Appaloosa

Q4 2018 13F · by David Tepper, portfolio manager

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $2.0B · prev $5.6B
Positions: 22 · prev 36
Options notional: $0
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 1.5%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves40 since the prior filing

+18.9 pp in · −19.0 pp out

New 4 +8.72 pp
Added 3 +10.23 pp
Trimmed 15 +5.84 pp
Exited 18 −24.80 pp

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions58% of US stock

MU Micron Technology, Inc. trimmed−3.55 pp trimmed−3.5525.5%
META Meta Platforms, Inc. Class A trimmed−0.30 pp trimmed−0.309.4%
ACT Allergan PLC trimmed+0.95 pp trimmed+0.957.7%
PCG PG&E Corporation added+4.44 pp added+4.447.7%
GOOG Alphabet Inc. Class C trimmed+3.31 pp trimmed+3.317.6%

Positions22 in this filing · 18 exited


MUMicron Technology, Inc.	25.48%	16,000,000	$508M	trimmed−56%	−3.55 pp	9 q
METAMeta Platforms, Inc. Class A	9.38%	1,425,000	$187M	trimmed−57%	−0.30 pp	10 q
ACTAllergan PLC	7.72%	1,150,000	$154M	trimmed−42%	+0.95 pp	13 q
PCGPG&E Corporation	7.71%	6,466,049	$154M	added+62%	+4.44 pp	5 q
GOOGAlphabet Inc. Class C	7.57%	145,600	$151M	trimmed−27%	+3.31 pp	19 q
AABAAltaba Inc.	6.82%	2,345,000	$136M	trimmed−31%	+2.71 pp	7 q
ETEnergy Transfer LP	5.12%	7,720,664	$102M	added+77%	+3.76 pp	7 q
CZRCaesars Entertainment, Inc.	4.52%	13,272,240	$90M	trimmed−9%	+1.87 pp	5 q
TMUST-Mobile US, Inc.	3.32%	1,038,710	$66M	trimmed−61%	−0.05 pp	5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.13%	250,000	$62M	trimmed−28%	+1.48 pp	8 q
AMLPAlerian MLP ETF	3.10%	7,066,871	$62M	new	+3.10 pp	new
AYAtlantica Sustainable Infras	2.95%	2,997,642	$59M	trimmed−11%	+1.72 pp	11 q
VSTVistra Corp.	2.91%	2,532,743	$58M	added+28%	+2.03 pp	3 q
ALLThe Allstate Corporation	2.52%	607,912	$50M	new	+2.52 pp	new
COOPMr. Cooper Group Inc.	2.41%	4,105,997	$48M	new	+2.41 pp	new
LNGCheniere Energy Inc	1.74%	586,655	$35M	trimmed−36%	+0.60 pp	5 q
TERPTerraForm Power, Inc	1.51%	2,681,843	$30M	trimmed−12%	+0.88 pp	5 q
NRGNRG Energy, Inc.	0.92%	460,969	$18M	trimmed−82%	−0.83 pp	7 q
WFCWells Fargo & Co.	0.69%	300,000	$14M	new	+0.69 pp	new
KMTKennametal Inc.	0.33%	195,709	$7M	trimmed−87%	−0.82 pp	9 q
unresolvedPlatform Specialty Prods Cor	0.14%	264,723	$3M	trimmed−89%	−0.38 pp	4 q
BACBank of America Corporation	0.03%	25,000	$616,000	trimmed−99%	−1.75 pp	8 q
BABAAlibaba Group Holding Limited	—	−1,500,000	—	exited	−4.41 pp	—
LRCXLam Research Corp	—	−1,175,000	—	exited	−3.18 pp	—
XPOXPO, Inc.	—	−1,349,868	—	exited	−2.75 pp	—
STTState Street Corporation	—	−1,185,823	—	exited	−1.77 pp	—
unresolvedWmih Corp	—	−62,767,086	—	exited	−1.56 pp	—
CNCCentene Corporation	—	−589,688	—	exited	−1.52 pp	—
unresolvedEnergy Transfer Partners LP	—	−3,827,431	—	exited	−1.52 pp	—
DGDollar General Corp.	—	−746,130	—	exited	−1.45 pp	—
OCOwens Corning	—	−1,073,813	—	exited	−1.04 pp	—
HUNHuntsman Corporation	—	−2,030,039	—	exited	−0.99 pp	—
SUMSummit Materials, Inc. Class A	—	−2,979,430	—	exited	−0.97 pp	—
BYDBoyd Gaming Corporation	—	−1,356,000	—	exited	−0.82 pp	—
TMOThermo Fisher Scientific, Inc.	—	−187,000	—	exited	−0.81 pp	—
BSXBoston Scientific Corp.	—	−853,875	—	exited	−0.59 pp	—
WMBWilliams Companies Inc.	—	−1,044,422	—	exited	−0.51 pp	—
AAPLApple Inc.	—	−100,000	—	exited	−0.40 pp	—
SYKStryker Corporation	—	−92,000	—	exited	−0.29 pp	—
VNTRVenator Materials PLC	—	−1,378,979	—	exited	−0.22 pp	—