Appaloosa

Q1 2020 13F · by David Tepper, portfolio manager

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $3.3B · prev $3.9B
Positions: 30 · prev 22
Options notional: $0
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves35 since the prior filing

+13.3 pp in · −13.3 pp out

New 13 +13.72 pp
Added 4 −0.45 pp
Trimmed 13 −8.82 pp
Exited 5 −4.47 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 64% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions65% of US stock

AMZN Amazon.Com Inc trimmed+1.25 pp trimmed+1.2514.9%
BABA Alibaba Group Holding Limited trimmed+0.58 pp trimmed+0.5813.5%
GOOG Alphabet Inc. Class C trimmed−2.07 pp trimmed−2.0712.8%
META Meta Platforms, Inc. Class A trimmed−2.39 pp trimmed−2.3912.3%
MU Micron Technology, Inc. added+0.36 pp added+0.3611.4%

Positions30 in this filing · 5 exited


AMZNAmazon.Com Inc	14.92%	250,000	$487M	trimmed−14%	+1.25 pp	5 q
BABAAlibaba Group Holding Limited	13.49%	2,265,000	$440M	trimmed−6%	+0.58 pp	3 q
GOOGAlphabet Inc. Class C	12.85%	361,000	$420M	trimmed−18%	−2.07 pp	24 q
METAMeta Platforms, Inc. Class A	12.32%	2,413,000	$402M	trimmed−15%	−2.39 pp	15 q
MUMicron Technology, Inc.	11.41%	8,860,000	$373M	added+9%	+0.36 pp	14 q
TWTRTwitter, Inc.	4.16%	5,530,000	$136M	new	+4.16 pp	new
ACTAllergan PLC	3.77%	695,000	$123M	trimmed−46%	−2.51 pp	18 q
PCGPG&E Corporation	3.12%	11,340,000	$102M	trimmed−35%	−1.68 pp	10 q
NFLXNetFlix Inc	2.93%	255,000	$96M	new	+2.93 pp	new
ETEnergy Transfer LP	2.29%	16,288,665	$75M	added+45%	−1.37 pp	12 q
ADBEAdobe Inc.	2.17%	223,000	$71M	trimmed−7%	+0.16 pp	5 q
CRMSalesforce, Inc.	2.05%	465,500	$67M	trimmed−7%	−0.01 pp	5 q
TMUST-Mobile US, Inc.	1.98%	770,000	$65M	added+10%	+0.59 pp	10 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.91%	250,000	$62M	trimmed−17%	−0.33 pp	13 q
AVGOBroadcom Inc.	1.69%	233,000	$55M	trimmed−15%	−0.51 pp	3 q
unresolvedSprint Corporation	1.68%	6,380,000	$55M	new	+1.68 pp	new
QCOMQualcomm Inc	1.15%	557,000	$38M	new	+1.15 pp	new
HCAHCA Healthcare, Inc.	0.78%	285,000	$26M	new	+0.78 pp	new
TSLATesla, Inc.	0.67%	42,000	$22M	new	+0.67 pp	new
AMLPAlerian MLP ETF	0.64%	6,040,000	$21M	trimmed−8%	−0.77 pp	6 q
WFCWells Fargo & Co.	0.62%	700,000	$20M	new	+0.62 pp	new
GTGoodyear Tire & Rubber	0.60%	3,368,000	$20M	new	+0.60 pp	new
VSTVistra Corp.	0.59%	1,210,000	$19M	trimmed−30%	−0.41 pp	8 q
HUMHumana Inc.	0.57%	59,000	$19M	trimmed−21%	−0.13 pp	4 q
IIntelsat SA	0.48%	10,146,300	$16M	added×3.5	−0.03 pp	2 q
XLUState Street Utilities Select Sector SPDR ETF	0.46%	271,500	$15M	new	+0.46 pp	new
MSFTMicrosoft Corp	0.43%	90,000	$14M	new	+0.43 pp	new
BSXBoston Scientific Corp.	0.11%	115,000	$4M	new	+0.11 pp	new
BKLNInvesco Senior Loan ETF	0.09%	150,000	$3M	new	+0.09 pp	new
WESWestern Midstream Partners, LP	0.04%	395,101	$1M	new	+0.04 pp	new
CZRCaesars Entertainment, Inc.	—	−10,050,000	—	exited	−3.47 pp	—
LNGCheniere Energy Inc	—	−410,000	—	exited	−0.64 pp	—
CWENClearway Energy, Inc. Class C	—	−443,295	—	exited	−0.22 pp	—
Broadcom Incconvertible	—	−2,500	—	exited	−0.07 pp	—
NY4BClearway Energy Inc-a	—	−136,462	—	exited	−0.07 pp	—