Great investors · David Tepper · Q4 2025
What David Tepper bought and sold in Q4 2025
Appaloosa 13F portfolio as of Dec 31, 2025: 38 positions worth $6.9 bn. Largest: BABA, GOOG, AMZN, MU. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- IncreasedMicron TechnologyMU+3.9 pp
- NewIsharesEWY+2.5 pp
- IncreasedMeta PlatformsMETA+2.1 pp
- IncreasedAlphabetGOOG+1.7 pp
- IncreasedOwens CorningOC+1.2 pp
- IncreasedAmerican Airlines GroupAAL+1.0 pp
- NewBALLBALL+0.9 pp
- IncreasedMohawk IndustriesMHK+0.8 pp
Sells in Q4 2025
- ReducedAlibaba Group HoldingBABA−2.6 pp
- ReducedAdvanced Micro DevicesAMD−1.8 pp
- Sold outFiservFISV−1.6 pp
- ReducedWhirlpoolWHR−1.6 pp
- ReducedKranesh CSI China Internet ETFKWEB−1.2 pp
- ReducedAmazon.comAMZN−1.0 pp
- Sold outTruist FinancialTFC−0.9 pp
- ReducedBaiduBIDU−0.8 pp
- ReducedJD.comJD−0.8 pp
- Sold outCaesars EntertainmentCZR−0.8 pp
- ReducedVistra OperationsVST−0.7 pp
- ReducedEnergy TransferET−0.6 pp
23 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 Q4 2025 13F lists 38 lines of US-listed securities worth $6.9 bn; the largest is BABA at 11.0% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:00 PM ET.
Against the previous quarter, it opened 2 positions (EWY and BALL), closed 9 (FISV, TFC, CZR and KEY and 5 more), added to 11 (MU, OC, META and MHK and 7 more) and trimmed 24 (BABA, WHR, AMZN and KWEB and 20 more). 1 line shows the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Alibaba Group Holding BABA | 5.1 M | $753M | 11.0% | −20% |
| 2 | Alphabet GOOG | 1.8 M | $561M | 8.18% | +29% |
| 3 | Amazon.com AMZN | 2.2 M | $503M | 7.34% | −13% |
| 4 | Micron Technology MU | 1.5 M | $428M | 6.25% | +200% |
| 5 | Meta Platforms META | 600,000 | $396M | 5.78% | +62% |
| 6 | Taiwan Semiconductor Manufacturing TSM | 1.1 M | $343M | 5.01% | +6.6% |
| 7 | NVIDIA NVDA | 1.7 M | $317M | 4.63% | −11% |
| 8 | Whirlpool WHR | 3.9 M | $282M | 4.12% | −29% |
| 9 | NRG Energy NRG | 1.6 M | $261M | 3.81% | −12% |
| 10 | Microsoft MSFT | 500,000 | $242M | 3.53% | +8.1% |
| 11 | American Airlines Group AAL | 14.2 M | $217M | 3.16% | +53% |
| 12 | PDD Holdings PDD | 1.8 M | $201M | 2.94% | −1.4% |
| 13 | Qualcomm QCOM | 1.1 M | $196M | 2.86% | −8% |
| 14 | Ishares EWY | 1.9 M | $182M | 2.66% | new |
| 15 | Kranesh CSI China Internet ETF KWEB | 4.8 M | $162M | 2.36% | −36% |
| 16 | Vistra Operations VST | 945,000 | $152M | 2.22% | −24% |
| 17 | UBER Technologies UBER | 1.9 M | $151M | 2.21% | −23% |
| 18 | Corning GLW | 1.6 M | $137M | 2.01% | −3.4% |
| 19 | Deutsche Bank Aktiengesellschaft DB | 3.2 M | $121M | 1.77% | −17% |
| 20 | JD.com JD | 4.2 M | $119M | 1.74% | −33% |
| 21 | Owens Corning OC | 950,000 | $106M | 1.55% | +488% |
| 22 | RTX RTX | 500,000 | $91.7M | 1.34% | −1.9% |
| 23 | L3harris Technologies LHX | 295,000 | $86.6M | 1.26% | −1.7% |
| 24 | Baidu BIDU | 575,000 | $75.1M | 1.10% | −45% |
| 25 | Mohawk Industries MHK | 675,000 | $73.8M | 1.08% | +318% |
| 26 | Lyft LYFT | 3.8 M | $73.6M | 1.07% | −32% |
| 27 | Lam Research LRCX | 425,000 | $72.8M | 1.06% | +15% |
| 28 | Advanced Micro Devices AMD | 325,000 | $69.6M | 1.02% | −66% |
| 29 | ASML Holding ASML | 62,500 | $66.9M | 0.98% | −2.3% |
| 30 | UnitedHealth Group UNH | 200,000 | $66.0M | 0.96% | −1.7% |
| 31 | BALL BALL | 1.2 M | $63.6M | 0.93% | new |
| 32 | IQVIA Holdings IQV | 280,000 | $63.1M | 0.92% | −1.8% |
| 33 | United Airlines Holdings UAL | 465,000 | $52.0M | 0.76% | no change |
| 34 | iShares China Large-cap ETF FXI | 1.1 M | $41.6M | 0.61% | −2% |
| 35 | Energy Transfer ET | 2.2 M | $36.1M | 0.53% | −56% |
| 36 | MPLX MPLX | 627,500 | $33.5M | 0.49% | +17% |
| 37 | Delta Air Lines DAL | 475,000 | $33.0M | 0.48% | +2.7% |
| 38 | Goodyear Tire & Rubber GT | 2.5 M | $21.9M | 0.32% | −51% |
Positions it closed (9)
- Fiserv FISVwas 1.62% · 925,000 shares
- Truist Financial TFCwas 0.86% · 1.4 M shares
- Caesars Entertainment CZRwas 0.77% · 2.1 M shares
- KeyCorp KEYwas 0.51% · 2.0 M shares
- Citizens Financial Group CFGwas 0.43% · 600,000 shares
- Comerica CMAwas 0.43% · 462,500 shares
- Block XYZwas 0.36% · 370,000 shares
- Western Alliance Bancorporation WALwas 0.23% · 195,000 shares
- Zions Bancorporation, National Association ZIONwas 0.22% · 285,000 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.