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Investor profile
David Tepper
Appaloosa Management · Founder · Net worth: ~$21B
Founded Appaloosa in 1993 after Goldman Sachs. Generated ~30% annualized net for decades via distressed debt and macro-driven equity bets. Famously called the 2009 bottom and loaded up on banks.
"Distressed + macro. Go big when the setup is right."
Today — 2026-04-21
All movers →Positions: Q4 2025 13F · Prices: EOD 2026-04-21
Tracked positions
10
Top concentration
59%
Longest holding
Alphabet (since 2016)
Concentration profile
DiversifiedTop 1 · BABA
10.9%
Top 5 combined
39.2%
Top 10 combined
59.0%
Tracked positions
10
BABATop-5 zoneTop-10David's single largest bet is BABA at 10.9% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.
Realized 10-year track record
Appaloosa Management (private; press estimates)
10y CAGR
16.2%
net of fees
Alpha vs S&P
+3.1%
vs 13.1% benchmark
Win rate
70%
years beating S&P
Quality score
7.6
computed 0–10
Best year
+35%
Worst year
-7%
Cumulative 10y
4.5×
Volatility
13%
Recent moves
Manager quality score: 7.6/10
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
Q4 2025
10 buys · 11 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| MU | Add 250% | 7.20% |
| BALL | Buy (new) | 0.90% |
| BABA | Add 30% Adding to China contrarian bet. | 5.40% |
| GOOG | Add 29% | 8.10% |
| NVDA | Add 25% Doubling down on AI infrastructure. | 10.20% |
| MPLX | Add 17% | 0.50% |
| LRCX | Add 15% | 1.10% |
| MSFT | Add 8% | 3.50% |
| TSM | Add 7% | 5.00% |
| UBER | Buy (new) New Uber position — AV optionality thesis. | 4.10% |
| FE | Sell (exit) | 0.00% |
| BLOCK | Sell (exit) | 0.00% |
| AMD | Reduce 66% | 1.00% |
| BAIDU | Reduce 45% | 1.10% |
| JD | Reduce 33% | 1.70% |
| LYFT | Reduce 32% | 1.10% |
| VST | Reduce 24% | 2.20% |
| AMZN | Reduce 13% | 7.30% |
| NRG | Reduce 12% | 3.80% |
| META | Reduce 8% Small META profit-take. | 9.10% |
| QCOM | Reduce 8% | 2.80% |
Q3 2025
8 buys · 18 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| QCOM | Add 256% | 2.80% |
| AMD | Buy (new) | 2.10% |
| FE | Buy (new) | 1.60% |
| BAIDU | Add 67% | 1.90% |
| NVDA | Add 35% Big NVDA add. | 8.40% |
| META | Add 22% Building META conviction. | 9.80% |
| IVV | Add 11% | 0.60% |
| BABA | Buy (new) New Alibaba position — China contrarian. | 4.20% |
| INTC | Sell (exit) | 0.00% |
| ORCL | Sell (exit) | 0.00% |
| UNH | Reduce 92% | 1.00% |
| BLOCK | Reduce 42% | 0.40% |
| MU | Reduce 39% | 1.10% |
| VST | Reduce 31% | 3.30% |
| LYFT | Reduce 30% | 1.70% |
| DELL | Reduce 16% | 0.40% |
| UBER | Reduce 12% | 3.20% |
| JD | Reduce 11% | 2.90% |
| PDD | Reduce 10% | 3.20% |
| ASML | Reduce 9% | 0.80% |
| MPLX | Reduce 8% | 0.40% |
| AMZN | Reduce 7% | 7.40% |
| GOOG | Reduce 7% | 4.60% |
| MSFT | Reduce 7% | 3.20% |
| LRCX | Reduce 7% | 0.70% |
| NRG | Reduce 6% | 4.10% |
Q2 2025
9 buys · 17 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| UNH | Add 1300% | 11.90% |
