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– David Tepper Unwinds S&P, Nasdaq Calls; Liquidates QCOM, JPM; Adds To AAL, GM: Full 13F (ZeroHedge, Aug 14, 2014):
For everyone curious how the market’s favorite “balls to the wall” barometer did in the second quarter (which ended 45 days ago), here is the full breakdown.
First the notable liquidations: in the three months ended June 30, Tepper closed his SPY and QQQ Call positions, which had a total notional equivalent of over $1.5 billion, as well as liquidating his stakes in QCOM, JPM, Metlife, Trinity, Delphi, Hess, Valmont, Ingersoll-Rand, Omincom and Beazer.
Tepper entered new positions in Mohawk, Weatherford and Ryland Group.
He added to his existing stakes in AAL, GM, PCLN which are three of his top 5 positions, while reducing his position in Citi (3rd largest position) and adding to a consolidated GOOG position (post split), which if combined between the A and C classes represents over $600 million in AUM and is his largest position as of the end of Q2.
He reduced his SPY and QQQ ETF exposure significantly, by $640 million and $514 million, respectively, while allocating to single names.
It appears that indeed Tepper indeed was undergoing some “nervous time” when it comes to the market, and going single names, which ironically has been the wrong trade in a market where the indices are near all time highs, while individuals stocks mysteriously continue to decline.
In total, Tepper represented a long-only AUM of $7.1 billion at the end of Q2, compared to $9.1 billion three months earlier, however as noted above, the bulk of this unwinds is due to the closing of his S&P and QQQ calls.
The full brekadown of Tepper’s Q2 13F and its change vs Q1 is shown below.