"Tracking David Tepper’s Appaloosa Management Portfolio – Q1 2022 Update"
"David Tepper’s 13F portfolio value decreased from $3.89B to $2.50B this quarter.Appaloosa increased Amazon.com, Microsoft, and Uber Technologies while dropping D R Horton, General Motors, Pulte Group, and T-Mobile US.Alphabet, Amazon.com, Meta Platforms, Macys, and Micron Technology are the five largest positions.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 5/16/2022. Please visit our  to get an idea of his investment philosophy and our  for the fund’s moves during Q4 2021.This quarter, Tepper’s 13F portfolio value decreased ~36% from $3.89B to $2.50B as many positions were reduced or sold. The number of holdings decreased from 44 to 32. The top five positions are Alphabet, Amazon.com, Meta Platforms, Macys, and Micron Technology. They add up to ~47% of the portfolio. To know more about Tepper's distress investing style, check out the book .New Stakes:Las Vegas Sands (LVS) and Wynn Resorts (WYNN): These are the new positions this quarter. LVS is a 0.82% of the portfolio position established this quarter at prices between ~$32 and ~$48. The stock currently trades near the low end of that range at $34.17. The 0.72% WYNN stake was purchased at prices between ~$67 and ~$96 and it is now below that range at $64.43.Stake Disposals:T-Mobile US (TMUS): A fairly large stake in TMUS was purchased in Q4 2017 at prices between $55 and $64.50. The four quarters through Q1 2019 saw the position sold down at prices between $58 and $78. The position was rebuilt in Q2 2020 at prices between $82 and $110. Next quarter saw a ~30% selling at prices between $104 and $119. That was followed with a ~52% reduction over the three quarters through Q2 2021 at prices between ~$110 and ~$147. Next quarter saw similar selling at prices between ~$107 and ~$128. The elimination this quarter was at prices between ~$102 and ~$129. The stock is now at ~$133.Note: 1.55M shares of the increase in Q2 2020 were through Rights exercise as the company issued a Rights offering for up to 19.75M shares in June. Also, a small part of the increase was due to the merger with Sprint (S) that closed in April. Appaloosa had a 6.4M share position in Sprint for which they received ~600K shares.General Motors (GM): GM was a 3.39% of the portfolio stake established last quarter at prices between ~$53 and ~$65. It was disposed this quarter at prices between ~$40 and ~$66. The stock currently trades at $37.42.D R Horton (DHI) and Pulte Group (PHM): The ~3% DHI stake was purchased in Q1 2021 at prices between ~$66 and ~$91. It was sold this quarter at prices between ~$75 and ~$106. It currently trades at $72.86. The 2.13% PHM position was established in Q2 2021 at prices between ~$53 and ~$62. The stake was sold this quarter at prices between ~$42 and ~$57. The stock is now at ~$45Alight Inc. (ALIT): ALIT is a 1.19% of the portfolio stake purchased in Q3 2021 at prices between ~$8.50 and ~$13. There was a ~45% selling last quarter at prices between ~$10 and ~$12. The elimination this quarter was at prices between ~$8.50 and ~$11. The stock is now at $7.98.Alliance Data Systems (ADS), CarMax Inc. (KMX), Dick’s Sporting Goods (DKS), Foot Locker (FL), Gap Inc. (GPS), and iShares MSCI South Korea ETF (EWY): These are small (less than ~1.5% of the portfolio each) positions sold during the quarter.Stake Increases:Amazon.com (AMZN): The large (top three) ~11% AMZN stake was purchased in Q1 2019 at prices between $1500 and $1820. The next three quarters saw a ~75% stake increase at prices between $1690 and $2020. There was a ~50% selling from Q1-Q3 2020 at prices between ~$1677 and ~$3531. Q4 2020 saw an about turn: ~40% stake increase at prices between ~$3005 and ~$3444. There was a two-thirds selling over the next three quarters at prices between ~$2952 and ~$3731. This quarter saw a ~20% stake increase at prices between ~$2720 and ~$3408. The stock currently trades at ~$2222.Microsoft (MSFT): The 4.52% MSFT stake was built in 2020 at prices between $152 and $232. The two quarters through Q2 2021 had seen a ~45% selling at prices between ~$212 and ~$272. This quarter saw a ~25% stake increase at prices between ~$275 and ~$335. The stock currently trades at ~$266.Uber Technologies (UBER): UBER is now a 2.88% of the portfolio position. The stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Last quarter saw a ~90% reduction at prices between ~$36 and ~$48. The position was rebuilt this quarter at prices between ~$29 and ~$44.50. The stock currently trades at $23.10.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position at ~13% of the portfolio. 