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 2024Jun 30, 2024	FXI iShares China Large-Cap ETF	iShares China Large-Cap ETF	Buy	+565,000+8.9%	$180.37M	6,940,000
Q2 2024Jun 30, 2024	BEKE KE Holdings Inc	KE Holdings Inc	Buy	+380,000+22.3%	$29.50M	2,085,000
Q2 2024Jun 30, 2024	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy	+248,000+56.1%	$85.24M	690,000
Q2 2024Jun 30, 2024	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Buy	+140,000+10.3%	$109.02M	1,500,000
Q2 2024Jun 30, 2024	ADBE Adobe Inc.	Adobe Inc.	Buy	+10,000+2.9%	$199.99M	360,000
Q2 2024Jun 30, 2024	ASML ASML	ASML	Buy	+7,500+9.4%	$89.49M	87,500
Q2 2024Jun 30, 2024	UPS United Parcel Service, Inc.	United Parcel Service, Inc.	Buy	+5,000+0.8%	$82.79M	605,000
Q2 2024Jun 30, 2024	LRCX Lam Research Corporation	Lam Research Corporation	Sell	-6,000-5.2%	$116.07M	109,000
Q2 2024Jun 30, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-15,000-7.5%	$94.21M	185,000
Q2 2024Jun 30, 2024	CHK		Sell	-15,000-7.4%	$15.45M	188,000
Q2 2024Jun 30, 2024	BA Boeing Company (The)	Boeing Company (The)	Sell	-15,000-6.7%	$38.22M	210,000
Q2 2024Jun 30, 2024	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-40,000-8.0%	$79.95M	460,000
Q2 2024Jun 30, 2024	MU Micron Technology, Inc.	Micron Technology, Inc.	Sell	-40,000-3.3%	$154.55M	1,175,000
Q2 2024Jun 30, 2024	NSC Norfolk Southern Corporation	Norfolk Southern Corporation	Sell - Position Exit	-45,000-100.0%	$0.00	-
Q2 2024Jun 30, 2024	MPLX MPLX LP	MPLX LP	Sell	-48,500-7.3%	$26.04M	611,500
Q2 2024Jun 30, 2024	FDX FedEx Corporation	FedEx Corporation	Sell	-50,000-8.3%	$164.91M	550,000
Q2 2024Jun 30, 2024	CZR Caesars Entertainment, Inc.	Caesars Entertainment, Inc.	Sell	-100,000-4.3%	$87.43M	2,200,000
Q2 2024Jun 30, 2024	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-135,000-7.5%	$143.99M	1,665,000
Q2 2024Jun 30, 2024	M Macy's Inc	Macy's Inc	Sell	-135,000-9.6%	$24.29M	1,265,000
Q2 2024Jun 30, 2024	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Sell	-150,000-15.2%	$167.31M	840,000
Q2 2024Jun 30, 2024	AR Antero Resources Corporation	Antero Resources Corporation	Sell	-150,000-7.5%	$60.37M	1,850,000
Q2 2024Jun 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-150,000-7.2%	$353.08M	1,925,000
Q2 2024Jun 30, 2024	EQT EQT Corporation	EQT Corporation	Sell	-155,000-7.5%	$70.45M	1,905,000
Q2 2024Jun 30, 2024	PDD PDD Holdings Inc.	PDD Holdings Inc.	Sell	-160,000-7.6%	$257.92M	1,940,000
Q2 2024Jun 30, 2024	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-187,500-16.7%	$471.45M	935,000
Q2 2024Jun 30, 2024	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-218,644-15.6%	$528.01M	1,181,356
Q2 2024Jun 30, 2024	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell	-260,000-16.0%	$222.23M	1,370,000
Q2 2024Jun 30, 2024	ORCL Oracle Corporation	Oracle Corporation	Sell	-300,000-13.0%	$282.40M	2,000,000
Q2 2024Jun 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-353,000-9.2%	$671.54M	3,475,000
Q2 2024Jun 30, 2024	SWN		Sell	-360,000-7.5%	$29.88M	4,440,000

Page 6 of 44 • 1295 total trades

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