Estimated from 13F holdings — long US equities only; follow-the-filing returns are net of an assumed 10 bps per unit of turnover.
About the fund
Appaloosa is an investment firm founded by David Tepper and Jack Walton that specializes in distressed debt and event-driven strategies. Originally a hedge fund, the firm has transitioned into a single family office managing primarily David Tepper's personal capital.
Investment approach
Appaloosa employs an event-driven, fundamental research-based strategy focused on concentrated, high-conviction positions. The firm invests in global public equity and fixed income markets, with a particular emphasis on distressed debt, high-yield bonds, bank loans, and special situations. It seeks to achieve annual returns that significantly exceed those of buy-and-hold strategies.
History
Appaloosa was founded in 1993 by David Tepper and Jack Walton as a distressed debt investment shop. The firm grew significantly through the 2000s and became known for its high-conviction, concentrated bets, including notable trades during the 2008 financial crisis. In 2019, the firm began converting from a hedge fund open to outside investors into a single family office to manage David Tepper's personal capital.
Notable positions & campaigns
- Conseco and Marconi2002 — Distressed debt positions in Conseco and Marconi.
- Delphi2007 — Sizable stake in the bankrupt auto-parts supplier.
- Citigroup and Bank of America2009 — Purchases of preferred shares near the bottom of the financial crisis.
Profile generated 2026-10-09 from public sources; may be incomplete or out of date.
- Founded by
- David Tepper, Jack Walton
- Founded
- 1993
- HQ
- Short Hills, New Jersey, United States
- Reported AUM
- $20.4bn (as of March 25, 2026)
Management
- David Alan TepperPresident of the General Partner
- Michael Louis PalmerTreasurer of the General Partner; Chief Financial Officer
- Jeffrey L. KaplanChief Operating Officer
- David Andrew BershChief Compliance Officer; General Counsel; Secretary of the General Partner
- James Edward BolinVice President of the General Partner
Holdings heatmap
Latest 13F (2026-06-30): top 25 positions grouped by sector, sized by weight, coloured by the change in weight since the previous 13F.
Holdings map
Each tile is a position, sized by reported value and coloured by the stock's own price return (red down, green up) — the LiquidRound / finviz-style map.
Copy portfolio vs SPY
Growth of $1 following each filing the trading day after it was filed.
Top holdings
Latest 13F (2026-06-30).
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | AMZN | $1.2B | 16.0% |
| 2 | MU | $1.1B | 15.1% |
| 3 | TSM | $788M | 10.5% |
| 4 | GOOG | $654M | 8.7% |
| 5 | UBER | $555M | 7.4% |
| 6 | EWY | $490M | 6.6% |
| 7 | META | $380M | 5.1% |
| 8 | VST | $351M | 4.7% |
| 9 | NVDA | $305M | 4.1% |
| 10 | NRG | $257M | 3.4% |
| 11 | BABA | $192M | 2.6% |
| 12 | BA | $173M | 2.3% |
| 13 | LRCX | $166M | 2.2% |
| 14 | BIDU | $148M | 2.0% |
| 15 | AAL | $136M | 1.8% |
| 16 | AMD | $115M | 1.5% |
| 17 | CRWV | $107M | 1.4% |
| 18 | — | $99M | 1.3% |
| 19 | AVGO | $57M | 0.8% |
| 20 | QCOM | $46M | 0.6% |
| 21 | SPCX | $38M | 0.5% |
| 22 | ET | $30M | 0.4% |
| 23 | MPLX | $28M | 0.4% |
| 24 | WHR | $28M | 0.4% |
| 25 | GT | $10M | 0.1% |
Sector mix
Top-25 holdings by weight.
Changes this quarter
| Move | Ticker | Prev wt | Now wt |
|---|---|---|---|
| trimmed | MU | 9.5% | 15.1% |
| trimmed | BABA | 7.3% | 2.6% |
| exited | SNDK | 3.0% | 0.0% |
| added | TSM | 7.6% | 10.5% |
| exited | GLW | 2.6% | 0.0% |
| new | BA | 0.0% | 2.3% |
| new | AAL | 0.0% | 1.8% |
| exited | PDD | 1.5% | 0.0% |
| new | CRWV | 0.0% | 1.4% |
| trimmed | WHR | 1.8% | 0.4% |
| exited | LHX | 1.2% | 0.0% |
| exited | RTX | 1.1% | 0.0% |
| added | META | 4.2% | 5.1% |
| exited | BALL | 0.8% | 0.0% |
| added | AMZN | 15.2% | 16.0% |
| trimmed | AMD | 0.8% | 1.5% |
| new | AVGO | 0.0% | 0.8% |
| added | BIDU | 1.3% | 2.0% |
| exited | JD | 0.7% | 0.0% |
| exited | LYFT | 0.6% | 0.0% |
Quarterly copy returns
Each 13F held from the day after filing until the next filing.
| 13F period | Copy | SPY | Alpha | Coverage |
|---|---|---|---|---|
| 2026-06-30 | -0.5% | +0.4% | -1.0% | 98% |
| 2026-03-31 | +8.5% | +4.9% | +3.7% | 98% |
| 2025-12-31 | +7.8% | +7.9% | -0.1% | 96% |
| 2025-09-30 | +2.7% | +2.4% | +0.2% | 94% |
| 2025-06-30 | +11.8% | +4.7% | +7.0% | 83% |
| 2025-03-31 | +8.8% | +8.6% | +0.2% | 93% |
| 2024-12-31 | +0.9% | -1.5% | +2.4% | 94% |
| 2024-09-30 | +9.0% | +3.7% | +5.3% | 94% |
| 2024-06-30 | +6.8% | +6.2% | +0.5% | 94% |
| 2024-03-31 | -1.5% | +4.9% | -6.4% | 94% |
| 2023-12-31 | +6.3% | +5.6% | +0.6% | 94% |
| 2023-09-30 | +22.2% | +12.1% | +10.1% | 93% |
| 2023-06-30 | +7.3% | +1.9% | +5.4% | 94% |
| 2023-03-31 | +18.0% | +8.4% | +9.6% | 88% |
| 2022-12-31 | +4.2% | -0.5% | +4.8% | 82% |
| 2022-09-30 | +1.2% | +4.4% | -3.2% | 83% |
Filing dates
- 2026-08-1413F-HR for 2026-06-30 · $7.7B · 27 rows
- 2026-05-1513F-HR for 2026-03-31 · $5.9B · 31 rows
- 2026-02-1713F-HR for 2025-12-31 · $6.9B · 39 rows
- 2025-11-1313F-HR for 2025-09-30 · $7.4B · 45 rows
- 2025-08-1413F-HR for 2025-06-30 · $6.4B · 38 rows
- 2025-05-1513F-HR for 2025-03-31 · $8.4B · 38 rows
- 2025-02-1013F-HR for 2024-12-31 · $6.5B · 37 rows
- 2024-11-1413F-HR for 2024-09-30 · $6.7B · 38 rows
- 2024-08-1413F-HR for 2024-06-30 · $6.2B · 37 rows
- 2024-05-1513F-HR for 2024-03-31 · $6.8B · 39 rows
- 2024-02-1413F-HR for 2023-12-31 · $5.8B · 40 rows
- 2023-11-1413F-HR for 2023-09-30 · $5.1B · 32 rows
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