Appaloosa

Q2 2019 13F · by David Tepper, portfolio manager

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $2.3B · prev $3.4B
Positions: 23 · prev 22
Options notional: $6.9B
Documents: 1· no amendments

Picture25.3% US stock

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

US stock listed on a US exchange 25.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.4%
Puts at notional value 0.0%
Calls at notional value 74.3%

Moves29 since the prior filing

+19.0 pp in · −19.0 pp out

New 3 +1.86 pp
Added 6 +17.15 pp
Trimmed 14 −15.06 pp
Exited 2 −3.95 pp

Options: 4 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 10 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 268% a year, about 0.4 years per position

Low
Moderate
High

Top 5 positions66% of US stock

PCG PG&E Corporation trimmed+4.36 pp trimmed+4.3616.5%
META Meta Platforms, Inc. Class A trimmed+5.43 pp trimmed+5.4315.2%
AMZN Amazon.Com Inc added+6.30 pp added+6.3014.9%
GOOG Alphabet Inc. Class C added+4.91 pp added+4.919.9%
ACT Allergan PLC trimmed−4.25 pp trimmed−4.259.3%

Positions23 in this filing · 2 exited


PCGPG&E Corporation	16.46%	16,828,015	$386M	trimmed−27%	+4.36 pp	7 q
METAMeta Platforms, Inc. Class A	15.24%	1,850,000	$357M	trimmed−8%	+5.43 pp	12 q
AMZNAmazon.Com Inc	14.95%	185,000	$350M	added+12%	+6.30 pp	2 q
GOOGAlphabet Inc. Class C	9.92%	215,000	$232M	added+48%	+4.91 pp	21 q
ACTAllergan PLC	9.25%	1,295,000	$217M	trimmed−59%	−4.25 pp	15 q
CZRCaesars Entertainment, Inc.	5.65%	11,200,000	$132M	trimmed−19%	+2.13 pp	7 q
ETEnergy Transfer LP	3.52%	5,852,527	$82M	trimmed−13%	+0.49 pp	9 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.49%	335,000	$82M	added+34%	+1.67 pp	10 q
CRMSalesforce, Inc.	3.24%	500,000	$76M	added×2.5	+2.31 pp	2 q
AABAAltaba Inc.	3.11%	1,050,000	$73M	trimmed−55%	−2.02 pp	9 q
AMLPAlerian MLP ETF	2.75%	6,550,000	$65M	trimmed−13%	+0.54 pp	3 q
TMUST-Mobile US, Inc.	2.21%	700,000	$52M	trimmed−22%	+0.38 pp	7 q
VSTVistra Corp.	1.66%	1,719,100	$39M	trimmed−24%	−0.07 pp	5 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	1.51%	1,300,000	$35M	added×6.5	+1.33 pp	2 q
MUMicron Technology, Inc.	1.48%	900,000	$35M	trimmed−95%	−21.93 pp	11 q
ADBEAdobe Inc.	1.41%	112,000	$33M	added+12%	+0.63 pp	2 q
LNGCheniere Energy Inc	1.20%	410,000	$28M	trimmed−30%	+0.02 pp	7 q
HUMHumana Inc.	1.08%	95,391	$25M	new	+1.08 pp	new
CWENClearway Energy, Inc. Class C	0.50%	700,200	$12M	trimmed−18%	+0.12 pp	2 q
IIntelsat SA	0.49%	592,000	$12M	new	+0.49 pp	new
COOPMr. Cooper Group Inc.	0.44%	1,290,000	$10M	trimmed−51%	−0.30 pp	3 q
CNCCentene Corporation	0.29%	127,815	$7M	new	+0.29 pp	new
NY4BClearway Energy Inc-a	0.15%	210,200	$3M	trimmed−16%	+0.04 pp	2 q
BABAAlibaba Group Holding Limited	—	−700,000	—	exited	−3.76 pp	—
XLEState Street Energy Select Sector SPDR ETF	—	−100,000	—	exited	−0.19 pp	—