David Tepper of Appaloosa Management likes to buy companies when they are distressed, and no one wants them. He made a lot of money last year by buying Citigroup and Bank of America. Now he is buying airlines, all of them. This is the Q4 portfolio update of Appaloosa Management.
David Tepper buys Wells Fargo & Company, AMR Corp., UAL Corp., Delta Air Lines Inc., Willis Group Holdings Ltd., Us Airways Group Inc., Navistar International Corp., Hospitality Properties Trust, sells Dana Holding Corp during the 3-months ended 12/31/2009, according to the most recent filings of his investment company, APPALOOSA MANAGEMENT LP. David Tepper owns 47 stocks with a total value of $3.3 billion. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of David Tepper
Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $72.71 billion; its shares were traded at around $3.18 with and P/S ratio of 0.8. Citigroup Inc. had an annual average earning growth of 5.1% over the past 10 years.
Hartford Financial Services is one of the nation's largest investment and insurance companies, offers a complete line of insurance and financial service products to customers all over the world. The Hartford Financial Services Group In has a market cap of $8.98 billion; its shares were traded at around $23.45 with and P/S ratio of 1. The dividend yield of The Hartford Financial Services Group In stocks is 0.9%. The Hartford Financial Services Group In had an annual average earning growth of 7.2% over the past 10 years.
Newcastle Investment Corp invests in real estate securities and other real estate-related assets. Newcastle Investment Corp. has a market cap of $104.7 million; its shares were traded at around $1.98 with and P/S ratio of 0.2. Newcastle Investment Corp. had an annual average earning growth of 25.7% over the past 5 years.
Gramercy Capital Corp. is a commercial real estate specialty finance company focused on originating and acquiring whole loans, subordinate interests in whole loans, mezzanine loans, and preferred equity interests in entities that own commercial real estate throughout the United States. Gramercy Capital Corp. has a market cap of $151.6 million; its shares were traded at around $3.04 with and P/S ratio of 0.3.
Goodyear is one of the world's largest tire companies. The Goodyear Tire & Rubber Company has a market cap of $3.22 billion; its shares were traded at around $13.28 with and P/S ratio of 0.2. The Goodyear Tire & Rubber Company had an annual average earning growth of 23.3% over the past 5 years.
Conseco, Inc. is one of middle America's sources for supplemental health insurance, life insurance and annuities. Conseco Inc. has a market cap of $1.15 billion; its shares were traded at around $4.67 with a P/E ratio of 5 and P/S ratio of 0.3.
Maguire Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California. Maguire Properties Inc. has a market cap of $72 million; its shares were traded at around $1.5 with a P/E ratio of 6.4 and P/S ratio of 0.1. Maguire Properties Inc. had an annual average earning growth of 26.7% over the past 5 years.
Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Company has a market cap of $137.43 billion; its shares were traded at around $26.88 with a P/E ratio of 14.7 and P/S ratio of 1.4. The dividend yield of Wells Fargo & Company stocks is 0.8%. Wells Fargo & Company had an annual average earning growth of 10.8% over the past 10 years.
AMR Corporation operations fall almost entirely in the airline industry. Amr Corp. has a market cap of $2.9 billion; its shares were traded at around $8.71 with and P/S ratio of 0.1.
United Airlines organization is committed to continuous improvements in costs, revenues and operations to sustain and enhance a competitive margin. Ual Corp. has a market cap of $2.66 billion; its shares were traded at around $15.95 with and P/S ratio of 0.1.
Delta is America's fastest growing international carrier. Delta Air Lines Inc. has a market cap of $9.55 billion; its shares were traded at around $12.25 with and P/S ratio of 0.3.
Willis Group is a global insurance broker providing specialized risk management, advisory, and other services to a broad range of corporate andinstitutional clients, with particular expertise in the construction, aerospace, marine and energy industries. Willis Group Holdings Ltd. has a market cap of $4.67 billion; its shares were traded at around $27.75 with a P/E ratio of 10.4 and P/S ratio of 1.4. The dividend yield of Willis Group Holdings Ltd. stocks is 3.7%.
America West Holdings Corporation is the parent company of AWA and TLC. Us Airways Group Inc. has a market cap of $1.1 billion; its shares were traded at around $6.81 with and P/S ratio of 0.1.
Navistar International is a holding company and its principal operating subsidiary is Navistar Int'l Transportation Corp. Navistar International Corp. has a market cap of $2.77 billion; its shares were traded at around $39.11 with a P/E ratio of 13.7 and P/S ratio of 0.2.
Hospitality Properties Trust is a real estate investment trust. Hospitality Properties Trust has a market cap of $2.77 billion; its shares were traded at around $22.47 with a P/E ratio of 5.3 and P/S ratio of 2.2. The dividend yield of Hospitality Properties Trust stocks is 8%. Hospitality Properties Trust had an annual average earning growth of 3.5% over the past 10 years.
