David Tepper, baller hedge fund manager (Appaloosa) and gamer of the Fed, is out with his latest 13F filing. In the third quarter, Tepper lightened up on his reflation bets in Citi ($C) and B of A ($BAC).
With the cash from the proceeds, Tepper pulled the trigger on a theme that hasn’t worked in, well, forever – large cap value tech. Of his 26 new positions for the quarter, many of them fit this bill. There’s even a bias towards semi capital equipment names like KLA-Tencor $KLAC and Lam Research $LRCX, another ho-hum sub-group within technology.
On The Street, we call these names (Cisco, Intel, AMAT etc) “the stocks that cannot move”. Intel ($INTC), for example, could quadruple their earnings and still trade in the low to mid 20’s, through the miracles of apathy and multiple compression.
But I digress…
Here are Tepper’s brand new positions, he’s now in a ton of Old Skool Tech (data via Nasdaq):