Carolina Panthers Owner David Tepper Shakes Up Portfolio: Sells 8 Stocks, Ups Google Stake

Zinger Key Points
  • During the third quarter, Tepper’s Appaloosa Management only increased its stake in one position: Alphabet.
  • Caesars, Disney, Netflix and Kohl's are just some of the positions Tepper completely jettisoned.

Carolina Panthers owner David Tepper, who also manages the hedge fund Appaloosa Management, decreased the number of stocks in his portfolio from 30 to 22 throughout the third quarter. His holdings now hover at around $1.36 billion.

Tepper has also reduced his stake in the majority of energy and technology stocks that make up the portfolio.

Read on to learn what he bought and sold.

Also Read: Tiger Global Adds Microsoft, Alphabet, Uber And This Bitcoin Play In Q3

What Stocks Were Purchased?

During the third quarter, Tepper’s Appaloosa Management only increased its stake in one position — Alphabet GOOG.

In the second quarter, Google was Tepper’s top owned stock. Now, it is the fund’s second largest holding accounting for 14% of the portfolio, after purchasing over 1.8 million shares during the third quarter.

What Was Sold?

Tepper completely sold out of eight positions, including:

  • Caesars Entertainment CZR
  • Walt Disney DIS
  • Netflix NFLX
  • Micron Technology MU
  • Aptiv APTV
  • Occidental Petroleum OXY
  • Kohl's KSS
  • PG&E PCG

What Was Shuffled Around?

After analyzing Tepper’s 13F filings, Appaloosa sold positions in companies it is no longer bullish about. The fund also repositioned other stocks to better weight the portfolio.

In the third quarter, Tepper trimmed its stake in its largest holding Constellation Energy CEG by roughly 70,000 shares, but it still accounts for 16% of the total portfolio.

Tepper also reduced the fund's stake in multiple energy stocks including Energy Transfer ET, EQT EQT, and Antero Resources AR.

During the third quarter, Tepper cut back on shares of Meta Platforms META selling at least 125,000 shares, now accounting for 8.7% of the portfolio.

  • Meanwhile, Tepper also reduced the portfolio’s stake in technology firms: AMZN
  • Microsoft MSFT
  • Salesforce CRM and
  • Alibaba Group Holding BABA.

Lastly, Mosaic MOS and Sysco SYY had large chunks of its shares sold over the course of the third quarter, which were reduced by 125,000 shares and 225,000, respectively.

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Posted In: Large CapMid CapNewsHedge FundsCommoditiesEventsGlobalTop StoriesMarketsTrading IdeasGeneral13F filingsDavid Tepper Carolina Panthers OwnerenergyTechnologyWhat Hedge Funds Are Buying And Selling
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