David Tepper - Appaloosa Management 13F Activity & Position Changes (Q4 2025)

According to the SEC 13F filed on Feb 17, 2026, the Appaloosa Management portfolio showed several notable changes in holdings as of quarter-end Dec 31, 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 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 Corporation, 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 Corporation	Lam Research Corporation	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

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