Tracking David Tepper's Appaloosa Management Portfolio - Q2 2024 Update

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David Tepper’s Q2 2024 13F portfolio value decreased from ~$6.75B to ~$6.18B, with holdings reduced from 37 to 35.Top five positions: Alibaba, Amazon, Microsoft, Meta, and Alphabet, comprising ~45% of...

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SusanneB This article is part of a series that provides an ongoing analysis of the changes made to David Tepper’s 13F portfolio on a quarterly basis. It is based on Appaloosa Management’s regulatory 13F Form filed on 08/14/2024. Please visit our Tracking David Tepper’s Appaloosa Management Portfolio series to get an idea of his investment philosophy and our previous update for the fund’s moves during Q1 2024. This quarter, Tepper’s 13F portfolio value decreased from ~$6.75B to ~$6.18B. The number of holdings decreased from 37 to 35. The top five positions are Alibaba Group Holdings, Amazon, Microsoft, Meta Platforms, and Alphabet. They add up to ~45% of the portfolio. To know more about Tepper's distress investing style, check out the book Distress Investing: Principles and Technique. Stake Disposals: Microsoft (MSFT) Puts, and Norfolk Southern (NSC): These very small (less than ~1% of the portfolio each) stakes were dropped during the quarter. Stake Increases: Adobe Inc. (ADBE): The 3.24% of the portfolio position in ADBE was established during the last quarter at prices between ~$493 and ~$635 and the stock currently trades at ~$587. There was a minor ~3% increase this quarter. iShares China Large Cap ETF (FXI): FXI is a 2.92% of the portfolio stake purchased during the last quarter at prices between $21.14 and $24.64. There was a ~9% stake increase this quarter at prices between $23.57 and $29.24. The stock is now at $25.71. KraneShares China Internet (KWEB): KWEB is a ~2% of the portfolio position purchased last quarter at prices between ~$23 and ~$27. There was a ~30% stake increase this quarter at prices between $25.45 and $32.26. The stock currently trades at $25.53. Lyft Inc. (LYFT): The 1.82% LYFT stake was primarily built this quarter at prices between $13.33 and $19.52. The stock is now below that range at $11.62. JD.com (JD): JD is a 1.80% of the portfolio position purchased last quarter at prices between ~$21.50 and ~$28. This quarter saw a ~18% stake increase at prices between $25.06 and $35.27. The stock currently trades at $26.65. Uber Technologies (UBER): UBER is now at 1.77% of the portfolio. The original large stake was purchased in Q2 2021 at prices between ~$44 and ~$61. Q4 2021 saw that stake almost sold out at prices between ~$36 and ~$48. The position was rebuilt in the next quarter at prices between ~$29 and ~$44.50 but was again sold down in Q2 2022 at prices between ~$20.50 and ~$36.50. The three quarters through Q2, 2023 saw the stake rebuilt at prices between ~$24.40 and ~$44. Q4 2023 saw a ~17% trimming. The stake was decreased by 77% in the last quarter at prices between $57.58 and $81.39. The stock currently trades at $68.09. This quarter saw a ~10% stake increase. United Parcel Service (UPS): UPS is a 1.34% of the portfolio position established during Q4 2023 at prices between ~$135 and ~$163. The position was increased by 20% in the last quarter at prices between ~$136 and ~$158. The stock currently trades below their purchase price ranges at ~$128. There was a marginal increase this quarter. ASML Holdings (ASML), and KE Holdings (BEKE): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter. Stake Decreases: Alibaba Group Holdings (BABA): BABA is currently the largest position at 12.24% of the portfolio. It was built during Q2 2023 at prices between ~$79 and ~$103. There was a ~20% selling in the next quarter at prices between ~$84 and ~$102. Q4 2023 saw a similar increase at prices between ~$71 and ~$88. The position was increased by 159% during the last quarter at prices between $68.05 and $78.23. The stock currently trades at $85.49. This quarter saw a ~7% trimming. Amazon.com (AMZN): The large (top three) ~11% AMZN stake was purchased in Q1 2019 at prices between ~$75 and ~$91. The stake has wavered. Recent activity follows. There was a one-third increase during Q1 2023 at prices between ~$83 and ~$113. That was followed by a ~60% increase in the next quarter at prices between ~$98 and ~$130. Q3 2023 also saw a ~20% increase at prices between ~$126 and ~$145. The stock currently trades at ~$187. There was a ~9% trimming this quarter. Microsoft (MSFT): The large (top three) ~9% MSFT stake was built in 2020 at prices between $152 and $232. There was a whopping ~375% stake increase during Q2 2023 at prices between ~$275 and ~$348. That was followed by a one-third increase in the next quarter at prices between ~$312 and ~$358. The stake was decreased by 18% during the last quarter at prices between ~$366 and ~$429. This quarter also saw a similar reduction at prices between ~$388 and ~$452. The stock currently trades at ~$427. They are harvesting gains. Meta Platforms (META): META is now at ~8% of the portfolio. It was established in Q3 2016 at prices between $114 and $131 and increased by ~50% in the following quarter at prices between $115 and $133. H2 2017 saw a stake doubling at prices between $148 and $183. The position has since wavered. Recent activity follows. Q1 2023 saw a ~22% stake increase at prices between ~$125 and ~$212. That was followed by a ~115% increase next quarter at prices between ~$208 and ~$289. Q3 2023 also saw a ~30% increase at prices between ~$283 and ~$326. The stake was decreased by 39% in the last quarter at prices