David Tepper’s hedge fund Appaloosa L.P. made only a few notable changes to its U.S. equity holdings during the first quarter, while the value of its holdings increased 7.9%, compared with a 5.5% gain in the S&P 500 during the same time. Among the notable changes, Appaloosa sold the entire 5.08 million-share stake it held in J.C. Penney Co. Inc. it had as of Dec. 31, and owned a new 100,000-share stake in Snap Inc. as of March 31. In addition, Tepper nearly tripled his stake in Southwest Airlines Co. to 3.09 million shares, and added a new investment in Symantec Corp. of 1.55 million shares. He added a 534,327-share bet on AK Steel Holding Corp. , while unloading his Arch Coal Inc. holding of 27,178 shares.
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