David Tepper Increases Wagers On Drug Companies
February 14 2017 - 5:49PM
Dow Jones News
By Rob Copeland
Hedge-fund manager David Tepper ramped up some bets on
pharmaceutical companies in the fourth quarter while dialing back
his exposure to technology darling Apple Inc.
Mr. Tepper's Appaloosa Management bought new stakes in Pfizer
Inc. and Mylan NV while more-than-doubling his holdings in
merger-favorite Allergan PLC.
President Donald Trump's administration may bring a changed
environment for drug companies, which look to benefit from a
favorable regulatory attitude toward tie-ups while navigating a
potential rollback of the Affordable Care Act.
In selling off his Apple cut, Mr. Tepper would have missed out
on the technology's giant's record closing level, reached Monday on
the hope of renewed momentum for the next iPhone.
Appaloosa's moves were disclosed as one of a series of quarterly
"13F" filings prized for peeks into the portfolios of successful
investors. They offer an incomplete picture that doesn't include
any shorts, or bets against companies, or investments in assets
like currencies.
An Appaloosa spokesman declined to comment.
Write to Rob Copeland at rob.copeland@wsj.com
(END) Dow Jones Newswires
February 14, 2017 17:34 ET (22:34 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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