Tepper's Appaloosa Increases Exposure to Big Pharma, Reduces Risk in Financials (C, BAC, MRK, PFE, More...)

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August 17, 2010 12:53 PM EDT
Hedge fund titan David Tepper released the 13F for his Appaloosa Management L.P. fund for the quarter ended June 30, 2010.

The value of the disclosed portfolio is down from $3.31 billion at Marc 31, 2010 to $2.87 billion at June 30, 2010, but it should be noted that cash, short positions and various other securities are not required to be disclosed in the 13F filing.

During the quarter, David Tepper reduced his exposure to the U.S. financial sector lowering his stake in E*TRADE from over 5.6 million common shares to below one million, and reducing his Citi, BofA, and other financial holdings. Additionally, Tepper increased his positions with major pharma, doubling up on Merck and increasing Pfizer significantly.

Below a full summary of his notable moves:

Notable New Stakes:
  • Banco Santander, S.A. (NYSE: STD) to 754,015 common shares.
Raised Stakes:
  • Arkansas Best Corporation (Nasdaq: ABFS) from 186,402 to 209,502 common shares.
  • CF Industries Holdings Inc. (NYSE: CF) to 1,215,840 common shares.
  • Con-Way Inc. (NYSE: CNW) from 468,575 to 632,575 common shares.
  • Goodyear Tire & Rubber Co. (NYSE: GT) from 2,640,851 to 2,740,251 common shares.
  • Johnson & Johnson (NYSE: JNJ) from 1,269,320 to 1,325,920 common shares.
  • Merck & Co Inc. (NYSE: MRK) from 1,724,000 to 3,843,000 common shares.
  • Pfizer Inc. (NYSE: PFE) from 6,451,605 to 11,344,002 common shares.
  • Strategic Hotels & Resorts Inc. (NYSE: BEE) from 1,053,758 to 1,237,956 common shares.
Notable Lowered Stakes:
  • American Commercial Lines Inc. (Nasdaq: ACLI) from 26,763 to zero common shares
  • American International Group, Inc. (NYSE: AIG) from 7,466,813 to 5,467,396 common shares
  • AMR Corporation (NYSE: AMR) from 3,342,068 to 2,578,894 common shares.
  • Bank of America Corporation (NYSE: BAC) from 30,342,599 to 27,349,699 common shares.
  • BB & T Corp. (NYSE: BBT) from 710,391 to 567,091 common shares.
  • Brunswick Corporation (NYSE: BC) from 1,697,764 to 1,633,464 common shares.
  • Capital One Financial Corp. (NYSE: COF) from 2,239,047 to 1,767,747 common shares.
  • Citigroup Inc. (NYSE: C) from 62,391,781 to 57,783,144 common shares.
  • CNO Financial Group Inc. (NYSE: CNO) from 1,613,994 to 1,126,195 common shares.
  • Delta Air Lines Inc. (NYSE: DAL) from 1,898,378 to 1,397,641 common shares.
  • E-Trade Financial Corp. (Nasdaq: ETFC) from 5,628,973 to 498,897 common shares.
  • Fifth Third Bancorp (Nasdaq: FITB) from 17,009,383 to 12,695,506 common shares.
  • Gramercy Capital Corp. (NYSE: GKK) from 4,043,809 to 3,114,521 common shares.
  • Microsoft Corporation (Nasdaq: MSFT) from 2,444,000 to 391,400 common shares.
  • Navistar International Corp. (NYSE: NAV) from 762,383 to 751,683 common shares.
  • Newcastle Investment Corp. (NYSE: NCT) from 4,190,882 to 4,095,197 common shares.
  • NRG Energy Inc. (NYSE: NRG) from 1,786 to zero common shares.
  • Office Depot Inc. (NYSE: ODP) from 198,126 to zero common shares.
  • OfficeMax Inc. (NYSEL OMX) from 325,852 to 159,052 common shares.
  • Sunoco Inc. (NYSE: SUN) from 601,311 to 535,354 common shares.
  • Suntrust Banks Inc. (NYSE: STI) from 5,492,937 to 4,738,890 common shares.
  • SuperMedia Inc. (Nasdaq: SPMD) from 500,431 to 495,164 common shares.
  • Tesoro Corp. (NYSE: TSO) from 1,256,100 to 1,048,600 common shares.
  • Hartford Financial Services Group (NYSE: HIG) from 6,586,333 to 6,181,233 common shares.
  • UAL Corp. (NYSE: UAL) from 2,247,998 to 2,11,738 common shares.
  • US Airways Group Inc. (NYSE: LCC) from 2,251,518 to 1,749,966 common shares.
  • Valassis Communications Inc. (NYSE: VCI) from 553,639 to zero common shares.
  • Valero Energy Corp. (NYSE: VLO) from 2,874,645 to 2,613,064 common shares.
  • Wells Fargo & Co. (NYSE: WFC) from 8,960,000 to 7,901,200 common shares.
  • Yahoo! Inc. (Nasdaq: YHOO) from 3,132,652 to 3,065,172 common shares.
  • YRC Worldwide Inc. (Nasdaq: YRCW) from 29,630,917 to 20,612,217 common shares.
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