David Tepper’s Appaloosa Management sold its Apple position after the end of the third quarter, according to sources familiar with the matter.
The stake was just a small trading position, the sources said. Appaloosa’s 13-F filing released this week showed a new position in Apple of 100,000 shares worth just $22.3 million. The filings reflect positions of funds through Sept. 30.
Shares of Apple inched lower following news of Appaloosa’s exit but remained up more than 1.4 percent on Thursday.
The 13-F filing with the Securities and Exchange Commission also showed that Appaloosa added a new stake in State Street and had doubled its position in PG&E. The fund manager also cut its exposure to Facebook to 3.3 million shares by the end of September.
Appaloosa Management has approximately $14 billion of assets under management.
Hedge funds are required to report their holdings 45 days after the end of each quarter. The filings often do not reflect their current holdings of the funds because the managers may have sold or bought stock in that 45-day window.
Be the first to comment