Appaloosa

Q3 2018 13F · by David Tepper, portfolio manager

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $5.6B · prev $8.7B
Positions: 36 · prev 47
Options notional: $0
Documents: 1· no amendments

Picture98.6% US stock

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

US stock listed on a US exchange 98.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 1.4%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves51 since the prior filing

+8.3 pp in · −8.3 pp out

New 3 +2.68 pp
Added 6 +5.61 pp
Trimmed 27 +3.08 pp
Exited 14 −11.34 pp

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

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 25% a year, about 4.0 years per position

Low
Moderate
High

Top 5 positions54% of US stock

MU Micron Technology, Inc. trimmed+4.47 pp trimmed+4.4729.0%
META Meta Platforms, Inc. Class A trimmed−1.72 pp trimmed−1.729.7%
ACT Allergan PLC trimmed+0.24 pp trimmed+0.246.8%
BABA Alibaba Group Holding Limited trimmed−1.26 pp trimmed−1.264.4%
GOOG Alphabet Inc. Class C trimmed−0.01 pp trimmed−0.014.3%

Positions36 in this filing · 14 exited


MUMicron Technology, Inc.	29.03%	36,000,000	$1.6B	trimmed−11%	+4.47 pp	8 q
METAMeta Platforms, Inc. Class A	9.68%	3,300,000	$543M	trimmed−35%	−1.72 pp	9 q
ACTAllergan PLC	6.77%	1,992,591	$380M	trimmed−41%	+0.24 pp	12 q
BABAAlibaba Group Holding Limited	4.41%	1,500,000	$247M	trimmed−43%	−1.26 pp	6 q
GOOGAlphabet Inc. Class C	4.26%	200,000	$239M	trimmed−40%	−0.01 pp	18 q
AABAAltaba Inc.	4.11%	3,380,000	$230M	trimmed−47%	−1.32 pp	6 q
TMUST-Mobile US, Inc.	3.37%	2,690,127	$189M	trimmed−33%	+0.61 pp	4 q
PCGPG&E Corporation	3.27%	3,991,033	$184M	added×2.2	+2.39 pp	4 q
LRCXLam Research Corp	3.18%	1,175,000	$178M	trimmed−15%	+0.42 pp	3 q
XPOXPO, Inc.	2.75%	1,349,868	$154M	trimmed−18%	+0.85 pp	5 q
CZRCaesars Entertainment, Inc.	2.65%	14,522,636	$149M	trimmed−8%	+0.70 pp	4 q
BACBank of America Corporation	1.78%	3,383,263	$100M	trimmed−53%	−0.58 pp	7 q
STTState Street Corporation	1.77%	1,185,823	$99M	new	+1.77 pp	new
NRGNRG Energy, Inc.	1.75%	2,616,982	$98M	added+2%	+0.84 pp	6 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.65%	348,890	$93M	trimmed−34%	+0.15 pp	7 q
unresolvedWmih Corp	1.56%	62,767,086	$87M	added×46.3	+1.54 pp	13 q
CNCCentene Corporation	1.52%	589,688	$85M	trimmed−43%	+0.06 pp	8 q
unresolvedEnergy Transfer Partners LP	1.52%	3,827,431	$85M	trimmed−31%	+0.30 pp	6 q
DGDollar General Corp.	1.45%	746,130	$82M	trimmed−19%	+0.40 pp	6 q
ETEnergy Transfer LP	1.36%	4,372,241	$76M	trimmed−27%	+0.17 pp	6 q
AYAtlantica Sustainable Infras	1.23%	3,351,273	$69M	trimmed−3%	+0.42 pp	10 q
KMTKennametal Inc.	1.15%	1,484,134	$65M	trimmed−26%	+0.31 pp	8 q
LNGCheniere Energy Inc	1.14%	918,000	$64M	trimmed−25%	+0.21 pp	4 q
OCOwens Corning	1.04%	1,073,813	$58M	trimmed−24%	+0.01 pp	22 q
HUNHuntsman Corporation	0.99%	2,030,039	$55M	trimmed−35%	−0.06 pp	22 q
SUMSummit Materials, Inc. Class A	0.97%	2,979,430	$54M	added+15%	+0.19 pp	8 q
VSTVistra Corp.	0.88%	1,983,745	$49M	added+6%	+0.37 pp	2 q
BYDBoyd Gaming Corporation	0.82%	1,356,000	$46M	added0%	+0.28 pp	3 q
TMOThermo Fisher Scientific, Inc.	0.81%	187,000	$46M	trimmed−68%	−0.59 pp	7 q
TERPTerraForm Power, Inc	0.63%	3,059,858	$35M	trimmed−10%	+0.17 pp	4 q
BSXBoston Scientific Corp.	0.59%	853,875	$33M	trimmed−66%	−0.37 pp	8 q
unresolvedPlatform Specialty Prods Cor	0.52%	2,323,706	$29M	trimmed−46%	−0.06 pp	3 q
WMBWilliams Companies Inc.	0.51%	1,044,422	$28M	new	+0.51 pp	new
AAPLApple Inc.	0.40%	100,000	$23M	new	+0.40 pp	new
SYKStryker Corporation	0.29%	92,000	$16M	trimmed−71%	−0.33 pp	6 q
VNTRVenator Materials PLC	0.22%	1,378,979	$12M	trimmed−21%	−0.11 pp	4 q
WFCWells Fargo & Co.	—	−3,256,261	—	exited	−2.09 pp	—
ALLYAlly Financial Inc.	—	−4,817,993	—	exited	−1.46 pp	—
UBSUBS Group AG	—	−6,828,480	—	exited	−1.22 pp	—
KEYKeyCorp	—	−5,351,561	—	exited	−1.21 pp	—
unresolvedWilliams Partners L P New	—	−2,119,775	—	exited	−0.99 pp	—
WDCWestern Digital Corp.	—	−1,099,500	—	exited	−0.98 pp	—
SYMCGen Digital Inc.	—	−3,800,000	—	exited	−0.91 pp	—
CFGCitizens Financial Group, Inc.	—	−1,257,694	—	exited	−0.57 pp	—
KNXKnight-Swift Transportation Holdings Inc. Class A	—	−1,100,700	—	exited	−0.49 pp	—
UALUnited Airlines Holdings, Inc.	—	−525,276	—	exited	−0.42 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−360,189	—	exited	−0.39 pp	—
NXPINXP Semiconductors N.V.	—	−219,272	—	exited	−0.28 pp	—
MGMMgm Resorts International	—	−793,504	—	exited	−0.27 pp	—
AMLPAlerian MLP ETF	—	−500,000	—	exited	−0.06 pp	—