David Tepper Portfolio: All Stocks & Buys/Sells
As of Q2 2026 · reported on SEC Form 13F
Portfolio at a glance
- Portfolio value ?Total market value of every reported position on the quarter's reporting date, in US dollars.
- $7.73B
- Positions ?Number of distinct securities in the filing. Names reported on several lines are merged into one position.
- 27
- Top 10 share ?Share of the reported portfolio held in the ten largest positions. The higher it is, the more concentrated the bets.
- 78.9%
- Reporting period ?The quarter the filing covers. Managers have up to 45 days after the reporting date to file.
- Q2 2026
- Portfolio vs. S&P 500 (5 yr) ?Cumulative return of the replicated portfolio and of the S&P 500 over the calculated window. The sentence below states the gap between the two in percentage points — the plain difference between the two percentages. Replicated means: the reported stock weights at each quarterly reporting date, carried forward to the next one.
- +153.8% vs. +86.7%
That puts the replication 67.1 percentage points ahead of the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q2 2021 to Q2 2026, in 19 quarterly steps.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q2 2026 filing against Q1 2026.
New positions
- AAPL Put option
- 835,000 new
- BA
- 800,000 new
- AAL
- 7,500,000 new
- CRWV
- 1,078,248 new
- AVGO
- 150,000 new
- SPACE EXPLORATION TECHN CORP
- 225,000 new
- BRK-B Put option
- 25,000 new
- GT
- 1,508,591 new
Added to
- AMZN
- 4,320,000 → 5,000,000
- TSM
- 1,327,500 → 1,650,000
- GOOG
- 1,732,700 → 1,850,000
- UBER
- 6,332,720 → 7,694,071
- EWY
- 2,400,000 → 2,425,000
- META
- 436,500 → 675,000
- VST
- 2,022,332 → 2,215,272
- NVDA
- 1,471,500 → 1,525,000
- NRG
- 1,734,442 → 1,760,000
- BIDU
- 692,100 → 1,295,000
- ASML
- 49,500 → 50,000
Trimmed
- MU
- 1,665,000 → 975,000
- BABA
- 3,465,000 → 2,000,000
- AMD
- 221,400 → 197,500
- QCOM
- 498,613 → 250,000
- WHR
- 1,950,000 → 715,000
Sold out
- SNDK
- was 281,250
- GLW
- was 1,129,500
- PDD
- was 900,000
- LHX
- was 198,000
- RTX
- was 342,000
- BLL
- was 837,000
- JD
- was 1,305,000
- LYFT
- was 2,700,000
- MSFT
- was 90,000
- KWEB
- was 1,080,000
- UNH
- was 90,000
- DB
- was 257,616
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | AMZN | AMAZON COM INC | $1.19B | 15.43% | 5,000,000 | +15.7% |
| 2 | MU | MICRON TECHNOLOGY INC | $1.13B | 14.57% | 975,000 | -41.4% |
| 3 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | $788.0M | 10.20% | 1,650,000 | +24.3% |
| 4 | GOOG | ALPHABET INC | $653.7M | 8.46% | 1,850,000 | +6.8% |
| 5 | UBER | UBER TECHNOLOGIES INC | $555.2M | 7.19% | 7,694,071 | +21.5% |
| 6 | EWY | ISHARES INC | $489.6M | 6.34% | 2,425,000 | +1.0% |
| 7 | META | META PLATFORMS INC | $380.2M | 4.92% | 675,000 | +54.6% |
| 8 | VST | VISTRA CORP | $351.4M | 4.55% | 2,215,272 | +9.5% |
| 9 | NVDA | NVIDIA CORPORATION | $305.1M | 3.95% | 1,525,000 | +3.6% |
| 10 | NRG | NRG ENERGY INC | $257.1M | 3.33% | 1,760,000 | +1.5% |
| 11 | AAPL | APPLE INC Put option | $241.6M | 3.13% | 835,000 | new |
| 12 | BABA | ALIBABA GROUP HLDG LTD | $192.0M | 2.49% | 2,000,000 | -42.3% |
| 13 | BA | BOEING CO | $173.2M | 2.24% | 800,000 | new |
| 14 | LRCX | LAM RESEARCH CORP | $165.7M | 2.15% | 382,500 | unchanged |
| 15 | BIDU | BAIDU INC | $148.0M | 1.92% | 1,295,000 | +87.1% |
| 16 | AAL | AMERICAN AIRLINES GROUP INC | $135.5M | 1.75% | 7,500,000 | new |
| 17 | AMD | ADVANCED MICRO DEVICES INC | $114.7M | 1.49% | 197,500 | -10.8% |
| 18 | CRWV | COREWEAVE INC | $107.3M | 1.39% | 1,078,248 | new |
| 19 | ASML | ASML HLDG NV | $99.5M | 1.29% | 50,000 | +1.0% |
| 20 | AVGO | BROADCOM INC | $56.7M | 0.73% | 150,000 | new |
| 21 | QCOM | QUALCOMM INC | $46.2M | 0.60% | 250,000 | -49.9% |
| 22 | – | SPACE EXPLORATION TECHN CORP | $38.4M | 0.50% | 225,000 | new |
| 23 | ET | ENERGY TRANSFER L P | $30.1M | 0.39% | 1,576,125 | unchanged |
