Appaloosa Management, the hedge fund managed by David Tepper, disclosed that its equity portfolio has a market value of more than $9.058 billion at the end of the first quarter of fiscal 2014 based on its 13F filing with the Securities and Exchange Commission (SEC).
Appaloosa largest stock holdings
During the quarter, Appaloosa Management’s largest stock holdings included SPDR S&P 500 ETF Trust (NYSEARCA:SPY). The firm increased its stake in SPY by 5,964,098 shares to 6 million shares of call options worth more than $1.22 billion, which accounts for 12.39% of its portfolio.
Reputed short-seller Spruce Point Capital Management released its latest short report this week. The firm is shorting Canadian dairy and grocery manufacturer Saputo. Spruce Point chief Ben Axler believes the company is entering a phase of declining growth and highlights the financial stress and growing challenges he sees it facing, not only in Canada but Read More
The firm’s filing also showed that it reduced its stake in SPDR S&P 500 ETF Trust (NYSEARCA:SPY) by 6,582,486 shares to 4,814,613 shares worth $900.525 million—currently the firm’s second largest position representing 9.94% of its portfolio.
Appaloosa’s third largest position is 9,300,167 shares of PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) worth $815.439 million, followed by Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Class A shares worth $492.902 million. During the period, Tepper’s firm boosted its stake in the Class A shares of the search engine giant by 205,550 to 442,259 shares.
Citigroup Inc (NYSE:C) is the fifth largest stock holding of Appaloosa Management worth $479.577 million. The firm increased its stake in the bank by 400,000 shares to 10,075,139 shares.
Appaloosa new investments
Appaloosa Management invested $438.400 million in PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ) to acquire 5 million shares in call options.
The investment management firm purchased 183,224 shares of Priceline Group Inc (NASDAQ:PCLN) worth $218.383 million, Expedia Inc (NASDAQ:EXPE) shares worth $50.448 million and 478,500 shares Facebook Inc (NASDAQ:FB) worth $28.825 million.
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Appaloosa Increased stock holdings
Appaloosa also increased its stake in General Motors Company (NYSE:GM) by 2,916,066 shares to 7,884,118 shares. Its investment in the automaker is currently worth $271,371 million.
Appaloosa Management also boosted its stake in The Walt Disney Company (NYSE:DIS) by 1,103,000 shares to a total of 1,376,500 shares worth $110.216 million. The firm also acquired an additional 4,032,021 shares of Halliburton Company (NYSE:HAL), bringing its stake to total of 5,024,621 shares worth $314.839 million.
Appaloosa reduced positions
During the quarter, Appaloosa Management reduced its stake in American International Group Inc (NYSE:AIG) by 1.3 million shares to 1,224,848 shares. The insurance giant recently completed the sale of its aircraft leasing business for $7.6 billion to AerCap Holdings N.V. (NYSE:AER)
The investment management firm also cut its stake in MGM Resorts International (NYSE:MGM) by 2,823,111 shares, United Continental Holdings Inc (NYSE:UAL) by 1,398,870 shares, Metlife Inc (NYSE:MET) by 1.3 million shares and Beazer Homes USA, Inc. (NYSE:BZH) by 933,668 shares, among others.
Appaloosa sold out positions
Appaloosa Management sold all of its stake in EMC Corporation (NYSE:EMC), Foster Wheeler AG (NASDAQ:FWLT), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Hartford Financial Services Group Inc (NYSE:HIG) and Transocean LTD (NYSE:RIG), as well as other stocks.