David Tepper was featured on the phenomenal hedge fund book Alpha Masters by Maneet Ahuja. David Tepper’s largest holding was actually Powershares QQQ (QQQ), which replicates the Nasdaq-100 Index followed by Apple at number two. Below we take a look at his other top holdings:
Citigroup’s (NYSE: C) big news came in the form of a recent divesture. The company is selling half of its ~$3 billion stake in Akbank, a Turkish bank vis-à-vis an IPO. We were not surprised by the asset sale given Q1 losses in currency hedging that amount to over a billion dollars. Although, since Akbank shares are down ~20% since Citi announced its plans, its 404 million shares may be worth closer to $1.1 to $1.2 billion. Citi will hold onto its remaining ~10% stake in Akbank for at least three years. This is a logical move given Basel III capital restrictions. Citi’s billion-dollar hedging loss went practically unnoticed compared to the fanfare that JPMorgan’s loss got, and we think that JPM is still a better pick in thefinancial institutions universe.