13F: Tepper Added NVIDIA, Wells Fargo to Q1 Portfolio

David Tepper, the billionaire founder and head of Appaloosa Management, had a busy first quarter. According to recent 13F filings with the SEC, Tepper's Appaloosa entered into eight new positions between the beginning of January and the end of March. He also increased his existing positions in nine other companies, some by significant margins. Read on for details about the way that one of the most prominent money managers in the United States adjusted his investments in the first quarter of this year.

New Positions in Wells Fargo, Alerian

One of the most noteworthy companies that Tepper invested in for the first time in Q1 was Wells Fargo & Co. (WFC). Between the first of the year and the end of the quarter, Appaloosa bought close to 3 million shares of the stock. That position, if maintained as of this writing, is worth more than $160 million.

WFC was not the only stock that Appaloosa took a significant bet on during the first quarter. Texas-based data analytics company Alerian MLP (AMLP) was another prominent new position in Appaloosa's portfolio during this period. Tepper bought more than 5 million shares of the stock in that three-month period.

NVIDIA Corp. (NVDA) has been in the news a great deal because of the rise in interest in products related to the mining of cryptocurrencies like bitcoin. Tepper bought up 150,000 shares of the stock, entering into a new position for the graphics processor manufacturer. Other significant new buys include Boyd Gaming Corp. (BYD), with more than 1.3 million shares purchased, and Applied Materials Inc. (AMAT), with close to 1.6 million shares.

Big Increases in Caesars, Entergy, Facebook

At the same time, Tepper also made marked increases in some of his prior holdings, too. The billionaire raised his wager on Caesars Entertainment Corp. (CZR) from 5.8 million shares to 12.6 million by the end of the quarter. He also added to his Cheniere Energy Inc. (LNG) holdings, boosting them from under 200,000 shares to close to 1 million. Entergy Transfer Equity LP (ETE) was another favorite for Tepper, as he added close to 1.3 million shares to his existing position, according to Street Insider.

Liquidation of Apple, Comcast, and More

The first quarter was not a period of only buys for Appaloosa, as the hedge fund also sold off portions or entire stakes from its prior portfolio. Notably, Tepper exited positions in Apple Inc. (AAPL), joining many other hedge funders in selling shares of the tech giant. He also exited positions in Comcast (CMCSA), Southwest Airlines Co. (LUV) and iShares MSCI Emerging Markets (EEM), among others.

Institutional investors managing at least $100 million of funds are required to submit 13F filings within 45 days of the end of each quarter.

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