Tepper Files First Quarter 13F, Cuts Core Holdings

Tyler Durden's picture

Back in September 2010, following David Tepper's first "balls to the wall" appearance on CNBC, we were not very surprised to learn that the seemingly permabullish hedge fund manager had taken the opportunity to follow up on the brief euphoria his speech generated then to cut 20% of his positions in assorted financial stocks - just the stocks he was praising loud and clear to the financial station with the plunging viewership.  Moments ago, Tepper's Appaloosa filed its 13F for the quarter ended March 31, so yes, before his most recent appearance yesterday. Yet we were somewhat confused by why the manager, once again so bullish he could see no scenario that could send stocks lower, and who estimated a war in the middle east could lead to a mindblowing 5% drop in the market, decided to trim his core holdings.

To wit:

  • AAPL, which was his biggest holdings at December 31, with 912,661 shares amounting to $486 million, was trimmed by 41% to just 540,000. Perhaps he was merely locking in the losses during one of AAPL's worst quarters in recent history?
  • Citigroup, currently his top stake with 8,519,547 shares amounting to $377 million: stake cut by 7.3% from December 31.
  • United Continental Holdings, currently his second highest stake with 8,508,613 shares amounting to $272.4 million: stake cut by 6.7% from December 31.
  • AIG, previously his third largest holding, and the latest and greatest hedge fund hotel darling: stake cut by 28.6% from 6 million shares to 4.3 million

And so on.

In other words we wonder: was Tepper's appearance yesterday simply to frontrun himself and to give him the opportunity to buy stocks he likes at higher prices, or, and it pains us to even contemplate it, sell more of his exposure to suckers?

Some other highlights:

  • New stakes in Comcast, Check Point, Prudential, Hess, and seemingly after hiring a new materials analyst, Ashland, Fluor, KBR and Foster Wheeler.
  • Stakes exited: QQQ, Oracle, NE, ESV.

Full breakdown of Top 40 positions below:

Tepper December 31 and March 31 holdings

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yogibear's picture

LOL, look at what he does, not what he says.

Taking the opportunity to exit gracefully. Then he's positioning on the other side.  When the time is right he will slant his talk on CNBS the other way.

Pladizow's picture

"Yet we were somewhat confused by why the manager....."

Um because he's a lying Wall St Fuck!

Divided States of America's picture

Big surprise there, CNBC is basically a paid for Informercial by the greedy Wall Streeters to sucker the sheeps into the slaughterhouse...

Look at the number of pumpers on these last few days...Tepper, Birinyi, FINK, the fuckin list goes on

King_of_simpletons's picture

Aholes are getting nervous. 

 Apparently waiting for a correction is going to cost you. http://finance.yahoo.com/blogs/breakout/waiting-correction-cost-big-time-says-baker-145931602.html


and NY Fed is now in the business of pumping the stock market overtly: http://finance.yahoo.com/blogs/breakout/ny-fed-study-stocks-never-cheaper-160119648.html

Deep Desperation to shoot their load on Mom and Pop.

Headbanger's picture

They wreak of fear now.  I can't wait to see those douche bags Kernan and Liesman running a hot dawg stand when CNBS viewrship goes negative after the market implodes

Larry Dallas's picture

Note to self:

Never invest in any manager that like to talk on CNBC. It will only end in crying.

slaughterer's picture

The forensics on Tepper's portfolio does not matter: ES will close this week at 1670.  

azzhatter's picture

Imagine that, A sociopath Tepper visits the sociopaths at CNBC and lies. A real shocker I tell you. CNBC is a lie

pudding's picture

Come get some muppets

Headbanger's picture

Get some MOAR muppets...


lolmao500's picture



Israel Hints at New Strikes, Warning Syria Not to Retaliate

A senior Israeli official signaled on Wednesday that Israel was considering further military strikes on Syria to stop the transfer of advanced weapons to Islamic militants, and he warned the Syrian president, Bashar al-Assad, that his government would face crippling consequences if it retaliated against Israel.

The Israeli official said: “Israel is determined to continue to prevent the transfer of advanced weapons to Hezbollah. The transfer of such weapons to Hezbollah will destabilize and endanger the entire region.”

“If Syrian President Assad reacts by attacking Israel, or tries to strike Israel through his terrorist proxies,” the official said, “he will risk forfeiting his regime, for Israel will retaliate.”

The Israeli official, who has been briefed by high-level officials on the Syria situation in the past two days, declined to be identified, citing the need to protect internal Israeli deliberations.


Los Angeles Wants To Confiscate Legal 10+ Magazines

In another move to pretend they’re accomplishing something other than attacking the Second Amendment and emboldening violent criminals. The city of Los Angeles has filed a proposed ordinance that would allow police to confiscate legally owned magazines that hold more than 10 rounds. Thanks to a motion by Councilman Paul Krekorian of the City Council’s Public Safety Committee.

The unconstitutional law would ban possession of magazines under a nuisance law.

yogibear's picture

Currency wars, then real wars. 

It's from Weapons of Mass Deception to Weapons of Mass destruction.

HD's picture

Where can I find this Tepper story on CNBC's site?

doomandbloom's picture

Everyone talks their books...even Kyle Bass

Seasmoke's picture

Many good people are going to have to kill before they leave this planet.

prains's picture

yes at some point people will wake up and realize, chances of survival will be the inverse of their population density. If you hedge to gold for wealth preservation, what's your hedge to health preservation??

when the bottom drops out of this slow crash and burn into Detroitification and the curve speeds right past wealth to health preservation, how long is your siege defence going to last? All depends on how many people are outside the walls.


population density ! Glitchez!


