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David Tepper, founder of Appaloosa Management filed 13f with SEC today. Tepper was on CNBC’s Squawk Box yesterday and talked about how bullish he is on the equity market and sees no near term chances of correction. David Tepper has been a long-only investor in equities for a while now—in his public equities portfolio, the top five positions are in Citigroup Inc (NYSE:C), United Continental Holdings Inc (NYSE:UAL), Apple Inc. (NASDAQ:AAPL), QUALCOMM, Inc. (NASDAQ:QCOM) and The Goodyear Tire & Rubber Company (NASDAQ:GT).
On CNBC, Tepper said that Apple Inc. (NASDAQ:AAPL) has to make a new product, a bigger screen or a cheaper phone, in order to excite the markets again. The fund sold almost half of its holding in Apple Inc. (NASDAQ:AAPL) in Q1; Tepper now owns 540k shares of the tech giant.
Lets take a look at his most bullish moves in last quarter.
Buys Hess, Comcast
David Tepper bought 479,500 shares of Hess Corp. (NYSE: HES) in Q1. Hess Corp. (NYSE: HES) has been the target of Paul Singer’s activism, whose firm Elliott Management is trying to shake up the board of the oil & gas explorer. This would be the best time to be a shareholder in Hess Corp, as Paul Singer does his magic. Hess offered two board seats to the hedge fund, an offer which was rejected by Elliott, but it seems that both parties will soon reach a truce. Other hedge funders who bought Hess Corp. (NYSE:HES) in the last quarter are Richard Perry, Taconic Capital and MFP Investors.
Appaloosa Management also bought new positions in Comcast Corporation (NASDAQ:CMCSA), Prudential Financial Inc (NYSE:PRU), Check Point Software Technologies Ltd. (NASDAQ:CHKP) and put options in Citigroup (NYSE:C).
Sells Oracle, Cooper & Gold
David Tepper exited positions in Oracle Corporation (NASDAQ:ORCL), Noble Corporation (NYSE:NE) and ENSCO PLC (NYSE:ESV). Appaloosa also closed its position in Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), selling 520,337 shares of the company.
The mining major Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) is one of the few stocks that has shown significant recovery after gold’s decline in April, although its shares are still down about 3 percent YTD.
Adds to Transocean, Sandisk
Tepper bought more of Transocean LTD (NYSE:RIG) and SanDisk Corporation (NASDAQ:SNDK) in Q1. Transocean LTD (NYSE:RIG) is the celebrated target of Carl Icahn’s proxy fight which has included scathing letters critizing the company’s board. The new position shows Tepper has faith in Icahn’s activism, which is not surprising.
Appaloosa also increased its positions in Celanese Corporation (NYSE:CE), Microsoft Corporation (NASDAQ:MSFT), Fusion-IO, Inc. (NYSE:FIO) and Metlife Inc (NYSE:MET) in the last quarter.