Appaloosa

Q1 2018 13F · by David Tepper, portfolio manager

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $9.6B · prev $10.4B
Positions: 52 · prev 46
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

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

US stock listed on a US exchange 99.1%
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 0.0%

Moves62 since the prior filing

+26.4 pp in · −26.5 pp out

New 14 +10.57 pp
Added 19 +15.88 pp
Trimmed 18 −13.41 pp
Exited 8 −13.09 pp

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

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 86% a year, about 1.2 years per position

Low
Moderate
High

Top 5 positions50% of US stock

MU Micron Technology, Inc. added+8.28 pp added+8.2819.2%
META Meta Platforms, Inc. Class A added+0.91 pp added+0.9110.3%
BABA Alibaba Group Holding Limited trimmed+0.56 pp trimmed+0.567.7%
ACT Allergan PLC added+1.01 pp added+1.016.5%
AABA Altaba Inc. trimmed+0.21 pp trimmed+0.216.2%

Positions52 in this filing · 8 exited


MUMicron Technology, Inc.	19.17%	35,405,000	$1.8B	added+29%	+8.28 pp	6 q
METAMeta Platforms, Inc. Class A	10.31%	6,210,000	$992M	added+12%	+0.91 pp	7 q
BABAAlibaba Group Holding Limited	7.73%	4,052,616	$744M	trimmed−6%	+0.56 pp	4 q
ACTAllergan PLC	6.47%	3,700,000	$623M	added+7%	+1.01 pp	10 q
AABAAltaba Inc.	6.17%	8,021,000	$594M	trimmed−10%	+0.21 pp	4 q
GOOGAlphabet Inc. Class C	4.35%	405,847	$419M	added+14%	+0.77 pp	16 q
BACBank of America Corporation	3.42%	10,965,513	$329M	trimmed−36%	−1.46 pp	5 q
LRCXLam Research Corp	2.73%	1,295,586	$263M	new	+2.73 pp	new
TMUST-Mobile US, Inc.	2.63%	4,150,000	$253M	added+8%	+0.27 pp	2 q
XPOXPO, Inc.	2.26%	2,133,070	$217M	trimmed−3%	+0.32 pp	3 q
ALLYAlly Financial Inc.	2.24%	7,948,145	$216M	trimmed−1%	−0.02 pp	4 q
NRGNRG Energy, Inc.	2.14%	6,734,603	$206M	trimmed−31%	−0.54 pp	4 q
WFCWells Fargo & Co.	1.60%	2,937,615	$154M	new	+1.60 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.57%	706,589	$151M	added+19%	+0.31 pp	5 q
CZRCaesars Entertainment, Inc.	1.48%	12,655,674	$142M	added×2.2	+0.77 pp	2 q
MGMMgm Resorts International	1.48%	4,069,504	$143M	added+75%	+0.73 pp	2 q
CNCCentene Corporation	1.36%	1,223,717	$131M	added+61%	+0.62 pp	6 q
unresolvedPowershares Qqq Trust Series 1	1.28%	772,225	$124M	trimmed−87%	−7.42 pp	4 q
TMOThermo Fisher Scientific, Inc.	1.28%	597,000	$123M	added+4%	+0.23 pp	5 q
UBSUBS Group AG	1.27%	6,955,399	$122M	new	+1.27 pp	new
DGDollar General Corp.	1.18%	1,214,776	$114M	added+47%	+0.44 pp	4 q
OCOwens Corning	1.18%	1,416,704	$114M	added+43%	+0.31 pp	20 q
HUNHuntsman Corporation	1.14%	3,736,630	$109M	added+42%	+0.30 pp	20 q
unresolvedEnergy Transfer Partners LP	1.13%	6,687,818	$108M	trimmed−18%	−0.28 pp	4 q
BSXBoston Scientific Corp.	1.11%	3,910,738	$107M	trimmed−18%	−0.03 pp	6 q
unresolvedWilliams Partners L P New	0.97%	2,723,404	$94M	trimmed−27%	−0.42 pp	10 q
ETEnergy Transfer LP	0.93%	6,291,534	$89M	added+24%	+0.09 pp	4 q
AMATApplied Materials Inc	0.91%	1,570,000	$87M	new	+0.91 pp	new
SMHVanEck Semiconductor ETF	0.80%	737,000	$77M	new	+0.80 pp	new
KMTKennametal Inc.	0.79%	1,887,507	$76M	added+34%	+0.13 pp	6 q
AYAtlantica Sustainable Infras	0.78%	3,832,000	$75M	added+8%	+0.06 pp	8 q
SUMSummit Materials, Inc. Class A	0.77%	2,458,806	$74M	trimmed−2%	+0.01 pp	6 q
PCGPG&E Corporation	0.75%	1,650,000	$72M	added+46%	+0.26 pp	2 q
SYKStryker Corporation	0.62%	371,000	$60M	held	—	4 q
ALLThe Allstate Corporation	0.52%	527,833	$50M	trimmed−30%	−0.24 pp	11 q
LNGCheniere Energy Inc	0.51%	919,741	$49M	added×5.2	+0.42 pp	2 q
AMLPAlerian MLP ETF	0.49%	5,068,188	$47M	new	+0.49 pp	new
WDCWestern Digital Corp.	0.48%	500,000	$46M	trimmed−17%	+0.02 pp	8 q
TERPTerraForm Power, Inc	0.46%	4,127,600	$44M	trimmed−11%	−0.08 pp	2 q
BYDBoyd Gaming Corporation	0.45%	1,354,896	$43M	new	+0.45 pp	new
KNXKnight-Swift Transportation Holdings Inc. Class A	0.45%	950,000	$44M	new	+0.45 pp	new
unresolvedPlatform Specialty Prods Cor	0.38%	3,798,055	$37M	new	+0.38 pp	new
UALUnited Airlines Holdings, Inc.	0.38%	525,289	$36M	new	+0.38 pp	new
NVDANvidia Corp	0.36%	150,000	$35M	new	+0.36 pp	new
XLEState Street Energy Select Sector SPDR ETF	0.35%	500,000	$34M	new	+0.35 pp	new
VNTRVenator Materials PLC	0.34%	1,787,328	$32M	added+2%	−0.03 pp	2 q
HCAHCA Healthcare, Inc.	0.28%	282,884	$27M	trimmed−49%	−0.19 pp	20 q
BTUPeabody Energy Corporation	0.22%	591,424	$22M	new	+0.22 pp	new
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.18%	500,000	$18M	new	+0.18 pp	new
XLFState Street Financial Select Sector SPDR ETF	0.09%	300,000	$8M	trimmed−97%	−2.60 pp	2 q
unresolvedWmih Corp	0.05%	3,274,234	$5M	trimmed−57%	−0.01 pp	11 q
URIUnited Rentals, Inc.	0.02%	12,913	$2M	trimmed−98%	−1.24 pp	6 q
AAPLApple Inc.	—	−4,587,852	—	exited	−7.48 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−9,100,000	—	exited	−4.13 pp	—
CMCSAComcast Corp	—	−1,986,078	—	exited	−0.77 pp	—
Peabody Energy Corpconvertible	—	−314,121	—	exited	−0.22 pp	—
MHKMohawk Industries, Inc.	—	−69,305	—	exited	−0.18 pp	—
VSTVistra Corp.	—	−961,285	—	exited	−0.17 pp	—
CSXCSX Corporation	—	−175,479	—	exited	−0.09 pp	—
LUVSouthwest Airlines Co.	—	−74,265	—	exited	−0.05 pp	—