Cognitive Dissonance's picture

"In other words we wonder: was Tepper's appearance yesterday simply to frontrun himself and to give him the opportunity to buy stocks he likes at higher prices, or, and it pains us to even contemplate it, sell more of his exposure to suckers?"

Several weeks ago a penny stock pump and dumper called me trying to get me to put some of my clients into his penny stock. I told him I did not participate in penny stocks precisely because of what he was doing. His counter argument?

"What's the difference between me and those guys who go on CNBC and pump their own holdings while dumping into the buying they just pumped."

Nothing I said.

firstdivision's picture

I'm shocked; absolutely shocked that he lied on CNBC.  Next you're going to tell me that Jim Cramer has a terrible trading record.

LOL!  no wonder people are trying to pump nat gas, its the only thing proping up the spx http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=1&chfdeh=0&chdet=1368648000000&chddm=1564&chls=IntervalBasedLine&cmpto=NYSEARCA:SPY;NYSEARCA:SLV;NYSEARCA:GLD;NYSEARCA:UNG&cmptdms=0;0;0;0&q=NYSEARCA:USO&&fct=big&ei=sLOTUYidLZCN0QGJYQ

Downtoolong's picture

Pump and dump is for chumps. The real cons pump while they dump.

And that's why they're richer than you. 

ebworthen's picture

AAPL down -2.85% today after Tepper says it will be part of the rally; but his fund sold AAPL and bought Microsoft.

Fund managers and Bernanke want retail Muppets to buy in so Wall Street can sell.

2008 all over again.  Lather, rinse, repeat.

Oscar the grouch is selling.


Gamma735's picture

I posted a comment in the other thread, that these guys tell evryone to buy right before they sell.  What sleaze bags.

mayhem_korner's picture



Let's see...Tepper, Soros, Uncle Warren, et al are all divesting retail and financials.  Did they all have a bad luncheon with Jamie Dimon or do they know that this "market" is bogus and the bubble's membrane is thinning?

Yen Cross's picture

    Tepper can only be outdone by that ass wipe Fink. (barely)

southerncomfort's picture

#14.  Huntsman Corp.  Hayman capital holding HUN as well. 

London Banker's picture

Didn't Soros once say something like, "When I want to sell $1 billion of something, I start by buying $100 million."

I've been wondering about all the loud puffery from pundits this week, and whether it was just so much smoke as they got out of Dodge.

Atlantis Consigliore's picture

Run out of asses to Schtup.

Sarbanes,  Analysts, Hedge funds, front running fraud,  giggle giggle, 

Gummint,  sell side u.w. rating, lol, fraud..

only 50,000 prime time viewers on business channel?  what happened they run out of asses to schtup?

We need more pimps and pimpsters, Scramer yell buy buy buy....giggle.

fonzannoon's picture

The problem with claiming Tepper is just trying to unload his stocks on the sheep is that this is the 3rd time I remember him pulling this pom pom stocks are cheap bullshit, but he has been right each time.

I think it's easier to conclude that he HAS to be out there pitching it to ensure it continues.

Tombstone's picture

In order for the big boys to be successful, there needs to be an endless parade of suckers buying stocks.  That is who the big money sells to. 

Nue's picture

Anytime a hedge fund manager says he's Bullish on X it means he has a Short somewhere. Market 101 for every seller there must be a buyer sucker.

JR's picture

With a stock market run by Fed policy all you need to become a multibillionaire is to know – in advance -- what the Fed is going to do. No need to study balance sheets or trend lines. Just as in King Louis XVI’s days, it pays in America to be connected to the King – until it doesn’t.

Here’s how it ended, Ben, for Louis (from “Bastille Day and the French Revolution - 1789"):

Following the advice of Turgot and Malesherbes, one of Louis XVI's reforms was to tax all the people of France on a unique rate. The Nobility and the Clergy were exempted from a lot of them when the third estate, the majority of French people, were heavily charged. …

This was a terrible mistake from Louis XVI to have underestimated the power of its people.

His tax reform was abandoned and his advisers dismissed. Louis XVI then choose Necker as his new minister of finance, As the tax chapter seemed very sensitive, Necker's view was to solve the financial crisis by taking out huge loans from other supportive nations. This was a mistake. Nothing seemed to work for Louis XVI and his ministers.

In May 1789 he had no other choice but to call for the meeting of the estates general. This assembly, made of representatives of the tree estates (Clergy, Nobly and the third estate) meet and try to find a solution to a severe political, military or economical issue.

It was the first time in more than 150 years that the King had to call for such a meeting.

Representatives from the tree estates arrive in Versailles for the meeting. But the arrival is bitter sweet for the third estate. They realize quickly that the rights of vote they want won't be accepted. As an act of revolt against the centralized power of Clergy and Nobly, the Third Estate leaves the Assembly and gathers together in another part of the Castle. During the Tennis Court Oath (June 20th, 1789), they decide to form a new National Constituent Assembly on 9 July.

The power of the King is severely affected and in a very short time, with the storming of the Bastille,  he will lose it all…

[I]n January 1793…he was accused of High Treason and Crimes against the State.

On January 21st, 1793 Louis XVI was executed in front of the people of France who saluted his death as the beginning of a better era.


HeliBen's picture

But, but, but!!!


W T F II's picture

Yet another lying SACK....?? Hard to believe that this would be tolerated....President Biden will crack down on these abuses...

FishHockers's picture

He's a Douche Bag