Appaloosa’s biggest new position in the first quarter was in the PowerShares QQQ ETF, a stake $413 million as of March 31, according to a quarterly securities filing by David Tepper’s New Jersey-based hedge fund.
According to the filing, the portfolio increased its value by 40 percent over the quarter, from $4 billion to $5.7 billion.
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The company’s GM stake of 18.3 million shares was worth $687 million at the end of the first quarter, the filing said. Appaloosa was among a group of hedge funds that had been pushing for representation on the Detroit auto maker’s board, but GM quelled that potential proxy fight in March by unveiling a massive share buyback and other measures.
Below are some of the most interesting moves.
Buy
- The fund started new positions in Micron Technology, Inc. acquired almost $100 million (or 3, 553, 207 shares)
- $91 million (4, 730, 125 shares) in JetBlue Airways Corporation.
- Appaloosa ramped up its exposure to the SPDR S&P500 ETF, with its stake worth $934 million at the end of March. ETFs are investment baskets that mimic benchmarks like the S&P 500-stock index.
Sold
- In the latest 13F filing, Tepper ownership of zero in American Airlines Group Inc. shars. As of December 31, 2014, Appaloosa held 4, 355, 050 shares of the company, which represented about 5.7 percent of its total fourth quarter equity portfolio.
- General Motors Company was the largest long equity stake in Appaloosa’s first quarter portfolio. Its 18.3 million shares was worth $687 million and account for more than 10 percent of the portfolio’s total value. Appaloosa was among a group of hedge funds that had been pushing for representation on the auto maker’s board, but GM quelled that potential proxy fight in March by unveiling a massive share buyback and other measures.
- HCA Holdings, Inc – The fund owns 4, 906, 582 shares worth $369 million, after firm trimmed its stake by 2 percent over the quarter.
- Priceline Group Inc by 2% over the period, to 307, 974 shares, worth $358 million.
