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David Tepper

Appaloosa

Appaloosa, David Tepper's distressed, macro and cyclical equity record

Appaloosa is useful for reading how a distressed-debt and macro background turns into public equity positioning. David Tepper's portfolio can move quickly across banks, cyclicals, China exposure, technology, and broad market risk when liquidity, policy, and valuation change.

Sources SEC EDGAR profile
Opportunistic / macro-aware equities CIK 1656456
2026-03-31 Latest 13F 20 Current holdings 84 Last 2 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 31 disclosed positions · $5.9B Top five 48.3%: AMZN, MU, GOOG, UBER, TSM

Performance materials

  • Appaloosa does not provide a continuous public fund-level annual return table for the current strategy. Public interviews, 13F filings, and historical reputation provide context.

Firm and key people

  • Tepper built his reputation in distressed credit before Appaloosa became known for bold macro and cyclical equity calls.
  • Public interviews and 13F filings often show how he is balancing risk appetite, liquidity, and policy direction.
  • The portfolio is not a static quality-compounder book; sector shifts can be part of the signal.

Investment style

  • Focus on policy turns, credit stress, liquidity, and valuation dislocations.
  • Large changes in financials, cyclicals, China, or mega-cap technology can say more than small single-name moves.
  • Read holdings together with macro comments and market conditions at the filing date.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
AMZN 4,320,000 $899.7M 15.2%
MU 1,665,000 $562.5M 9.5%
GOOG 1,732,700 $497.0M 8.4%
UBER 6,332,720 $455.5M 7.7%
TSM 1,327,500 $448.6M 7.6%
BABA 3,465,000 $434.7M 7.3%
VST 2,022,332 $304.0M 5.1%
EWY 2,400,000 $295.2M 5.0%
NVDA 1,471,500 $256.6M 4.3%
NRG 1,734,442 $253.5M 4.3%
META 436,500 $249.7M 4.2%
SNDK 281,250 $178.7M 3.0%
GLW 1,129,500 $153.6M 2.6%
WHR 1,950,000 $105.1M 1.8%
PDD 900,000 $92.0M 1.5%
LRCX 382,500 $81.7M 1.4%
BIDU 692,100 $77.1M 1.3%
LHX 198,000 $68.3M 1.2%
RTX 342,000 $66.0M 1.1%
ASML 49,500 $65.4M 1.1%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
AMZN Major increase 2026-03-31 Filed 2026-05-15 4,320,000 2,179,391 98.2% +$396.7M
BABA Major reduction 2026-03-31 Filed 2026-05-15 3,465,000 5,137,931 -32.6% -$318.4M
UBER Major increase 2026-03-31 Filed 2026-05-15 6,332,720 1,850,000 242.3% +$304.3M
AAL Sold out 2026-03-31 Filed 2026-05-15 0 14,150,000 -100.0% -$216.9M
MSFT Major reduction 2026-03-31 Filed 2026-05-15 90,000 500,000 -82.0% -$208.5M
SNDK New 2026-03-31 Filed 2026-05-15 281,250 0 - +$178.7M
WHR Major reduction 2026-03-31 Filed 2026-05-15 1,950,000 3,910,000 -50.1% -$176.9M
VST Major increase 2026-03-31 Filed 2026-05-15 2,022,332 945,000 114.0% +$151.6M
META Major reduction 2026-03-31 Filed 2026-05-15 436,500 600,000 -27.3% -$146.3M
MU Minor increase 2026-03-31 Filed 2026-05-15 1,665,000 1,500,000 11.0% +$134.4M
QCOM Major reduction 2026-03-31 Filed 2026-05-15 498,613 1,145,000 -56.5% -$131.6M
KWEB Major reduction 2026-03-31 Filed 2026-05-15 1,080,000 4,750,000 -77.3% -$131.0M
EWY Major increase 2026-03-31 Filed 2026-05-15 2,400,000 1,875,000 28.0% +$112.9M
PDD Major reduction 2026-03-31 Filed 2026-05-15 900,000 1,775,000 -49.3% -$109.3M
OC Sold out 2026-03-31 Filed 2026-05-15 0 950,000 -100.0% -$106.3M
TSM Major increase 2026-03-31 Filed 2026-05-15 1,327,500 1,130,000 17.5% +$105.2M
JD Major reduction 2026-03-31 Filed 2026-05-15 1,305,000 4,157,046 -68.6% -$80.7M
MHK Sold out 2026-03-31 Filed 2026-05-15 0 675,000 -100.0% -$73.8M
GOOG Minor reduction 2026-03-31 Filed 2026-05-15 1,732,700 1,786,931 -3.0% -$63.7M
IQV Sold out 2026-03-31 Filed 2026-05-15 0 280,000 -100.0% -$63.1M
NVDA Minor reduction 2026-03-31 Filed 2026-05-15 1,471,500 1,700,000 -13.4% -$60.4M
UAL Sold out 2026-03-31 Filed 2026-05-15 0 465,000 -100.0% -$52.0M
UNH Major reduction 2026-03-31 Filed 2026-05-15 90,000 200,000 -55.0% -$41.7M
FXI Sold out 2026-03-31 Filed 2026-05-15 0 1,087,500 -100.0% -$41.6M
LYFT Major reduction 2026-03-31 Filed 2026-05-15 2,700,000 3,800,000 -28.9% -$37.7M
DAL Sold out 2026-03-31 Filed 2026-05-15 0 475,000 -100.0% -$33.0M
RTX Major reduction 2026-03-31 Filed 2026-05-15 342,000 500,000 -31.6% -$25.7M
AMD Major reduction 2026-03-31 Filed 2026-05-15 221,400 325,000 -31.9% -$24.6M