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 follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$1054 and ~$1717. That was followed with a ~55% reduction over the last five quarters at prices between ~$1736 and ~$3014. The stock currently trades at ~$2156.Meta Platforms (FB) previously Facebook: FB is a top-three 7.92% 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. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1-Q3 2020 had seen a ~40% selling at prices between $146 and $304 while next quarter saw a ~14% stake increase. The last five quarters have seen a ~55% selling at prices between ~$187 and ~$382. The stock is currently at ~$192.Note: FB has seen several previous roundtrips in the portfolio. The latest was a 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.Macys Inc. (M): The 7.71% Macys stake was almost doubled in Q3 2021 at prices between ~$16 and ~$25. There was a ~45% stake increase last quarter at prices between ~$22 and ~$37. This quarter saw a ~20% reduction at prices between ~$21.50 and ~$28. The stock is now at $22.92.Micron Technology (MU): MU is currently a 6.55% of the portfolio position. The stake was built in Q3 2019 at prices between $39.50 and $51. There was a one-third stake increase in Q4 2019 at prices between $42 and $55.50. The next three quarters had also seen a ~50% stake increase at prices between ~$34.50 and ~$60. There was a ~75% selling over the last five quarters at prices between ~$46.50 and ~$96. The stock currently trades at $70.60.Note: MU is a frequently traded stock in Tepper’s portfolio.Occidental Petroleum (OXY): OXY is a 6.45% of the portfolio stake established in Q4 2020 at prices between ~$8.90 and ~$21.30. H2 2021 saw a roughly one-third selling at prices between ~$23.20 and ~$32.90 while next quarter there was a ~15% stake increase at prices between ~$22 and $33. There was a ~55% reduction this quarter at prices between ~$31 and ~$61. The stock currently trades at $68.66EQT Corp (EQT): EQT is a 5.42% of the portfolio position built over the two quarters through Q3 2021 at prices between ~$16 and ~$23. There was a ~20% trimming this quarter at prices between ~$20 and ~$36. The stock is now at $47.40.Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed last January, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. Next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. There was a ~23% stake increase last quarter at prices between ~$8.15 and ~$10.20 while this quarter there was a similar selling at prices between ~$8.70 and ~$11.50. The stock is now at $11.57, and the stake is at 4.12% of the portfolio.UnitedHealth (UNH): UNH is now 3.43% of the portfolio position. The stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. Last four quarters have seen a ~40% selling at prices between ~$367 and ~$502. The stock currently trades at $502.PG&E Corp. (PCG): The 3.21% PCG stake was first purchased in Q4 2017 at prices between $44.50 and $70.75. Next year saw a combined ~500% stake increase at prices between $23 and $49. There was a ~260% stake increase in Q1 2019 at prices between $6.25 and $24.50. The position has since wavered. Recent activity follows. Q3 2020 saw a huge stake built at prices between $8.60 and $10 while the last six quarters saw a ~90% selling at prices between ~$8.50 and ~$13. The stock is now at ~$12.Antero Resources (AR) and Sysco Corp (SYY): The 2.41% stake in AR was established in Q1 & Q3 2021 at prices between ~$6 and ~$19. There was a ~30% stake reduction this quarter at prices between ~$17 and ~$31. The stock currently trades at ~$43. SYY is a 2.45% stake established in in Q2 2020 at prices between ~$40 and ~$62. The position has seen selling since. This quarter saw a ~11% trimming. The stock is now at ~$83.Mosaic Inc. (MOS): MOS is a 2.22% of the portfolio stake built in H1 2021 at prices between ~$23.50 and ~$37.50 and it is now at ~$59. This quarter saw a roughly two-thirds selling at prices between ~$39 and ~$71.SPDR Energy ETF (XLE): The 2.13% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. The position was increased by ~40% next quarter at prices between ~$38 and ~$54 while Q2 2021 saw similar selling at prices between ~$47 and ~$56. There was a two-thirds selling this quarter at prices between ~$57 and ~$79. The stock is now at ~$87.APA Corporation (APA), Alps Alerian MLP ETF (AMLP), Chesapeake Energy (CHK) & wts, Enterprise Product Partners (EPD), Freeport McMorran (FCX), Goodyear Tire & Rubber (GT), Kohls Corp (KSS), MPLX LP (MPLX), Nordstrom Inc. (JWN), SPDR S&P Oil & Gas ETF (XOP), and Western Midstream Partners (WES): These small (less than ~2% of the portfolio each) stakes were reduced this quarter.Kept Steady:Altimeter Growth 2 (AGCB) and TCV Acquisition (TCVA): These small (less than ~2.5% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/25/2021 to 2/27/2022: None."