Key Takeaways
- David Tepper's Appaloosa Administration entered a number of new positions within the fourth quarter, the largest of these being massive holdings in Oracle and the ARK Innovation ETF.
- Appaloosa additionally initiated positions in house enchancment, constructing supplies, and building corporations, together with Masco, Mohawk Industries, Owens Corning, and others.
- Tepper diminished the dimensions of positions in numerous tech names, notably chipmakers AMD, Intel, Qualcomm and TSMC, but additionally Alphabet and Uber.
- The fund additionally boosted its place in a handful of tech corporations, together with Amazon and Alibaba.
- Appaloosa exited positions in Arista Networks and Enterprise Merchandise Companions.
David Tepper’s hedge fund Appaloosa Administration shifted its holdings away from semiconductor shares in the course of the fourth quarter whereas boosting its positions in different tech shares. Appaloosa established massive new positions in laptop large Oracle Corp. (ORCL) and the ARK Innovation ETF (ARKK), in addition to smaller positions in constructing supplies and residential enchancment names, in response to the agency’s newest 13-F submitting.
New Positions in Tech, House Enchancment Corporations
Within the fourth quarter of 2023, Appaloosa’s greatest new positions concerned the acquisition of 1.3 million shares in Oracle Corp. (ORCL) value roughly $140 million and a name choice for nearly 2.6 million shares of the ARK Innovation ETF (ARKK) value greater than $133 million. Sizable new positions in FMC Corp. (FMC) and Common Motors Co. (GM) have been additionally notable.
Appaloosa additionally entered a number of new positions within the house enchancment, building, and constructing supplies areas. Tepper’s fund purchased up 130,000 shares of house enchancment agency Masco Corp. (MAS) valued at about $9 million. 95,000 shares of flooring producer Mohawk Industries Inc. (MHK) value virtually $10 million, and 25,000 shares of insulation and glass firm Owens Corning (OC), amongst others.
Reductions Throughout Tech, Boosts to Choose Few
Appaloosa diminished its positions in numerous tech companies in the course of the remaining months of 2023. The agency bought off 265,000 shares of Superior Micro Units (AMD), 450,000 shares of Alphabet Class C inventory (GOOG), 300,000 shares of Qualcomm Inc. (QCOM), about 1.25 million shares of Uber Applied sciences (UBER), and 500,000 shares of Taiwan Semiconductor Manufacturing Co. (TSM). The most important sell-off was practically 1.7 million shares of Intel Corp. (INTC), though Appaloosa’s remaining 4.6 million shares are nonetheless value about $231 million as of the submitting.
Exterior of the tech area, Tepper additionally made a number of different huge cuts. His fund bought off about 700,000 shares of Chinese language housing transaction firm KE Holdings Inc. (BEKE), 550,000 shares of Macy’s Inc. (M), and over 600,000 shares of Chinese language agricultural retailer PDD Holdings Inc. (PDD), trimming the final of those virtually in half.
Appaloosa additionally added to a number of of its preexisting positions. The most important of those have been a brand new 725,000 shares of Caesars Leisure Inc. (CZR) and near 500,000 shares of midstream oil firm MPLX LP (MPLX). A choose few tech companies additionally noticed a lift within the portfolio. These embrace Alibaba Group Holding (BABA), with 750,000 new shares, Amazon (AMZN), with 200,000 new shares, and Microsoft (MSFT), which was boosted by 65,000 shares.
Two Outstanding Exits
Appaloosa exited two positions totally within the fourth quarter. The corporate bought off 250,000 shares of Arista Networks (ANET) and virtually 500,000 shares of midstream oil and gasoline agency Enterprise Merchandise Companions (EPD), closing out each positions sooner or later within the final three months of the 12 months.
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