DAVID TEPPER – APPALOOSA LP Q3 2025 PORTFOLIO

Appaloosa Management, a hedge fund managed by David Tepper, disclosed 45 positions in its Q3 2025 13F filing, with a total portfolio value of $7,383,589,018.

David Tepper’s Appaloosa Management

Q3 2025 Holdings and Strategic Analysis

As of Q3 2025, David Tepper’s Appaloosa Management portfolio reveals a dramatic strategic reversal with renewed China conviction, an explosive bet on industrial cyclicals, and a massive retrenchment from healthcare. The portfolio value of $7.38 billion across 45 positions demonstrates Tepper’s legendary tactical agility, executing one of his most significant quarterly pivots by abandoning the defensive healthcare thesis in favor of aggressive positioning in Chinese equities, semiconductors, and value cyclicals.

Top Holdings

BABA

Alibaba Group Holdings

Reduced 8.73%

Portfolio: 15.61%

Shares: 6,450,000

Reported Price: $178.73

Value: $1,152,808,500

Alibaba surges back to dominance at 15.61% of the portfolio despite a modest 8.73% share reduction. The position’s expansion from 12.43% to 15.61% primarily reflects strong stock performance, signaling renewed validation of Tepper’s China thesis. This remains his signature conviction bet on Chinese e-commerce recovery and regulatory stabilization.

AMZN

Amazon.com Inc.

Reduced 7.41%

Portfolio: 7.43%

Shares: 2,500,000

Reported Price: $219.57

Value: $548,925,000

Amazon holds the #2 spot but saw meaningful profit-taking with 200,000 shares sold, declining from 9.19% to 7.43%. Despite the reduction, this remains Tepper’s largest U.S. tech position, maintaining conviction in AWS growth, retail dominance, and AI infrastructure capabilities.

WHR

Whirlpool Corp.

Added 1,966.95%

Portfolio: 5.85%

Shares: 5,500,000

Reported Price: $78.60

Value: $432,300,000

Whirlpool represents Q3’s most explosive bet, rocketing to the #3 position at 5.85% with a staggering 1,966.95% increase. This massive home appliance manufacturer stake signals aggressive positioning in housing recovery, pent-up replacement demand, and potential value opportunity in a deeply cyclical name trading near multi-year lows.

NVDA

Nvidia Corp.

Added 8.57%

Portfolio: 4.80%

Shares: 1,900,000

Reported Price: $186.58

Value: $354,502,000

Nvidia continues expanding with 150,000 additional shares, growing from 4.29% to 4.80%. This sustained accumulation following Q2’s dramatic re-entry confirms Tepper’s conviction in AI chip demand durability and Nvidia’s competitive moat in training and inference accelerators.

GOOG

Alphabet Inc. Class C

Reduced 7.50%

Portfolio: 4.58%

Shares: 1,387,500

Reported Price: $243.55

Value: $337,925,625

Alphabet saw modest trimming with 112,500 shares sold but actually expanded from 4.13% to 4.58% due to strong stock performance. The maintained position reflects continued belief in Google’s search dominance, cloud growth, and AI integration across products.

KWEB

KraneShares CSI China Internet ETF

Added 85.00%

Portfolio: 4.21%

Shares: 7,400,000

Reported Price: $42.01

Value: $310,874,000

KWEB emerges as a top-6 position with an 85% increase, adding 3.4 million shares to reach 4.21% of the portfolio. This China internet ETF position complements individual Chinese holdings, providing broad exposure to the sector’s recovery and representing a leveraged bet on Chinese tech rebound.

NRG

NRG Energy Inc.

Reduced 5.56%

Portfolio: 4.10%

Shares: 1,870,000

Reported Price: $161.95

Value: $302,846,500

NRG Energy remains a significant power generation bet despite modest trimming from 4.93% to 4.10%. The maintained position continues Tepper’s energy infrastructure theme, capitalizing on AI data center electricity demand and the company’s strong cash flow generation.

TSM

Taiwan Semiconductor

Added 3.41%

Portfolio: 4.01%

Shares: 1,060,000

Reported Price: $279.29

Value: $296,047,400

Taiwan Semiconductor continues expanding with 35,000 additional shares, growing from 3.60% to 4.01%. This sustained accumulation in the world’s leading chip manufacturer complements Nvidia, creating a comprehensive semiconductor supply chain thesis from manufacturing through design.

