David Tepper - Appaloosa Management Portfolio

David Tepper - Appaloosa LP Q1 2025 Portfolio

Appaloosa Management, a hedge fund managed by David Tepper, disclosed 38 positions in their SEC 13F filing for the first quarter of 2025, 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

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

Holdings Breakdown

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

David Tepper's Career Timeline

From Credit Analyst to Hedge Fund Legend & NFL Owner

David Alan Tepper has built a remarkable career spanning finance, investing, and professional sports ownership. His journey from a credit analyst to founding Appaloosa Management and eventually purchasing the Carolina Panthers showcases his extraordinary business acumen and investment prowess.

Early Years & Education

1957
Birth
Born on September 11 in Pittsburgh, Pennsylvania.
1978
University Education
Graduates with a Bachelor of Arts degree in economics from the University of Pittsburgh.
1982
Advanced Degree
Earns an MBA from Carnegie Mellon University, which would later become a significant beneficiary of his philanthropy.
Educational Achievement

Early Career

1980
First Finance Role
Begins working for Equibank as a credit analyst in the treasury department, laying the foundation for his finance career.
1984
Mutual Fund Experience
Joins Keystone Mutual Funds in Boston, expanding his financial expertise beyond banking.
1985
Goldman Sachs
Is recruited by Goldman Sachs to work as a credit analyst in its high yield group in New York City, and within six months becomes head trader.
Rapid Career Advancement

Founding Appaloosa & Investment Success

1992
Career Transition
Leaves Goldman Sachs after being passed over for partner and starts trading his personal account.
1993
Appaloosa Management
Founds Appaloosa Management, which would grow to become one of the world's most successful hedge funds.
Company Founder
2001
Distressed Investing Success
Generates a 61% return by focusing on distressed bonds, showcasing his talent for finding value in troubled assets.
61% Fund Return
2009
Financial Crisis Windfall
Earns about $7 billion for his hedge fund by buying distressed financial stocks during the global financial crisis, with $4 billion going to his personal wealth.
Top Hedge Fund Manager
2011
Industry Recognition
Awarded Institutional Hedge Fund Firm of the Year in June, cementing Appaloosa's reputation in the financial industry.
Industry Award

Philanthropy & Personal Life

2013
Major University Donation
Donates $67 million to Carnegie Mellon University, leading to the business school being named the Tepper School of Business.
Major Donation
2016
Personal Change
Divorces Marlene Tepper after a long marriage.
2019
New Chapter
Marries Nicole Bronish, beginning a new personal chapter.
Marriage
2020
COVID-19 Relief
Donates $2.65 million through the David A. Tepper Foundation to help Chicago with the coronavirus pandemic. His cumulative donations toward COVID-19 relief efforts exceed $22 million by April.
Pandemic Relief
2021
Hurricane Relief
Announces a $1 million donation to the Hurricane Ida relief effort through the Nicole & David Tepper Foundation and the David A. Tepper Charitable Foundation in September.
Disaster Relief

Sports Ownership

2018
Carolina Panthers Purchase
Purchases the Carolina Panthers NFL franchise for $2.2 billion in May, becoming the owner and expanding his business empire into professional sports.
NFL Team Owner
2023
NFL Controversy
Fined $300,000 by the NFL for throwing a drink at a fan during the Panthers' game against the Jacksonville Jaguars on December 31.

Investment Strategy Highlights

David Tepper has built his reputation with several distinctive investment approaches:

  • Distressed Assets: Tepper's most notable successes came from buying beaten-down assets during crises, particularly financial stocks during the 2008-2009 financial crisis.
  • Contrarian Approach: Often takes positions against market sentiment, famously claiming "it's time to buy" when others are fearful.
  • Macro Perspective: Incorporates broad economic trends into investment decisions, considering government policy and central bank actions.
  • Flexible Positioning: Known for adjusting portfolio allocations significantly based on changing market conditions, as evidenced by his 2020 return to major tech stocks.

Timeline compiled from public sources | As of April 2025

David Tepper's Investing Principles

I think when it comes to decisions, I try not to be emotional. To drown out the noise and look at the important facts.

David Tepper

There is a time to make money and a time to not lose money

David Tepper

This company looks cheap, that company looks cheap, but the overall economy could completely screw it up. The key is to wait. Sometimes the hardest thing to do is to do nothing.

David Tepper

We keep our cool when others don’t. The point is, markets adapt. People adapt. Don’t listen to all the crap out there.

David Tepper

We don’t really buy high-flyers. We buy before they get high-flyers.

David Tepper

Those who keep their heads while others are panicking do well.

David Tepper

Bill Miller Portfolio Edward Thorp Richard Dennis Joel Greenblatt Greg Lippmann George Soros Jim Simons
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