Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Appaloosa Buys Bank of America, Citigroup Shares

Feb. 14 (Bloomberg) -- Appaloosa Management LP, the hedge fund founded by David Tepper, bought shares of Bank of America Corp. and Micron Technology Inc. while more than doubling its position in Citigroup Inc. during the fourth quarter.

Appaloosa purchased 2.59 million shares of Bank of America in the period that ended Dec. 31, boosting its stake to 25.1 million, and opened a 17.8 million share stake in Micron, according to a filing today. Its ownership in Citigroup jumped to 117.5 million shares, an increase of 66.3 million.

Tepper ran the top fund among hedge funds with assets over $1 billion in 2009 when he returned 132 percent to investors. The same fund earned 21 percent in 2010. He personally made between $2 billion and $3 billion in 2010, according to the Wall Street Journal.

The Short Hills, New Jersey-based hedge fund also took new positions in General Motors Co. and JPMorgan Chase & Co. It established equity investments in 12 new companies, boosted its holding in 26 -- including Microsoft Corp. and Hewlett-Packard Co. -- sold some holdings in 11 stocks and closed positions in 7 companies, according to data compiled by Bloomberg.

Appaloosa is the subject of a probe of whether it together with three other hedge funds committed insider trading in Seattle-based Washington Mutual Inc. U.S. Bankruptcy Judge Mary F. Walrath said last week that shareholders can question the hedge funds regarding their use of confidential information to trade in the bankrupt company’s securities.

To contact the reporter on this story: Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.