Great investors · David Tepper · Q2 2025
What David Tepper bought and sold in Q2 2025
Appaloosa 13F portfolio as of Jun 30, 2025: 38 positions worth $6.4 bn. Largest: BABA, UNH, AMZN, VST. Filed with the SEC on Aug 14, 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 Q2 2025
- IncreasedUnitedHealth GroupUNH+11.0 pp
- IncreasedNVIDIANVDA+3.6 pp
- NewIntelINTC+2.8 pp
- IncreasedTaiwan Semiconductor ManufacturingTSM+2.7 pp
- NewRTXRTX+1.3 pp
- IncreasedMicron TechnologyMU+0.8 pp
- NewIQVIA HoldingsIQV+0.7 pp
- NewUnited Airlines HoldingsUAL+0.7 pp
- IncreasedAmazon.comAMZN+0.6 pp
- IncreasedBlockXYZ+0.6 pp
Sells in Q2 2025
- ReducedPDD HoldingsPDD−3.8 pp
- ReducedAlibaba Group HoldingBABA−3.8 pp
- ReducediShares China Large-cap ETFFXI−2.6 pp
- ReducedMeta PlatformsMETA−1.7 pp
- ReducedOracleORCL−1.5 pp
- ReducedVistra OperationsVST−1.5 pp
- ReducedAlphabetGOOG−1.4 pp
- ReducedUBER TechnologiesUBER−0.7 pp
- ReducedJD.comJD−0.5 pp
19 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 Q2 2025 13F lists 38 lines of US-listed securities worth $6.4 bn; the largest is BABA at 12.4% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:00 PM ET.
Against the previous quarter, it opened 8 positions (INTC, RTX, IQV and UAL and 4 more), closed 5 (WYNN, LVS, AVGO and EXEEZ and 1 more), added to 8 (UNH, NVDA, TSM and XYZ and 4 more) and trimmed 16 (BABA, PDD, META and VST and 12 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding BABA | 7.1 M | $801M | 12.4% | −23% |
| 2 | UnitedHealth Group UNH | 2.5 M | $764M | 11.9% | ×14 |
| 3 | Amazon.com AMZN | 2.7 M | $592M | 9.19% | +7.6% |
| 4 | Vistra Operations VST | 1.8 M | $349M | 5.41% | −22% |
| 5 | NRG Energy NRG | 2.0 M | $318M | 4.93% | −3.4% |
| 6 | Meta Platforms META | 400,000 | $295M | 4.58% | −27% |
| 7 | NVIDIA NVDA | 1.8 M | $276M | 4.29% | +483% |
| 8 | Alphabet GOOG | 1.5 M | $266M | 4.13% | −25% |
| 9 | UBER Technologies UBER | 2.8 M | $257M | 3.98% | −14% |
| 10 | Microsoft MSFT | 500,000 | $249M | 3.86% | −2% |
| 11 | Taiwan Semiconductor Manufacturing TSM | 1.0 M | $232M | 3.60% | +280% |
| 12 | JD.com JD | 7.0 M | $228M | 3.54% | −13% |
| 13 | PDD Holdings PDD | 2.0 M | $209M | 3.25% | −54% |
| 14 | Intel INTC | 8.0 M | $179M | 2.78% | new |
| 15 | Kranesh CSI China Internet ETF KWEB | 4.0 M | $137M | 2.13% | no change |
| 16 | Lyft LYFT | 8.0 M | $126M | 1.96% | −11% |
| 17 | Deutsche Bank Aktiengesellschaft DB | 4.0 M | $117M | 1.82% | +6.7% |
| 18 | Micron Technology MU | 825,000 | $102M | 1.58% | +106% |
| 19 | Corning GLW | 1.8 M | $92.0M | 1.43% | no change |
| 20 | Energy Transfer ET | 5.0 M | $89.9M | 1.39% | no change |
| 21 | L3harris Technologies LHX | 350,000 | $87.8M | 1.36% | +17% |
| 22 | RTX RTX | 585,000 | $85.4M | 1.32% | new |
| 23 | Caesars Entertainment CZR | 2.1 M | $59.6M | 0.92% | −4.5% |
| 24 | ASML Holding ASML | 70,000 | $56.1M | 0.87% | no change |
| 25 | Qualcomm QCOM | 350,000 | $55.7M | 0.86% | no change |
| 26 | Baidu BIDU | 625,000 | $53.6M | 0.83% | −19% |
| 27 | IQVIA Holdings IQV | 300,000 | $47.3M | 0.73% | new |
| 28 | United Airlines Holdings UAL | 550,000 | $43.8M | 0.68% | new |
| 29 | Block XYZ | 641,800 | $43.6M | 0.68% | +756% |
| 30 | Lam Research LRCX | 400,000 | $38.9M | 0.60% | −20% |
| 31 | iShares China Large-cap ETF FXI | 1.0 M | $36.8M | 0.57% | −82% |
| 32 | Oracle ORCL | 150,000 | $32.8M | 0.51% | −79% |
| 33 | MPLX MPLX | 578,500 | $29.8M | 0.46% | no change |
| 34 | Delta Air Lines DAL | 550,000 | $27.0M | 0.42% | new |
| 35 | Whirlpool WHR | 266,092 | $27.0M | 0.42% | new |
| 36 | KE Holdings BEKE | 1.5 M | $26.6M | 0.41% | −21% |
| 37 | Goodyear Tire & Rubber GT | 861,782 | $8.9M | 0.14% | new |
| 38 | Mohawk Industries MHK | 65,000 | $6.8M | 0.11% | new |
Positions it closed (5)
- WYNN Resorts WYNNwas 0.48% · 320,000 shares
- Las Vegas Sands LVSwas 0.41% · 590,000 shares
- Broadcom AVGOwas 0.39% · 130,000 shares
- Expand Energy EXEEZwas 0.22% · 117,321 shares
- Expand Energy EXEELwas 0.12% · 65,398 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) ↗
Follow David Tepper and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
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.