Appaloosa

Q2 2020 13F · by David Tepper, portfolio manager

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $5.8B · prev $3.3B
Positions: 37 · prev 30
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves42 since the prior filing

+26.3 pp in · −26.2 pp out

New 12 +20.61 pp
Added 11 +5.65 pp
Trimmed 14 −19.73 pp
Exited 5 −6.48 pp

The book

Concentrated · behaves like 14 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 36% a year, about 2.8 years per position

Low
Moderate
High

Top 5 positions51% of US stock

BABA Alibaba Group Holding Limited added−0.85 pp added−0.8512.6%
AMZN Amazon.Com Inc trimmed−4.14 pp trimmed−4.1410.8%
TMUS T-Mobile US, Inc. added+8.69 pp added+8.6910.7%
META Meta Platforms, Inc. Class A trimmed−3.51 pp trimmed−3.518.8%
MU Micron Technology, Inc. added−3.04 pp added−3.048.4%

Positions37 in this filing · 5 exited


BABAAlibaba Group Holding Limited	12.64%	3,375,000	$728M	added+49%	−0.85 pp	4 q
AMZNAmazon.Com Inc	10.78%	225,000	$621M	trimmed−10%	−4.14 pp	6 q
TMUST-Mobile US, Inc.	10.67%	5,900,000	$614M	added×7.7	+8.69 pp	11 q
METAMeta Platforms, Inc. Class A	8.81%	2,233,000	$507M	trimmed−7%	−3.51 pp	16 q
MUMicron Technology, Inc.	8.37%	9,350,000	$482M	added+6%	−3.04 pp	15 q
GOOGAlphabet Inc. Class C	8.20%	334,000	$472M	trimmed−7%	−4.65 pp	25 q
TAT&T Inc.	4.77%	9,077,200	$274M	new	+4.77 pp	new
TWTRTwitter, Inc.	2.87%	5,550,000	$165M	added0%	−1.29 pp	2 q
VVISA Inc.	2.82%	840,000	$162M	new	+2.82 pp	new
MAMastercard Incorporated	2.80%	545,000	$161M	new	+2.80 pp	new
PYPLPayPal Holdings, Inc.	2.63%	870,000	$152M	new	+2.63 pp	new
DISThe Walt Disney Company	2.32%	1,200,000	$134M	new	+2.32 pp	new
ETEnergy Transfer LP	1.87%	15,120,103	$108M	trimmed−7%	−0.42 pp	13 q
NFLXNetFlix Inc	1.82%	230,000	$105M	trimmed−10%	−1.11 pp	2 q
SYYSysco Corporation	1.78%	1,875,000	$102M	new	+1.78 pp	new
HCAHCA Healthcare, Inc.	1.77%	1,050,000	$102M	added×3.7	+0.99 pp	2 q
CRMSalesforce, Inc.	1.63%	500,000	$94M	added+7%	−0.42 pp	6 q
ADBEAdobe Inc.	1.56%	206,500	$90M	trimmed−7%	−0.61 pp	6 q
EMREmerson Electric Co.	1.51%	1,400,000	$87M	new	+1.51 pp	new
PCGPG&E Corporation	1.38%	8,943,659	$79M	trimmed−21%	−1.74 pp	11 q
AVGOBroadcom Inc.	1.10%	200,000	$63M	trimmed−14%	−0.59 pp	4 q
MOAltria Group, Inc.	1.06%	1,550,000	$61M	new	+1.06 pp	new
MSFTMicrosoft Corp	0.98%	277,500	$56M	added×3.1	+0.55 pp	2 q
WFCWells Fargo & Co.	0.84%	1,900,000	$49M	added×2.7	+0.22 pp	2 q
QCOMQualcomm Inc	0.82%	515,500	$47M	trimmed−7%	−0.33 pp	2 q
GTGoodyear Tire & Rubber	0.78%	5,000,000	$45M	added+48%	+0.18 pp	2 q
XYZBlock, Inc.	0.74%	403,793	$42M	new	+0.74 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.69%	135,000	$40M	trimmed−46%	−1.22 pp	14 q
BSXBoston Scientific Corp.	0.58%	950,000	$33M	added×8.3	+0.47 pp	2 q
AMLPAlerian MLP ETF	0.48%	1,118,000	$28M	trimmed−7%	−0.16 pp	7 q
VSTVistra Corp.	0.36%	1,120,000	$21M	trimmed−7%	−0.23 pp	9 q
WESWestern Midstream Partners, LP	0.19%	1,075,428	$11M	added×2.7	+0.15 pp	2 q
TNNTenneco Inc-class A	0.14%	1,100,000	$8M	new	+0.14 pp	new
TSLATesla, Inc.	0.13%	7,000	$8M	trimmed−83%	−0.54 pp	2 q
HUMHumana Inc.	0.09%	14,000	$5M	trimmed−76%	−0.48 pp	5 q
ENBLEnable Midstream Partners, LP	0.04%	463,670	$2M	new	+0.04 pp	new
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	0.00%	1,550,000	$260,000	new	0.00 pp	new
ACTAllergan PLC	—	−695,000	—	exited	−3.77 pp	—
unresolvedSprint Corporation	—	−6,380,000	—	exited	−1.68 pp	—
IIntelsat SA	—	−10,146,300	—	exited	−0.48 pp	—
XLUState Street Utilities Select Sector SPDR ETF	—	−271,500	—	exited	−0.46 pp	—
BKLNInvesco Senior Loan ETF	—	−150,000	—	exited	−0.09 pp	—