David Tepper – Appaloosa Management Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Appaloosa Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys – Ball Corporation, iShares Inc iShares MSCI South
Increases – American Airlines Group, Inc., Delta Air Lines, Inc., Alphabet Inc., Lam Research, Meta Platforms, Inc., and 7 more
Reductions – Advanced Micro Devices, Inc., Amazon.com, Inc., ASML, Alibaba Group Holding Limited, Baidu, Inc., and 19 more
Complete Exits – Citizens Financial Group, Inc., Comerica Incorporated, Caesars Entertainment, Inc., Fiserv, Inc., KeyCorp, and 4 more
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | AAL American Airlines Group, Inc. | American Airlines Group, Inc. | Buy | +4,900,000 | +53.0% | $216.92M | 14,150,000 |
Q4 2025 | AMD Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. | Sell | -625,000 | -65.8% | $69.60M | 325,000 |
Q4 2025 | AMZN Amazon.com, Inc. | Amazon.com, Inc. | Sell | -320,609 | -12.8% | $503.05M | 2,179,391 |
Q4 2025 | ASML ASML | ASML | Sell | -1,500 | -2.3% | $66.87M | 62,500 |
Q4 2025 | BABA Alibaba Group Holding Limited | Alibaba Group Holding Limited | Sell | -1,312,069 | -20.3% | $753.12M | 5,137,931 |
Q4 2025 | BALL Ball Corporation | Ball Corporation | Buy - Position Entry | +1,200,000 | - | $63.56M | 1,200,000 |
Q4 2025 | BIDU Baidu, Inc. | Baidu, Inc. | Sell | -470,000 | -45.0% | $75.13M | 575,000 |
Q4 2025 | CFG Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Sell - Position Exit | -600,000 | -100.0% | $0.00 | - |
Q4 2025 | CMA Comerica Incorporated | Comerica Incorporated | Sell - Position Exit | -462,500 | -100.0% | $0.00 | - |
Q4 2025 | CZR Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Sell - Position Exit | -2,100,000 | -100.0% | $0.00 | - |
Q4 2025 | DAL Delta Air Lines, Inc. | Delta Air Lines, Inc. | Buy | +12,500 | +2.7% | $32.97M | 475,000 |
Q4 2025 | DB Deutsche Bank | Deutsche Bank | Sell | -640,000 | -16.9% | $121.46M | 3,150,000 |
Q4 2025 | ET Energy Transfer LP | Energy Transfer LP | Sell | -2,765,985 | -55.8% | $36.13M | 2,191,250 |
Q4 2025 | EWY iShares Inc iShares MSCI South | iShares Inc iShares MSCI South | Buy - Position Entry | +1,875,000 | - | $182.29M | 1,875,000 |
Q4 2025 | FI Fiserv, Inc. | Fiserv, Inc. | Sell - Position Exit | -925,000 | -100.0% | $0.00 | - |
Q4 2025 | FXI iShares China Large-Cap ETF | iShares China Large-Cap ETF | Sell | -22,500 | -2.0% | $41.64M | 1,087,500 |
Q4 2025 | GLW Corning Incorporated | Corning Incorporated | Sell | -54,800 | -3.4% | $137.49M | 1,570,200 |
Q4 2025 | GOOG Alphabet Inc. | Alphabet Inc. | Buy | +399,431 | +28.8% | $560.74M | 1,786,931 |
Q4 2025 | GT The Goodyear Tire & Rubber Comp | The Goodyear Tire & Rubber Comp | Sell | -2,640,000 | -51.4% | $21.90M | 2,500,000 |
Q4 2025 | IQV IQVIA Holdings, Inc. | IQVIA Holdings, Inc. | Sell | -5,000 | -1.8% | $63.11M | 280,000 |
Q4 2025 | JD JD.com, Inc. | JD.com, Inc. | Sell | -2,067,954 | -33.2% | $119.31M | 4,157,046 |
Q4 2025 | KEY KeyCorp | KeyCorp | Sell - Position Exit | -2,020,000 | -100.0% | $0.00 | - |
Q4 2025 | KWEB KraneShares Trust KraneShares C | KraneShares Trust KraneShares C | Sell | -2,650,000 | -35.8% | $161.74M | 4,750,000 |
Q4 2025 | LHX L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | Sell | -5,000 | -1.7% | $86.60M | 295,000 |
Q4 2025 | LRCX Lam Research | Lam Research | Buy | +55,000 | +14.9% | $72.75M | 425,000 |
Q4 2025 | LYFT Lyft, Inc. | Lyft, Inc. | Sell | -1,800,000 | -32.1% | $73.61M | 3,800,000 |
Q4 2025 | META Meta Platforms, Inc. | Meta Platforms, Inc. | Buy | +230,000 | +62.2% | $396.05M | 600,000 |
Q4 2025 | MHK Mohawk Industries, Inc. | Mohawk Industries, Inc. | Buy | +513,500 | +318.0% | $73.78M | 675,000 |
Q4 2025 | MPLX MPLX LP | MPLX LP | Buy | +92,500 | +17.3% | $33.49M | 627,500 |
Q4 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Buy | +37,500 | +8.1% | $241.81M | 500,000 |