between ~$344 and ~$512. This quarter also saw a ~17% selling at prices between ~$430 and ~$527. The stock is currently at ~$526. They are harvesting gains. Alphabet Inc. (GOOG): GOOG is currently at 5.72% of the portfolio. It has been a significant presence in the portfolio since Q1 2012 and the original purchase was at prices between ~$14.50 and ~$16.25. The stake has wavered. Recent activity follows: Q1-Q3 2020 saw a ~40% reduction at prices between ~$53 and ~$86. That was followed with a ~60% reduction over the six quarters through Q2 2022 at prices between ~$87 and ~$151. There was a ~20% stake increase during Q3 2023 while the next quarter saw similar selling. The stock currently trades at ~$156. There was a ~10% trimming during the last quarter and a ~7% trimming this quarter. Oracle Corp (ORCL): ORCL is a 4.57% of the portfolio stake established during Q4 2023 at prices between ~$100 and ~$117. The stake was increased by 74% in the last quarter at prices between ~$102 and ~$129. The stock currently trades at ~$161. This quarter saw a ~13% trimming. PDD Holdings (PDD): PDD is a 4.18% of the portfolio stake that saw the position almost doubled during Q3 2023 at prices between ~$68 and ~$103. The next quarter saw the position sold down by ~45% at prices between ~$98 and ~$150. The stake was increased by 171% in the last quarter at prices between ~$110 and ~$151. The stock is now at ~$97. There was a ~8% trimming this quarter. Advanced Micro Devices (AMD): The 3.60% AMD position was purchased during Q2 2023 at prices between ~$82 and ~$129. Q4 2023 saw a ~12% trimming. The stake was decreased by 19% in the last quarter at prices between ~$135 and ~$211. That was followed by a similar reduction this quarter at prices between ~$144 and ~$183. The stock currently trades at ~$151. They are harvesting gains. Qualcomm Inc. (QCOM): The 2.71% QCOM position was purchased during Q2 2023 at prices between ~$103 and ~$128. There was a ~30% selling in the next quarter at prices between ~$106 and ~$131. That was followed by a ~23% reduction during Q4 2023 at prices between ~$105 and ~$146. The stock currently trades at ~$165. There was a ~15% trimming this quarter. FedEx Corp (FDX): FDX is a 2.67% of the portfolio position purchased during Q1 2023 at prices between ~$177 and ~$229. There was a ~85% stake increase in the next quarter at prices between ~$217 and ~$250. The stock currently trades at ~$286. There was a ~8% trimming this quarter. Baidu (BIDU): The 2.33% BIDU position was purchased during Q2 2023 at prices between ~$117 and ~$151. There was a ~50% reduction in the next quarter at prices between ~$125 and ~$156. The position was increased by 188% during the last quarter at prices between ~$98 and ~$118. The stock currently trades at ~$84. This quarter saw a ~8% trimming. Energy Transfer LP (ET): Energy Transfer Partners merged with Energy Transfer Equity and the resulting entity was renamed Energy Transfer LP (ET). The transaction closed during 2018, and terms were 1.28 shares of ETE for each ETP. Tepper held shares in both and those got converted to ET shares. There was a stake doubling in Q4 2019 at prices between $11 and $13. The next three quarters saw the stake again doubled at prices between $4.55 and $13.75 while Q2 2021 saw a ~45% selling at prices between ~$7.70 and ~$11.35. The stock is now at ~$16, and the stake is at ~2% of the portfolio. There was a ~12% selling in the last quarter and a similar reduction this quarter. UnitedHealth (UNH): UNH is now a 1.53% of the portfolio position. The original stake was built in Q4 2020 and Q1 2021 at prices between ~$305 and ~$377. The next five quarters saw a ~45% selling at prices between ~$367 and ~$546. There was a one-third stake increase during Q2 2023 at prices between ~$458 and ~$526. The stock currently trades at ~$588. There was a ~8% trimming this quarter. Intel Corp (INTC): INTC is a 1.39% of the portfolio stake established during Q2 2023 at prices between ~$27 and ~$36 and it is now at $19.36. There was a ~8% trimming during Q3 2023. That was followed by a ~26% reduction in the next quarter at prices between ~$32.50 and ~$50.75. The stake was decreased by another 18% during the last quarter at prices between $41.66 and $49.21. This quarter saw another ~25% selling at prices between $29.66 and $44.06. NVIDIA Corp (NVDA): NVDA is now a small 1.38% of the portfolio position. It was purchased during Q1 2023 at prices between ~$14 and ~$28. The position was increased by a whopping ~600% in the next quarter at prices between ~$26 and ~$44. Q4 2023 saw a ~23% selling at prices between ~$40 and ~$50. The stake was decreased by 44% in the last quarter at prices between ~$48 and ~$95. This quarter saw the stake reduced by ~85% at prices between ~$76 and ~$136. The stock currently trades at ~$119. They are harvesting gains. Note: The prices quoted above are adjusted for the 10-for-1 stock split in June. Antero Resources (AR), Boeing Co. (BA), Caesars Entertainment (CZR), Chesapeake Energy (CHK) & wts, EQT Corp (EQT), Lam Research (LRCX), Micron Technology (MU), MPLX LP (MPLX), Macy's Inc. (M), Southwestern Energy (SWN), and Taiwan Semi (TSM): These small (less than ~2.5% of the portfolio each) stakes were decreased this quarter. The spreadsheet below highlights changes to Tepper’s 13F stock holdings in Q2 2024:   David Tepper - Appaloosa LP Portfolio - Q2 2024 13F Report Q/Q Comparison (John Vincent (author)) Source: John Vincent. Data constructed from Appaloosa’s 13F filings for Q1 2024 and Q2 2024.  Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. 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