David Tepper Loads Up On Tech
NEW YORK (
) -- Hedge Fund titan David Tepper grew bullish on technology stocks in the third quarter and cut his exposure to financials, according to a regulatory filing with the
Securities and Exchange Commission
.
According to the latest 13F quarterly filing, Tepper's
bought several tech stocks during the quarter including
Hewlett Packard
(HPQ)
,
Cisco
(CSCO)
,
Applied Materials
(AMAT)
TheStreet Recommends
,
Texas Instruments
(TXN)
and
Intel
(INTC)
.
International Paper
(IP)
,
Medtronic
(MDT)
and
Wellpoint
(WLP)
were some of the other notable additions to the portfolio.
Tepper, who became the top paid hedge fund manager in 2009 for his bold bet on financials at their 2009 lows, cut back on banking stocks during the third quarter. He pared exposure to
Hartford Financial
(HIG)
,
Bank of America
(BAC)
,
Wells Fargo
(WFC)
,
Fifth Third Bancorp
(FITB)
and
Citigroup
(C)
.
Bank of America, Citigroup and Wells Fargo were still among his top holdings at the end of the quarter.
Appaloosa also exited
Sunoco
(SUN)
,
Valero Energy
(VLO)
and
Tesoro
(TSO)
during the quarter.
Tepper set markets on fire in September, sparking what came to be known as the "Tepper rally",
when he said that stocks had no way to go but up as the
Federal Reserve
would without a doubt launch another round of quantitative easing.
His bet on the central bank's move certainly paid off. According to the
New York Times' DealBook
, Appaloosa Investment, his flagship fund, gained 5% in October and is up 21% year to date.
Investors managing over $100 million assets are required to report their holdings every quarter within 45 days from the end of the quarter. The managers do not need to disclose short positions or investments in non-U.S. listed securities.
-- Written by Shanthi Venkataraman in New York
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