Brunswick Corporation is a manufacturer and marketer of consumer brands in four segments: Marine Engines, Boats, Fitness and Bowling & Billiards. Brunswick Corp. has a market cap of $1.04 billion; its shares were traded at around $11.8 with and P/S ratio of 0.3. The dividend yield of Brunswick Corp. stocks is 0.5%.
Valassis Communications offers a wide range of marketing services to consumer packaged goods manufacturers, retailers, technology companies and other customers with operations in the United States, Europe, Mexico and Canada. Valassis Communications Inc. has a market cap of $1.2 billion; its shares were traded at around $24.89 with a P/E ratio of 31.1 and P/S ratio of 0.5.
BB&T Corporation is a multi-bank holding company. The company offers full-service commercial and retail banking and additional financial services such as insurance, corporate finance, international banking, leasing and trust. Bb&t Corp. has a market cap of $18.51 billion; its shares were traded at around $26.92 with a P/E ratio of 22.8 and P/S ratio of 1.7. The dividend yield of Bb&t Corp. stocks is 2.2%. Bb&t Corp. had an annual average earning growth of 6.5% over the past 10 years.
DANA HOLDING CORP is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. Dana Holding Corp has a market cap of $1.45 billion; its shares were traded at around $10.43 with and P/S ratio of 0.2.
David Tepper buys Wells Fargo & Company, AMR Corp., UAL Corp., Delta Air Lines Inc., Willis Group Holdings Ltd., Us Airways Group Inc., Navistar International Corp., Hospitality Properties Trust, sells Dana Holding Corp during the 3-months ended 12/31/2009, according to the most recent filings of his investment company, APPALOOSA MANAGEMENT LP. David Tepper owns 47 stocks with a total value of $3.3 billion. These are the details of the buys and sells.
- New Purchases: AMR, DAL, HPT, LCC, NAV, UAUA, WFC, WSH,
- Added Positions: C, CNO, GKK, GT, HIG, MPG, NCT,
- Reduced Positions: BBT, BC, VCI,
- Sold Out: DAN,
This is the sector weightings of his portfolio:
These are the top 5 holdings of David Tepper
- Bank Of America Corp. (BAC) - 32,252,101 shares, 14.81% of the total portfolio
- Citigroup Inc. (C) - 138,121,800 shares, 13.94% of the total portfolio
- Wells Fargo & Company (WFC) - 11,000,000 shares, 9.05% of the total portfolio
- WELLS FARGO PFD L (WFC-PL) - 311,319 shares, 8.71% of the total portfolio
- Fifth Third Bancorp (FITB) - 24,370,199 shares, 7.24% of the total portfolio
Added: Citigroup Inc. (C, Financial)
David Tepper added to his holdings in Citigroup Inc. by 73.21%. His purchase prices were between $3.2 and $4.67, with an estimated average price of $4.04. The impact to his portfolio due to this purchase was 5.89%. His holdings were 138,121,800 shares as of 12/31/2009.Citigroup Inc., the global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citigroup Inc. has a market cap of $72.71 billion; its shares were traded at around $3.18 with and P/S ratio of 0.8. Citigroup Inc. had an annual average earning growth of 5.1% over the past 10 years.
Added: The Hartford Financial Services Group In (HIG, Financial)
David Tepper added to his holdings in The Hartford Financial Services Group In by 28.82%. His purchase prices were between $23.16 and $29.2, with an estimated average price of $24.96. The impact to his portfolio due to this purchase was 0.99%. His holdings were 6,246,333 shares as of 12/31/2009.Hartford Financial Services is one of the nation's largest investment and insurance companies, offers a complete line of insurance and financial service products to customers all over the world. The Hartford Financial Services Group In has a market cap of $8.98 billion; its shares were traded at around $23.45 with and P/S ratio of 1. The dividend yield of The Hartford Financial Services Group In stocks is 0.9%. The Hartford Financial Services Group In had an annual average earning growth of 7.2% over the past 10 years.
Added: Newcastle Investment Corp. (NCT, Financial)
David Tepper added to his holdings in Newcastle Investment Corp. by 529.04%. His purchase prices were between $1.47 and $3.03, with an estimated average price of $2.09. The impact to his portfolio due to this purchase was 0.19%. His holdings were 3,553,810 shares as of 12/31/2009.Newcastle Investment Corp invests in real estate securities and other real estate-related assets. Newcastle Investment Corp. has a market cap of $104.7 million; its shares were traded at around $1.98 with and P/S ratio of 0.2. Newcastle Investment Corp. had an annual average earning growth of 25.7% over the past 5 years.
