Great investors · David Tepper · Q3 2025
What David Tepper bought and sold in Q3 2025
Appaloosa 13F portfolio as of Sep 30, 2025: 45 positions worth $7.4 bn. Largest: BABA, AMZN, WHR, NVDA. Filed with the SEC on Nov 13, 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 Q3 2025
- IncreasedWhirlpoolWHR+5.6 pp
- NewAdvanced Micro DevicesAMD+2.1 pp
- IncreasedQualcommQCOM+2.0 pp
- IncreasedKranesh CSI China Internet ETFKWEB+1.9 pp
- NewFiservFISV+1.6 pp
- NewAmerican Airlines GroupAAL+1.4 pp
- NewTruist FinancialTFC+0.9 pp
- IncreasedBaiduBIDU+0.7 pp
- NewKeyCorpKEY+0.5 pp
Sells in Q3 2025
- ReducedUnitedHealth GroupUNH−10.4 pp
- Sold outIntelINTC−2.4 pp
- ReducedAlibaba Group HoldingBABA−1.5 pp
- ReducedVistra OperationsVST−1.5 pp
- ReducedMicron TechnologyMU−0.7 pp
- ReducedLyftLYFT−0.7 pp
- ReducedAmazon.comAMZN−0.6 pp
16 companies with material moves, out of 46 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 Q3 2025 13F lists 45 lines of US-listed securities worth $7.4 bn; the largest is BABA at 15.6% of the portfolio. It was accepted by the SEC on Nov 13, 2025 at 4:00 PM ET.
Against the previous quarter, it opened 10 positions (AMD, FISV, AAL and TFC and 6 more), closed 3 (INTC, ORCL and BEKE), added to 9 (WHR, QCOM, KWEB and GT and 5 more) and trimmed 24 (BABA, VST, UNH and AMZN and 20 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding BABA | 6.5 M | $1.2 bn | 15.6% | −8.7% |
| 2 | Amazon.com AMZN | 2.5 M | $549M | 7.43% | −7.4% |
| 3 | Whirlpool WHR | 5.5 M | $432M | 5.85% | ×21 |
| 4 | NVIDIA NVDA | 1.9 M | $355M | 4.80% | +8.6% |
| 5 | Alphabet GOOG | 1.4 M | $338M | 4.58% | −7.5% |
| 6 | Kranesh CSI China Internet ETF KWEB | 7.4 M | $311M | 4.21% | +85% |
| 7 | NRG Energy NRG | 1.9 M | $303M | 4.10% | −5.6% |
| 8 | Taiwan Semiconductor Manufacturing TSM | 1.1 M | $296M | 4.01% | +3.4% |
| 9 | Meta Platforms META | 370,000 | $272M | 3.68% | −7.5% |
| 10 | Vistra Operations VST | 1.2 M | $244M | 3.30% | −31% |
| 11 | Microsoft MSFT | 462,500 | $240M | 3.24% | −7.5% |
| 12 | PDD Holdings PDD | 1.8 M | $238M | 3.22% | −10% |
| 13 | UBER Technologies UBER | 2.4 M | $236M | 3.19% | −12% |
| 14 | JD.com JD | 6.2 M | $218M | 2.95% | −11% |
| 15 | Qualcomm QCOM | 1.2 M | $207M | 2.81% | +256% |
| 16 | Advanced Micro Devices AMD | 950,000 | $154M | 2.08% | new |
| 17 | Baidu BIDU | 1.0 M | $138M | 1.86% | +67% |
| 18 | Deutsche Bank Aktiengesellschaft DB | 3.8 M | $134M | 1.82% | −5.3% |
| 19 | Corning GLW | 1.6 M | $133M | 1.81% | −7.1% |
| 20 | Lyft LYFT | 5.6 M | $123M | 1.67% | −30% |
| 21 | Fiserv FISV | 925,000 | $119M | 1.62% | new |
| 22 | American Airlines Group AAL | 9.3 M | $104M | 1.41% | new |
| 23 | L3harris Technologies LHX | 300,000 | $91.6M | 1.24% | −14% |
| 24 | RTX RTX | 509,500 | $85.3M | 1.15% | −13% |
| 25 | Energy Transfer ET | 5.0 M | $85.1M | 1.15% | no change |
| 26 | Micron Technology MU | 500,000 | $83.7M | 1.13% | −39% |
| 27 | UnitedHealth Group UNH | 203,500 | $70.3M | 0.95% | −92% |
| 28 | Truist Financial TFC | 1.4 M | $63.4M | 0.86% | new |
| 29 | ASML Holding ASML | 64,000 | $62.0M | 0.84% | −8.6% |
| 30 | Caesars Entertainment CZR | 2.1 M | $56.8M | 0.77% | no change |
| 31 | IQVIA Holdings IQV | 285,000 | $54.1M | 0.73% | −5% |
| 32 | Lam Research LRCX | 370,000 | $49.5M | 0.67% | −7.5% |
| 33 | iShares China Large-cap ETF FXI | 1.1 M | $45.7M | 0.62% | +11% |
| 34 | United Airlines Holdings UAL | 462,500 | $44.6M | 0.60% | −16% |
| 35 | Goodyear Tire & Rubber GT | 5.1 M | $38.4M | 0.52% | +496% |
| 36 | KeyCorp KEY | 2.0 M | $37.8M | 0.51% | new |
| 37 | Citizens Financial Group CFG | 600,000 | $31.9M | 0.43% | new |
| 38 | Comerica CMA | 462,500 | $31.7M | 0.43% | new |
| 39 | Block XYZ | 370,000 | $26.7M | 0.36% | −42% |
| 40 | MPLX MPLX | 535,000 | $26.7M | 0.36% | −7.5% |
| 41 | Delta Air Lines DAL | 462,500 | $26.2M | 0.36% | −16% |
| 42 | Owens Corning OC | 161,500 | $22.8M | 0.31% | new |
| 43 | Mohawk Industries MHK | 161,500 | $20.8M | 0.28% | +148% |
| 44 | Western Alliance Bancorporation WAL | 195,000 | $16.9M | 0.23% | new |
| 45 | Zions Bancorporation, National Association ZION | 285,000 | $16.1M | 0.22% | new |
Positions it closed (3)
- Intel INTCwas 2.78% · 8.0 M shares
- Oracle ORCLwas 0.51% · 150,000 shares
- KE Holdings BEKEwas 0.41% · 1.5 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.