Appaloosa Management: 13F holdings, Q4 2015
Macro / discretionary · SEC EDGAR filings (CIK 0001006438) · Explore on the interactive board
Appaloosa Management disclosed 51 US equity positions worth $4.4bn in its Q4 2015 13F filing (holdings as of December 31, 2015, filed February 12, 2016). Its largest position is GM at 9.7% of the reported book, followed by GOOG, DAL. The top ten holdings are 59.0% of the book, and the portfolio behaves like about 21 equal-weight positions. Versus the prior filing it opened 26 new positions, added to 12, reduced 7 and exited 7. Note: this manager's most recent filing is 42 quarters behind the newest quarter on file, so these figures are history rather than current positioning.
What does Appaloosa Management own? Top holdings as of December 31, 2015
Change is measured in shares against the previous filing (Q3 2015), so price moves do not read as decisions. This quarter: 26 new, 12 added, 7 reduced, 7 exited.
| # | Stock | Sector | Weight | Value | Shares | Δ shares | Action |
|---|---|---|---|---|---|---|---|
| 1 | GM GENERAL MTRS CO | Consumer Cyclical | 9.7% | $428.0m | 12,585,294 | -2% | reduced |
| 2 | GOOG ALPHABET INC | Communication Services | 9.2% | $406.9m | 536,150 | – | new |
| 3 | DAL DELTA AIR LINES INC DEL | Industrials | 8.4% | $371.2m | 7,323,415 | 21% | added |
| 4 | HCA HCA HOLDINGS INC | Healthcare | 7.0% | $306.8m | 4,537,063 | 28% | added |
| 5 | WHR WHIRLPOOL CORP | Consumer Cyclical | 5.4% | $237.2m | 1,614,903 | 42% | added |
| 6 | LUV SOUTHWEST AIRLS CO | Industrials | 4.2% | $184.8m | 4,292,484 | 162% | added |
| 7 | ALL ALLSTATE CORP | Financial Services | 4.1% | $181.4m | 2,920,987 | 367% | added |
| 8 | ENERGY TRANSFER PRTNRS L P | 3.9% | $173.5m | 5,143,082 | – | new | |
| 9 | OC OWENS CORNING NEW | Industrials | 3.6% | $158.0m | 3,359,738 | 0% | held |
| 10 | KMI KINDER MORGAN INC DEL | Energy | 3.2% | $140.9m | 9,445,321 | – | new |
| 11 | PRICELINE GRP INC | 3.2% | $140.3m | 110,010 | 12% | added | |
| 12 | AAPL APPLE INC | Technology | 3.0% | $133.0m | 1,264,000 | -3% | reduced |
| 13 | ABENGOA YIELD PLC | 2.8% | $121.6m | 6,303,713 | – | new | |
| 14 | HD SUPPLY HLDGS INC | 2.2% | $96.1m | 3,201,595 | 41% | added | |
| 15 | TERRAFORM PWR INC | 2.2% | $95.6m | 7,600,000 | – | new | |
| 16 | HUN HUNTSMAN CORP | Basic Materials | 2.1% | $91.4m | 8,037,950 | 0% | held |
| 17 | PFE PFIZER INC | Healthcare | 1.8% | $77.9m | 2,412,250 | – | new |
| 18 | PPG PPG INDS INC | Basic Materials | 1.7% | $74.2m | 751,154 | – | new |
| 19 | ALPS ETF TR | 1.6% | $71.4m | 5,925,778 | – | new | |
| 20 | GT GOODYEAR TIRE & RUBR CO | Consumer Cyclical | 1.6% | $69.9m | 2,139,050 | -64% | reduced |
| 21 | NXPI NXP SEMICONDUCTORS N V | Technology | 1.5% | $67.4m | 800,000 | -65% | reduced |
| 22 | WILLIAMS PARTNERS L P NEW | 1.5% | $66.1m | 2,372,159 | – | new | |
| 23 | IR INGERSOLL-RAND PLC | Industrials | 1.3% | $57.7m | 1,043,967 | 51% | added |
| 24 | HPE HEWLETT PACKARD ENTERPRISE C | Technology | 1.3% | $55.6m | 3,660,641 | – | new |
