"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2018 Update"
"David Tepper’s 13F portfolio value decreased from $10.73B to $9.72B this quarter.Micron Technology is the largest individual stock position at ~19% of the portfolio.Appaloosa increased Micron Technology & MGM Resorts while dropping Apple.This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory  filed on 05/15/2018. Please visit our  to get an idea of his investment philosophy and our  for the fund’s moves during Q4 2017.This quarter, Tepper’s 13F portfolio value decreased ~10% from $10.73B to $9.72B. The number of holdings increased from 50 to 53. The top-five individual stock positions are Micron Technology, Facebook Inc., Alibaba Group Holdings, Allergan, and Altaba. Combined, they account for ~50% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:Lam Research (LRCX), Wells Fargo (WFC), UBS Group AG (UBS), Applied Materials (AMAT), and Vaneck Semi ETF (SMH): LRCX is a medium-sized 2.71% of the portfolio stake established this quarter at prices between $162 and $229 and the stock currently trades at ~$196. The 1.58% WFC position was purchased at prices between $51 and $66 and it is now near the low end of that range at $53.70. UBS is a 1.26% portfolio stake established at prices between $17 and $21 and it currently trades below that range at $15.97. AMAT & SMH are very small (less than 1% of the portfolio each) stakes purchased this quarter.Alerian MLP Alps ETF (AMLP), Knight-Swift Transportation (KNX), Boyd Gaming (BYD), Platform Specialty Products (PAH), United Continental (UAL), and Nvidia Corp (NVDA): These are minutely small (less than ~0.5% of the portfolio each) positions established this quarter.Stake Disposals:Apple Inc. (AAPL): AAPL was a very large (top five) ~7% of the portfolio stake as of last quarter. The position was built during Q2 & Q3 2017 at prices between $140 and $164. Last quarter saw a huge ~240% stake increase at prices between $153 and $177. The stake was sold this quarter at prices between $155 and $182. The stock is now at ~$186.Mohawk Industries (MHK): The original MHK stake was established in Q1 2016 at prices between $152 and $192 and increased by ~37% the following quarter at prices between $178 and $201. Q3 2016 saw a ~24% reduction at prices between $186 and $216. Last three quarters had seen a combined ~88% selling at prices between $225 and $285. The remaining minutely small 0.18% portfolio position was disposed this quarter. The stock is now at $216.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.iShares Emerging Market Index ETF (EEM), : EEM was a large (top three) stake established last quarter at prices between $44.50 and $48. It was sold this quarter at prices between $45.50 and $52. The stock is now at $46.07.Comcast Corp. (CMCSA), CSX Corporation (CSX), Southwest Airlines (LUV), and Vistra Energy (VST): These are very small (less than ~1% of the portfolio each) positions disposed this quarter. CMCSA, CSX, and VST stakes were established last quarter. LUV position was from Q3 2015 and had wavered since.Stake Increases:Micron Technology (MU): MU is the largest 13F position at 19% of the portfolio. The stake was built over the last six quarters at prices between $17 and $61. The stock is now at $53.39.Facebook Inc. (FB): FB is a large (top three) ~10% of the portfolio stake established in Q3 2016 at prices between $114 and $131 and increased by ~50% the following quarter at prices between $115 and $133. Q3 2017 saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase last quarter at prices between $168 and $183. The stock currently trades at $183. This quarter also saw a ~12% increase.Note: FB has had several previous roundtrips in the portfolio: The latest was a fairly large 3.28% of the portfolio position established in Q1 2016 at prices between $94 and $116 and sold the following quarter at prices between $109 and $121.Allergan plc (AGN): AGN is a large 6.41% of the portfolio stake. It was built up over the five quarters thru Q4 2016 at prices between $188 and $323. The pattern reversed in Q1 2017: ~30% selling at prices between $210 and $250 and that was followed with another ~15% reduction the following quarter at prices between $219 and $249. There was another ~25% selling in Q3 2017 at prices between $203 and $256. The pattern reversed again last quarter: ~85% increase at prices between $164 and $211. The stock is now at $158. There was a ~7% increase this quarter. For investors attempting to follow Tepper, AGN is a good option to consider for further research.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 4.31% of the portfolio position. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between $290 and $325. The stake has wavered. Recent activity follow: Q3 2016 saw a 25% selling at prices between $692 and $787 while Q2 2017 saw a ~23% increase at prices between $824 and $984. Last quarter saw a ~37% reduction at prices between $952 and $1077 while this quarter there was a ~14% increase. The stock currently trades at $1066.T-Mobile US (TMUS): TMUS is a 2.61% of the portfolio position purchased last quarter at prices between $55 and $64.50 and the stock is currently at $56.93. There was a ~8% stake increase this quarter.UnitedHealth (UNH): UNH is a 1.56% portfolio position built during the first three quarters of 2017 at prices between $158 and $200. The stock is currently at ~$245. There was a ~11% trimming last quarter while this quarter saw a ~19% increase.Caesars Entertainment (CZR) and MGM Resorts International (MGM): These two ~1.5% portfolio positions were established last quarter and increased substantially this quarter. The CZR stake was more than doubled at prices between $10.50 and $14.50 and it is now at $12.85. The MGM position was increased by ~75% at prices between $33 and $38 and it currently trades just below that range at $32.34.Centene Corp (CNC) and Thermo Fisher Scientific (TMO): These two small ~1.3% stakes were decreased last quarter but saw increases this quarter. CNC position was increased by ~60% at prices between $99 and $112 and it is now at ~$115. The TMO positon saw a minor ~5% increase.