Added: Gramercy Capital Corp. (GKK, Financial)
David Tepper added to his holdings in Gramercy Capital Corp. by 108.75%. His purchase prices were between $2.15 and $3.34, with an estimated average price of $2.77. The impact to his portfolio due to this purchase was 0.19%. His holdings were 4,589,395 shares as of 12/31/2009.Gramercy Capital Corp. is a commercial real estate specialty finance company focused on originating and acquiring whole loans, subordinate interests in whole loans, mezzanine loans, and preferred equity interests in entities that own commercial real estate throughout the United States. Gramercy Capital Corp. has a market cap of $151.6 million; its shares were traded at around $3.04 with and P/S ratio of 0.3.
Added: The Goodyear Tire & Rubber Company (GT, Financial)
David Tepper added to his holdings in The Goodyear Tire & Rubber Company by 25.46%. His purchase prices were between $12.54 and $17.75, with an estimated average price of $14.69. The impact to his portfolio due to this purchase was 0.17%. His holdings were 1,991,600 shares as of 12/31/2009.Goodyear is one of the world's largest tire companies. The Goodyear Tire & Rubber Company has a market cap of $3.22 billion; its shares were traded at around $13.28 with and P/S ratio of 0.2. The Goodyear Tire & Rubber Company had an annual average earning growth of 23.3% over the past 5 years.
Added: Conseco Inc. (CNO, Financial)
David Tepper added to his holdings in Conseco Inc. by 38.66%. His purchase prices were between $4.58 and $6.54, with an estimated average price of $5.22. The impact to his portfolio due to this purchase was 0.09%. His holdings were 2,152,094 shares as of 12/31/2009.Conseco, Inc. is one of middle America's sources for supplemental health insurance, life insurance and annuities. Conseco Inc. has a market cap of $1.15 billion; its shares were traded at around $4.67 with a P/E ratio of 5 and P/S ratio of 0.3.
Added: Maguire Properties Inc. (MPG, Financial)
David Tepper added to his holdings in Maguire Properties Inc. by 89.01%. His purchase prices were between $1.35 and $2.78, with an estimated average price of $1.88. The impact to his portfolio due to this purchase was 0.09%. His holdings were 4,300,000 shares as of 12/31/2009.Maguire Properties, Inc., a real estate investment trust (REIT), engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California. Maguire Properties Inc. has a market cap of $72 million; its shares were traded at around $1.5 with a P/E ratio of 6.4 and P/S ratio of 0.1. Maguire Properties Inc. had an annual average earning growth of 26.7% over the past 5 years.
New Purchase: Wells Fargo & Company (WFC, Financial)
David Tepper initiated holdings in Wells Fargo & Company. His purchase prices were between $25.32 and $30.46, with an estimated average price of $27.63. The impact to his portfolio due to this purchase was 9.05%. His holdings were 11,000,000 shares as of 12/31/2009.Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Company has a market cap of $137.43 billion; its shares were traded at around $26.88 with a P/E ratio of 14.7 and P/S ratio of 1.4. The dividend yield of Wells Fargo & Company stocks is 0.8%. Wells Fargo & Company had an annual average earning growth of 10.8% over the past 10 years.
New Purchase: Amr Corp. (AMR, Financial)
David Tepper initiated holdings in Amr Corp.. His purchase prices were between $5.19 and $8.14, with an estimated average price of $6.64. The impact to his portfolio due to this purchase was 1.41%. His holdings were 5,971,868 shares as of 12/31/2009.AMR Corporation operations fall almost entirely in the airline industry. Amr Corp. has a market cap of $2.9 billion; its shares were traded at around $8.71 with and P/S ratio of 0.1.
New Purchase: Ual Corp. (UAUA, Financial)
David Tepper initiated holdings in Ual Corp.. His purchase prices were between $6.33 and $13.09, with an estimated average price of $8.52. The impact to his portfolio due to this purchase was 1.2%. His holdings were 3,042,527 shares as of 12/31/2009.United Airlines organization is committed to continuous improvements in costs, revenues and operations to sustain and enhance a competitive margin. Ual Corp. has a market cap of $2.66 billion; its shares were traded at around $15.95 with and P/S ratio of 0.1.
New Purchase: Delta Air Lines Inc. (DAL, Financial)
David Tepper initiated holdings in Delta Air Lines Inc.. His purchase prices were between $6.95 and $11.81, with an estimated average price of $8.96. The impact to his portfolio due to this purchase was 1.06%. His holdings were 3,041,978 shares as of 12/31/2009.Delta is America's fastest growing international carrier. Delta Air Lines Inc. has a market cap of $9.55 billion; its shares were traded at around $12.25 with and P/S ratio of 0.3.
