David Tepper’s Appaloosa Administration Portfolio Q2 2022 Replace

This text is a part of a collection that gives an ongoing evaluation of the modifications made to David Tepper’s 13F portfolio on a quarterly foundation. It’s based mostly on Appaloosa Administration’s regulatory 13F Type filed on 8/15/2022. Please go to our Monitoring David Tepper’s Appaloosa Administration Portfolio collection to get an thought of his funding philosophy and our earlier replace for the fund’s strikes throughout Q1 2022.

This quarter, Tepper’s 13F portfolio worth decreased ~36% from $2.50B to $1.59B as many positions had been lowered or bought. The variety of holdings decreased from 32 to 29. The highest 5 positions are Alphabet (GOOG, GOOGL), Meta Platforms (META), Amazon.com (AMZN), Constellation Power (CEG), and Macy’s (M). They add as much as ~50% of the portfolio. To know extra about Tepper’s misery investing fashion, try the guide Misery Investing: Ideas and Approach.

New Stakes:

Constellation Power: CEG is a big (high 5) 9.71% of the portfolio place established this quarter at costs between ~$53 and ~$67 and the inventory at present trades nicely over that vary at $80.83.

Observe: Constellation Power is Exelon’s (EXC) energy era and advertising enterprise that was spun off in February.

Salesforce (CRM) and Aptiv PLC (APTV): CRM is a ~2% of the portfolio place established this quarter at costs between ~$156 and ~$221 and the inventory is now at ~$165. The 1.40% of the portfolio stake in APTV was bought at costs between ~$86 and ~$120 and it’s now at $94.55.

HCA Healthcare (HCA), Alibaba Group Holding (BABA), Netflix, Inc. (NFLX), Caesars Leisure (CZR), and Walt Disney (DIS): These very small (lower than ~1% of the portfolio every) stakes had been established this quarter.

Stake Disposals:

Las Vegas Sands (LVS) and Wynn Resorts (WYNN): These two stakes established final quarter had been dropped this quarter. LVS was a 0.82% of the portfolio place established at costs between ~$32 and ~$48. The disposal this quarter was at costs between ~$30 and ~$40. The inventory at present at $37.93. The 0.72% WYNN stake was bought at costs between ~$67 and ~$96. The elimination this quarter was at costs between ~$52 and ~$82. It’s now at $62.33.

SPDR Power ETF (XLE): The two.13% XLE stake was bought in This autumn 2020 at costs between $27.70 and $41.60. The place was elevated by ~40% subsequent quarter at costs between ~$38 and ~$54 whereas Q2 2021 noticed related promoting at costs between ~$47 and ~$56. There was a two-thirds promoting final quarter at costs between ~$57 and ~$79. The remaining place was bought this quarter at costs between ~$71 and ~$92. The inventory is now at $82.84.

Altimeter Progress Corp. 2 (AGCB), APA Company (APA), Freeport-McMoRan (FCX), Goodyear Tire & Rubber (GT), Nordstrom, Inc. (JWN), SPDR S&P Oil & Gasoline ETF (XOP), TCV Acquisition (TCVA), and Western Midstream Companions (WES): These small (lower than ~2% of the portfolio every) stakes had been dropped this quarter.

Stake Will increase:

Meta Platforms: META is a top-three 10.12% of the portfolio stake established in Q3 2016 at costs between $114 and $131 and elevated by ~50% within the following quarter at costs between $115 and $133. H2 2017 noticed a stake doubling at costs between $148 and $183. The place has since wavered. Current exercise follows. Q1-Q3 2020 had seen a ~40% promoting at costs between $146 and $304 whereas subsequent quarter noticed a ~14% stake improve. The final 5 quarters had seen a ~55% promoting at costs between ~$187 and ~$382. The inventory is at present at ~$162. This quarter noticed a ~12% improve.

Observe: META has seen a number of earlier roundtrips within the portfolio. The most recent was a 3.28% of the portfolio place established in Q1 2016 at costs between $94 and $116 and bought the next quarter at costs between $109 and $121.

Power Switch LP (ET): Power Switch Companions merged with Power Switch Fairness and the ensuing entity was renamed Power Switch LP. The transaction closed final January, and phrases had been 1.28 shares of ETE for every ETP. Tepper held shares in each and people obtained transformed to ET shares. There was a stake doubling in This autumn 2019 at costs between $11 and $13. Subsequent three quarters noticed the stake once more doubled at costs between $4.55 and $13.75 whereas Q2 2021 noticed a ~45% promoting at costs between ~$7.70 and ~$11.35. The inventory is now at $12.14, and the stake is at 6.43% of the portfolio. This quarter noticed a ~12% improve.

Kohl’s Corp (KSS): The 4.20% KSS place noticed a ~170% stake improve this quarter at costs between ~$29 and ~$61. The inventory is now close to the low finish of that vary at $29.74.

MPLX LP (MPLX): The minutely small 0.35% stake in MPLX was elevated this quarter.

