Carolina Panthers Owner David Tepper Shakes Up Portfolio: Sells 8 Stocks, Ups Google Stake
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.
What Stocks Were Purchased?
During the third quarter, Tepper’s Appaloosa Management only increased its stake in one position — Alphabet (NASDAQ: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 (NASDAQ:CZR)
- Walt Disney (NYSE:DIS)
- Netflix (NASDAQ:NFLX)
- Micron Technology (NASDAQ:MU)
- Aptiv (NYSE:APTV)
- Occidental Petroleum (NYSE:OXY)
- Kohl's (NYSE:KSS)
- PG&E (NYSE: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 (NASDAQ:CEG) by roughly 70,000 shares, but it still accounts for 16% of the total portfolio.
During the third quarter, Tepper cut back on shares of Meta Platforms (NASDAQ: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: Amazon.com (NASDAQ:AMZN)
- Microsoft (NASDAQ:MSFT)
- Salesforce (NYSE:CRM) and
- Alibaba Group Holding (NYSE:BABA).