GT Sold out 2026-03-31 Filed 2026-05-15 0 2,500,000 -100.0% -$21.9M
LHX Major reduction 2026-03-31 Filed 2026-05-15 198,000 295,000 -32.9% -$18.3M
GLW Major reduction 2026-03-31 Filed 2026-05-15 1,129,500 1,570,200 -28.1% +$16.1M
BALL Major reduction 2026-03-31 Filed 2026-05-15 837,000 1,200,000 -30.2% -$14.1M
LRCX Minor reduction 2026-03-31 Filed 2026-05-15 382,500 425,000 -10.0% +$9.0M
NRG Minor increase 2026-03-31 Filed 2026-05-15 1,734,442 1,640,000 5.8% -$7.7M
ET Major reduction 2026-03-31 Filed 2026-05-15 1,576,125 2,191,250 -28.1% -$5.7M
MPLX Major reduction 2026-03-31 Filed 2026-05-15 502,460 627,500 -19.9% -$4.8M
BIDU Major increase 2026-03-31 Filed 2026-05-15 692,100 575,000 20.4% +$2.0M
ASML Major reduction 2026-03-31 Filed 2026-05-15 49,500 62,500 -20.8% -$1.5M
BABA Major reduction 2025-12-31 Filed 2026-02-17 5,137,931 6,450,000 -20.3% -$399.7M
MU Major increase 2025-12-31 Filed 2026-02-17 1,500,000 500,000 200.0% +$344.5M
GOOG Major increase 2025-12-31 Filed 2026-02-17 1,786,931 1,387,500 28.8% +$222.8M
EWY New 2025-12-31 Filed 2026-02-17 1,875,000 0 - +$182.3M
WHR Major reduction 2025-12-31 Filed 2026-02-17 3,910,000 5,500,000 -28.9% -$150.2M
KWEB Major reduction 2025-12-31 Filed 2026-02-17 4,750,000 7,400,000 -35.8% -$149.1M
META Major increase 2025-12-31 Filed 2026-02-17 600,000 370,000 62.2% +$124.3M
FISV Sold out 2025-12-31 Filed 2026-02-17 0 925,000 -100.0% -$119.3M
AAL Major increase 2025-12-31 Filed 2026-02-17 14,150,000 9,250,000 53.0% +$112.9M
JD Major reduction 2025-12-31 Filed 2026-02-17 4,157,046 6,225,000 -33.2% -$98.4M
VST Major reduction 2025-12-31 Filed 2026-02-17 945,000 1,245,000 -24.1% -$91.5M
UBER Major reduction 2025-12-31 Filed 2026-02-17 1,850,000 2,406,983 -23.1% -$84.6M
AMD Major reduction 2025-12-31 Filed 2026-02-17 325,000 950,000 -65.8% -$84.1M
OC Major increase 2025-12-31 Filed 2026-02-17 950,000 161,500 488.2% +$83.5M
BALL New 2025-12-31 Filed 2026-02-17 1,200,000 0 - +$63.6M
TFC Sold out 2025-12-31 Filed 2026-02-17 0 1,387,500 -100.0% -$63.4M
BIDU Major reduction 2025-12-31 Filed 2026-02-17 575,000 1,045,000 -45.0% -$62.6M
CZR Sold out 2025-12-31 Filed 2026-02-17 0 2,100,000 -100.0% -$56.8M
MHK Major increase 2025-12-31 Filed 2026-02-17 675,000 161,500 318.0% +$53.0M
LYFT Major reduction 2025-12-31 Filed 2026-02-17 3,800,000 5,600,000 -32.1% -$49.6M
ET Major reduction 2025-12-31 Filed 2026-02-17 2,191,250 4,957,235 -55.8% -$48.9M
TSM Minor increase 2025-12-31 Filed 2026-02-17 1,130,000 1,060,000 6.6% +$47.3M
AMZN Minor reduction 2025-12-31 Filed 2026-02-17 2,179,391 2,500,000 -12.8% -$45.9M
NRG Minor reduction 2025-12-31 Filed 2026-02-17 1,640,000 1,870,000 -12.3% -$41.7M
KEY Sold out 2025-12-31 Filed 2026-02-17 0 2,020,000 -100.0% -$37.8M
NVDA Minor reduction 2025-12-31 Filed 2026-02-17 1,700,000 1,900,000 -10.5% -$37.5M
PDD Minor reduction 2025-12-31 Filed 2026-02-17 1,775,000 1,800,000 -1.4% -$36.6M
CFG Sold out 2025-12-31 Filed 2026-02-17 0 600,000 -100.0% -$31.9M
CMA Sold out 2025-12-31 Filed 2026-02-17 0 462,500 -100.0% -$31.7M
XYZ Sold out 2025-12-31 Filed 2026-02-17 0 370,000 -100.0% -$26.7M
LRCX Minor increase 2025-12-31 Filed 2026-02-17 425,000 370,000 14.9% +$23.2M
WAL Sold out 2025-12-31 Filed 2026-02-17 0 195,000 -100.0% -$16.9M
GT Major reduction 2025-12-31 Filed 2026-02-17 2,500,000 5,140,000 -51.4% -$16.5M
ZION Sold out 2025-12-31 Filed 2026-02-17 0 285,000 -100.0% -$16.1M
QCOM Minor reduction 2025-12-31 Filed 2026-02-17 1,145,000 1,245,000 -8.0% -$11.3M
IQV Minor reduction 2025-12-31 Filed 2026-02-17 280,000 285,000 -1.8% +$9.0M
UAL Minor increase 2025-12-31 Filed 2026-02-17 465,000 462,500 0.5% +$7.4M
MPLX Major increase 2025-12-31 Filed 2026-02-17 627,500 535,000 17.3% +$6.8M
DAL Minor increase 2025-12-31 Filed 2026-02-17 475,000 462,500 2.7% +$6.7M
RTX Minor reduction 2025-12-31 Filed 2026-02-17 500,000 509,500 -1.9% +$6.4M
LHX Minor reduction 2025-12-31 Filed 2026-02-17 295,000 300,000 -1.7% -$5.0M
ASML Minor reduction 2025-12-31 Filed 2026-02-17 62,500 64,000 -2.3% +$4.9M
UNH Minor reduction 2025-12-31 Filed 2026-02-17 200,000 203,500 -1.7% -$4.2M
GLW Minor reduction 2025-12-31 Filed 2026-02-17 1,570,200 1,625,000 -3.4% +$4.2M
FXI Minor reduction 2025-12-31 Filed 2026-02-17 1,087,500 1,110,000 -2.0% -$4.0M
MSFT Minor increase 2025-12-31 Filed 2026-02-17 500,000 462,500 8.1% +$2.3M

