David Tepper
Appaloosa Management
Profile & Investment Philosophy
David Tepper is the market's most opportunistic risk-taker, and Q2 2026 shows him both pressing and hedging. Appaloosa's book grew to $7.7 billion across 27 positions, with Amazon (+16%) taking the top spot and Micron cut 41% into strength. He added Taiwan Semiconductor (+24%), Meta (+55%) and Uber (+22%), opened new stakes in Boeing, American Airlines and CoreWeave - and bought $242 million of Apple puts. Alibaba was halved (-42%), while SanDisk, Corning, PDD, L3Harris and RTX left the portfolio entirely.
Track Record
Tepper founded Appaloosa Management in 1993 after leaving Goldman's high-yield desk. Through 2019 (when he converted to a family office structure), Appaloosa compounded at roughly 25% net annualized, one of the strongest long-term track records in distressed and event-driven investing. The 2009 financial-sector trade alone reportedly netted around $7 billion in personal profit and pushed AUM toward $20 billion at peak. Institutional Investor named him Hedge Fund Manager of the Year in 2009. He also owns the Carolina Panthers (NFL) and Charlotte FC, funded largely from Appaloosa profits.
Signature Trades
Current Strategy (2026)
Appaloosa's Q2 2026 13F shows the China tilt shrinking and the AI-infrastructure bet broadening. Alibaba was cut 42% and PDD sold entirely, while Amazon (+16%) moved to the top of a $7.7 billion, 27-position book, followed by Micron — trimmed 41% into its rally — Taiwan Semiconductor (+24%) and Alphabet. Tepper added Meta (+55%) and Uber (+22%), kept his power complex in Vistra and NRG, and opened new stakes in Boeing, American Airlines and CoreWeave. The hedge is the tell: $242 million of Apple puts alongside the longs. The portfolio stays concentrated, with the top ten names above 70% of disclosed long equity, and the macro thesis is unchanged — own the operating leverage on AI capex, but pay for insurance while doing it.
BMI Counter-Take
Tepper's edge has always been timing the policy pivot, and the China book is a textbook attempt at it: cheap multiples, hated tape, government finally pushing on the gas. The risk is that the pivot keeps stalling and the regulatory tail never fully goes away, leaving the Alibaba thesis as a value trap with geopolitical optionality. We like the US mega-cap allocation as the hedge: if China disappoints, AI capex still funds the print. What we would not copy is the concentration. Tepper can afford 20%+ in a single Chinese ADR; most readers cannot. Take the framework, not the position size.
Current Portfolio
LATEST 13F 2026-06-30Latest SEC Form 13F filing. Total portfolio value: $7.73 B. Holdings: 27 positions.
| Security | Shares | Δ vs Prev | Value ($) | Portfolio % |
|---|---|---|---|---|
| Amazon Com Inc. | 5.00 M | +15.7% | $1.19 B | 15.4 % |
| Micron Technology Inc. | 975,000 | -41.4% | $1.13 B | 14.6 % |
| Taiwan Semiconductor Manufac | 1.65 M | +24.3% | $788 M | 10.2 % |
| Alphabet Inc. | 1.85 M | +6.8% | $654 M | 8.46 % |
| Uber Technologies Inc. | 7.69 M | +21.5% | $555 M | 7.19 % |
| Ishares Inc. | 2.43 M | +1.0% | $490 M | 6.34 % |
| Meta Platforms Inc. | 675,000 | +54.6% | $380 M | 4.92 % |
| Vistra Corp. | 2.22 M | +9.5% | $351 M | 4.55 % |
| Nvidia Corporation | 1.53 M | +3.6% | $305 M | 3.95 % |
| Nrg Energy Inc. | 1.76 M | +1.5% | $257 M | 3.33 % |
SOURCE: SEC Form 13F (2026-08-14). BMI Smart Money Tracker.