David Tepper - Appaloosa Management
Appaloosa Management
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$6.93B
Positions
38
Top 10 concentration
60.0%
QoQ change
-6.2%
$-458.57M
Activity vs. Q3 2025
2
New positions
12
Added to
0
Unchanged
24
Reduced
36
Exited
Portfolio composition — Q4 2025
- BABAALIBABA GROUP HLDG LTD10.9%
- GOOGALPHABET INC8.1%
- AMZNAMAZON COM INC7.3%
- MUMICRON TECHNOLOGY INC7.2%
- METAMETA PLATFORMS INC5.7%
- TSMTAIWAN SEMICONDUCTOR MFG LTD5.0%
- NVDANVIDIA CORPORATION4.6%
- WHRWHIRLPOOL CORP4.1%
- NRGNRG ENERGY INC3.8%
- MSFTMICROSOFT CORP3.5%
- Other28 more positions40.0%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | BABA | ALIBABA GROUP HLDG LTD | 5,137,931 | $753.12M | 10.88% | $146.58 | REDUCE | -20.3% |
| 2 | GOOG | ALPHABET INC | 1,786,931 | $560.74M | 8.10% | $313.80 | ADD | +28.8% |
| 3 | AMZN | AMAZON COM INC | 2,179,391 | $503.05M | 7.26% | $230.82 | REDUCE | -12.8% |
| 4 | MU | MICRON TECHNOLOGY INC | 1,750,000 | $499.47M | 7.21% | $285.41 | ADD | +250.0% |
| 5 | META | META PLATFORMS INC | 600,000 | $396.05M | 5.72% | $660.09 | ADD | +62.2% |
| 6 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | 1,130,000 | $343.40M | 4.96% | $303.89 | ADD | +6.6% |
| 7 | NVDA | NVIDIA CORPORATION | 1,700,000 | $317.05M | 4.58% | $186.50 | REDUCE | -10.5% |
| 8 | WHR | WHIRLPOOL CORP | 3,910,000 | $282.07M | 4.07% | $72.14 | REDUCE | -28.9% |
| 9 | NRG | NRG ENERGY INC | 1,640,000 | $261.15M | 3.77% | $159.24 | REDUCE | -12.3% |
| 10 | MSFT | MICROSOFT CORP | 500,000 | $241.81M | 3.49% | $483.62 | ADD | +8.1% |
| 11 | AAL | AMERICAN AIRLS GROUP INC | 14,150,000 | $216.92M | 3.13% | $15.33 | ADD | +53.0% |
| 12 | PDD | PDD HOLDINGS INC | 1,775,000 | $201.27M | 2.91% | $113.39 | REDUCE | -1.4% |
| 13 | QCOM | QUALCOMM INC | 1,145,000 | $195.85M | 2.83% | $171.05 | REDUCE | -8.0% |
| 14 | EWY | ISHARES INC | 1,875,000 | $182.29M | 2.63% | $97.22 | NEW | — |
| 15 | KWEB | KRANESHARES TRUST | 4,750,000 | $161.74M | 2.34% | $34.05 | REDUCE | -35.8% |
| 16 | VST | VISTRA CORP | 945,000 | $152.46M | 2.20% | $161.33 | REDUCE | -24.1% |
| 17 | UBER | UBER TECHNOLOGIES INC | 1,850,000 | $151.16M | 2.18% | $81.71 | REDUCE | -23.1% |
| 18 | GLW | CORNING INC | 1,570,200 | $137.49M | 1.99% | $87.56 | REDUCE | -3.4% |
| 19 | DB | DEUTSCHE BANK A G | 3,150,000 | $121.46M | 1.75% | $38.56 | REDUCE | -16.9% |
| 20 | JD | JD.COM INC | 4,157,046 | $119.31M | 1.72% | $28.70 | REDUCE | -33.2% |
| 21 | OC | OWENS CORNING NEW | 950,000 | $106.31M | 1.54% | $111.91 | ADD | +488.2% |
| 22 | RTX | RTX CORPORATION | 500,000 | $91.70M | 1.32% | $183.40 | REDUCE | -1.9% |
