David Tepper – Appaloosa Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Appaloosa Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 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 Q2 2025, the filing reported:

New Buys – Intel Corporation (INTC), The Goodyear Tire & Rubber Comp (GT), RTX Corporation (RTX), United Airlines Holdings, Inc. (UAL), Delta Air Lines, Inc. (DAL), and 3 more

Increases – UnitedHealth Group Incorporated (UNH), NVIDIA Corporation (NVDA), Taiwan Semiconductor Manufactur (TSM), Block, Inc. (SQ), Micron Technology, Inc. (MU), and 4 more

Reductions – Microsoft Corporation (MSFT), NRG Energy, Inc. (NRG), Caesars Entertainment, Inc. (CZR), Lam Research (LRCX), Baidu, Inc. (BIDU), and 11 more

Complete Exits – null (CHKEL), Broadcom Inc. (AVGO), Wynn Resorts, Limited (WYNN), Las Vegas Sands Corp. (LVS)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Appaloosa Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2020Jun 30, 2020	TSLA Tesla, Inc.	Tesla, Inc.	Sell	-35,000-83.3%	$7.56K	7,000
Q2 2020Jun 30, 2020	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Sell	-41,500-7.5%	$47.02K	515,500
Q2 2020Jun 30, 2020	HUM Humana Inc.	Humana Inc.	Sell	-45,000-76.3%	$5.43K	14,000
Q2 2020Jun 30, 2020	VST Vistra Corp.	Vistra Corp.	Sell	-90,000-7.4%	$20.85K	1,120,000
Q2 2020Jun 30, 2020	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-115,000-46.0%	$39.82K	135,000
Q2 2020Jun 30, 2020	BKLN Invesco Senior Loan ETF	Invesco Senior Loan ETF	Sell - Position Exit	-150,000-100.0%	$0.00	-
Q2 2020Jun 30, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-180,000-7.5%	$507.05K	2,233,000
Q2 2020Jun 30, 2020	XLU SPDR Select Sector Fund - Utili	SPDR Select Sector Fund - Utili	Sell - Position Exit	-271,500-100.0%	$0.00	-
Q2 2020Jun 30, 2020	ET Energy Transfer LP	Energy Transfer LP	Sell	-1,168,562-7.2%	$107.66K	15,120,103
Q2 2020Jun 30, 2020	PCG Pacific Gas & Electric Co.	Pacific Gas & Electric Co.	Sell	-2,396,341-21.1%	$79.33K	8,943,659
Q1 2020Mar 31, 2020	ET Energy Transfer LP	Energy Transfer LP	Buy	+5,057,612+45.0%	$74.93K	16,288,665
Q1 2020Mar 31, 2020	GT The Goodyear Tire & Rubber Comp	The Goodyear Tire & Rubber Comp	Buy - Position Entry	+3,368,000	$19.60K	3,368,000
Q1 2020Mar 31, 2020	MU Micron Technology, Inc.	Micron Technology, Inc.	Buy	+760,000+9.4%	$372.65K	8,860,000
Q1 2020Mar 31, 2020	WFC Wells Fargo & Company	Wells Fargo & Company	Buy - Position Entry	+700,000	$20.09K	700,000
Q1 2020Mar 31, 2020	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Buy - Position Entry	+557,000	$37.68K	557,000
Q1 2020Mar 31, 2020	WES Western Midstream Partners, LP	Western Midstream Partners, LP	Buy - Position Entry	+395,101	$1.28K	395,101
Q1 2020Mar 31, 2020	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Buy - Position Entry	+285,000	$25.61K	285,000
Q1 2020Mar 31, 2020	XLU SPDR Select Sector Fund - Utili	SPDR Select Sector Fund - Utili	Buy - Position Entry	+271,500	$15.04K	271,500
Q1 2020Mar 31, 2020	NFLX Netflix, Inc.	Netflix, Inc.	Buy - Position Entry	+255,000	$95.75K	255,000
Q1 2020Mar 31, 2020	BKLN Invesco Senior Loan ETF	Invesco Senior Loan ETF	Buy - Position Entry	+150,000	$3.07K	150,000
Q1 2020Mar 31, 2020	BSX Boston Scientific Corporation	Boston Scientific Corporation	Buy - Position Entry	+115,000	$3.75K	115,000
Q1 2020Mar 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+90,000	$14.19K	90,000
Q1 2020Mar 31, 2020	TMUS T-Mobile US, Inc.	T-Mobile US, Inc.	Buy	+70,000+10.0%	$64.60K	770,000
Q1 2020Mar 31, 2020	TSLA Tesla, Inc.	Tesla, Inc.	Buy - Position Entry	+42,000	$22.01K	42,000
Q1 2020Mar 31, 2020	HUM Humana Inc.	Humana Inc.	Sell	-16,000-21.3%	$18.53K	59,000
Q1 2020Mar 31, 2020	ADBE Adobe Inc.	Adobe Inc.	Sell	-17,000-7.1%	$70.97K	223,000
Q1 2020Mar 31, 2020	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-34,500-6.9%	$67.02K	465,500
Q1 2020Mar 31, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-41,500-14.2%	$487.43K	250,000
Q1 2020Mar 31, 2020	AVGO Broadcom Inc.	Broadcom Inc.	Sell	-42,000-15.3%	$55.24K	233,000
Q1 2020Mar 31, 2020	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-50,000-16.7%	$62.34K	250,000

Page 25 of 44 • 1295 total trades

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