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Here’s a look at how billionaire hedge fund manager David Tepper’s Appaloosa Management was invested as of March 31.
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According to the quarterly Form 13F filed with the SEC Monday, the fund had upwards of $4 billion invested in U.S. equities. The fund, known for its fearless churning of portfolios and the consequent high turnover, increased the number of its equity positions from 29 to 53, and expanded its equity portfolio five times on a sequential basis.
Sector-wise, there is a significantly enhanced exposure to technology, with investments in Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), Oracle (NASDAQ:ORCL) and Microsoft (NASDAQ:MSFT). Tepper’s bet on Apple increased from 182,000 to 685,000 shares, valued at about $410 million on March 30. Google was a new investment, with 162,000 shares valued $102.1 million. In Microsoft, Tepper boosted his exposure from 725,000 to 1.25 million shares, worth $40 million, and in Oracle increased his stake from 1.3 million to 2.3 million, worth about $67 million.
The fund ramped up its investments in the airline sector considerably, tripling its investment in US Airways (NYSE:LCC) from 3.2 million to 10.7 million shares, worth about $81 million. In United Continental (NYSE:UAL), the fund increased its exposure almost seven times from 1.2 million to 8 million shares, valued at $172 million.
Tepper made new moves into the financial sector with an investment of $71 million in 7.5 million shares of Bank of America (NYSE:BAC). He also invested $223 million in 6.1 million shares of Citigroup (NYSE:C).
Clearly, Tepper sees value in beaten down sectors such as banks and airlines, and momentum in the auto sector as manufacturers restore profitability; the big bets in the technology sector are geared to capitalizing on growth.
However, take note that all of these positions were as of March 31, and a lot may have changed since then for Appaloosa.
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