Appaloosa

Q2 2018 13F · by David Tepper, portfolio manager

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $8.7B · prev $9.6B
Positions: 47 · prev 52
Options notional: $48M
Documents: 1· no amendments

Picture98.5% US stock

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

US stock listed on a US exchange 98.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.0%
Puts at notional value 0.0%
Calls at notional value 0.6%

Moves58 since the prior filing

+11.6 pp in · −11.7 pp out

New 6 +3.87 pp
Added 11 +7.73 pp
Trimmed 29 −6.69 pp
Exited 11 −5.01 pp

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

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 37% a year, about 2.7 years per position

Low
Moderate
High

Top 5 positions54% of US stock

MU Micron Technology, Inc. added+5.39 pp added+5.3924.6%
META Meta Platforms, Inc. Class A trimmed+1.09 pp trimmed+1.0911.4%
ACT Allergan PLC trimmed+0.06 pp trimmed+0.066.5%
BABA Alibaba Group Holding Limited trimmed−2.06 pp trimmed−2.065.7%
AABA Altaba Inc. trimmed−0.74 pp trimmed−0.745.4%

Positions47 in this filing · 11 exited


MUMicron Technology, Inc.	24.56%	40,527,800	$2.1B	added+14%	+5.39 pp	7 q
METAMeta Platforms, Inc. Class A	11.40%	5,075,000	$986M	trimmed−18%	+1.09 pp	8 q
ACTAllergan PLC	6.53%	3,390,000	$565M	trimmed−8%	+0.06 pp	11 q
BABAAlibaba Group Holding Limited	5.67%	2,642,974	$490M	trimmed−35%	−2.06 pp	5 q
AABAAltaba Inc.	5.43%	6,412,700	$469M	trimmed−20%	−0.74 pp	5 q
GOOGAlphabet Inc. Class C	4.27%	331,000	$369M	trimmed−18%	−0.08 pp	17 q
LRCXLam Research Corp	2.76%	1,380,000	$239M	added+7%	+0.03 pp	2 q
TMUST-Mobile US, Inc.	2.76%	4,000,000	$239M	trimmed−4%	+0.13 pp	3 q
BACBank of America Corporation	2.36%	7,243,695	$204M	trimmed−34%	−1.06 pp	6 q
WFCWells Fargo & Co.	2.09%	3,256,261	$181M	added+11%	+0.49 pp	2 q
CZRCaesars Entertainment, Inc.	1.95%	15,774,344	$169M	added+25%	+0.47 pp	3 q
XPOXPO, Inc.	1.90%	1,645,045	$165M	trimmed−23%	−0.36 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.50%	529,390	$130M	trimmed−25%	−0.07 pp	6 q
ALLYAlly Financial Inc.	1.46%	4,817,993	$127M	trimmed−39%	−0.78 pp	5 q
CNCCentene Corporation	1.46%	1,025,916	$126M	trimmed−16%	+0.10 pp	7 q
TMOThermo Fisher Scientific, Inc.	1.40%	585,000	$121M	trimmed−2%	+0.12 pp	6 q
unresolvedEnergy Transfer Partners LP	1.22%	5,551,581	$106M	trimmed−17%	+0.09 pp	5 q
UBSUBS Group AG	1.22%	6,828,480	$106M	trimmed−2%	−0.05 pp	2 q
KEYKeyCorp	1.21%	5,351,561	$105M	new	+1.21 pp	new
ETEnergy Transfer LP	1.19%	5,975,672	$103M	trimmed−5%	+0.26 pp	5 q