| 23 | LHX | L3HARRIS TECHNOLOGIES INC | 295,000 | $86.60M | 1.25% | $293.57 | REDUCE | -1.7% |
| 24 | BIDU | BAIDU INC | 575,000 | $75.13M | 1.08% | $130.66 | REDUCE | -45.0% |
| 25 | MHK | MOHAWK INDS INC | 675,000 | $73.78M | 1.07% | $109.30 | ADD | +318.0% |
| 26 | LYFT | LYFT INC | 3,800,000 | $73.61M | 1.06% | $19.37 | REDUCE | -32.1% |
| 27 | LRCX | LAM RESEARCH CORP | 425,000 | $72.75M | 1.05% | $171.18 | ADD | +14.9% |
| 28 | AMD | ADVANCED MICRO DEVICES INC | 325,000 | $69.60M | 1.01% | $214.16 | REDUCE | -65.8% |
| 29 | ASML | ASML HOLDING N V | 62,500 | $66.87M | 0.97% | $1069.86 | REDUCE | -2.3% |
| 30 | UNH | UNITEDHEALTH GROUP INC | 200,000 | $66.02M | 0.95% | $330.11 | REDUCE | -1.7% |
| 31 | BALL | BALL CORP | 1,200,000 | $63.56M | 0.92% | $52.97 | NEW | — |
| 32 | IQV | IQVIA HLDGS INC | 280,000 | $63.11M | 0.91% | $225.41 | REDUCE | -1.8% |
| 33 | UAL | UNITED AIRLS HLDGS INC | 465,000 | $52.00M | 0.75% | $111.82 | ADD | +0.5% |
| 34 | FXI | ISHARES TR | 1,087,500 | $41.64M | 0.60% | $38.29 | REDUCE | -2.0% |
| 35 | ET | ENERGY TRANSFER L P | 2,191,250 | $36.13M | 0.52% | $16.49 | REDUCE | -55.8% |
| 36 | MPLX | MPLX LP | 627,500 | $33.49M | 0.48% | $53.37 | ADD | +17.3% |
| 37 | DAL | DELTA AIR LINES INC DEL | 475,000 | $32.97M | 0.48% | $69.40 | ADD | +2.7% |
| 38 | GT | GOODYEAR TIRE & RUBR CO | 2,500,000 | $21.90M | 0.32% | $8.76 | REDUCE | -51.4% |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| ZION | ZIONS BANCORPORATION N A | 285,000 |
| BA | BOEING CO | 0 |
| CZR | CAESARS ENTERTAINMENT INC NE | 2,100,000 |
| FISV | FISERV INC | 925,000 |
| XYZ | BLOCK INC | 370,000 |
| INTC | INTEL CORP | 0 |
| BEKE | KE HLDGS INC | 0 |
| GM | GENERAL MTRS CO | 0 |
| AVGO | BROADCOM INC | 0 |
| EXEEZ | EXPAND ENERGY CORPORATION | 0 |
| EXEEL | EXPAND ENERGY CORPORATION | 0 |
| EXE | EXPAND ENERGY CORPORATION | 0 |
| ORCL | ORACLE CORP | 0 |
| LVS | LAS VEGAS SANDS CORP | 0 |
| SPYX | SPDR SER TR | 0 |
| SMH | VANECK ETF TRUST | 0 |
| WYNN | WYNN RESORTS LTD | 0 |
| EQT | EQT CORP | 0 |
| FDX | FEDEX CORP | 0 |
| LRCXEUR | LAM RESEARCH CORP | 0 |
| NSC | NORFOLK SOUTHN CORP | 0 |
| UPS | UNITED PARCEL SERVICE INC | 0 |
| M | MACYS INC | 0 |
| FMC | FMC CORP | 0 |
| HCA | HCA HEALTHCARE INC | 0 |
| MAS | MASCO CORP | 0 |
| ADBE | ADOBE INC | 0 |
| AR | ANTERO RESOURCES CORP | 0 |
| ARKK | ARK ETF TR | 0 |
| AAPL | APPLE INC | 0 |
| SWN1EUR | SOUTHWESTRERN ENERGY CO | 0 |
| CFG | CITIZENS FINL GROUP INC | 600,000 |
| CMA | COMERICA INC | 462,500 |
| KEY | KEYCORP | 2,020,000 |
| TFC | TRUIST FINL CORP | 1,387,500 |
| WAL | WESTERN ALLIANCE BANCORP | 195,000 |
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001656456.