Tepper Buys Pipeline Operators as Appaloosa Stock Bets Rise
- Hedge fund also adds to stake in Alphabet, which owns Google
- Separately, Klarman's Baupost buys Antero Resoures Corp.
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Stock picker David Tepper increased his firm’s U.S. equity holdings by 56 percent last quarter, led by a jump in his Alphabet Inc. position and new stakes in pipeline companies.
The billionaire founder of $18 billion Appaloosa Management bought 5.1 million shares of Energy Transfer Partners worth $173.5 million as of Dec. 31, and 9.4 million shares of Kinder Morgan Inc. with a market value of $140.9 million, according to a regulatory filing Friday. Appaloosa also bought 5.9 million shares of the Alerian MLP Exchange Traded Fund, which holds stocks of companies that earn cash from the transportation, storage and processing of energy commodities.