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

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