| BLOCK | Add 756% | 0.70% |
| NVDA | Add 483% | 4.30% |
| TSM | Add 280% | 3.60% |
| MU | Add 106% | 1.60% |
| INTC | Buy (new) | 2.80% |
| IQV | Buy (new) | 0.70% |
| DELL | Buy (new) | 0.40% |
| AMZN | Add 8% | 9.20% |
| SPGI | Sell (exit) | 0.00% |
| AAPL | Sell (exit) | 0.00% |
| BN | Sell (exit) | 0.00% |
| LVS | Sell (exit) | 0.00% |
| CHK | Sell (exit) | 0.00% |
| IVV | Reduce 82% | 0.60% |
| ORCL | Reduce 79% | 0.50% |
| PDD | Reduce 54% | 3.20% |
| META | Reduce 27% | 4.60% |
| GOOG | Reduce 25% | 4.10% |
| BABA | Reduce 23% | 12.40% |
| VST | Reduce 22% | 5.40% |
| LRCX | Reduce 20% | 0.60% |
| BAIDU | Reduce 19% | 0.80% |
| UBER | Reduce 14% | 4.00% |
| JD | Reduce 13% | 3.50% |
| LYFT | Reduce 11% | 2.00% |
Q1 2025
9 buys · 20 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| UBER | Add 113% | 2.80% |
| SPGI | Buy (new) | 30.00% |
| AAPL | Buy (new) | 3.30% |
| BN | Buy (new) | 0.30% |
| BLOCK | Buy (new) | 0.00% |
| NRG | Add 13% | 2.30% |
| META | Add 12% | 3.80% |
| TSM | Add 8% | 0.50% |
| GOOG | Add 7% | 3.70% |
| AMD | Sell (exit) | 0.00% |
| FEDEX | Sell (exit) | 0.00% |
| EQT | Sell (exit) | 0.00% |
| INTC | Sell (exit) | 0.00% |
| CHK | Reduce 74% | 0.20% |
| MU | Reduce 67% | 0.40% |
| LRCX | Reduce 60% | 0.40% |
| ASML | Reduce 56% | 0.60% |
| QCOM | Reduce 56% | 0.60% |
| NVDA | Reduce 56% | 0.40% |
| ORCL | Reduce 50% | 1.20% |
| BAIDU | Reduce 49% | 0.90% |
| MSFT | Reduce 47% | 2.30% |
| LVS | Reduce 34% | 0.30% |
| LYFT | Reduce 33% | 1.30% |
| JD | Reduce 23% | 3.90% |
| BABA | Reduce 22% | 14.60% |
| PDD | Reduce 18% | 6.20% |
| IVV | Reduce 16% | 2.40% |
| VST | Reduce 15% | 3.20% |
Q4 2024
14 buys · 10 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| LRCX | Add 1150% | 1.40% |
| VST | Add 113% | 5.80% |
| ASML | Add 106% | 1.70% |
| CHK | Buy (new) | 1.00% |
| NRG | Add 82% | 2.50% |
| JD | Add 43% | 5.60% |
| NVDA | Add 30% Loaded up on NVDA. | 8.60% |
| META | Add 25% Building META conviction. | 9.00% |
| IVV | Add 14% | 3.10% |
| MU | Add 14% | 1.60% |
| BAIDU | Add 7% | 2.00% |
| AMD | Add 6% | 2.20% |
| UBER | Add 6% | 1.40% |
| BABA | Buy (new) First BABA position. | 3.40% |
| ADBE | Sell (exit) | 0.00% |
| CHK | Sell (exit) | 0.00% |
| INTC | Reduce 60% | 0.30% |
| EQT | Reduce 55% | 0.60% |
| LVS | Reduce 41% | 0.70% |
| TSM | Reduce 37% | 0.80% |
| AMZN | Reduce 19% | 8.80% |
| LYFT | Reduce 14% | 2.70% |
| ORCL | Reduce 11% | 3.60% |
| FEDEX | Reduce 7% | 1.50% |
Q3 2024
8 buys · 18 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| PDD | Add 173% | 10.60% |
| VST | Buy (new) | 2.20% |
| NRG | Buy (new) | 1.40% |
| LVS | Buy (new) | 1.10% |
| LYFT | Add 98% | 3.00% |
| JD | Add 69% | 4.30% |
| NVDA | Add 25% NVDA buildup. | 7.00% |
| META | Add 18% Building META. | 7.50% |
| UNP | Sell (exit) | 0.00% |
| MACYS | Sell (exit) | 0.00% |
| ADBE | Reduce 44% | 1.50% |
