DAVID TEPPER – APPALOOSA LP Q1 2025 PORTFOLIO

Appaloosa Management, a hedge fund managed by David Tepper, disclosed 38 positions in its Q1 2025 13F filing, with a total portfolio value of $8,382,766,354.

David Tepper’s Appaloosa Management

Q1 2025 Holdings and Strategic Analysis

As of Q1 2025, David Tepper’s Appaloosa Management portfolio reveals significant adjustments across both Chinese and U.S. tech positions, along with new strategic bets in the financial and defense sectors. The data shows substantial reductions in several long-held positions alongside meaningful additions, reflecting Tepper’s dynamic management approach and evolving investment thesis in response to changing global market conditions.

Top Holdings

1
BABA
Alibaba Group Holdings
Reduced 22.06%
Portfolio: 21.92%
Shares: 9,230,000
Reported Price: $132.23
Value: $1,220,482,900
Despite a substantial reduction of over 2.6 million shares, Alibaba remains the portfolio’s largest holding at nearly 22% of assets. This significant trimming suggests profit-taking while maintaining conviction in China’s leading e-commerce and cloud services provider.
2
PDD
Pinduoduo Inc.
Reduced 18.41%
Portfolio: 9.29%
Shares: 4,370,000
Reported Price: $118.35
Value: $517,189,500
Pinduoduo moved up to become the second-largest position despite a reduction of nearly one million shares. Known for its innovative social commerce model, PDD’s higher portfolio allocation reflects both its price appreciation and Tepper’s continued faith in its business model.
3
AMZN
Amazon.com Inc.
Reduced 3.46%
Portfolio: 8.58%
Shares: 2,510,000
Reported Price: $190.26
Value: $477,552,600
Amazon saw a modest reduction with the sale of 90,000 shares. As a foundational holding in e-commerce and cloud computing, this minor trim suggests a recalibration rather than a change in long-term outlook on one of Tepper’s core U.S. tech positions.
4
JD
JD.com Inc.
Reduced 23.08%
Portfolio: 5.95%
Shares: 8,050,000
Reported Price: $41.12
Value: $331,016,000
JD.com experienced a significant reduction with the sale of 2.4 million shares. Despite this substantial cut, it remains a top-5 position, suggesting Tepper continues to value JD’s extensive logistics network and competitive position in China’s e-commerce market.
5
META
Meta Platforms Inc.
Added 12.24%
Portfolio: 5.69%
Shares: 550,000
Reported Price: $576.36
Value: $316,998,000
Meta Platforms saw a meaningful increase with the addition of 60,000 shares. This expansion signals renewed confidence in the social media giant’s advertising business recovery and potential in AI and the metaverse, moving it up to become the fifth-largest position.
6
GOOG
Alphabet Inc. CL C
Added 6.80%
Portfolio: 5.64%
Shares: 2,010,000
Reported Price: $156.23
Value: $314,022,300
Alphabet, parent of Google and YouTube, saw a modest increase with the addition of 128,037 shares. This continued expansion underscores Tepper’s confidence in Alphabet’s digital advertising dominance, cloud growth, and AI capabilities.
7
VST
Vistra Corp.
Reduced 14.81%
Portfolio: 4.85%
Shares: 2,300,000
Reported Price: $117.44
Value: $270,112,000
Vistra, an integrated power generation and retail electricity provider, saw a reduction of 400,000 shares. Despite this reduction, it remains a significant position, suggesting Tepper continues to value its stable cash flows and position in the evolving energy landscape.
8
UBER
Uber Technologies Inc.
Added 113.33%
Portfolio: 4.19%
Shares: 3,200,000
Reported Price: $72.86
Value: $233,152,000
Uber saw one of the most dramatic increases in the portfolio with the addition of 1.7 million shares, more than doubling the position. This substantial bet highlights Tepper’s conviction in Uber’s improving profitability, market dominance, and growth across its mobility and delivery platforms.
9
AAPL (PUT)
Apple Inc.
Put Position
Portfolio: PUT
Shares: 1,250,000
Reported Value: $277,662,500
The sizable put position in Apple represents a notable hedging strategy or bearish view on the tech giant. This put option reflects Tepper’s willingness to take contrarian positions when he sees potential downside in even the most established tech companies.
10
FXI
iShares China Large Cap ETF
Reduced 15.63%
Portfolio: 3.61%
Shares: 5,600,000
Reported Price: $35.84
Value: $200,704,000
The iShares China Large Cap ETF position was reduced by over a million shares, indicating a moderation in Tepper’s broad exposure to Chinese equities. This reduction aligns with the trimming of individual Chinese holdings, suggesting a recalibration of the China investment thesis.

