Appaloosa Management, the $20 billion hedge fund firm run by David Tepper, cut its holdings of U.S. equities during the quarter and exited stakes in Citigroup Inc. and Halliburton Co.

The value of Appaloosa’s publicly disclosed U.S. equity positions dropped by $2.74 billion last quarter to $4 billion, according to a regulatory filing. The firm exited its holding in Citigroup, which was valued at $431 million at the end of September and its $324 million stake in Halliburton. The firm sold 1.3 million shares of an exchange traded fund that tracks the Standard & Poor’s 500 Index.

Tepper, a former high-yield credit trader at Goldman Sachs Group Inc., started Appaloosa in 1993. He told Bloomberg in October that the price-to-earnings ratios for U.S. stocks weren’t high. He’s worth $10.9 billion, according to the Bloomberg Billionaires Index.

Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.