David Tepper added to three major tech stocks while selling GM and retail names

The hedge fund of billionaire David Tepper had an active first quarter, exiting positions in several major company’s while doubling down on a few tech names. Securities filings released Monday showed that Tepper’s Appaloosa Management was largely a seller of equities during the first quarter, with two exceptions among his top holdings. The hedge fund manager did add to his positions in Amazon and Microsoft during the quarter. One notable buy not on the list above is Uber . Appaloosa bought nearly 1.8 million shares in the transportation company during the first quarter, bringing its total to more than 2 million. That stake was valued at about $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 trimming larger positions in Macy’s and Kohl’s . Tepper also closed out positions in homebuilders D.R. Horton and PulteGroup , General Motors and telecom giant T-Mobile . The T-Mobile and General Motors positions were both worth more than $100 million at the end of December. The moves in GM and the retail stocks are reversals of purchases in the prior quarter. There was some buying during the quarter, though, as Appaloosa initiated two small casino positions in Wynn and Las Vegas Sands . The quarterly securities filings from hedge funds show stocks that are 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 against the Nasdaq . The filing also does not show when exactly trades were made, so it is unclear if Tepper made these trades early enough in the quarter to avoid the major drawdown in stocks.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News