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TOP SECRET : MGM, AGN, CNC, GOOG, LNG, DG, OC and PCG; at the same time Appaloosa cut exposure to QQQ, XLF, BAC, URI, NRG, WPZ, ETP, ALL and HCA.

May 15th, 2018 | by Richard Paul
TOP SECRET : MGM, AGN, CNC, GOOG, LNG, DG, OC and PCG; at the same time Appaloosa cut exposure to QQQ, XLF, BAC, URI, NRG, WPZ, ETP, ALL and HCA.
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Tepper Dumps Entire Apple Stake, Doubles Down On Top Holding Micron: 13F Summary

As Warren Buffett was busy buying every share of Apple he could find in Q1, another hedge fund legend was selling: according to the latest Appaloosa 13F, one of the few positions that  in the first quarter was Apple, selling his entire stake of 4.588 million shares, worth roughly $776MM, during the first 3 months of the year (along with EEM, CMCSA, MHK, VST, CSX and LUV).

While there were few changes among Tepper’s top holdings, it is notable that Appaloosa aggressively added to its Micron stake, adding nearly 8 million shares to its existing 27.5 million, for a grand total of 35.4 million shares as of March 31, equivalent to $1.85BN, making Micron Tepper’s top position in the quarter. This was followed by Facebook at just under $1BN, Alibaba, at $743MM, Allergan at $622MM, Altaba at $594MM and Google at $419MM: yes, one more “hedge” fund that is really just a high beta “growth” and tech fund.

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Not surprisingly, therefore, the biggest new addition was Lam Research, at 1.3 million shares, followed by new positions in Wells Fargo (2.9MM shares), UBS (7MM shares), Applied Materials (1.57MM), SMH, AMLP, KNX, BYD, PAH and UAL.

In addition to nearly doubling his stake in MU, Tepper also added to his stakes in MGM, AGN, CNC, GOOG, LNG, DG, OC and PCG; at the same time Appaloosa cut exposure to QQQ, XLF, BAC, URI, NRG, WPZ, ETP, ALL and HCA.

Finally, in addition to dumping his entire AAPL stake, Tepper also liquidated holdings in EEM, CMCSA, MHK, VST, CSX and LUV.

A table summarizing all of Tepper’s key moves in Q1 is shown below.

Tepper Q1 2018

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