We just corrected the errors that caused by Appaloosa’s own incorrect initial filing with SEC. David Tepper seemed lost of the direction and his portfolio showed a significant turnover in the last quarter of 2011. Again, like many other hedge fund managers, Apple stock was the obviously convinced idea.

Top 20 Holdings (Value) of This Quarter

No. Security Put/Call Stock Shares Value(x$1000) Activity(Shr) % Port.
1.) CVR ENERGY INC CVI 5,004,961 $93,743 Cut -20.68% 12.26%
2.) GOODYEAR TIRE & RUBBER CO. GT 6,057,224 $85,831 Cut -43.72% 11.22%
3.) APPLE INC AAPL 181,850 $73,649 Added 377.06% 9.63%
4.) DEAN FOODS CO DF 6,178,936 $69,204 Cut -22.06% 9.05%
5.) BOSTON SCIENTIFIC CORP BSX 7,797,503 $41,639 New 5.44%
6.) ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N RBS-PN 3,352,443 $37,413 Unchanged 4.89%
7.) ORACLE CORP ORCL 1,218,526 $31,255 New 4.09%
8.) FINANCIAL SELECT SECTOR SPDR FUND SBI INTFINL XLF 2,150,000 $27,950 New 3.65%
9.) CALUMET SPECIALTY PRODUCTS PARTNERS LP UT LTD PARTNER CLMT 1,288,944 $25,985 Cut -3.37% 3.40%
10.) ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S RBS-PS 2,189,014 $25,261 Unchanged 3.30%
11.) ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T RBS-PT 1,912,014 $24,416 Unchanged 3.19%
12.) MACYS INC M 742,803 $23,903 Cut -77.40% 3.13%
13.) MUELLER WATER PRODUCTS INC. MWA 9,441,736 $23,038 Cut -10.52% 3.01%
14.) UNITED CONTINENTAL HOLDINGS INC. UAL 1,187,901 $22,416 Cut -70.39% 2.93%
15.) INTERNATIONAL PAPER COMPANY IP 728,487 $21,563 Cut -78.03% 2.82%
16.) ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q RBS-PQ 1,594,519 $19,294 Unchanged 2.52%
17.) VALERO ENERGY CORP VLO 908,161 $19,117 Cut -83.66% 2.50%
18.) MICROSOFT CORP MSFT 725,350 $18,830 Cut -57.63% 2.46%
19.) US AIRWAYS GROUP INC LCC 3,238,217 $16,418 Cut -65.15% 2.15%
20.) ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M RBS-PM 1,350,696 $15,317 Unchanged 2.00%

Top 20 (Value) Holdings Totally SOLD OUT in This Quarter

No. Security Put/Call Stock Shares SOLD Value(x$1000) % Port. Last Qtr
1.) CITIGROUP INC NEW C 2,519,761 $64,556 4.18%
2.) MICRON TECHNOLOGY, INC. MU 8,785,444 $44,279 2.87%
3.) APPLIED MATERIALS, INC. AMAT 4,144,385 $42,894 2.78%
4.) HOLLYFRONTIER CORPORATION HFC 1,599,244 $41,932 2.72%
5.) KLA-TENCOR CORPORATION KLAC 1,034,534 $39,602 2.57%
6.) MOSAIC COMPANY NEW MOS 737,000 $36,091 2.34%
7.) LAM RESEARCH CORPORATION LRCX 905,616 $34,395 2.23%
8.) GOOGLE INC. GOOG 51,311 $26,393 1.71%
9.) WESTERN REFINING INC WNR 2,039,872 $25,417 1.65%
10.) TESORO CORPORATION TSO 1,104,424 $21,503 1.39%
11.) DELTA AIR LINES, INC. (DE) DAL 2,856,389 $21,423 1.39%
12.) TERADYNE, INC. TER 1,663,910 $18,320 1.19%
13.) NAVISTAR INTERNATIONAL CORPORATION COMMON STOCK NAV 532,994 $17,120 1.11%
14.) AMR CORP. (DE) AMR 4,281,293 $12,673 0.82%
15.) TEMPLE-INLAND INC. TIN 383,336 $12,025 0.78%
16.) E*TRADE FINANCIAL CORPORATION ETFC 1,181,770 $10,766 0.70%
17.) GOODYEAR TIRE & RUBBER CO. PFD CONV 200,000 $7,790 0.51%
18.) BP P.L.C. BP 157,227 $5,671 0.37%
19.) KB HOME KBH 878,409 $5,147 0.33%
20.) PULTEGROUP, INC. PHM 1,115,812 $4,407 0.29%

We just noticed that Appaloosa filled an updated 13F with SEC and corrected problems with the initial filing. In Appaloosa’s initial filing (we extracted data from this one), the CUSIP numbers were misaligned with the name of issuers. Therefore, our data of Appaloosa are thus NOT CORRECT. It’s Appaloosa’s fault but we will correct our data soon.

More blogs to follow up on details of the data…

Fundville Analytics Team


It’s quite interesting that Viking Global dedicated a whole paragraph on this issue in its most recent investor letter. Courtesy of DealBreaker,

We are often asked by investors how we think about owning stocks that are widely held by other hedge funds. There is no categorical answer to this question, but I would like to discuss some of the factors we consider when establishing and maintaining positions in companies known to be popular with our peers. First and foremost, the critical issue is whether we are ultimately proven right in our analysis.

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As we said in our introduction blog of VPStock tool, we will have a lot of fun finding out the popular stocks among institutional investors, the “big guys” who move the market. Table 1 shows the top 100 most popular stocks chosen from the top 10 holdings of all 2720 institutional investors who filed 13F to SEC last quarter. This list is extremely important, in our view, it’s a much better representation of institutional investors’ view toward the stock market than Goldman Sach’s hedge fund “VIP 50″. Don’t forget that institutional money managers and mutual fund managers are also a significant part of the market, in addition to hedge fund managers. A recent academic study shows that top 25% holdings of mutual fund managers significantly outperformed the market in 15 years from 1990.

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Julian Robertson at U. of Virginia

Julian Robertson at U. of Virginia

From Wikipedia:

Julian H. Robertson Jr., KNZM (Hon) (born 1932) is an American former hedge fund manager. Now retired, Robertson invests directly in other hedge funds, most run by former employees of Robertson’s defunct hedge fund company.

He was born in Salisbury, North Carolina in the United States. Robertson founded the investment firm Tiger Management Corp., one of the earliest hedge funds. Robertson is credited with turning $8 million in start-up capital in 1980 into over $22 billion in the late 1990s, though that was followed by a fast downward spiral of investor withdrawals that ended with the fund closing in 2000.

In 1993, his compensation and share of Tiger’s gain exceeded $300 million. His 2003 estimated net worth was over $400 million, and in September 2009 it was estimated by Forbes at $2.2 billion, a substantial increase from the $1.3 billion estimated the previous year. Robertson said in 2008 that he shorted subprime securities and made money through credit default swaps.The following year, according to Forbes, Robertson’s return on his $200-million personal trading account was 150 percent.

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