David Tepper - Appaloosa Management Investment Strategy & Portfolio Analysis

According to the SEC 13F filed on Aug 14, 2026, David Tepper's Appaloosa Management portfolio reflects a concentrated approach across 23 reported 13F positions as of quarter-end Jun 30, 2026. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 59% of total exposure and Amazon.com, alone contributing ~16%. While the portfolio includes 23 positions, economic outcomes are highly concentrated in a narrow set of large-cap technology and growth-oriented names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance anchored in growth-oriented names across technology, consumer discretionary, and communication services. The portfolio exhibits low turnover, consistent with a buy-and-hold posture held through multiple reporting cycles. Distinctive traits include Moderate Turnover, Moderately Concentrated, Structurally Diversified.