DGDollar General Corp.	1.05%	918,719	$91M	trimmed−24%	−0.13 pp	5 q
HUNHuntsman Corporation	1.05%	3,109,041	$91M	trimmed−17%	−0.09 pp	21 q
OCOwens Corning	1.03%	1,409,164	$89M	trimmed−1%	−0.15 pp	21 q
unresolvedWilliams Partners L P New	0.99%	2,119,775	$86M	trimmed−22%	+0.02 pp	11 q
WDCWestern Digital Corp.	0.98%	1,099,500	$85M	added×2.2	+0.50 pp	9 q
BSXBoston Scientific Corp.	0.96%	2,528,138	$83M	trimmed−35%	−0.15 pp	7 q
LNGCheniere Energy Inc	0.93%	1,229,741	$80M	added+34%	+0.42 pp	3 q
NRGNRG Energy, Inc.	0.91%	2,572,442	$79M	trimmed−62%	−1.23 pp	5 q
SYMCGen Digital Inc.	0.91%	3,800,000	$78M	new	+0.91 pp	new
PCGPG&E Corporation	0.88%	1,793,967	$76M	added+9%	+0.13 pp	3 q
KMTKennametal Inc.	0.84%	2,017,257	$72M	added+7%	+0.05 pp	7 q
AYAtlantica Sustainable Infras	0.81%	3,461,464	$70M	trimmed−10%	+0.03 pp	9 q
SUMSummit Materials, Inc. Class A	0.78%	2,580,314	$68M	added+5%	+0.01 pp	7 q
SYKStryker Corporation	0.62%	316,000	$53M	trimmed−15%	0.00 pp	5 q
unresolvedPlatform Specialty Prods Cor	0.58%	4,338,801	$50M	added+14%	+0.20 pp	2 q
CFGCitizens Financial Group, Inc.	0.57%	1,257,694	$49M	new	+0.57 pp	new
BYDBoyd Gaming Corporation	0.54%	1,354,896	$47M	held	—	2 q
VSTVistra Corp.	0.51%	1,870,951	$44M	new	+0.51 pp	new
KNXKnight-Swift Transportation Holdings Inc. Class A	0.49%	1,100,700	$42M	added+16%	+0.04 pp	2 q
TERPTerraForm Power, Inc	0.46%	3,404,955	$40M	trimmed−18%	0.00 pp	3 q
UALUnited Airlines Holdings, Inc.	0.42%	525,276	$37M	trimmed0%	+0.04 pp	2 q
unresolvedNew Oriental Ed & Tech Grp I	0.39%	360,189	$34M	new	+0.39 pp	new
VNTRVenator Materials PLC	0.33%	1,751,541	$29M	trimmed−2%	−0.01 pp	3 q
NXPINXP Semiconductors N.V.	0.28%	219,272	$24M	new	+0.28 pp	new
MGMMgm Resorts International	0.27%	793,504	$23M	trimmed−81%	−1.21 pp	3 q
AMLPAlerian MLP ETF	0.06%	500,000	$5M	trimmed−90%	−0.43 pp	2 q
unresolvedWmih Corp	0.02%	1,355,646	$2M	trimmed−59%	−0.03 pp	12 q
unresolvedPowershares Qqq Trust Series 1	—	−772,225	—	exited	−1.28 pp	—
AMATApplied Materials Inc	—	−1,570,000	—	exited	−0.91 pp	—
SMHVanEck Semiconductor ETF	—	−737,000	—	exited	−0.80 pp	—
ALLThe Allstate Corporation	—	−527,833	—	exited	−0.52 pp	—
NVDANvidia Corp	—	−150,000	—	exited	−0.36 pp	—
XLEState Street Energy Select Sector SPDR ETF	—	−500,000	—	exited	−0.35 pp	—
HCAHCA Healthcare, Inc.	—	−282,884	—	exited	−0.28 pp	—
BTUPeabody Energy Corporation	—	−591,424	—	exited	−0.22 pp	—
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	—	−500,000	—	exited	−0.18 pp	—
XLFState Street Financial Select Sector SPDR ETF	—	−300,000	—	exited	−0.09 pp	—
URIUnited Rentals, Inc.	—	−12,913	—	exited	−0.02 pp	—