Appaloosa
Appaloosa Management, founded by David Tepper, is a well-known hedge fund based in the United States, managing approximately $5.93 billion in assets. Tepper, renowned for his distressed debt expertise, has built a reputation for bold market predictions and strong returns. The fund typically employs a macroeconomic approach to investing, focusing on public equity and debt markets globally.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| AMZN | $899.7M | 15.16% | $208.27 | $245.78 | +18.0% | 15.2% | |
| MU | $562.5M | 9.48% | $337.79 | $921.84 | +172.9% | 9.5% | |
| GOOG | $497.0M | 8.38% | $286.69 | $366.12 | +27.7% | 8.4% | |
| UBER | $455.5M | 7.68% | $71.93 | $74.73 | +3.9% | 7.7% | |
| TSM | $448.6M | 7.56% | $337.16 | $431.98 | +28.1% | 7.6% | |
| BABA | $434.7M | 7.33% | $124.32 | $98.02 | -21.2% | 7.3% | |
| VST | $304.0M | 5.12% | $150.12 | $155.49 | +3.6% | 5.1% | |
| EWY | $295.2M | 4.98% | $123.01 | $181.62 | +47.6% | 5.0% | |
| NVDA | $256.6M | 4.33% | $174.40 | $197.03 | +13.0% | 4.3% | |
| NRG | $253.5M | 4.27% | $145.69 | $138.43 | -5.0% | 4.3% | |
| META | $249.7M | 4.21% | $571.60 | $618.80 | +8.3% | 4.2% | |
| SNDK | $178.7M | 3.01% | $635.34 | $1581.23 | +148.9% | 3.0% | |
| GLW | $153.6M | 2.59% | $135.76 | $184.84 | +36.1% | 2.6% | |
| WHR | $105.1M | 1.77% | $53.92 | $36.99 | -31.4% | 1.8% | |
| PDD | $92.0M | 1.55% | $102.18 | $82.53 | -19.2% | 1.6% | |
| LRCX | $81.7M | 1.38% | $213.51 | $322.99 | +51.3% | 1.4% | |
| BIDU | $77.1M | 1.30% | $111.42 | $111.99 | +0.5% | 1.3% | |
| LHX | $68.3M | 1.15% | $343.76 | $295.15 | -14.1% | 1.1% | |
| RTX | $66.0M | 1.11% | $192.10 | $201.07 | +4.7% | 1.1% | |
| ASML | $65.4M | 1.10% | $1317.95 | $1743.53 | +32.3% | 1.1% | |
| QCOM | $64.2M | 1.08% | $128.78 | $182.20 | +41.5% | 1.1% | |
| BALL | $49.5M | 0.83% | $59.11 | $62.98 | +6.5% | 0.8% | |
| AMD | $45.0M | 0.76% | $203.43 | $517.98 | +154.6% | 0.8% | |
| JD | $38.6M | 0.65% | $28.55 | $26.58 | -6.9% | 0.7% | |
| LYFT | $35.9M | 0.61% | $13.30 | $15.53 | +16.8% | 0.6% | |
| MSFT | $33.3M | 0.56% | $369.37 | $391.76 | +6.1% | 0.6% | |
| KWEB | $30.7M | 0.52% | $28.43 | $25.51 | -10.3% | 0.5% | |
| ET | $30.4M | 0.51% | $18.97 | $19.71 | +3.9% | 0.5% | |
| MPLX | $28.7M | 0.48% | $55.98 | $57.44 | +2.6% | 0.5% | |
| UNH | $24.4M | 0.41% | $269.05 | $425.75 | +58.2% | 0.4% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (1)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| SNDK | $178.7M | +148.9% |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| AAL | $216.9M | |
| OC | $106.3M | |
| MHK | $73.8M | |
| IQV | $63.1M | |
| UAL | $52.0M | |
| FXI | $41.6M | |
| DAL | $33.0M | |
| GT | $21.9M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| MU | $491.1M | +566.0% | +172.9% | |
| UBER | $304.4M | +242.3% | +3.9% | |
| VST | $151.6M | +114.0% | +3.6% | |
| AMZN | $396.7M | +98.2% | +18.0% | |
| EWY | $112.9M | +28.0% | +47.6% | |
| BIDU | $2.0M | +20.4% | +0.5% | |
| TSM | $105.2M | +17.5% | +28.1% | |
| MU | $134.4M | +11.0% | +172.9% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| DB | $-113.8M | -91.8% | ||
| MSFT | $-208.5M | -82.0% | +6.1% | |
| KWEB | $-131.0M | -77.3% | -10.3% | |
| JD | $-80.7M | -68.6% | -6.9% | |
| QCOM | $-131.6M | -56.5% | +41.5% | |
| UNH | $-41.7M | -55.0% | +58.2% | |
| WHR | $-176.9M | -50.1% | -31.4% | |
| PDD | $-109.3M | -49.3% | -19.2% |
Quarter Activity
During the quarter, Appaloosa initiated a notable new position in SNDK, valued at $179 million. The fund exited several positions, including significant holdings in AAL, OC, and MHK. Additionally, there were substantial increases in investments in MU and UBER, while notable reductions were made in DB and MSFT, indicating a strategic reallocation of resources within the portfolio.
AI Commentary
<p>As of the latest reporting period, Appaloosa's portfolio is heavily concentrated in the technology and consumer sectors, with significant positions in major companies such as Amazon (AMZN) and Alphabet (GOOG), representing 15.2% and 8.4% of the portfolio respectively. Other notable holdings include Micron Technology (MU) and Uber Technologies (UBER), emphasizing a strong conviction in tech-driven growth. The fund also shows a diversified international exposure with significant investments in Taiwan Semiconductor Manufacturing (TSM) and Alibaba Group Holding (BABA), highlighting a strategic focus on both U.S. and Asian markets.</p> <p>The recent portfolio adjustments signal a strategic shift in Appaloosa's investment thesis. The closure of positions in American Airlines (AAL) and other industrials like Owens Corning (OC) and Mohawk Industries (MHK) suggests a move away from sectors that may be perceived as vulnerable in the current economic climate. Conversely, the substantial increases in stakes in Micron Technology (MU) and Uber Technologies (UBER) indicate a bullish outlook on technology and consumer services. The new position in SanDisk (SNDK) further underscores a focus on tech, particularly in data storage and memory, sectors likely expected to benefit from trends in big data and AI.</p>