| 24 | MPLX | MPLX LP | $28.3M | 0.37% | 502,460 | unchanged |
| 25 | WHR | WHIRLPOOL CORP | $28.2M | 0.37% | 715,000 | -63.3% |
| 26 | BRK-B | BERKSHIRE HATHAWAY INC DEL Put option | $12.5M | 0.16% | 25,000 | new |
| 27 | GT | GOODYEAR TIRE & RUBR CO | $10.0M | 0.13% | 1,508,591 | new |
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance.
About David Tepper
David Tepper built Appaloosa Management, the hedge fund he founded in 1993, into one of the most closely watched shops on Wall Street by doing what most investors are too scared to do: buying into distress. His reputation rests on a contrarian, opportunistic style — wade into beaten-down sectors when sentiment is darkest, size positions with conviction, and rotate out just as decisively once the thesis plays out.
Tepper's defining moment came in 2009, when he bet heavily on battered US bank stocks like Bank of America and Citigroup at the depths of the financial crisis, a call that cemented his standing as one of the era's sharpest contrarian investors. Beyond Appaloosa, he's known to sports fans as the owner of the Carolina Panthers and Charlotte FC, and on CNBC his market calls are famous enough to move indexes on their own.
This page tracks the US equity holdings Appaloosa Management discloses through its SEC Form 13F filing: every reportable position, its weight in the portfolio, and the buys and sells recorded each quarter. Keep the filing's limits in mind — a 13F only captures long positions in US-listed stocks and certain derivatives, is filed up to 45 days after quarter-end, and shows no returns, short positions, bonds, cash, or non-US holdings. Appaloosa's distressed-debt and credit book, a core piece of its strategy, simply doesn't appear in this data.
Frequently Asked Questions
Appaloosa Management is known for running a concentrated book, often tilted toward technology, with a handful of high-conviction names carrying outsized weight relative to the rest of the portfolio — a hallmark of Tepper's preference for a few strong theses over broad diversification. For the current lineup and how it's weighted, check the table on this page: it's kept up to date from the latest available SEC Form 13F filing.
Each quarter, Appaloosa is required to disclose new positions, additions, trims, and full exits in its US stock holdings through SEC Form 13F. The table on this page reflects those quarter-over-quarter changes as soon as the filing becomes available — keep in mind a 13F is published up to 45 days after quarter-end, so it always shows a snapshot from several weeks earlier rather than real-time activity.
Tepper is typically described as a contrarian, distressed-focused investor who moves toward fear rather than away from it, looking for assets priced for disaster rather than reality. His best-known example is loading up on US bank stocks at the depths of the 2009 financial crisis. Rather than spreading bets thin, Appaloosa concentrates capital in a smaller number of positions and will cut them loose just as quickly once the thesis has played out or a better opportunity appears.
A Form 13F is a disclosure that institutional investors managing more than $100 million, including Appaloosa Management, are required to file with the US Securities and Exchange Commission (SEC) every quarter. It lists all reportable US-listed long equity positions and certain derivatives, but it's filed up to 45 days after quarter-end and never shows returns, short positions, bonds, cash, or holdings outside the US.
David Tepper bought the NFL's Carolina Panthers in 2018 and later added Major League Soccer's Charlotte FC to his sports holdings. It has little bearing on his Appaloosa Management portfolio, but it's a big part of why his name is widely recognized well beyond the investing world.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.