"Tracking David Tepper’s Appaloosa Management Portfolio – Q4 2017 Update"
"David Tepper’s 13F portfolio value increased from $7.12B to $10.73B this quarter.Micron Technology is the largest individual stock position at ~11% of the portfolio.Appaloosa increased Micron Technology, Facebook, Powershares QQQ ETF, & Apple while reducing Alphabet, Energy Transfer Partners LP, and Williams Partners LP.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 02/14/2018. Please visit our  to get an idea of his investment philosophy and our  for the fund’s moves during Q3 2017.This quarter, Tepper’s 13F portfolio value increased ~50% from $7.12B to $10.73B. The number of holdings increased from 48 to 50. The top-five individual stock positions are Micron Technology, Facebook Inc., Apple Inc., Alibaba Group Holdings, and Altaba. Combined, they account for ~40% of the 13F holdings.To know more about Tepper's distress investing style, check out the book .New Stakes:T-Mobile US (TMUS): TMUS is a 2.28% of the portfolio position purchased this quarter at prices between $55 and $64.50 and the stock is currently at $60.06.iShares Emerging Market Index ETF (EEM), Select SPDR Energy ETF (XLE) Calls, and Select SPDR O&G ETF (XOP) Calls: These are new long positions on sector index ETFs. EEM is a large (top three) stake established at prices between $44.50 and $48 and it currently trades just above that range at $49.54. XLE Calls & XOP Calls are very small positions at 1.35% and 0.70% of the portfolio respectively established this quarter.Caesars Entertainment (CZR) & Notes, Comcast Corp. (CMCSA), and MGM Resorts International (MGM): These are very small (less than ~1% of the portfolio each) positions established this quarter.PG&E Corp. (PCG), Venator Materials plc (VNTR), Vistra Energy (VST), CSX Corporation (CSX), and Cheniere Energy (LNG): These are minutely small (less than 0.5% of the portfolio each) stakes purchased this quarter.Stake Disposals:PNC Financial (PNC): PNC was a 1.75% portfolio stake as of last quarter. It was established in Q3 2016 at prices between $78.50 and $91 and increased by ~220% the following quarter at prices between $88 and $118. Last quarter saw the position reduced by half at prices between $121 and $135 and the disposal this quarter was at prices between $132 and $147. The stock is now at $159. Tepper realized gains.Kinder Morgan Inc. (KMI): KMI was a ~1% portfolio stake first purchased in Q4 2015 at prices between $15 and $32. The position has wavered since. It was sold down by ~85% in H1 2016 at prices between $12 and $19. The three quarters thru Q1 2017 saw a ~250% stake increase at prices between $18 and $23 while the next two quarters saw a ~40% reduction at prices between $18.50 and $21.75. The elimination this quarter happened at prices between $16.75 and $19.25. The stock currently goes for $17.06.Whirlpool Corporation (WHR): WHR was a ~1% of the US long portfolio position as of last quarter. Most of the original stake was from Q1 & Q3 2014 at prices between $127 and $159. Recent activity follow: 2016 saw a two-thirds reduction at prices between $128 and $192. Last three quarters saw another ~45% reduction at prices between $165 and $198 and the disposal this quarter was at prices between $161 and $186. The stock currently trades at $173.Aerie Pharmaceuticals (AERI), Antero Resources (AR), Applied Materials (AMAT), CBS Corporation (CBS), Chesapeake Energy (CHK), General Motors (GM), Hain Celestial (HAIN), Peabody Energy (BTU), and Range Resources (RRC): These are very small (less than ~0.75% of the portfolio each) positions disposed this quarter.Note: GM is a frequently traded name in Tepper’s portfolio.Stake Increases:Micron Technology (MU): MU is the largest 13F position at 10.53% of the portfolio. The stake was built over the last five quarters at prices between $16.50 and $50. The stock is now at $44.21.Facebook Inc. (FB): FB is a large (top three) ~9% 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. Last quarter saw a ~40% increase at prices between $148 and $174 and that was followed with a two-thirds increase this quarter at prices between $168 and $183. The stock currently trades at $177.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.Powershares QQQ ETF (QQQ): QQQ is a large (top three) 8.42% of the portfolio position purchased in Q2 2017 at prices between $130 and $144. Last quarter saw a ~20% selling at prices between $136 and $146 while this quarter saw a ~300% stake increase at prices between $145 and $159. The stock currently trades at $165.Apple Inc. (AAPL): AAPL is now a very large (top five) ~7% of the portfolio stake. The position was built over the last two quarters at prices between $140 and $164. This quarter saw a huge ~240% stake increase at prices between $153 and $177. The stock is now at $172.Alibaba Group Holdings (BABA): BABA is a large (top five) ~7% of the portfolio stake established in Q1 2017 at prices between $107 and $144. There was a ~20% increase this quarter at prices between $170 and $191 and the stock currently trades at $184.Altaba Inc. (AABA) previously Yahoo: AABA is a fairly large 5.77% 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 this quarter at prices between $65 and $73. The stock is now at $73.51.Allergan plc (AGN): AGN is a fairly large 5.28% 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 last quarter at prices between $203 and $256. The pattern reversed again this quarter: ~85% increase at prices between $164 and $211. The stock is now at $164.