Portfolio Strategy Analysis

Healthcare Capitulation and Defensive Exit

Q3’s most dramatic move was the near-complete exit from UnitedHealth Group, slashed by 91.69% from 11.85% to just 0.95%. This stunning reversal of Q2’s massive healthcare bet represents one of Tepper’s fastest strategic pivots, abandoning the defensive healthcare thesis after just one quarter. The wholesale retreat suggests either profit-taking after rapid appreciation, reassessment of healthcare regulatory risks, or strategic repositioning toward more offensive growth opportunities.

China Conviction Resurfaces

After two quarters of systematic reductions, Chinese positions made a powerful comeback. Alibaba expanded back to 15.61%, KWEB China Internet ETF surged 85% to become the #6 holding at 4.21%, and Baidu jumped 67% to 1.86%. Combined with maintained positions in JD.com (2.95%) and Pinduoduo (3.22%), Chinese equities now represent over 25% of the portfolio—signaling renewed conviction in China’s economic stabilization and regulatory clarity.

Industrial Cyclical Explosion

Whirlpool became Q3’s headline story, exploding 1,966.95% to claim the #3 spot at 5.85%. This audacious bet on the struggling home appliance maker signals extreme value conviction in housing recovery and consumer durables. The position suggests Tepper sees massive upside in a deeply cyclical name trading at depressed valuations, betting on normalization of housing activity and pent-up replacement demand.

Semiconductor Consistency and Banking Diversification

Semiconductor positions showed continued conviction with Nvidia (+8.57%), TSM (+3.41%), AMD (new 2.08% position), and Qualcomm (+255.71%). This comprehensive chip exposure spans AI training, manufacturing, and mobile processors. Meanwhile, Q3 introduced aggressive regional banking diversification with new positions in Citizens Financial, Comerica, KeyCorp, Truist Financial, Western Alliance, and Zions Bancorp—betting on rate environment normalization and potential consolidation opportunities.

Transportation and Airline Re-Entry

Q3 saw renewed focus on transportation with American Airlines (1.41% new position) joining existing holdings in Delta (0.36%) and United Airlines (0.60%). Combined with maintained positions in Uber (3.19%) and Lyft (1.67%), this creates a comprehensive mobility thesis spanning airlines and ride-sharing, betting on travel demand normalization and margin improvement.

Conclusion

David Tepper’s Q3 2025 portfolio represents one of his most audacious quarterly pivots, executing a complete strategic U-turn from defensive positioning to aggressive value and cyclical bets. The stunning 91.69% reduction in UnitedHealth after just one quarter as a major holding demonstrates his legendary willingness to change course rapidly when conviction shifts.

The explosive 1,966.95% increase in Whirlpool to become the #3 holding exemplifies Tepper’s value-oriented contrarian approach, making outsized bets on deeply cyclical names at depressed valuations. Simultaneously, the 85% surge in KWEB and expansion of Alibaba back to 15.61% signals renewed China conviction after quarters of systematic reduction.

The semiconductor complex remains a core thesis with continued accumulation in Nvidia, TSM, and new AMD position, while six new regional bank positions demonstrate tactical opportunism in financial services. The energy infrastructure theme persists through NRG and Vistra, though with profit-taking evident.

Overall, Q3 reveals Tepper at his most aggressive and contrarian, abandoning defensive healthcare for offensive cyclicals, dramatically re-embracing China after sustained reductions, and making concentrated value bets in out-of-favor industrials. This portfolio reflects peak Tepper: rapid tactical pivots, extreme conviction sizing, and willingness to go against consensus when valuations and catalysts align. The $7.38 billion portfolio across 45 positions showcases a master tactician positioning for economic inflection points while maintaining the concentrated, high-conviction approach that has defined his legendary investment career.

APPALOOSA LP Portfolio Analysis

Based on 13F filing for reporting period: Q3, 2025

Portfolio Manager

David Tepper

Filing Date

November 13, 2025

Total Value

$7,383,589,018

Number of Positions

Portfolio Allocation

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Holdings Breakdown

Rank	Company Name	Ticker	Shares	Market Value ($)	% of Portfolio	Q3 Activity