Stake Decreases:

Alphabet Inc.: GOOG is at present the biggest 13F place at ~14% of the portfolio. It has been a big presence within the portfolio since Q1 2012 and the unique buy was at costs between ~$14.50 and ~$16.25. The stake has wavered. Current exercise follows: Q1-Q3 2020 noticed a ~40% discount at costs between ~$53 and ~$86. That was adopted with a ~60% discount over the past six quarters at costs between ~$87 and ~$151. The inventory at present trades at ~$111.

Observe: the costs quoted above are adjusted for the 20-for-1 stock-split final Month.

Macy’s, Inc.: The highest-five 6.90% Macy’s stake was virtually doubled in Q3 2021 at costs between ~$16 and ~$25. There was a ~45% stake improve subsequent quarter at costs between ~$22 and ~$37. Final two quarters noticed a ~40% discount at costs between ~$17.50 and ~$28. The inventory is now at $18.48.

EQT Corp (EQT): EQT is a 6.15% of the portfolio place constructed over the 2 quarters by means of Q3 2021 at costs between ~$16 and ~$23. There was a ~40% discount over the past two quarters at costs between ~$20 and ~$50. The inventory is now at $49.67.

UnitedHealth (UNH): UNH is now a 4.84% of the portfolio place. The stake was inbuilt This autumn 2020 and Q1 2021 at costs between ~$305 and ~$377. Final 5 quarters have seen a ~45% promoting at costs between ~$367 and ~$546. The inventory at present trades at ~$529.

Microsoft (MSFT): The ~4% MSFT stake was inbuilt 2020 at costs between $152 and $232. The 2 quarters by means of Q2 2021 had seen a ~45% promoting at costs between ~$212 and ~$272. Final quarter noticed a ~25% stake improve at costs between ~$275 and ~$335 whereas this quarter, there was a roughly one-third discount at costs between ~$242 and ~$315. The inventory at present trades at ~$268.

Occidental Petroleum (OXY): OXY is a 3.23% of the portfolio stake established in This autumn 2020 at costs between ~$8.90 and ~$21.30. H2 2021 noticed a roughly one-third promoting at costs between ~$23.20 and ~$32.90 whereas subsequent quarter there was a ~15% stake improve at costs between ~$22 and $33. There was a ~85% discount over the past two quarters at costs between ~$31 and ~$71. The inventory at present trades at $73.55.

Antero Assets (AR) and Sysco Corp (SYY): The two.74% stake in AR was established in Q1 & Q3 2021 at costs between ~$6 and ~$19. There was a ~50% discount over the past two quarters at costs between ~$17 and ~$48. The inventory at present trades at $42.25. SYY is a 2.26% stake established in Q2 2020 at costs between ~$40 and ~$62. The place has seen promoting since. Final two quarters noticed a ~50% discount at costs between ~$75 and ~$90. The inventory is now at $83.63.

Micron Expertise (MU): MU is at present a ~2% of the portfolio place. The unique giant stake was inbuilt Q3 2019 at costs between $39.50 and $51. There was a one-third improve in This autumn 2019 at costs between $42 and $55.50. The following three quarters had additionally seen a ~50% improve at costs between ~$34.50 and ~$60. There was a ~93% promoting over the past six quarters at costs between ~$54 and ~$97. The inventory at present trades at $57.63.

Observe: MU is a continuously traded inventory in Tepper’s portfolio.

Uber Applied sciences (UBER): UBER is now a small 1.28% of the portfolio place. The unique giant stake was bought in Q2 2021 at costs between ~$44 and ~$61. This autumn 2021 noticed that stake virtually bought out at costs between ~$36 and ~$48. The place was rebuilt final quarter at costs between ~$29 and ~$44.50 however was once more bought down this quarter at costs between ~$20.50 and ~$36.50. The inventory at present trades at $28.58.

Chesapeake Power (CHK) & wts, Enterprise Merchandise Companions (EPD), Mosaic Firm (MOS), and PG&E Corp. (PCG): These small (lower than ~2.5% of the portfolio every) stakes had been lowered in the course of the quarter.

Stored Regular:

Amazon.com: The big (high three) ~10% AMZN stake was bought in Q1 2019 at costs between ~$75 and ~$91. The following three quarters noticed a ~75% stake improve at costs between ~$84.50 and ~$101. There was a ~50% promoting from Q1 to Q3 2020 at costs between ~$84 and ~$177. This autumn 2020 noticed an about flip: ~40% stake improve at costs between ~$150 and ~$172. There was a two-thirds promoting over the subsequent three quarters at costs between ~$148 and ~$187. Final quarter noticed a ~20% stake improve at costs between ~$136 and ~$170. The inventory at present trades at ~$131.

Observe: the costs quoted above are adjusted for the 20-for-1 inventory cut up in June.

ALPS Alerian MLP ETF (AMLP): The small 0.88% stake in AMLP was saved regular this quarter.

The spreadsheet beneath highlights modifications to Tepper’s 13F inventory holdings in Q2 2022:

Supply: John Vincent. Information constructed from Appaloosa’s 13F filings for Q1 2022 and Q2 2022.