David Tepper’s portfolio: Appaloosa Management 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001656456Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 17, 2026, Appaloosa Management reported $6.9B across 39 US positions. The largest: BABA (10.9%), GOOG (8.1%), AMZN (7.3%), MU (6.2%), META (5.7%). In the quarter it opened 3 positions, sold out of 9, added to 11 and trimmed 24; positions opened and sold out came to 10% 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 Feb 17, 2026
- 3 New
- 11 Added
- 24 Trimmed
- 9 Exited
39 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | BABA | ALIBABA GROUP HLDG LTD | $753M | 5.1M | 10.88% | −20.3% | Trimmed |
| 2 | GOOG | ALPHABET INC | $561M | 1.8M | 8.10% | +28.8% | Added |
| 3 | AMZN | AMAZON COM INC | $503M | 2.2M | 7.26% | −12.8% | Trimmed |
| 4 | MU | MICRON TECHNOLOGY INC | $428M | 1.5M | 6.18% | +200.0% | Added |
| 5 | META | META PLATFORMS INC | $396M | 600.0K | 5.72% | +62.2% | Added |
| 6 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $343M | 1.1M | 4.96% | +6.6% | Added |
| 7 | NVDA | NVIDIA CORPORATION | $317M | 1.7M | 4.58% | −10.5% | Trimmed |
| 8 | WHR | WHIRLPOOL CORP | $282M | 3.9M | 4.07% | −28.9% | Trimmed |
| 9 | NRG | NRG ENERGY INC | $261M | 1.6M | 3.77% | −12.3% | Trimmed |
| 10 | MSFT | MICROSOFT CORP | $242M | 500.0K | 3.49% | +8.1% | Added |
| 11 | AAL | AMERICAN AIRLS GROUP INC | $217M | 14.2M | 3.13% | +53.0% | Added |
| 12 | PDD | PDD HOLDINGS INC | $201M | 1.8M | 2.91% | −1.4% | Trimmed |
| 13 | QCOM | QUALCOMM INC | $196M | 1.1M | 2.83% | −8.0% | Trimmed |
| 14 | EWY | ISHARES INC | $182M | 1.9M | 2.63% | — | New |
| 15 | KWEB | KRANESHARES TRUST | $162M | 4.8M | 2.34% | −35.8% | Trimmed |
| 16 | VST | VISTRA CORP | $152M | 945.0K | 2.20% | −24.1% | Trimmed |
| 17 | UBER | UBER TECHNOLOGIES INC | $151M | 1.9M | 2.18% | −23.1% | Trimmed |
| 18 | GLW | CORNING INC | $137M | 1.6M | 1.99% | −3.4% | Trimmed |
| 19 | DB | DEUTSCHE BANK A G | $121M | 3.1M | 1.75% | −16.9% | Trimmed |
| 20 | JD | JD.COM INC | $119M | 4.2M | 1.72% | −33.2% | Trimmed |
| 21 | OC | OWENS CORNING NEW | $106M | 950.0K | 1.54% | +488.2% | Added |
| 22 | RTX | RTX CORPORATION | $92M | 500.0K | 1.32% | −1.9% | Trimmed |
| 23 | LHX | L3HARRIS TECHNOLOGIES INC | $87M | 295.0K | 1.25% | −1.7% | Trimmed |
| 24 | BIDU | BAIDU INC | $75M | 575.0K | 1.08% | −45.0% | Trimmed |
| 25 | MHK | MOHAWK INDS INC | $74M | 675.0K | 1.07% | +318.0% | Added |
| 26 | LYFT | LYFT INC | $74M | 3.8M | 1.06% | −32.1% | Trimmed |
| 27 | LRCX | LAM RESEARCH CORP | $73M | 425.0K | 1.05% | +14.9% | Added |
| 28 | MU | MICRON TECHNOLOGY INCcall option | $71M | 250.0K | 1.03% | — | New |
| 29 | AMD | ADVANCED MICRO DEVICES INC | $70M | 325.0K | 1.01% | −65.8% | Trimmed |
| 30 | ASML | ASML HOLDING N V | $67M | 62.5K | 0.97% | −2.3% | Trimmed |
| 31 | UNH | UNITEDHEALTH GROUP INC | $66M | 200.0K | 0.95% | −1.7% | Trimmed |
| 32 | BALL | BALL CORP | $64M | 1.2M | 0.92% | — | New |
| 33 | IQV | IQVIA HLDGS INC | $63M | 280.0K | 0.91% | −1.8% | Trimmed |
| 34 | UAL | UNITED AIRLS HLDGS INC | $52M | 465.0K | 0.75% | +0.5% | Held |
| 35 | FXI | ISHARES TR | $42M | 1.1M | 0.60% | −2.0% | Trimmed |
| 36 | ET | ENERGY TRANSFER L P | $36M | 2.2M | 0.52% | −55.8% | Trimmed |
| 37 | MPLX | MPLX LP | $33M | 627.5K | 0.48% | +17.3% | Added |
| 38 | DAL | DELTA AIR LINES INC DEL | $33M | 475.0K | 0.48% | +2.7% | Added |
| 39 | GT | GOODYEAR TIRE & RUBR CO | $22M | 2.5M | 0.32% | −51.4% | Trimmed |
9 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 |
|---|---|---|---|
| FISV | FISERV INC | $119M | 925.0K |
| TFC | TRUIST FINL CORP | $63M | 1.4M |
| CZR | CAESARS ENTERTAINMENT INC NE | $57M | 2.1M |
| KEY | KEYCORP | $38M | 2.0M |
| CFG | CITIZENS FINL GROUP INC | $32M | 600.0K |
| CMA | COMERICA INC | $32M | 462.5K |
| XYZ | BLOCK INC | $27M | 370.0K |
| WEA | WESTERN ALLIANCE BANCORP | $17M | 195.0K |
| ZION | ZIONS BANCORPORATION N A | $16M | 285.0K |
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.