David Tepper’s Appalosa Management, one of the most successful hedge funds, has released the 13F SEC filing for the second quarter of CY2012. The fund has 43 positions and portfolio is valued at $2,603,700,000. True assets under management are above $10 billion.
For the quarter ending on June 30, the fund’s major holdings are in Apple Inc. (NASDAQ:AAPL) makes up 11 percent of the portfolio, Citigroup Inc. (NYSE:C) 9 percent, United Continental Holdings Inc (NYSE:UAL) 8.8 percent, US Airways Group, Inc. (NYSE:LCC) 6.6 percent, and The Goodyear Tire & Rubber Company (NYSE:GT) makes up 5 percent of the total investments. Citigroup was re-added in the last quarter, the investment made up 8 percent of the portfolio in Q1.
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The fund bought new positions in Whirlpool Corporation (NYSE:WHR), with 0.7 million shares making up 1.65 percent of portfolio. New invesments were also initiated in MGM Resorts International (NYSE:MGM), with 2 million shares and Lam Research Corporation (NASDAQ:LRCX), with 0.4 million shares.
Appalosa Management expanded its stake in all of its top positions, except in Apple Inc. (NASDAQ:AAPL). The major additions were made to existing positions in QUALCOMM, Inc. (NASDAQ:QCOM) and Citigroup Inc. (NYSE:C) by 52 percent, Delta Air Lines Inc. by 41 percent, General Motors Company (NYSE:GM) by 114 percent, Owens Corning by 53 percent, EMC Corp by 65 percent, and Google Inc (NASDAQ: GOOG) by 36 percent. The fund also increased its shares in NetApp Inc. by more than 600 percent, NetApp Inc. (NASDAQ:NTAP) now makes up 0.9 percent of the portfolio. Google Inc (NASDAQ:GOOG) and QUALCOMM, Inc. (NASDAQ:QCOM) are now Appalosa’s sixth largest investment,making up a 4.93 percent portfolio share with Delta Air lines, Inc. (NYSE:DAL) and General Motors Company (NYSE:GM) following respectively.
Appalosa Management sold off its entire stake in CVR Energy, Inc. (NYSE:CVI). Other major reductions were done in Macy’s Inc (NYSE:M)., Nuance Communications Inc. (NASDAQ:NUAN), The Hartford Financial Services Grup Inc (NYSE:HIG), Bank of America Corp (NYSE:BAC), Dean Foods Company (NYSE:DF), and International Paper. Appalosa’s top holding, Apple Inc. (NASDAQ:AAPL) was also reduced by 24 percent. Apple Inc. (NASDAQ:AAPL) now makes up 11.5 percent of the portfolio, down from 16 percent in last quarter.
Appalosa Management’s portfolio, by sector, is divided with the largest investments in Information Technology (34 percent), Services (20 percent), Consumer Discretionary, and Financials (13.7 percent).