David Tepper’s portfolio: Appaloosa Management 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001656456Latest: Q2 2026
Q1 2025 filing in brief
In its Q1 2025 13F, filed May 15, 2025, Appaloosa Management reported $8.4B across 38 US positions. The largest: BABA (14.6%), PDD (6.2%), AMZN (5.7%), JD (4.0%), META (3.8%). In the quarter it opened 7 positions, sold out of 6, added to 6 and trimmed 21; positions opened and sold out came to 45.2% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed May 15, 2025
- 7 New
- 6 Added
- 21 Trimmed
- 6 Exited
38 positions at March 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | SPYG | SPDR SER TRput option | $2.5B | 4.5M | 30.03% | — | New |
| 2 | BABA | ALIBABA GROUP HLDG LTD | $1.2B | 9.2M | 14.56% | −22.1% | Trimmed |
| 3 | PDD | PDD HOLDINGS INC | $517M | 4.4M | 6.17% | −18.4% | Trimmed |
| 4 | AMZN | AMAZON COM INC | $478M | 2.5M | 5.70% | −3.5% | Trimmed |
| 5 | JD | JD.COM INC | $331M | 8.1M | 3.95% | −23.1% | Trimmed |
| 6 | META | META PLATFORMS INC | $317M | 550.0K | 3.78% | +12.2% | Added |
| 7 | GOOG | ALPHABET INC | $314M | 2.0M | 3.75% | +6.8% | Added |
| 8 | AAPL | APPLE INCput option | $278M | 1.3M | 3.31% | — | New |
| 9 | VST | VISTRA CORP | $270M | 2.3M | 3.22% | −14.8% | Trimmed |
| 10 | UBER | UBER TECHNOLOGIES INC | $233M | 3.2M | 2.78% | +113.3% | Added |
| 11 | FXI | ISHARES TR | $201M | 5.6M | 2.39% | −15.6% | Trimmed |
| 12 | NRG | NRG ENERGY INC | $196M | 2.0M | 2.33% | +12.9% | Added |
| 13 | MSFT | MICROSOFT CORP | $191M | 510.0K | 2.28% | −47.4% | Trimmed |
| 14 | KWEB | KRANESHARES TRUST | $140M | 4.0M | 1.67% | −12.6% | Trimmed |
| 15 | LYFT | LYFT INC | $107M | 9.0M | 1.27% | −33.3% | Trimmed |
| 16 | ORCL | ORACLE CORP | $98M | 700.0K | 1.17% | −50.0% | Trimmed |
| 17 | ET | ENERGY TRANSFER L P | $92M | 5.0M | 1.10% | +0.9% | Held |
| 18 | UNH | UNITEDHEALTH GROUP INC | $92M | 175.0K | 1.09% | +0.3% | Held |
| 19 | DB | DEUTSCHE BANK A G | $89M | 3.8M | 1.07% | — | New |
| 20 | GLW | CORNING INC | $80M | 1.7M | 0.95% | +16.2% | Added |
| 21 | BIDU | BAIDU INC | $71M | 775.0K | 0.85% | −49.3% | Trimmed |
| 22 | LHX | L3HARRIS TECHNOLOGIES INC | $63M | 300.0K | 0.75% | — | New |
| 23 | CZR | CAESARS ENTERTAINMENT INC NE | $55M | 2.2M | 0.66% | 0.0% | Held |
| 24 | QCOM | QUALCOMM INC | $54M | 350.0K | 0.64% | −56.2% | Trimmed |
| 25 | ASML | ASML HOLDING N V | $46M | 70.0K | 0.55% | −56.2% | Trimmed |
| 26 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $45M | 270.0K | 0.53% | +8.0% | Added |
| 27 | BEKE | KE HLDGS INC | $38M | 1.9M | 0.46% | −26.2% | Trimmed |
| 28 | LRCX | LAM RESEARCH CORP | $36M | 500.0K | 0.43% | −60.0% | Trimmed |
| 29 | MU | MICRON TECHNOLOGY INC | $35M | 400.0K | 0.41% | −66.7% | Trimmed |
| 30 | NVDA | NVIDIA CORPORATION | $33M | 300.0K | 0.39% | −55.9% | Trimmed |
| 31 | MPLX | MPLX LP | $31M | 578.5K | 0.37% | 0.0% | Held |
| 32 | WYNN | WYNN RESORTS LTD | $27M | 320.0K | 0.32% | −36.0% | Trimmed |
| 33 | LVS | LAS VEGAS SANDS CORP | $23M | 590.0K | 0.27% | −34.4% | Trimmed |
| 34 | AVGO | BROADCOM INC | $22M | 130.0K | 0.26% | — | New |
| 35 | SMH | VANECK ETF TRUSTput option | $21M | 100.0K | 0.25% | — | New |
| 36 | EXE | EXPAND ENERGY CORPORATION | $12M | 117.3K | 0.15% | −53.1% | Trimmed |
| 37 | EXE | EXPAND ENERGY CORPORATION | $6M | 65.4K | 0.08% | −56.4% | Trimmed |
| 38 | XYZ | BLOCK INC | $4M | 75.0K | 0.05% | — | New |
6 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
Every quarter on file (42)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.