New Purchase: Willis Group Holdings Ltd. (WSH, Financial)
David Tepper initiated holdings in Willis Group Holdings Ltd.. His purchase prices were between $26.07 and $28.37, with an estimated average price of $27.2. The impact to his portfolio due to this purchase was 0.96%. His holdings were 1,196,204 shares as of 12/31/2009.Willis Group is a global insurance broker providing specialized risk management, advisory, and other services to a broad range of corporate andinstitutional clients, with particular expertise in the construction, aerospace, marine and energy industries. Willis Group Holdings Ltd. has a market cap of $4.67 billion; its shares were traded at around $27.75 with a P/E ratio of 10.4 and P/S ratio of 1.4. The dividend yield of Willis Group Holdings Ltd. stocks is 3.7%.
New Purchase: Us Airways Group Inc. (LCC, Financial)
David Tepper initiated holdings in Us Airways Group Inc.. His purchase prices were between $2.91 and $5.38, with an estimated average price of $3.92. The impact to his portfolio due to this purchase was 0.38%. His holdings were 2,593,472 shares as of 12/31/2009.America West Holdings Corporation is the parent company of AWA and TLC. Us Airways Group Inc. has a market cap of $1.1 billion; its shares were traded at around $6.81 with and P/S ratio of 0.1.
New Purchase: Navistar International Corp. (NAV)
David Tepper initiated holdings in Navistar International Corp.. His purchase prices were between $32.18 and $40.62, with an estimated average price of $35.53. The impact to his portfolio due to this purchase was 0.23%. His holdings were 193,706 shares as of 12/31/2009.Navistar International is a holding company and its principal operating subsidiary is Navistar Int'l Transportation Corp. Navistar International Corp. has a market cap of $2.77 billion; its shares were traded at around $39.11 with a P/E ratio of 13.7 and P/S ratio of 0.2.
New Purchase: Hospitality Properties Trust (HPT)
David Tepper initiated holdings in Hospitality Properties Trust. His purchase prices were between $18.24 and $24.02, with an estimated average price of $20.43. The impact to his portfolio due to this purchase was 0.21%. His holdings were 285,739 shares as of 12/31/2009.Hospitality Properties Trust is a real estate investment trust. Hospitality Properties Trust has a market cap of $2.77 billion; its shares were traded at around $22.47 with a P/E ratio of 5.3 and P/S ratio of 2.2. The dividend yield of Hospitality Properties Trust stocks is 8%. Hospitality Properties Trust had an annual average earning growth of 3.5% over the past 10 years.
Reduced: Brunswick Corp. (BC)
David Tepper reduced to his holdings in Brunswick Corp. by 20.34%. His sale prices were between $9.48 and $13.11, with an estimated average price of $11.23. The impact to his portfolio due to this sale was -0.17%. David Tepper still held 2,131,270 shares as of 12/31/2009.Brunswick Corporation is a manufacturer and marketer of consumer brands in four segments: Marine Engines, Boats, Fitness and Bowling & Billiards. Brunswick Corp. has a market cap of $1.04 billion; its shares were traded at around $11.8 with and P/S ratio of 0.3. The dividend yield of Brunswick Corp. stocks is 0.5%.
Reduced: Valassis Communications Inc. (VCI)
David Tepper reduced to his holdings in Valassis Communications Inc. by 23.47%. His sale prices were between $14.83 and $20.71, with an estimated average price of $17.94. The impact to his portfolio due to this sale was -0.19%. David Tepper still held 1,417,937 shares as of 12/31/2009.Valassis Communications offers a wide range of marketing services to consumer packaged goods manufacturers, retailers, technology companies and other customers with operations in the United States, Europe, Mexico and Canada. Valassis Communications Inc. has a market cap of $1.2 billion; its shares were traded at around $24.89 with a P/E ratio of 31.1 and P/S ratio of 0.5.
Reduced: Bb&t Corp. (BBT)
David Tepper reduced to his holdings in Bb&t Corp. by 52.29%. His sale prices were between $23.91 and $27.3, with an estimated average price of $25.54. The impact to his portfolio due to this sale was -0.39%. David Tepper still held 954,155 shares as of 12/31/2009.BB&T Corporation is a multi-bank holding company. The company offers full-service commercial and retail banking and additional financial services such as insurance, corporate finance, international banking, leasing and trust. Bb&t Corp. has a market cap of $18.51 billion; its shares were traded at around $26.92 with a P/E ratio of 22.8 and P/S ratio of 1.7. The dividend yield of Bb&t Corp. stocks is 2.2%. Bb&t Corp. had an annual average earning growth of 6.5% over the past 10 years.
Sold Out: Dana Holding Corp (DAN)
David Tepper sold out his holdings in Dana Holding Corp. His sale prices were between $5.66 and $10.95, with an estimated average price of $7.75.DANA HOLDING CORP is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal-management products; as well as genuine service parts. Dana Holding Corp has a market cap of $1.45 billion; its shares were traded at around $10.43 with and P/S ratio of 0.2.
