David Tepper’s Appaloosa Management wrapped up several positions in the last quarter, and made major reductions to a bunch of others. David Tepper’s position in Apple Inc. (NASDAQ:AAPL) was reduced from 383k shares to 139k shares. The fund also slashed its position in Ford Motor Company (NYSE:F) from 10.45 million shares to 2.76 million shares. Stake in Bank of America Corp (NYSE:BAC) was cut to 4.1 million shares from 6.3 million shares, and Fusion-IO, Inc. (NYSE:FIO) was cut to 1 million shares. Stakes in Google Inc (NASDAQ:GOOG) and SanDisk Corporation (NASDAQ:SNDK) were also trimmed.
Appaloosa sold out its entire stakes in Comcast Corporation (NASDAQ:CMCSA), Microsoft Corporation (NASDAQ:MSFT), NetApp Inc. (NASDAQ:NTAP) and CF Industries Holdings, Inc. (NYSE:CF) in the last quarter.
David Tepper buys J.C. Penney
While everybody else was selling J.C. Penney Company, Inc. (NYSE:JCP), David Tepper was buying it. The hedge fund bought 737,800 shares of the retailer in Q3. Other new holdings added were Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) (1.75 million shares), Tenet Healthcare Corp (NYSE:THC) and Community Health Systems (NYSE:CYH) (210k shares each) and Ingredion Inc (NYSE:INGR) (297k shares).
Tepper added to existing stakes in JPMorgan Chase & Co. (NYSE:JPM), Trinity Industries Inc (NYSE:TRN) and Celanese Corporation (NYSE:CE) in the past quarter.
Despite repeatedly touting a very bullish stance and his insistence that the markets will ride up for the foreseeable future, David Tepper cut exposure in the quarter ending in September. The value of his public long portfolio was down from $6.9 billion to $6.28 billion in Q3. Appaloosa’s $6.7 billion Palomino Fund is up 27.6% through the end of third quarter and is one of the top performers of the year.