David Tepper - Appaloosa Management 13F Activity & Position Changes (Q3 2025)

As of Sep 30, 2025, the Appaloosa Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 13, 2025. 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 Q3 2025, the filing reported:

New Buys - American Airlines Group, Inc., Advanced Micro Devices, Inc., Citizens Financial Group, Inc., Comerica Incorporated, Fiserv, Inc., and 5 more

Increases - Baidu, Inc., iShares China Large-Cap ETF, The Goodyear Tire & Rubber Comp, KraneShares Trust KraneShares C, Mohawk Industries, Inc., and 4 more

Reductions - Amazon.com, Inc., ASML, Alibaba Group Holding Limited, Delta Air Lines, Inc., Deutsche Bank, and 19 more

Complete Exits - KE Holdings Inc, Intel Corporation, Oracle Corporation

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
Q3 2025	AAL American Airlines Group, Inc.	American Airlines Group, Inc.	Buy - Position Entry	+9,250,000	-	$103.97M	9,250,000
Q3 2025	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Buy - Position Entry	+950,000	-	$153.70M	950,000
Q3 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-200,000	-7.4%	$548.92M	2,500,000
Q3 2025	ASML ASML	ASML	Sell	-6,000	-8.6%	$61.96M	64,000
Q3 2025	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-617,271	-8.7%	$1.15B	6,450,000
Q3 2025	BEKE KE Holdings Inc	KE Holdings Inc	Sell - Position Exit	-1,500,000	-100.0%	$0.00	-
Q3 2025	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+420,000	+67.2%	$137.70M	1,045,000
Q3 2025	CFG Citizens Financial Group, Inc.	Citizens Financial Group, Inc.	Buy - Position Entry	+600,000	-	$31.90M	600,000
Q3 2025	CMA Comerica Incorporated	Comerica Incorporated	Buy - Position Entry	+462,500	-	$31.69M	462,500
Q3 2025	DAL Delta Air Lines, Inc.	Delta Air Lines, Inc.	Sell	-87,500	-15.9%	$26.25M	462,500
Q3 2025	DB Deutsche Bank	Deutsche Bank	Sell	-210,000	-5.2%	$134.20M	3,790,000
Q3 2025	FI Fiserv, Inc.	Fiserv, Inc.	Buy - Position Entry	+925,000	-	$119.26M	925,000
Q3 2025	FXI iShares China Large-Cap ETF	iShares China Large-Cap ETF	Buy	+110,000	+11.0%	$45.67M	1,110,000
Q3 2025	GLW Corning Incorporated	Corning Incorporated	Sell	-125,000	-7.1%	$133.30M	1,625,000
Q3 2025	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-112,500	-7.5%	$337.93M	1,387,500
Q3 2025	GT The Goodyear Tire & Rubber Comp	The Goodyear Tire & Rubber Comp	Buy	+4,278,218	+496.4%	$38.45M	5,140,000
Q3 2025	INTC Intel Corporation	Intel Corporation	Sell - Position Exit	-8,000,000	-100.0%	$0.00	-
Q3 2025	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Sell	-15,000	-5.0%	$54.13M	285,000
Q3 2025	JD JD.com, Inc.	JD.com, Inc.	Sell	-775,000	-11.1%	$217.75M	6,225,000
Q3 2025	KEY KeyCorp	KeyCorp	Buy - Position Entry	+2,020,000	-	$37.75M	2,020,000
Q3 2025	KWEB KraneShares Trust KraneShares C	KraneShares Trust KraneShares C	Buy	+3,400,000	+85.0%	$310.87M	7,400,000
Q3 2025	LHX L3Harris Technologies, Inc.	L3Harris Technologies, Inc.	Sell	-50,000	-14.3%	$91.62M	300,000
Q3 2025	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-30,000	-7.5%	$49.54M	370,000
Q3 2025	LYFT Lyft, Inc.	Lyft, Inc.	Sell	-2,400,000	-30.0%	$123.26M	5,600,000
Q3 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-30,000	-7.5%	$271.72M	370,000
Q3 2025	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy	+96,500	+148.5%	$20.82M	161,500
Q3 2025	MPLX MPLX LP	MPLX LP	Sell	-43,500	-7.5%	$26.72M	535,000
Q3 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-37,500	-7.5%	$239.55M	462,500
Q3 2025	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell	-325,000	-39.4%	$83.66M	500,000
Q3 2025	NRG NRG Energy, Inc.	NRG Energy, Inc.	Sell	-110,000	-5.6%	$302.85M	1,870,000

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