David Tepper’s portfolio: Appaloosa Management 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001656456Latest: Q2 2026
Q2 2025 filing in brief
In its Q2 2025 13F, filed August 14, 2025, Appaloosa Management reported $6.4B across 38 US positions. The largest: BABA (12.4%), UNH (11.8%), AMZN (9.2%), VST (5.4%), NRG (4.9%). In the quarter it opened 8 positions, sold out of 8, added to 8 and trimmed 16; positions opened and sold out came to 44.9% 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 Aug 14, 2025
- 8 New
- 8 Added
- 16 Trimmed
- 8 Exited
38 positions at June 30, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | BABA | ALIBABA GROUP HLDG LTD | $801M | 7.1M | 12.43% | −23.4% | Trimmed |
| 2 | UNH | UNITEDHEALTH GROUP INC | $764M | 2.5M | 11.85% | +1300.0% | Added |
| 3 | AMZN | AMAZON COM INC | $592M | 2.7M | 9.19% | +7.6% | Added |
| 4 | VST | VISTRA CORP | $349M | 1.8M | 5.41% | −21.7% | Trimmed |
| 5 | NRG | NRG ENERGY INC | $318M | 2.0M | 4.93% | −3.4% | Trimmed |
| 6 | META | META PLATFORMS INC | $295M | 400.0K | 4.58% | −27.3% | Trimmed |
| 7 | NVDA | NVIDIA CORPORATION | $276M | 1.8M | 4.29% | +483.3% | Added |
| 8 | GOOG | ALPHABET INC | $266M | 1.5M | 4.13% | −25.4% | Trimmed |
| 9 | UBER | UBER TECHNOLOGIES INC | $257M | 2.8M | 3.98% | −14.1% | Trimmed |
| 10 | MSFT | MICROSOFT CORP | $249M | 500.0K | 3.86% | −2.0% | Trimmed |
| 11 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $232M | 1.0M | 3.60% | +279.6% | Added |
| 12 | JD | JD.COM INC | $228M | 7.0M | 3.54% | −13.0% | Trimmed |
| 13 | PDD | PDD HOLDINGS INC | $209M | 2.0M | 3.25% | −54.2% | Trimmed |
| 14 | INTC | INTEL CORP | $179M | 8.0M | 2.78% | — | New |
| 15 | KWEB | KRANESHARES TRUST | $137M | 4.0M | 2.13% | 0.0% | Held |
| 16 | LYFT | LYFT INC | $126M | 8.0M | 1.96% | −11.1% | Trimmed |
| 17 | DB | DEUTSCHE BANK A G | $117M | 4.0M | 1.82% | +6.7% | Added |
| 18 | MU | MICRON TECHNOLOGY INC | $102M | 825.0K | 1.58% | +106.2% | Added |
| 19 | GLW | CORNING INC | $92M | 1.8M | 1.43% | +0.4% | Held |
| 20 | ET | ENERGY TRANSFER L P | $90M | 5.0M | 1.39% | 0.0% | Held |
| 21 | LHX | L3HARRIS TECHNOLOGIES INC | $88M | 350.0K | 1.36% | +16.7% | Added |
| 22 | RTX | RTX CORPORATION | $85M | 585.0K | 1.32% | — | New |
| 23 | CZR | CAESARS ENTERTAINMENT INC NE | $60M | 2.1M | 0.92% | −4.5% | Trimmed |
| 24 | ASML | ASML HOLDING N V | $56M | 70.0K | 0.87% | 0.0% | Held |
| 25 | QCOM | QUALCOMM INC | $56M | 350.0K | 0.86% | 0.0% | Held |
| 26 | BIDU | BAIDU INC | $54M | 625.0K | 0.83% | −19.4% | Trimmed |
| 27 | IQV | IQVIA HLDGS INC | $47M | 300.0K | 0.73% | — | New |
| 28 | UAL | UNITED AIRLS HLDGS INC | $44M | 550.0K | 0.68% | — | New |
| 29 | XYZ | BLOCK INC | $44M | 641.8K | 0.68% | +755.7% | Added |
| 30 | LRCX | LAM RESEARCH CORP | $39M | 400.0K | 0.60% | −20.0% | Trimmed |
| 31 | FXI | ISHARES TR | $37M | 1.0M | 0.57% | −82.1% | Trimmed |
| 32 | ORCL | ORACLE CORP | $33M | 150.0K | 0.51% | −78.6% | Trimmed |
| 33 | MPLX | MPLX LP | $30M | 578.5K | 0.46% | 0.0% | Held |
| 34 | DAL | DELTA AIR LINES INC DEL | $27M | 550.0K | 0.42% | — | New |
| 35 | WHR | WHIRLPOOL CORP | $27M | 266.1K | 0.42% | — | New |
| 36 | BEKE | KE HLDGS INC | $27M | 1.5M | 0.41% | −21.1% | Trimmed |
| 37 | GT | GOODYEAR TIRE & RUBR CO | $9M | 861.8K | 0.14% | — | New |
| 38 | MHK | MOHAWK INDS INC | $7M | 65.0K | 0.11% | — | New |
8 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| SPYG | SPDR SER TRput option | $2.5B | 4.5M |
| AAPL | APPLE INCput option | $278M | 1.3M |
| WYNN | WYNN RESORTS LTD | $27M | 320.0K |
| LVS | LAS VEGAS SANDS CORP | $23M | 590.0K |
| AVGO | BROADCOM INC | $22M | 130.0K |
| SMH | VANECK ETF TRUSTput option | $21M | 100.0K |
| EXE | EXPAND ENERGY CORPORATION | $12M | 117.3K |
| EXE | EXPAND ENERGY CORPORATION | $6M | 65.4K |
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.