Billionaire David Tepper’s hedge fund had an active first quarter, in which it eliminated positions in several large companies while doubling down on some technology stocks. Securities filings released Monday showed that Tepper’s Appaloosa management sold mostly stocks in the first quarter, with two exceptions among its top holdings. The hedge fund manager added to positions in Amazon and Microsoft during the quarter. A notable purchase not on the list above is Uber. Appaloosa bought nearly 1.8 million shares of the transportation company’s stock during the first quarter, bringing the total to over 2 million. That stake was valued at approximately $72 million at the end of March. The fund made several notable moves in the retail industry. Appaloosa closed small positions in Foot Locker and Gap while larger positions in Macy’s and Kohl’s were reduced. Tepper also closed positions in construction companies DR Horton and PulteGroup, General Motors and telecommunications giant T-Mobile. T-Mobile and General Motors positions were both worth more than $100 million at the end of December. The moves in GM and retail stocks are reversals of purchases in the previous quarter. However, there was some buying during the quarter as Appaloosa opened two small casino positions in Wynn and Las Vegas Sands. Hedge funds’ quarterly securities filings show stocks owned directly by the funds and options on securities, but not short positions. Tepper told CNBC’s Jim Cramer last week that he had covered his short position on the Nasdaq. The filing also doesn’t show when exactly trades were made, so it’s unclear whether Tepper made those trades early enough in the quarter to avoid the big drop in shares.
https://www.cnbc.com/2022/05/16/david-tepper-added-to-three-major-tech-stocks-while-selling-gm-and-retail-names.html David Tepper added to three big tech stocks while selling GM and retail names