Rummaging through the portfolios of billionaire investors can be a useful strategy for finding investment ideas. With a universe of thousands of stocks to choose from, narrowing down the list to a more manageable number by seeing where the so-called smart money is putting their cash can help direct your own investments.
Yet unlike many money managers, Tepper doesn't have a particular style. He's not strictly a value investor, growth investor, or someone who follows the momentum crowd. His style is far more eclectic.
Beyond just buying stocks, Tepper also buys distressed debt, buying high-yield bonds, bank loans to very leveraged companies, and more. These are strategies typically not available to the average investor and also not very visible either since they are not reported on the fund's 13F filings with the Securities & Exchange Commission.
So while a lot of Tepper's returns result from these esoteric investments, his equity positions are still instructive. He owns about three dozen companies, but the top four positions below account for 40% of the total.
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