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David Tepper Doubles Down on Citibank

February 15, 2011 | About:

Hedge fund manager David Tepper of Appaloosa Management massively increased his position in Citi (NYSE:C) according to his latest 13F filings.

Tepper added 66.2 million shares in Q4 and Citi is now his funds largest holding. In the 3rd quarter, Tepper's fund only had 51.3 million shares meaning that he increased his position by over 130%.

Tepper is also bullish on other major financial institutions as he added to positions in both Wells Fargo and Bank of America.

Appaloosa increased its holdings in Wells Fargo Perpetual Preferred Convertible stocks by 14.7% up to 335,482 shares. They also added another 2.6 million shares of Bank of America which increased their holdings by 11.5%.

In late 2010, Tepper was voted as the Investment Guru of the Year 2010 by GuruFocus users.


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