Appaloosa

Q3 2020 13F · by David Tepper, portfolio manager

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $5.7B · prev $5.8B
Positions: 32 · prev 37
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%

Moves38 since the prior filing

+14.1 pp in · −14.1 pp out

New 1 +0.13 pp
Added 4 +13.92 pp
Trimmed 27 −11.60 pp
Exited 6 −2.50 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 60% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions54% of US stock

PCG PG&E Corporation added+12.03 pp added+12.0313.4%
BABA Alibaba Group Holding Limited trimmed−1.10 pp trimmed−1.1011.5%
TMUS T-Mobile US, Inc. trimmed−0.13 pp trimmed−0.1310.5%
MU Micron Technology, Inc. added+1.80 pp added+1.8010.2%
META Meta Platforms, Inc. Class A trimmed−0.63 pp trimmed−0.638.2%

Positions32 in this filing · 6 exited


PCGPG&E Corporation	13.41%	80,775,057	$758M	added×9.0	+12.03 pp	12 q
BABAAlibaba Group Holding Limited	11.54%	2,220,000	$653M	trimmed−34%	−1.10 pp	5 q
TMUST-Mobile US, Inc.	10.54%	5,215,000	$596M	trimmed−12%	−0.13 pp	12 q
MUMicron Technology, Inc.	10.17%	12,250,000	$575M	added+31%	+1.80 pp	16 q
METAMeta Platforms, Inc. Class A	8.18%	1,767,500	$463M	trimmed−21%	−0.63 pp	17 q
AMZNAmazon.Com Inc	7.88%	141,500	$446M	trimmed−37%	−2.90 pp	7 q
GOOGAlphabet Inc. Class C	6.69%	257,500	$378M	trimmed−23%	−1.51 pp	26 q
TWTRTwitter, Inc.	3.67%	4,660,000	$207M	trimmed−16%	+0.80 pp	3 q
MAMastercard Incorporated	2.65%	442,500	$150M	trimmed−19%	−0.15 pp	2 q
VVISA Inc.	2.40%	680,000	$136M	trimmed−19%	−0.42 pp	2 q
TAT&T Inc.	2.33%	4,625,000	$132M	trimmed−49%	−2.44 pp	2 q
PYPLPayPal Holdings, Inc.	2.13%	612,500	$121M	trimmed−30%	−0.50 pp	2 q
HCAHCA Healthcare, Inc.	2.06%	935,000	$117M	trimmed−11%	+0.29 pp	3 q
CRMSalesforce, Inc.	1.94%	437,500	$110M	trimmed−13%	+0.31 pp	7 q
DISThe Walt Disney Company	1.93%	880,000	$109M	trimmed−27%	−0.39 pp	2 q
ETEnergy Transfer LP	1.82%	18,971,419	$103M	added+25%	−0.05 pp	14 q
ADBEAdobe Inc.	1.52%	175,000	$86M	trimmed−15%	−0.04 pp	7 q
EMREmerson Electric Co.	1.43%	1,232,500	$81M	trimmed−12%	−0.08 pp	2 q
SYYSysco Corporation	1.40%	1,275,000	$79M	trimmed−32%	−0.38 pp	2 q
NFLXNetFlix Inc	1.16%	131,500	$66M	trimmed−43%	−0.66 pp	3 q
MSFTMicrosoft Corp	1.12%	302,500	$64M	added+9%	+0.14 pp	3 q
XYZBlock, Inc.	0.81%	282,500	$46M	trimmed−30%	+0.07 pp	2 q
MOAltria Group, Inc.	0.63%	925,000	$36M	trimmed−40%	−0.43 pp	2 q
GTGoodyear Tire & Rubber	0.62%	4,550,000	$35M	trimmed−9%	−0.16 pp	3 q
BSXBoston Scientific Corp.	0.53%	787,500	$30M	trimmed−17%	−0.05 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.39%	70,500	$22M	trimmed−48%	−0.30 pp	15 q
WFCWells Fargo & Co.	0.36%	875,000	$21M	trimmed−54%	−0.48 pp	3 q
AMLPAlerian MLP ETF	0.32%	905,000	$18M	trimmed−19%	−0.16 pp	8 q
PG&E Corpconvertible	0.13%	75,000	$7M	new	+0.13 pp	new
WESWestern Midstream Partners, LP	0.10%	712,816	$6M	trimmed−34%	−0.09 pp	3 q
TNNTenneco Inc-class A	0.09%	755,000	$5M	trimmed−31%	−0.05 pp	2 q
ENBLEnable Midstream Partners, LP	0.02%	307,116	$1M	trimmed−34%	−0.02 pp	2 q
AVGOBroadcom Inc.	—	−200,000	—	exited	−1.10 pp	—
QCOMQualcomm Inc	—	−515,500	—	exited	−0.82 pp	—
VSTVistra Corp.	—	−1,120,000	—	exited	−0.36 pp	—
TSLATesla, Inc.	—	−35,000	—	exited	−0.13 pp	—
HUMHumana Inc.	—	−14,000	—	exited	−0.09 pp	—
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	—	−1,550,000	—	exited	0.00 pp	—