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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Live quotes available for 19 of 30 rows. Rows without a quote are marked unavailable.
| 1 | PCG | PG&E CORP | 16.46% | Reduce -27.1% | 16,828,015 | $385.7M | $22.92 | No quote |
| 2 | META | FACEBOOK INC | 15.24% | Reduce -7.5% | 1,850,000 | $357.05M | $193.00 | No quote |
| 3 | AMZN | AMAZON COM INC | 14.95% | Add +12.1% | 185,000 | $350.32M | $1893.63 | No quote |
| 4 | GOOG | ALPHABET INC | 9.92% | Add +48.3% | 215,000 | $232.4M | $1080.91 | No quote |
| 5 | AGN | ALLERGAN PLC | 9.25% | Reduce -58.7% | 1,295,000 | $216.82M | No quote | No quote |
| 6 | CZR | CAESARS ENTMT CORP | 5.65% | Reduce -18.5% | 11,200,000 | $132.38M | $11.82 | No quote |
| 7 | ET | ENERGY TRANSFER LP | 3.52% | Reduce -12.6% | 5,852,527 | $82.4M | $14.08 | No quote |
| 8 | UNH | UNITEDHEALTH GROUP INC | 3.49% | Add +34.0% | 335,000 | $81.74M | $244.01 | No quote |
| 9 | CRM | SALESFORCE COM INC | 3.24% | Add +150.0% | 500,000 | $75.87M | $151.73 | No quote |
| 10 | AABA | ALTABA INC | 3.11% | Reduce -55.3% | 1,050,000 | $72.84M | No quote | No quote |
| 11 | AMLP | ALPS ETF TR | 2.75% | Reduce -12.7% | 6,550,000 | $64.52M | $9.85 | No quote |
| 12 | TMUS | T MOBILE US INC | 2.21% | Reduce -22.2% | 700,000 | $51.9M | $74.14 | No quote |
| 13 | VST | VISTRA ENERGY CORP | 1.66% | Reduce -24.0% | 1,719,100 | $38.92M | $22.64 | No quote |
| 14 | XOP | SPDR SERIES TRUST | 1.51% | Add +550.0% | 1,300,000 | $35.43M | $27.25 | No quote |
| 15 | MU | MICRON TECHNOLOGY INC | 1.48% | Reduce -95.3% | 900,000 | $34.73M | $38.59 | No quote |
| 16 | ADBE | ADOBE INC | 1.41% | Add +12.0% | 112,000 | $33M | $294.65 | No quote |
| 17 | LNG | CHENIERE ENERGY INC | 1.20% | Reduce -30.1% | 410,000 | $28.07M | No quote | No quote |
| 18 | HUM | HUMANA INC | 1.08% | New | 95,391 | $25.31M | $265.30 | No quote |
| 19 | CWEN | CLEARWAY ENERGY INC | 0.50% | Reduce -17.6% | 700,200 | $11.81M | No quote | No quote |
| 20 | I | INTELSAT S A | 0.49% | New | 592,000 | $11.51M | No quote | No quote |
| 21 | COOP | MR COOPER GROUP INC | 0.44% | Reduce -50.6% | 1,290,000 | $10.33M | No quote | No quote |
| 22 | CNC | CENTENE CORP DEL | 0.29% | New | 127,815 | $6.7M | $52.44 | No quote |
| 23 | CWEN-A | CLEARWAY ENERGY INC | 0.15% | Reduce -15.9% | 210,200 | $3.4M | No quote | No quote |
| 25 | XLE | SELECT SECTOR SPDR TR | - | Sold | 0 | $0 | No quote | No quote |
| 24 | BABA | ALIBABA GROUP HLDG LTD | - | 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.
Other instruments
Bonds, warrants, or non-share principal positions reported alongside the equity portfolio.
| 1 | CZR 5 10/01/24 | CAESARS ENTMT CORPNOTE 5.000%10/0 | OTHER | 20,000,000 | $34.53M |