| FEDEX | Reduce 32% | 1.50% |
| ORCL | Reduce 21% | 4.00% |
| MSFT | Reduce 18% | 6.20% |
| AMD | Reduce 17% | 2.80% |
| IVV | Reduce 16% | 2.80% |
| BAIDU | Reduce 14% | 2.20% |
| TSM | Reduce 13% | 1.00% |
| MU | Reduce 11% | 1.60% |
| ASML | Reduce 11% | 1.00% |
| INTC | Reduce 10% | 0.90% |
| AMZN | Reduce 8% | 8.90% |
| LRCX | Reduce 8% | 1.20% |
| UBER | Reduce 6% | 1.60% |
| UNH | Reduce 6% | 1.50% |
| EQT | Reduce 6% | 1.00% |
Q2 2024
7 buys · 16 sells
| Ticker | Activity | % portfolio |
|---|---|---|
| LYFT | Add 1603% | 1.80% |
| NVDA | Add 18% NVDA build. | 5.80% |
| JD | Add 18% | 1.80% |
| META | Add 14% META add. | 6.50% |
| UBER | Add 10% | 1.80% |
| IVV | Add 9% | 2.90% |
| ASML | Add 9% | 1.40% |
| INTC | Reduce 26% | 1.40% |
| MSFT | Reduce 24% | 8.60% |
| AMD | Reduce 16% | 3.60% |
| QCOM | Reduce 15% | 2.70% |
| ORCL | Reduce 13% | 4.60% |
| MACYS | Reduce 10% | 0.40% |
| AMZN | Reduce 9% | 10.90% |
| PDD | Reduce 8% | 4.20% |
| FEDEX | Reduce 8% | 2.70% |
| TSM | Reduce 8% | 1.30% |
| EQT | Reduce 8% | 1.10% |
| BABA | Reduce 7% | 12.20% |
| GOOG | Reduce 7% | 5.70% |
| BAIDU | Reduce 7% | 2.30% |
| UNH | Reduce 7% | 1.50% |
| MPLX | Reduce 7% | 0.40% |
David's sector breakdown
How the top 10 positions are diversified across 2 sectors. Weighted by stated portfolio percentage.
Technology
8 positions · BABA, GOOG, AMZN, MU, META, TSM, NVDA, MSFT
88.6%
52.3% of AUM
Other
2 positions · NRG, PDD
11.4%
6.7% of AUM
Top holdings
| Ticker | Company | % Portfolio |
|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD China tech contrarian bet. | 10.9% |
 GOOG | ALPHABET INC | 8.1% |
 AMZN | AMAZON COM INC Cloud + retail dual engine. | 7.3% |
 MU | MICRON TECHNOLOGY INC | 7.2% |
 META | META PLATFORMS INC Quality compounder at reasonable multiple. | 5.7% |
 TSM | TAIWAN SEMICONDUCTOR MFG LTD | 5.0% |
 NVDA | NVIDIA CORPORATION Top position — AI infrastructure. | 4.6% |
 NRG | NRG ENERGY INC | 3.8% |
 MSFT | MICROSOFT CORP Core AI infrastructure holding. | 3.5% |
 PDD | PDD HOLDINGS INC | 2.9% |
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Dividend tax by country
Estimate your withholding on cross-border dividends
Withholding rate
0%
Domestic (no cross-border)
Tax withheld
$0.00
You'd receive
$1000.00
Of $1000 gross
Source & treaty reference
Treaty: Domestic — no cross-border withholding
Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)
U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.
Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.
Want David move-alerts?
One email per 13F filing. Summarizes every new position, exit, and trim.
Similar investors
Tracked managers whose top positions overlap with David's portfolio.
Per-quarter digests
What David Tepper did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Data sourced from Appaloosa Management 13F filings with the SEC. Approximate snapshot. Not investment advice.