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Last five quarters had seen a combined two-thirds selling at prices between $46.50 and $92. The pattern reversed this quarter: ~45% stake increase at prices between $77.50 and $96. The stock currently trades at $66. The position is now at 1.17% of the portfolio.Atlantica Yield plc (AY): AY is a ~0.77% portfolio position purchased in Q4 2015 at prices between $14.50 and $21. 2016 saw an overall ~8% trimming and that was followed with a ~40% reduction last year. The stock is now at $19.60.  There was a ~8% increase this quarter.Note: Tepper owns ~3.8% of ABY.Cheniere Energy (LNG), Dollar General (DG, Energy Transfer Equity (ETE), Huntsman Corporation (HUN), Kennametal (KMT), PG&E Corp. (PCG), Peabody Energy pfd Cnvrts, and Venator Materials plc (VNTR): These small positions (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a large (top five) 7.68% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase last quarter at prices between $170 and $191 and the stock currently trades at $195. This quarter saw a ~6% trimming.Altaba Inc. (AABA) previously Yahoo: AABA is a large ~6% of the portfolio position. It was first purchased in Q3 2016 at prices between $37.50 and $44. Q1 2017 saw a ~60% increase at prices between $38.50 and $47 and that was followed with a ~130% increase in the following quarter at prices between $46 and $56. There was a ~90% increase last quarter at prices between $65 and $73. The stock is now at $75.93. This quarter saw a ~10% trimming.Bank of America (BAC): BAC is a 4.72% position established in Q1 2017 at prices between $22 and $25.50 and reduced by ~30% in Q3 2017 at prices between $22.89 and $25.50. There was a ~170% stake increase last quarter at prices between $25 and $30 and that was followed with a ~36% reduction this quarter at prices between $29 and $33. The stock currently trades at $30.26. BAC is a frequently traded stock in Tepper’s portfolio.XPO Logistics (XPO): XPO was a minutely small stake in Q3 2017. The position was built up to a ~2% of the portfolio position last quarter at prices between $64.50 and $92. The stock is now at ~$108. There was a ~3% trimming this quarter.NRG Energy (NRG) and Ally Financial (ALLY): These two positons had seen large stake increases in Q3 2017. NRG stake saw a ~575% increase at prices between $16 and $26 while ALLY position saw a ~525% increase at prices between $20.50 and $24.50. The NRG position was reduced by ~30% this quarter at prices between $24 and $31 and it is now at $33.71. The ALLY position saw marginal trimming this quarter. Both are ~2% portfolio stakes.Powershares QQQ ETF (QQQ): QQQ was a large (top three) 8.42% of the portfolio position purchased in Q2 2017 at prices between $130 and $144. The following quarter saw a ~20% selling at prices between $136 and $146 while last quarter saw a ~300% stake increase at prices between $145 and $159. The zigzag trading continued this quarter: ~87% selling at prices between $154 and $174. QQQ currently trades at ~$168 and the stake is now very small at 1.27% of the portfolio.Energy Transfer Partners LP (ETP): ETP is a 1.12% of the portfolio position. The original stake is from Q4 2015 at prices between $28 and $47. The following quarter saw a ~200% increase at prices between $20 and $35. The pattern reversed in Q2 2016: ~30% selling at prices between $30 and $41. Q2 2017 saw another reversal: ~24% increase at prices between $18.50 and $24.50. Last three quarters saw a ~55% reduction at prices between $15.50 and $21.50. The stock is now at $18.98.Boston Scientific (BSX) and Summit Materials (SUM): These small positions (less than ~1% of the portfolio each) saw reductions this quarter. BSX was reduced by ~18% while SUM stake saw a minor ~2% trimming.Williams Partners LP (WPZ): WPZ is now a small ~1% portfolio position. It was first purchased in Q4 2015 at prices between $23 and $35. There was a ~70% selling over the last three quarters at prices between $35 and $43.50. The stock currently trades at $41.23.Select Sector SPDR Financial ETF (XLF) Calls, Select SPDR Energy ETF (XLE) Calls, and Select SPDR O&G ETF (XOP) Calls: A ~3% position in XLF Calls was established in Q3 2017 when XLF traded between $24 and $26. Last quarter saw a ~40% increase as XLF traded between $26 and $28. It currently goes for $27.95. The position was almost sold out this quarter as the underlying traded between $27 and $30. XLE & XOP Calls were very small stakes that saw ~75% reductions this quarter.United Rentals (URI): URI was a 1.22% position as of last quarter. The original stake was built over the three quarters thru Q2 2017 at prices between $72 and $129. There was a ~20% reduction in Q3 2017 at prices between $107 and $139 and that was followed with a similar selling last quarter at prices between $139 and $173. The stock is now at $170. The position was almost sold out this quarter at prices between $162 and $189.Allstate Corporation (ALL), HCA Healthcare (HCA), Terraform Power (TERP), Western Digital (WDC), and WMIH Corp (WMIH): These are small positions (less than ~1% of the portfolio each) that saw reductions this quarter.Kept Steady:Stryker Corp. (SYK) and Caesars Entertainment Notes: These are small positions (less than ~1% of the portfolio each) kept steady this quarter.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q1 2018:Regulatory Filings thru 2/20/2018: 13G/A – 2/14 – AY - ~3.54M shares – 3.5% of business."