Billionaire David Tepper’s Top Stock Picks

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.

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