Hedge fund billionaire David Tepper loaded up on energy stocks

Hedge fund billionaire David Tepper, who runs $20 billion Appaloosa Management, is bullish on energy stocks, according to his fund’s latest 13F filing.

Tepper loaded up on stocks in the energy sector in the fourth quarter, including:

  • Antero Resources (557,465 shares)
  • Cabot Oil & Gas (1.38 million)
  • Energy Transfer Partners (5.14 million)
  • Kinder Morgan (9.44 million)
  • Range Resources (1.6 million)
  • Southwestern Energy (4.38 million)
  • Tortoise Energy Infrastructure (47,105)

Tepper also has a long position in TerraForm Power, a sister company of solar-power manufacturer SunEdison, also known as a “yieldco.” Yieldcos generate cash from a group of assets and then pay it back to investors as dividends. He owns 7.6 million shares of TerraForm and is suing SunEdison.

Meanwhile, he pared back his stakes in Apple (sold 45,000 shares) and GM (sold 300,000).

In all, Tepper initiated 26 new positions in the fourth quarter and added to 13 already-existing positions. He pared back in seven stocks and dropped another seven altogether, including JetBlue.

Tepper’s largest position is 3 million shares — call options — of the SPDR S&P 500 ETF.

Hedge funds have to disclose only their long-equity holdings every quarter in these filings. What’s more, the filings aren’t published until 45 days after the end of the quarter, so it’s possible that funds could have traded in and out of positions.

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