$372M	trimmed−37%	−4.30 pp	15 q
XLFState Street Financial Select Sector SPDR ETF	2.69%	10,000,000	$279M	new	+2.69 pp	new
NRGNRG Energy, Inc.	2.68%	9,759,777	$278M	added+16%	−0.45 pp	3 q
TMUST-Mobile US, Inc.	2.36%	3,857,224	$245M	new	+2.36 pp	new
ALLYAlly Financial Inc.	2.26%	8,036,523	$234M	added+18%	−0.13 pp	3 q
XPOXPO, Inc.	1.94%	2,203,790	$202M	added×34.3	+1.88 pp	2 q
unresolvedEnergy Transfer Partners LP	1.41%	8,180,094	$147M	trimmed−32%	−1.75 pp	3 q
unresolvedWilliams Partners L P New	1.39%	3,716,117	$144M	trimmed−50%	−2.80 pp	9 q
URIUnited Rentals, Inc.	1.26%	761,478	$131M	trimmed−18%	−0.61 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.26%	591,589	$130M	trimmed−12%	−0.64 pp	4 q
BSXBoston Scientific Corp.	1.14%	4,782,683	$119M	added+27%	−0.44 pp	5 q
TMOThermo Fisher Scientific, Inc.	1.05%	572,000	$109M	trimmed−3%	−0.57 pp	4 q
OCOwens Corning	0.87%	988,035	$91M	trimmed−54%	−1.51 pp	19 q
ETEnergy Transfer LP	0.84%	5,060,815	$87M	added+8%	−0.34 pp	3 q
HUNHuntsman Corporation	0.84%	2,633,185	$88M	trimmed−49%	−1.20 pp	19 q
CMCSAComcast Corp	0.77%	1,986,078	$80M	new	+0.77 pp	new
ALLThe Allstate Corporation	0.76%	758,069	$79M	trimmed−48%	−1.19 pp	10 q
SUMSummit Materials, Inc. Class A	0.76%	2,510,401	$79M	added+26%	−0.15 pp	5 q
MGMMgm Resorts International	0.75%	2,326,766	$78M	new	+0.75 pp	new
CNCCentene Corporation	0.74%	758,717	$77M	trimmed−30%	−0.78 pp	5 q
DGDollar General Corp.	0.74%	824,607	$77M	added+38%	+0.04 pp	3 q
AYAtlantica Sustainable Infras	0.72%	3,543,012	$75M	trimmed−24%	−0.61 pp	7 q
CZRCaesars Entertainment, Inc.	0.71%	5,860,349	$74M	new	+0.71 pp	new
KMTKennametal Inc.	0.66%	1,410,804	$68M	trimmed−22%	−0.39 pp	5 q
SYKStryker Corporation	0.55%	371,000	$57M	trimmed−30%	−0.55 pp	3 q
TERPTerraForm Power, Inc	0.54%	4,645,157	$56M	new	+0.54 pp	new
PCGPG&E Corporation	0.49%	1,129,808	$51M	new	+0.49 pp	new
HCAHCA Healthcare, Inc.	0.47%	552,884	$49M	added×3.0	+0.26 pp	19 q
WDCWestern Digital Corp.	0.46%	600,000	$48M	trimmed−77%	−2.76 pp	7 q
VNTRVenator Materials PLC	0.37%	1,748,605	$39M	new	+0.37 pp	new
Peabody Energy Corpconvertible	0.22%	314,121	$23M	added+4%	−0.05 pp	2 q
MHKMohawk Industries, Inc.	0.18%	69,305	$19M	trimmed−78%	−0.96 pp	8 q
VSTVistra Corp.	0.17%	961,285	$18M	new	+0.17 pp	new
CSXCSX Corporation	0.09%	175,479	$10M	new	+0.09 pp	new
LNGCheniere Energy Inc	0.09%	177,045	$10M	new	+0.09 pp	new
unresolvedWmih Corp	0.06%	7,600,000	$6M	held	—	10 q
LUVSouthwest Airlines Co.	0.05%	74,265	$5M	trimmed−90%	−0.58 pp	10 q
PNCPNC Financial Services Group	—	−922,510	—	exited	−1.80 pp	—
unresolvedTerraform Pwr Inc	—	−8,552,482	—	exited	−1.64 pp	—
WHRWhirlpool Corp.	—	−365,976	—	exited	−0.98 pp	—
KMIKinder Morgan, Inc.	—	−3,407,996	—	exited	−0.95 pp	—
unresolvedCBS Corp	—	−898,317	—	exited	−0.75 pp	—
HAINHain Celestial Group Inc	—	−757,547	—	exited	−0.45 pp	—
AMATApplied Materials Inc	—	−250,000	—	exited	−0.19 pp	—
GMGeneral Motors Company	—	−250,000	—	exited	−0.15 pp	—
AERIAerie Pharmaceuticals, Inc.	—	−169,799	—	exited	−0.12 pp	—
BTUPeabody Energy Corporation	—	−216,536	—	exited	−0.09 pp	—
CHKChesapeake Energy Corp	—	−766,000	—	exited	−0.05 pp	—
ARAntero Resources Corporation	—	−150,000	—	exited	−0.04 pp	—
RRCRange Resources Corp	—	−150,000	—	exited	−0.04 pp	—