Appaloosa Management Lp Quarterly Portfolio Highlights
David Tepper’s Appaloosa Management Lp just filed its quarterly 13F. Dated 26/05/2015, the 13f form reveals the hedge fund has a portfolio value of $5.70 billion, representing an increase of $1.65 billion from the previous quarter when it was $4.05 billion. Note: This filling reprents about 24.24% of Appaloosa Management Lp’s assets, which which are listed in the US.
|Previous Mkt Value:||$4,049,384,000|
|Chg Mkt Value %:||40.80%|
|Top 10 Holdings %:||67.39%|
Based on $23.52 billion in assets under management, Appaloosa Management Lp’s equity exposure represents 24.24% of assets. Please also note that we can’t know the Appaloosa Management Lp’s shorts and net exposure.
During this quarter, David Tepper’s Appaloosa Management Lp new positions included Powershares Qqq Trust (Call) (QQQ) for $413.22 million, Micron Technology Inc (MU) for $96.40 million, Jetblue Airways Corp (JBLU) for $91.06 million, U S G Corp (USG) for $50.54 million and Regions Finl Corp New (RF) for $48.59 million. These were the 5 biggest new positions. In total the hedge fund bought 10 new stocks.
|Top 5 New Buys|
|Powershares Qqq Trust (Call)||7.25%|
|Micron Technology Inc||1.69%|
|Jetblue Airways Corp||1.60%|
|U S G Corp||0.89%|
|Regions Finl Corp New||0.85%|
|13F Sector Allocation|
According to this 13f form the hedge fund increased its stakes in Delta Air Lines Inc Del (DAL) by 45% to $210.03 million, Huntsman Corp (HUN) by 32% to $179.20 million, Triumph Group Inc New (TGI) by 10% to $49.70 million, Hd Supply Hldgs Inc (HDS) by 118% to $88.56 million and Eastman Chem Co (EMN) by 92% to $63.08 million. Appaloosa Management Lp also acquired smaller stakes in Spdr S&P 500 Etf Tr (Call) (SPY) by 19590.21% to $928.94 million. Building positions gradually is normal investment strategy for many hedge funds.
David Tepper’s fund sold its stakes in American Airls Group Inc (AAL), American Rlty Cap Pptys Inc (ARCP) and Hartford Finl Svcs Group Inc. These securities constituted 5.77%, 0.65% and 0.42% of the fund’s portfolio, respectively. We can only speculate about the reasons for this selling but we believe it has to do with either value, momentum or a better place for Appaloosa Management Lp’s capital.
The fund also decreased its postitons in General Mtrs Co (Call) (GM) by -79.31%, Hca Holdings Inc (HCA) by -2.08%, Priceline Com Inc (PCLN) by -2.81%, United Contl Hldgs Inc (UAL) by -19.32% and Whirlpool Corp (WHR) by -33.34%.
Top 3 Positions
Spdr S&P 500 Etf Tr (Call) (SPY), General Mtrs Co (GM) and Powershares Qqq Trust (Call) (QQQ) made up the majority of Appaloosa Management Lp’s total US long portfolio in this quarter. These holdings were top 3 and constitute 33.6% of Appaloosa Management Lp’s US-listed securities. The top 10 holdings make approximately 67.39% of the fund’s portfolio.
The chart above provides an overview of Appaloosa Management Lp’s top 10 US-listed equity positions in this quarter.
Sector Allocation And Analysis
Appaloosa Management Lp increased the finance sector from 1% to 25%. The fund decreased the Consumer Discretionary, Transports and Information Technology sector positions by 29%, 39% and 52%, respectively.
So these are Q1 2015 fund’s sector weights now: consumer discretionary 29% for $1.65 billion, finance 25% for $1.43 billion, information technology 13% for $741.20 million, industrials 11% for $627.17 million, transports 10% for $570.16 million, health care 6% for $342.09 million, materials 5% for $285.08 million and consumer staples 1% for $57.02 million.
Important Position Changes
Top 10 Q1 2015 New Positions: Powershares Qqq Trust (Call) (QQQ), Micron Technology Inc (MU), Jetblue Airways Corp (JBLU), U S G Corp (USG), Regions Finl Corp New (RF), United Rentals Inc (URI), Mohawk Inds Inc (MHK), Lennar Corp (LEN), D R Horton Inc (DHI) and Bank Of America Corporation (BAC).
Top 10 Q1 2015 Sold Out Completely: American Airls Group Inc (AAL), American Rlty Cap Pptys Inc (ARCP) and Hartford Finl Svcs Group Inc.
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