In its latest 13F filing with the U.S. Securities and Exchange Commission, Appaloosa Management LP, led by David Tepper, disclosed its equity portfolio as held at the end of 2014. The fund had a strong focus on Consumer, Transports, Technology, and Industrial stocks during the quarter. The value of the fund’s equity portfolio totaled $4.05 billion, which was a steep drop from the $6.79 billion it held at the end of the previous quarter, which was a result of him selling out of several high profile stocks, as we reported yesterday. Appaloosa reported its largest stakes in General Motors Company (NYSE:GM), HCA Holdings Inc (NYSE:HCA), Priceline Group Inc (NASDAQ:PCLN), Whirlpool Corporation (NYSE:WHR), and United Continental Holdings Inc (NYSE:UAL). We will now talk about these holdings in this piece.
New Jersey-based Appaloosa Management was founded in 1993 by Tepper and Jack Walton. The hedge fund manages $16 billion, and invests in public equity and fixed income markets around the world. Mr. Tepper earned $3.5 billion in 2013, and was listed in 2014 as one of the 25 Highest-Earning hedge fund managers in 2013.
Appaloosa’s top holding is General Motors Company (NYSE:GM), in which the fund reported ownership of 14.69 million shares, with a reported value of $512.44 million. The stake represents a slight decrease from the 14.86 million shares the fund held at the end of the previous quarter. Robert Hockett’s Covalent Capital Partners, in its latest 13F filing, disclosed owning 1.22 million shares of General Motors Company (NYSE:GM). Warren Buffett is also betting big on General Motors Company (NYSE:GM), with his fund Berkshire Hathaway increasing its position during the fourth quarter by 1.0 million shares to 41.00 million shares total.
Appaloosa, together with Frank Brosens’ Taconic Capital, Parag Vora’s HG Vora Capital Management, and Kyle Bass’ Hayman Advisors, is supporting Harry J. Wilson, who is seeking election to the board of directors of General Motors Company (NYSE:GM), and wants the company to buyback $8 billion in shares. General Motors Company (NYSE:GM) saw its fourth quarter earnings topple analyst’s estimates, mostly driven by strong sales on high margin SUV’s and trucks in North America, owing to record low fuel costs making such gas-guzzlers more palatable to consumers.
HCA Holdings Inc (NYSE:HCA) occupies the second position. During the fourth quarter, Appaloosa trimmed its stake in the company to 5.01 million shares from 5.33 million shares. The holding is valued at $367.73 million. HCA Holdings Inc (NYSE:HCA) is a $28.92 billion market cap provider of healthcare services. Other shareholders of the company include Larry Robbins’ Glenview Capital, which held 6.18 million shares as of December 31, 2014, and Paulson & Co, led by John Paulson, which reported holding 4.71 million shares of the company at the end of 2014.
Appaloosa disclosed its third largest stake in Priceline Group Inc (NASDAQ:PCLN), a $58.84 billion market cap provider of online travel and related services. The fund revealed holding 316,874 Priceline Group Inc (NASDAQ:PCLN) shares, valued at about $361.30 million. During the fourth quarter, Stephen Mandel’s Lone Pine Capital was bullish on Priceline Group Inc (NASDAQ:PCLN), as the fund upped its stake in the company by over 90% to around 1.40 million shares. Blue Ridge Capital, led by John Griffin, reduced its holding to 291,000 shares during the fourth quarter.
Next is Whirlpool Corporation (NYSE:WHR), in which Appaloosa disclosed ownership of just under 1.70 million shares, worth $329.09 million. The stake represents a decrease from the 2.00 million shares the fund reported previously. Whirlpool Corporation (NYSE:WHR) is a global manufacturer of home appliances, and has a market cap of $16.66 billion. Among the funds we track at Insider Monkey, Edgar Wachenheim’s Greenhaven Associates is the largest shareholder of the company among the funds we track, owning 2.46 million shares as of the end of December, 2014. Another large investor is Ric Dillon’s Diamond Hill Capital, which reported holding 1.38 million shares of the company as of December 31, 2014.
In United Continental Holdings Inc (NYSE:UAL), Appaloosa revealed holding 4.92 million shares, worth $329.04 million. Previously, the fund held 4.96 million shares as of September 30, 2014. United Continental Holdings Inc (NYSE:UAL) is a holding company, whose subsidiaries are United Air Lines Inc. and Continental Airlines Inc. The company has a market cap of $23.97 billion. Other funds that see value in United Continental Holdings Inc (NYSE:UAL) include Thomas E. Claugus’s GMT Capital, which reported ownership of 8.21 million shares as of the end of the third quarter of 2014. OZ Management, led by Daniel S. Och, disclosed holding 4.30 million shares of the company as of the end of 2014.
Disclosure: None