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% last quarter at prices between $22.89 and $25.50. There was a ~170% stake increase this quarter at prices between $25 and $30. The stock currently trades at $31.97. BAC is a frequently traded stock in Tepper’s portfolio.Select Sector SPDR Financial ETF (XLF) Calls: The ~3% position in XLF Calls stake was established last quarter when it traded between $24 and $26. This quarter saw a ~40% increase as XLF traded between $26 and $28. It currently goes for $28.98.NRG Energy (NRG) and Ally Financial (ALLY): These two positons had seen large stake increases last quarter. 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. Both positions saw incremental purchases this quarter. NRG & ALLY positions are now at 2.59% & 2.18% of the portfolio respectively. NRG currently trades at $25.22 and ALLY at $28.67.XPO Logistics (XPO): XPO was a minutely small stake last quarter. The position was built up to a ~2% of the portfolio position this quarter at prices between $64.50 and $92. The stock is now at $91.43.Boston Scientific (BSX), Dollar General (DG), Energy Transfer Equity (ETE), HCA Healthcare (HCA), Peabody Energy pfd Cnvrts, and Summit Materials (SUM): These small positions (less than ~1% of the portfolio each) saw increases this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a ~3.50% 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. This quarter saw a ~37% reduction at prices between $952 and $1077. The stock currently trades at $1095.Energy Transfer Partners LP (ETP): ETP is a 1.37% 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. There was a ~20% reduction last quarter at prices between $18 and $21.50 and that was followed with a roughly one-third selling this quarter at prices between $15.50 and $18. The stock is now at $18.55.Williams Partners LP (WPZ): WPZ is now a small 1.34% portfolio position. It was first purchased in Q4 2015 at prices between $23 and $35. There was a ~20% selling last quarter at prices between $37 and $41.50 and that was followed with a ~50% reduction this quarter at prices between $35 and $40. The stock currently trades at $38.90.United Rentals (URI): URI is a 1.22% position. The original stake was built over the three quarters thru Q2 2017 at prices between $72 and $129. There was a ~20% reduction last quarter at prices between $107 and $139 and that was followed with a similar selling this quarter at prices between $139 and $173. The stock is now at $168.UnitedHealth (UNH): UNH is a 1.22% portfolio position built during the first three quarters of 2017 at prices between $158 and $200. The stock is currently at $229. There was a ~11% trimming this quarter.Owens Corning (OC): The original OC stake was established in Q1 & Q2 2012 at prices between $29 and $37. Last five quarters saw a combined two-thirds selling at prices between $46.50 and $92. The stock currently trades at $87.44. Tepper is harvesting gains. The remaining position is at 0.85% of the portfolio.Mohawk Industries (MHK): MHK is now a minutely small 0.18% position. The original 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 saw a combined ~88% selling at prices between $225 and $285. The stock is now at $250.Note: MHK has seen several roundtrips. The last one was a very small stake purchased in Q1 2015 and disposed in Q3 2015.Western Digital (WDC): WDC is a 0.44% of the portfolio stake established in Q2 2016 at prices between $35.50 and $51. It was reduced by ~21% the following quarter at prices between $43 and $59. Q1 2017 saw a ~16% increase at prices between $69 and $84 and that was followed with a stake-doubling in Q2 2017 at prices between $82 and $94. There was another reversal this quarter: ~77% selling at prices between $77 and $93. The stock is now at $84.91.Atlantica Yield plc (AY): AY is a ~0.70% 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 $20.40.Note: Tepper owns ~3.5% of ABY.Allstate Corporation (ALL), Centene Corp (CNC), Huntsman Corporation (HUN), Kennametal (KMT), Southwest Airlines (LUV), Stryker Corp. (SYK), Terraform Power (TERP), and Thermo Fisher Scientific (TMO): These are small positions (less than ~1% of the portfolio each) that saw reductions this quarter.Note: The minutely small 0.06% portfolio stake in WMIH Corp (WMIH) was kept steady this quarter. Tepper has a ~3.6% ownership stake in WMIH.The spreadsheet below highlights changes to Tepper’s US stock holdings in Q4 2017:Regulatory Filings thru 11/18/2017: None."