David Tepper - Appaloosa Management
As of Q2 2026, David Tepper reported 25 long-equity positions worth $7.47B in aggregate.
It also disclosed $254.13M of put notional. Notional is the contracts’ face value, not the premium paid, so it is reported separately from the equity above — see the Options section below.
Copy-investor backtest
- Latest quarter
- +5.38%
- 1-year
- +32.47%
- 3-year
- +123.82%
- 5-year
- +168.75%
- 3-year vs S&P 500
- +50.57%
- 5-year vs S&P 500
- +95.06%
- 5-year top 5
- +193.63%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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Updated 2026-09-19 from SEC 13F data.
Live quotes available for 35 of 63 rows. Rows without a quote are marked unavailable.
| 1 | AGN | ALLERGAN PLC | 16.52% | Add +249.8% | 4,261,406 | $894.94M | No quote | No quote |
| 2 | ETP | ENERGY TRANSFER PRTNRS L P | 7.91% | Add +3.0% | 11,961,842 | $428.35M | No quote | No quote |
| 3 | GOOG | ALPHABET INC | 6.88% | Add +2.3% | 483,000 | $372.79M | $771.82 | No quote |
| 4 | WPZ | WILLIAMS PARTNERS L P NEW | 6.66% | Add +2.4% | 9,487,301 | $360.8M | No quote | No quote |
| 5 | META | FACEBOOK INC | 4.64% | Add +47.0% | 2,182,350 | $251.08M | $115.05 | No quote |
| 6 | PNC | PNC FINL SVCS GROUP INC | 4.21% | Add +218.6% | 1,950,973 | $228.19M | $116.96 | No quote |
| 7 | ALL | ALLSTATE CORP | 3.55% | Reduce -16.8% | 2,594,834 | $192.33M | $74.12 | No quote |
| 8 | TEVA | TEVA PHARMACEUTICAL INDS LTD | 3.38% | New | 5,053,000 | $183.17M | $36.25 | No quote |
| 9 | PFE | PFIZER INC | 2.88% | New | 4,810,000 | $156.23M | $32.48 | No quote |
| 10 | OC | OWENS CORNING NEW | 2.59% | Reduce -8.0% | 2,716,544 | $140.07M | $51.56 | No quote |
| 11 | MHK | MOHAWK INDS INC | 2.33% | Add +9.4% | 632,164 | $126.23M | $199.68 | No quote |
| 12 | MYL | MYLAN N V | 2.31% | New | 3,275,000 | $124.94M | No quote | No quote |
| 13 | AY | ATLANTICA YIELD PLC | 2.08% | Reduce -3.1% | 5,820,326 | $112.62M | No quote | No quote |
| 14 | TERP | TERRAFORM PWR INC | 2.06% | - | 8,708,708 | $111.56M | No quote | No quote |
| 15 | HUN | HUNTSMAN CORP | 2.01% | Reduce -9.9% | 5,715,053 | $109.04M | $19.08 | No quote |
| 16 | RF | REGIONS FINL CORP NEW | 1.95% | New | 7,340,137 | $105.4M | $14.36 | No quote |
| 17 | WHR | WHIRLPOOL CORP | 1.90% | Reduce -51.1% | 566,936 | $103.05M | $181.77 | No quote |
| 18 | CFG | CITIZENS FINL GROUP INC | 1.86% | Add +9.7% | 2,829,750 | $100.82M | $35.63 | No quote |
| 19 | QCOM | QUALCOMM INC | 1.69% | Add +55.6% | 1,400,000 | $91.28M | $65.20 | No quote |
| 20 | HCA | HCA HOLDINGS INC | 1.56% | Reduce -7.4% | 1,145,250 | $84.77M | $74.02 | No quote |
| 21 | KMI | KINDER MORGAN INC DEL | 1.55% | Add +11.3% | 4,062,996 | $84.15M | $20.71 | No quote |
| 22 | TPX | TEMPUR SEALY INTL INC | 1.46% | Reduce -2.3% | 1,160,199 | $79.22M | No quote | No quote |
| 23 | CMA | COMERICA INC | 1.45% | New | 1,151,993 | $78.46M | No quote | No quote |
| 24 | WDC | WESTERN DIGITAL CORP | 1.41% | Reduce -2.6% | 1,120,000 | $76.1M | $67.95 | No quote |
| 25 | MU | MICRON TECHNOLOGY INC | 1.32% | New | 3,250,000 | $71.24M | $21.92 | No quote |
| 26 | URI | UNITED RENTALS INC | 1.28% | New | 656,862 | $69.35M | $105.58 | No quote |
| 27 | AAL | AMERICAN AIRLS GROUP INC | 1.11% | New | 1,293,367 | $60.39M | $46.69 | No quote |
| 28 | AMLP | ALPS ETF TR | 1.11% | - | 4,764,435 | $60.03M | $12.60 | No quote |