| 25 | URI UNITED RENTALS INC | Industrials | 1.3% | $55.6m | 766,046 | -8% | reduced |
| 26 | CHICAGO BRIDGE & IRON CO N V | 1.2% | $54.2m | 1,391,088 | 11% | added | |
| 27 | EMN EASTMAN CHEM CO | Basic Materials | 1.1% | $47.3m | 700,333 | -11% | reduced |
| 28 | ALLERGAN PLC | 1.1% | $46.9m | 150,000 | – | new | |
| 29 | MYLAN N V | 1.0% | $46.2m | 853,749 | 82% | added | |
| 30 | WMIH CORP | 1.0% | $43.8m | 16,902,465 | 0% | held | |
| 31 | RRC RANGE RES CORP | Energy | 0.9% | $39.5m | 1,606,452 | – | new |
| 32 | TG7 TRIUMPH GROUP INC NEW | 0.8% | $35.7m | 897,061 | 7% | added | |
| 33 | UAL UNITED CONTL HLDGS INC | Industrials | 0.8% | $34.4m | 600,985 | 28% | added |
| 34 | SOUTHWESTERN ENERGY CO | 0.7% | $31.2m | 4,383,752 | – | new | |
| 35 | CYH COMMUNITY HEALTH SYS INC NEW | Healthcare | 0.6% | $26.5m | 1,000,000 | – | new |
| 36 | CTRA CABOT OIL & GAS CORP | 0.6% | $24.6m | 1,388,466 | – | new | |
| 37 | FCX FREEPORT-MCMORAN INC | Basic Materials | 0.5% | $24.1m | 3,557,460 | – | new |
| 38 | KAYNE ANDERSON MLP INVT CO | 0.4% | $17.5m | 1,010,040 | – | new | |
| 39 | EQT EQT CORP | Energy | 0.4% | $16.7m | 319,823 | – | new |
| 40 | EXP EAGLE MATERIALS INC | Basic Materials | 0.3% | $13.0m | 215,133 | -72% | reduced |
| 41 | AR ANTERO RES CORP | Energy | 0.3% | $12.2m | 557,465 | – | new |
| 42 | TEEKAY OFFSHORE PARTNERS L P | 0.1% | $6.5m | 1,000,000 | – | new | |
| 43 | SPY SPDR S&P 500 ETF TR | 0.1% | $4.7m | 22,854 | 0% | held | |
| 44 | GM GENERAL MTRS CO | 0.1% | $4.6m | 190,011 | 0% | held | |
| 45 | TEEKAY LNG PARTNERS L P | 0.1% | $3.3m | 250,000 | – | new | |
| 46 | GM GENERAL MTRS CO | 0.1% | $3.1m | 190,011 | 0% | held | |
| 47 | TORTOISE ENERGY INFRSTRCTR C | 0.0% | $1.3m | 47,105 | – | new | |
| 48 | CLEARBRIDGE ENERGY MLP FD IN | 0.0% | $1.2m | 78,328 | – | new | |
| 49 | NRG YIELD INC | 0.0% | $921.0k | 66,190 | – | new | |
| 50 | NRG YIELD INC | 0.0% | $767.0k | 51,989 | – | new |
What did Appaloosa Management sell? Positions exited since the previous filing
| Stock | Prior weight | Prior value |
|---|---|---|
| JBLU JETBLUE AIRWAYS CORP | 35.7% | $115.8m |
| GOOGLE INC | 35.0% | $113.6m |
| TEX TEREX CORP NEW | 9.1% | $29.7m |
| U S G CORP | 8.9% | $28.9m |
| RYLAND GROUP INC | 7.5% | $24.3m |
| KBR KBR INC | 2.7% | $8.8m |
| AXIALL CORP | 1.0% | $3.4m |
Sector mix
| Sector | Weight |
|---|---|
| Industrials | 19.6% |
| Consumer Cyclical | 16.7% |
| Healthcare | 9.3% |
| Communication Services | 9.2% |
| Technology | 5.8% |
| Basic Materials | 5.7% |
Sectors cover positions whose ticker resolved to a sector; the remainder is unclassified, not cash.
Filing history
How concentrated is Appaloosa Management's portfolio?
Across every quarter Appaloosa Management has filed, its median largest position is 12.9% of the book and its median top-ten weight is 59.0%, which WhaleCreep classifies as concentrated (the gate is a median largest position of 5%). Of 96 completed holding spells, the median lasted 3.0 quarters; 49 positions are still open and their final length is unknown.