Portfolio Strategy Analysis

1
Recalibrating Chinese Exposure

Q1 2025 marks a significant shift in Tepper’s China strategy, with substantial reductions across all major Chinese positions: Alibaba (-22.06%), Pinduoduo (-18.41%), JD.com (-23.08%), FXI (-15.63%), KWEB (-12.58%), BIDU (-49.28%), and BEKE (-26.19%). This coordinated reduction signals profit-taking after strong performance and potentially reflects concerns about China’s economic outlook or regulatory environment. However, these positions still comprise a substantial portion of the portfolio, indicating continued but more measured conviction in China’s consumer and tech sectors.

2
Selective U.S. Tech Adjustments

Within U.S. technology, Tepper made notable adjustments that reveal a shift in preferences. Meta (+12.24%) and Alphabet (+6.80%) saw meaningful increases, while Microsoft (-47.42%), Nvidia (-55.88%), Qualcomm (-56.25%), Oracle (-50.00%), and Micron (-66.67%) experienced dramatic reductions. The most notable tech addition was Uber (+113.33%), reflecting strong conviction in the ride-sharing and delivery platform’s profitability trajectory. This recalibration suggests a highly selective approach to U.S. tech, favoring digital advertising leaders over semiconductor and enterprise software names.

3
New Strategic Positions

Tepper established several new positions that reveal an evolving investment thesis. The addition of Deutsche Bank (1.61% of portfolio) represents a notable entry into European financials. L3Harris Technologies (1.13%) establishes a position in the defense sector, potentially reflecting geopolitical concerns. Broadcom (0.39%) adds exposure to diversified semiconductors despite reductions in other chip stocks. Additionally, the significant put positions in Apple, SPDR S&P 500 ETF, and Semiconductor ETF reveal a cautious or hedging stance toward certain market segments, showcasing Tepper’s multi-faceted approach to risk management.

Conclusion

David Tepper’s Q1 2025 portfolio reveals a trader’s mindset at work, with substantial position adjustments across the board. The coordinated reduction in Chinese internet holdings (Alibaba, Pinduoduo, JD.com) suggests profit-taking while maintaining substantial exposure. In U.S. tech, Tepper shows increasing conviction in digital advertising platforms (Meta, Alphabet) and mobility (Uber) while dramatically reducing semiconductor and software exposure.


New positions in Deutsche Bank and L3Harris alongside substantial put positions in Apple and market ETFs demonstrate a nuanced perspective on risk and opportunity. Overall, these moves reflect Tepper’s trademark flexibility, willingness to take contrarian positions, and active recalibration of risk exposures based on evolving market conditions. The portfolio maintains significant growth elements while incorporating more defensive positioning through selective cuts, sector diversification, and hedging strategies.

Source: SEC.gov | Portfolio analysis as of Q1 2025 | Filing date: May 15, 2025

APPALOOSA LP Portfolio Analysis

Based on 13F filing for reporting period: Q1, 2025

Portfolio Manager

David Tepper

Filing Date

May 15, 2025

Total Value

$5,566,000,000+

Number of Positions

35

Portfolio Allocation

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Holdings Breakdown

Rank Company Name Ticker Shares Market Value ($) % of Portfolio Q1 Activity

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