| 29 | LUV | SOUTHWEST AIRLS CO | 1.10% | Add +106.4% | 1,190,402 | $59.33M | $49.84 | No quote |
| 30 | YHOO | YAHOO INC | 0.96% | Reduce -25.0% | 1,350,000 | $52.21M | No quote | No quote |
| 31 | AAPL | APPLE INC | 0.96% | Reduce -43.8% | 450,000 | $52.12M | $115.82 | No quote |
| 32 | CNC | CENTENE CORP DEL | 0.82% | New | 785,000 | $44.36M | $56.51 | No quote |
| 33 | JCP | PENNEY J C INC | 0.78% | New | 5,079,886 | $42.21M | No quote | No quote |
| 34 | SUM | SUMMIT MATLS INC | 0.74% | New | 1,694,487 | $40.31M | No quote | No quote |
| 35 | HAIN | HAIN CELESTIAL GROUP INC | 0.73% | Reduce -20.3% | 1,016,506 | $39.67M | No quote | No quote |
| 36 | MCK | MCKESSON CORP | 0.71% | New | 275,000 | $38.62M | $140.45 | No quote |
| 37 | KMT | KENNAMETAL INC | 0.58% | New | 1,009,638 | $31.56M | $31.26 | No quote |
| 38 | BMY | BRISTOL MYERS SQUIBB CO | 0.40% | New | 375,000 | $21.92M | $58.44 | No quote |
| 39 | TECK | TECK RESOURCES LTD | 0.36% | New | 985,007 | $19.73M | $20.03 | No quote |
| 40 | KYN | KAYNE ANDERSON MLP INVT CO | 0.28% | - | 781,173 | $15.3M | No quote | No quote |
| 41 | GLBL | TERRAFORM GLOBAL INC | 0.28% | - | 3,847,657 | $15.2M | No quote | No quote |
| 42 | BSX | BOSTON SCIENTIFIC CORP | 0.22% | New | 550,000 | $11.9M | $21.63 | No quote |
| 43 | X | UNITED STATES STL CORP NEW | 0.22% | New | 360,000 | $11.88M | No quote | No quote |
| 44 | WMIH | WMIH CORP | 0.22% | Reduce -2.6% | 7,600,000 | $11.78M | No quote | No quote |
| 45 | DAL | DELTA AIR LINES INC DEL | 0.22% | Reduce -50.6% | 238,000 | $11.71M | $49.19 | No quote |
| 46 | UAL | UNITED CONTL HLDGS INC | 0.22% | New | 160,000 | $11.66M | $72.88 | No quote |
| 47 | GT | GOODYEAR TIRE & RUBR CO | 0.14% | Reduce -72.4% | 236,951 | $7.32M | $30.87 | No quote |
| 48 | MT | ARCELORMITTAL SA LUXEMBOURG | 0.13% | New | 976,578 | $7.13M | $7.30 | No quote |
| 49 | SPY | SPDR S&P 500 ETF TR | 0.09% | - | 22,854 | $5.11M | $223.55 | No quote |
| 50 | RIO | RIO TINTO PLC | 0.06% | New | 91,043 | $3.5M | $38.47 | No quote |
| 51 | GMWSB | GENERAL MTRS CO | 0.06% | - | 190,011 | $3.26M | No quote | No quote |
| 52 | ARCH | ARCH COAL INC | 0.04% | New | 27,178 | $2.12M | No quote | No quote |
| 53 | KMIWS | KINDER MORGAN INC DEL | 0.00% | - | 793,836 | $4K | No quote | No quote |
| 62 | VMW | VMWARE INC | - | Sold | 0 | $0 | No quote | No quote |
| 61 | USFD | US FOODS HLDG CORP | - | Sold | 0 | $0 | No quote | No quote |
| 60 | SYF | SYNCHRONY FINL | - | Sold | 0 | $0 | No quote | No quote |
| 59 | NXPI | NXP SEMICONDUCTORS N V | - | Sold | 0 | $0 | No quote | No quote |
| 58 | HDS | HD SUPPLY HLDGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 57 | GM | GENERAL MTRS CO | - | Sold | 0 | $0 | No quote | No quote |
| 56 | DVMT | DELL TECHNOLOGIES INC | - | Sold | 0 | $0 | No quote | No quote |
| 55 | C | CITIGROUP INC | - | Sold | 0 | $0 | No quote | No quote |
| 54 | BAC | BANK AMER CORP | - | Sold | 0 | $0 | No quote | No quote |
Options positions
Put = right to sell at strike (a bearish bet). Call = right to buy at strike (bullish via leverage). The notional column shows the underlying market value reported to the SEC, not the option premium paid - these don't add to the long-equity % portfolio above.
| 1 | SPY | SPDR S&P 500 ETF TRTR UNIT | PUT | Reduce -60.0% | 1,000,000 | $223.53M |