Is David Tepper getting bearish on US stocks?
Recently, David Tepper seems to be reducing his US stock holdings (SPY), according to Appaloosa Management’s latest 13F filing with the Securities and Exchange Commission on Friday, November 13.
His investment in US stock is down to levels last seen in 2011. Tepper’s Appaloosa Management’s latest 13F filings indicate that the company has further cut down on its exposure to US stocks in the third quarter. For the quarter ended September 30, 2015, Tepper has reduced his US long equity portfolio from $4.0 billion to $2.9 billion. Tepper also reduced his US stock holdings in the second quarter, decreasing the allocation from $5.7 billion to $4.0 billion.
Tepper sells about 40% of his holdings in Apple
His top sells in the third quarter include Apple (AAPL), in which he reduced his holdings by about 40%. Under Tepper, Appaloosa Management has also sold part of its stakes in Priceline.com (PCLN), General Motors (GM), and Huntsman Corporation (HUN). Four of Appaloosa Management’s top five sells in the third quarter have been American companies. The fifth sell was China-based Alibaba Group Holding (BABA), of which Tepper sold his entire position. Looks like David Tepper is getting bearish on US stocks and China.
As we move ahead in this series, we’ll talk more about Tepper’s recent views on China (FXI) (ASHR) and how it could stand to affect US stocks. First let’s take a look at Tepper’s top buys in 3Q15, and analyze where his love for transportation stock stems from.