Appaloosa Management is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income markets globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of market dislocation. The firm has delivered exceptional long-term returns, establishing Tepper as one of the most successful hedge fund managers of his generation.
New positions: Appaloosa initiated a new position in Corning Incorporated (GLW) with 1,500,000 shares valued at $71.28 million during Q4 2024.
Bought: The fund significantly increased its holdings in several positions, notably JD.com, Inc. (JD) (+3.17M shares), Alibaba Group Holding Limited (BABA) (+1.84M shares), Vistra Corp. (VST) (+1.43M shares), NRG Energy, Inc. (NRG) (+815K shares), KraneShares CSI China Internet ETF (KWEB) (+811K shares), and iShares (FXI) (+802K shares), showing a strong interest in Chinese tech and energy sectors.
Sold: Appaloosa completely liquidated its positions in Adobe Inc. (ADBE) (200,000 shares) and Southwestern Energy Company (SWN) (4.18M shares), while significantly reducing stakes in Lyft, Inc. (LYFT) (-2.25M shares), Energy Transfer LP (ET) (-1.91M shares), Intel Corporation (INTC) (-1.5M shares), EQT Corporation (EQT) (-995K shares), Antero Resources Corporation (AR) (-905K shares), and Las Vegas Sands Corp. (LVS) (-628K shares).
Website: amlp.com
Wikipedia: en.wikipedia.org/wiki/David_Tepper
Holdings on December 31, 2024
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| BABA | Alibaba Group Holding Limited | 20.7% | ▲ Added | $1,004,181,367 | - 5.37% |
| AMZN | Amazon.com, Inc. | 11.8% | ▼ Trimmed | $570,414,000 | - 4.33% |
| MSFT | Microsoft Corporation | 8.4% | $408,855,000 | - 2.05% | |
| VST | Vistra Corp. | 7.7% | ▲ Added | $372,249,000 | + 147.19% |
| JD | JD.com, Inc. | 7.5% | ▲ Added | $362,852,233 | + 24.26% |
| META | Meta Platforms, Inc. | 5.9% | ▼ Trimmed | $286,899,900 | - 19.81% |
| ORCL | Oracle Corporation | 4.8% | ▼ Trimmed | $233,296,000 | - 12.98% |
| FXI | iShares | 4.2% | ▲ Added | $202,034,176 | + 8.95% |
| LYFT | Lyft, Inc. | 3.6% | ▼ Trimmed | $174,150,000 | - 13.28% |
| NRG | NRG Energy, Inc. | 3.4% | ▲ Added | $163,749,300 | + 79.78% |
| KWEB | KraneShares CSI China Internet ETF | 2.8% | ▲ Added | $133,793,322 | + 4.46% |
| QCOM | QUALCOMM Incorporated | 2.5% | $122,896,000 | - 9.66% | |
| MU | Micron Technology, Inc. | 2.1% | ▲ Added | $100,992,000 | - 7.26% |
| ET | Energy Transfer LP | 2.0% | ▼ Trimmed | $96,279,659 | - 12.15% |
| LRCX | Lam Research Corporation | 1.9% | $90,287,500 | + 10.64% | |
| UNH | UnitedHealth Group Incorporated | 1.8% | $88,272,570 | - 13.48% | |
| GLW | Corning Incorporated | 1.5% | ▲ New | $71,280,000 | |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 1.0% | ▼ Trimmed | $49,372,500 | - 28.93% |
| BEKE | KE Holdings Inc. | 1.0% | ▲ Added | $47,414,443 | + 9.49% |
| LVS | Las Vegas Sands Corp. | 1.0% | ▼ Trimmed | $46,224,000 | - 39.92% |
| WYNN | Wynn Resorts, Limited | 0.9% | ▼ Trimmed | $43,080,000 | - 43.84% |
| EQT | EQT Corporation | 0.8% | ▼ Trimmed | $36,888,000 | - 43.91% |
| AR | Antero Resources Corporation | 0.6% | ▼ Trimmed | $29,442,000 | - 41.11% |
| CHK | Chesapeake Energy Corporation | 0.6% | ▲ Added | $29,367,250 | + 116.39% |
| MPLX | Mplx lp | 0.6% | $27,687,010 | + 7.65% | |
| CHKEZ | Expand Energy | 0.5% | $22,728,750 | + 30.65% | |
| INTC | Intel Corporation | 0.4% | ▼ Trimmed | $20,050,000 | - 65.81% |
| CHKEL | Expand Energy | 0.3% | $12,828,000 | + 30.05% | |
| ADBE | Adobe Inc. | 0.0% | ▼ Liquidated | $0 | |
| SWN | Southwestern Energy Company | 0.0% | ▼ Liquidated | $0 |
New Positions
Corning Incorporated GLW
David Tepper bought 1,500,000 shares of Corning Incorporated in Q4 2024. Corning Incorporated (GLW) demonstrated robust performance over the past year, with 18% YoY core sales growth to $3.9 billion in Q4 2024 and 46% EPS growth to $0.57. The company expanded core operating margins by 220 basis points to 18.5% and generated $1.25 billion in free cash flow, up 42% YoY. While the stock delivered a 60.64% total return in 2024, recent analyst forecasts show mixed sentiment due to valuation concerns and cyclical industry exposure.
- EPS grew 46% YoY in Q4 2024 while expanding core ROIC by 390 basis points to 12.7%.
- $1.25B free cash flow generated in 2024, representing 42% growth from prior year.
- Analysts project 13% upside to average price target of $53.08 despite recent bearish technical indicators.
