Appaloosa

Q4 2025 13F · by David Tepper, portfolio manager

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $6.9B · prev $7.4B
Positions: 38 · prev 45
Options notional: $71M
Documents: 1· no amendments

Picture99.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 1.0%

Moves48 since the prior filing

+20.3 pp in · −20.2 pp out

New 2 +3.59 pp
Added 12 +16.71 pp
Trimmed 24 −14.80 pp
Exited 9 −5.43 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 67% a year, about 1.5 years per position

Low
Moderate
High

Top 5 positions39% of US stock

BABA Alibaba Group Holding Limited trimmed−4.62 pp trimmed−4.6211.0%
GOOG Alphabet Inc. Class C added+3.60 pp added+3.608.2%
AMZN Amazon.Com Inc trimmed−0.09 pp trimmed−0.097.3%
MU Micron Technology, Inc. added+5.12 pp added+5.126.3%
META Meta Platforms, Inc. Class A added+2.10 pp added+2.105.8%

Positions38 in this filing · 9 exited


BABAAlibaba Group Holding Limited	10.99%	5,137,931	$753M	trimmed−20%	−4.62 pp	15 q
GOOGAlphabet Inc. Class C	8.18%	1,786,931	$561M	added+29%	+3.60 pp	47 q
AMZNAmazon.Com Inc	7.34%	2,179,391	$503M	trimmed−13%	−0.09 pp	28 q
MUMicron Technology, Inc.	6.25%	1,500,000	$428M	added×3.0	+5.12 pp	11 q
METAMeta Platforms, Inc. Class A	5.78%	600,000	$396M	added+62%	+2.10 pp	38 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.01%	1,130,000	$343M	added+7%	+1.00 pp	11 q
NVDANvidia Corp	4.63%	1,700,000	$317M	trimmed−11%	−0.17 pp	12 q
WHRWhirlpool Corp.	4.12%	3,910,000	$282M	trimmed−29%	−1.73 pp	3 q
NRGNRG Energy, Inc.	3.81%	1,640,000	$261M	trimmed−12%	−0.29 pp	6 q
MSFTMicrosoft Corp	3.53%	500,000	$242M	added+8%	+0.29 pp	24 q
AALAmerican Airlines Group Inc.	3.17%	14,150,000	$217M	added+53%	+1.76 pp	2 q
PDDPDD Holdings Inc.	2.94%	1,775,000	$201M	trimmed−1%	−0.28 pp	11 q
QCOMQualcomm Inc	2.86%	1,145,000	$196M	trimmed−8%	+0.05 pp	11 q
EWYiShares MSCI South Korea ETF	2.66%	1,875,000	$182M	new	+2.66 pp	new
KWEBKraneShares CSI China Internet ETF	2.36%	4,750,000	$162M	trimmed−36%	−1.85 pp	8 q
VSTVistra Corp.	2.22%	945,000	$152M	trimmed−24%	−1.08 pp	6 q
UBERUber Technologies, Inc.	2.21%	1,850,000	$151M	trimmed−23%	−0.98 pp	19 q
GLWCorning Incorporated	2.01%	1,570,200	$137M	trimmed−3%	+0.20 pp	5 q
DBDeutsche Bank Aktiengesellschaft	1.77%	3,150,000	$121M	trimmed−17%	−0.05 pp	4 q
JDJD.com, Inc.	1.74%	4,157,046	$119M	trimmed−33%	−1.21 pp	8 q
OCOwens Corning	1.55%	950,000	$106M	added×5.9	+1.24 pp	2 q
RTXRTX Corporation	1.34%	500,000	$92M	trimmed−2%	+0.19 pp	3 q
LHXL3Harris Technologies, Inc.	1.26%	295,000	$87M	trimmed−2%	+0.02 pp	4 q
BIDUBaidu, Inc.	1.10%	575,000	$75M	trimmed−45%	−0.76 pp	11 q
MHKMohawk Industries, Inc.	1.08%	675,000	$74M	added×4.2	+0.80 pp	3 q
LYFTLyft, Inc. Class A	1.07%	3,800,000	$74M	trimmed−32%	−0.60 pp	8 q
LRCXLam Research Corp	1.06%	425,000	$73M	added+15%	+0.39 pp	11 q
AMDAdvanced Micro Devices	1.02%	325,000	$70M	trimmed−66%	−1.06 pp	2 q
ASMLASML Holding NV	0.98%	62,500	$67M	trimmed−2%	+0.14 pp	11 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.96%	200,000	$66M	trimmed−2%	+0.01 pp	36 q
BALLBall Corporation	0.93%	1,200,000	$64M	new	+0.93 pp	new
IQVIQVIA Holdings Inc.	0.92%	280,000	$63M	trimmed−2%	+0.19 pp	3 q
UALUnited Airlines Holdings, Inc.	0.76%	465,000	$52M	added+1%	+0.16 pp	3 q
FXIiShares China Large-Cap ETF	0.61%	1,087,500	$42M	trimmed−2%	−0.01 pp	8 q
ETEnergy Transfer LP	0.53%	2,191,250	$36M	trimmed−56%	−0.62 pp	35 q
MPLXMplx LP	0.49%	627,500	$33M	added+17%	+0.13 pp	21 q
DALDelta Air Lines, Inc.	0.48%	475,000	$33M	added+3%	+0.12 pp	3 q
GTGoodyear Tire & Rubber	0.32%	2,500,000	$22M	trimmed−51%	−0.20 pp	3 q
FISVFiserv, Inc.	—	−925,000	—	exited	−1.62 pp	—
TFCTruist Financial Corporation	—	−1,387,500	—	exited	−0.86 pp	—
CZRCaesars Entertainment, Inc.	—	−2,100,000	—	exited	−0.77 pp	—
KEYKeyCorp	—	−2,020,000	—	exited	−0.51 pp	—
CFGCitizens Financial Group, Inc.	—	−600,000	—	exited	−0.43 pp	—
CMAComerica Incorporated	—	−462,500	—	exited	−0.43 pp	—
XYZBlock, Inc.	—	−370,000	—	exited	−0.36 pp	—
WALWestern Alliance Bancorporation	—	−195,000	—	exited	−0.23 pp	—
ZIONZions Bancorporation N.A.	—	−285,000	—	exited	−0.22 pp	—