6 Stocks Purchased by Billionaire Tepper Include Oracle, Apple
|David Tepper (Appaloosa Management)|
After eliminating his hedge fund's positions in bank stocks like Bank of America and Wells Fargo(WFC) in the third quarter, Tepper dropped his entire stake in Citigroup and E*Trade Financial(ETFC) during the past quarter. As of Sept. 30, Appaloosa owned 2.5 million shares of Citigroup with a market value of $64.5 million.
Hedge fund and investment managers who oversee more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the Securities and Exchange Commission within 45 days of the end of a quarter. Funds aren't required to report short positions, which bet on declines. Tepper ended the fourth quarter with 23 reported holdings that carried a market value of $764 million. During the quarter, Tepper sold completely out of 23 positions, including Citigroup and E*Trade.
Tepper took an ax to his energy, materials and industrials holdings, reducing the hedge fund's exposure to all three sectors from three months earlier. Petroleum refiners HollyFrontier(HFC) and Tesoro(TSO) , potash company Mosaic(MOS) and Delta Air Lines(DAL) were among Tepper's liquidations during the fourth quarter.