NEW YORK, May 13 (Reuters) - David Tepper's hedge-fund firm
Appaloosa bought nearly 1 million shares in Valeant
Pharmaceuticals International Inc VRX.TO in the first three
months of 2016, according to regulatory filings, but sold them
during the first quarter.
Shares of Valeant jumped 2 percent after filings revealed
Appaloosa's 945,000-share stake, but CNBC reported that the firm
has already sold out of the position, citing a person familiar
with the situation. A spokesman for Appaloosa declined to
comment.
Despite a 10 percent reduction in its exposure, Appaloosa's
largest stake continued to be placed in SPDR S&P 500 ETF (NYSE:SPY) Trust
call options. Its 2.7 million SPY calls were valued at more than
$555 million by the end of the quarter, and accounted for
roughly 9.8 percent of its portfolio.
Hedge-fund SEC disclosures are backward-looking and come out
45 days after the end of each quarter. Still, the filings offer
a glimpse into what hedge fund managers saw as investment
opportunities.
The filings do not disclose short positions, or bets that a
stock will fall. As a result, they do not always present a
complete picture of a management firm's stock holdings.