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Interview

David Tepper CNBC Interview on Markets and China

Tepper discusses China stimulus, market liquidity, interest rates and risk asset allocation in CNBC interview. The interview views can be compared with the changes in 13F positions, but they cannot be directly equated to the next quarter's buying and selling.

  • The interview centers on policy shifts and the liquidity environment, with Tepper focusing on risk asset repricing rather than the short-term story of individual stocks.
  • His expression of China's stimulus policy is more like a macro trading framework and needs to be viewed separately from Appaloosa's disclosures on China concepts, technology and cyclical assets.
  • Interest rates and the path of the Fed are important variables in his judgment of market risk appetite, which explains why Appaloosa's positions often carry macro sensitivity.
  • Tepper's public interviews usually have a very direct tone; CNBC's point of view is a judgment at the time of the interview, and 13F is a delayed disclosure.
  • This piece of information can make up for what cannot be seen from pure position data, that is, how it puts policy, liquidity and position risk in a framework.
Public speech

David Tepper 2018 Carnegie Mellon Commencement Address

Tepper returns to his alma mater to talk about career choices, risk-taking, resilience and giving back during Carnegie Mellon's commencement ceremony. It is not a position interpretation, but it can help understand his risk appetite and competitive personality starting from credit and distressed assets.

  • The speech emphasized not to design the career path to be too linear. Tepper's own experience is to constantly adjust amidst different market pressures and opportunities.
  • He puts risk-taking and preparation together: What really matters is not whether you are willing to place a bet, but whether you can still judge when others are panicking.
  • The material helps explain Appaloosa's opportunistic style, particularly taking the initiative when crises, credit stress and macro mismatches arise.
  • Tepper's repeated references to giving back and institution-building illustrate that reputation, education, and social capital that follow wealth accumulation are also important parts of his public expressions.
  • The source of this complete official speech is clear and more stable than scattered market comments. It can present Tepper's long-term risk appetite and public image.