Great investors · David Tepper · Q1 2025
What David Tepper bought and sold in Q1 2025
Appaloosa 13F portfolio as of Mar 31, 2025: 35 positions worth $5.6 bn. Largest: BABA, PDD, AMZN, JD. Filed with the SEC on May 15, 2025.
The 13F is filed by Appaloosa, not by David Tepper personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedUBER TechnologiesUBER+1.9 pp
- NewDeutsche Bank AktiengesellschaftDB+1.4 pp
- NewL3harris TechnologiesLHX+1.0 pp
- IncreasedMeta PlatformsMETA+0.5 pp
Sells in Q1 2025
- ReducedAlibaba Group HoldingBABA−5.3 pp
- ReducedMicrosoftMSFT−2.7 pp
- Sold outAdvanced Micro DevicesAMD−2.2 pp
- ReducedPDD HoldingsPDD−1.8 pp
- ReducedJD.comJD−1.5 pp
- Sold outFedExFDX−1.5 pp
- ReducedOracleORCL−1.5 pp
- ReducedMicron TechnologyMU−1.1 pp
- ReducedBaiduBIDU−1.1 pp
- ReducedQualcommQCOM−1.1 pp
- ReducedASML HoldingASML−0.9 pp
- ReducedLam ResearchLRCX−0.8 pp
21 companies with material moves, out of 37 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Appaloosa's Q1 2025 13F lists 35 lines of US-listed securities worth $5.6 bn; the largest is BABA at 21.9% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:21 PM ET.
Against the previous quarter, it opened 4 positions (DB, LHX, AVGO and XYZ), closed 6 (AMD, FDX, EQT and AR and 2 more), added to 6 (UBER, META, NRG and GOOG and 2 more) and trimmed 21 (BABA, PDD, MSFT and JD and 17 more). 4 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding BABA | 9.2 M | $1.2 bn | 21.9% | −22% |
| 2 | PDD Holdings PDD | 4.4 M | $517M | 9.29% | −18% |
| 3 | Amazon.com AMZN | 2.5 M | $478M | 8.58% | −3.5% |
| 4 | JD.com JD | 8.1 M | $331M | 5.95% | −23% |
| 5 | Meta Platforms META | 550,000 | $317M | 5.69% | +12% |
| 6 | Alphabet GOOG | 2.0 M | $314M | 5.64% | +6.8% |
| 7 | Vistra Operations VST | 2.3 M | $270M | 4.85% | −15% |
| 8 | UBER Technologies UBER | 3.2 M | $233M | 4.19% | +113% |
| 9 | iShares China Large-cap ETF FXI | 5.6 M | $201M | 3.61% | −16% |
| 10 | NRG Energy NRG | 2.1 M | $196M | 3.52% | +13% |
| 11 | Microsoft MSFT | 510,000 | $191M | 3.44% | −47% |
| 12 | Kranesh CSI China Internet ETF KWEB | 4.0 M | $140M | 2.51% | −13% |
| 13 | Lyft LYFT | 9.0 M | $107M | 1.92% | −33% |
| 14 | Oracle ORCL | 700,000 | $97.9M | 1.76% | −50% |
| 15 | Energy Transfer ET | 5.0 M | $92.2M | 1.66% | no change |
| 16 | UnitedHealth Group UNH | 175,000 | $91.7M | 1.65% | no change |
| 17 | Deutsche Bank Aktiengesellschaft DB | 3.8 M | $89.4M | 1.61% | new |
| 18 | Corning GLW | 1.7 M | $79.8M | 1.43% | +16% |
| 19 | Baidu BIDU | 775,000 | $71.3M | 1.28% | −49% |
| 20 | L3harris Technologies LHX | 300,000 | $62.8M | 1.13% | new |
| 21 | Caesars Entertainment CZR | 2.2 M | $55.0M | 0.99% | no change |
| 22 | Qualcomm QCOM | 350,000 | $53.8M | 0.97% | −56% |
| 23 | ASML Holding ASML | 70,000 | $46.4M | 0.83% | −56% |
| 24 | Taiwan Semiconductor Manufacturing TSM | 270,000 | $44.8M | 0.81% | +8% |
| 25 | KE Holdings BEKE | 1.9 M | $38.2M | 0.69% | −26% |
| 26 | Lam Research LRCX | 500,000 | $36.4M | 0.65% | −60% |
| 27 | Micron Technology MU | 400,000 | $34.8M | 0.62% | −67% |
| 28 | NVIDIA NVDA | 300,000 | $32.5M | 0.58% | −56% |
| 29 | MPLX MPLX | 578,500 | $31.0M | 0.56% | no change |
| 30 | WYNN Resorts WYNN | 320,000 | $26.7M | 0.48% | −36% |
| 31 | Las Vegas Sands LVS | 590,000 | $22.8M | 0.41% | −34% |
| 32 | Broadcom AVGO | 130,000 | $21.8M | 0.39% | new |
| 33 | Expand Energy EXEEZ | 117,321 | $12.3M | 0.22% | −53% |
| 34 | Expand Energy EXEEL | 65,398 | $6.5M | 0.12% | −56% |
| 35 | Block XYZ | 75,000 | $4.1M | 0.07% | new |
Positions it closed (6)
- Advanced Micro Devices AMDwas 2.24% · 1.2 M shares
- FedEx FDXwas 1.52% · 350,000 shares
- EQT EQTwas 0.57% · 800,000 shares
- Antero Resources ARwas 0.46% · 840,000 shares
- Expand Energy EXEwas 0.45% · 295,000 shares
- Intel INTCwas 0.31% · 1.0 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Appaloosa's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.