13F filer · CIK 1656456 ↗
Appaloosa
You are looking at Q1 2025. See the latest, Q2 2026 →
Reported value
$8.38B
+30% on the quarter before
Positions
38
7 new · 6 sold out
Top 10
77.2%
of the value
Est. gain
+$391.1M
on stocks held all quarter
Est. return
+8.2%
on those stocks since Q4 2024
Positions as of Mar 31, 2025, from Appaloosa's 13F filing with the SEC. A 13F lists a manager's US-listed stocks and options at a quarter end and is filed up to 45 days later, so the fund may hold something else today. It leaves out short positions, cash and holdings outside the US.
Portfolio at a glance
- New
- Added
- Cut
- Same
- Options
Each tile is a position, sized by its share, colored by what the fund did with it since Q4 2024. Striped tiles are options.
Largest buys
Since Q4 2024, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- SPDR Ser TrPUT~$2.52BNew · 0.0% → 30.0%+4,500,000 underlying
- ApplePUT~$277.7MNew · 0.0% → 3.3%+1,250,000 underlying
- Uber~$123.9MAdded · 1.4% → 2.8%+1,700,000 shares
- Deutsche Bank A G~$89.4MNew · 0.0% → 1.1%+3,750,000 shares
- L3harris Technologies Inc~$62.8MNew · 0.0% → 0.7%+300,000 shares
- Meta~$34.6MAdded · 4.4% → 3.8%+60,000 shares
- NRG Energy~$22.4MAdded · 2.5% → 2.3%+235,000 shares
- Broadcom~$21.8MNew · 0.0% → 0.3%+130,000 shares
- Vaneck ETF TrustPUT~$21.1MNew · 0.0% → 0.3%+100,000 underlying
- Alphabet~$20.0MAdded · 5.5% → 3.7%+128,037 shares
Largest sells
Since Q4 2024, by estimated size: the change in shares at the quarter-end price, since a 13F gives no trade prices. Percentages are the position's share of the portfolio, before and after.
- Alibaba~$345.5MCut · 15.5% → 14.6%−2,613,158 shares
- Microsoft~$172.7MCut · 6.3% → 2.3%−460,000 shares
- AMD~$144.9MSold out · 2.2% → 0.0%−1,200,000 shares
- PDD Holdings~$116.7MCut · 8.0% → 6.2%−986,132 shares
- Jd.Com Inc~$99.3MCut · 5.6% → 3.9%−2,415,885 shares
- Fedex Corp~$98.5MSold out · 1.5% → 0.0%−350,000 shares
- Oracle~$97.9MCut · 3.6% → 1.2%−700,000 shares
- Micron~$69.5MCut · 1.6% → 0.4%−800,000 shares
- Baidu~$69.3MCut · 2.0% → 0.9%−752,909 shares
- Qualcomm~$69.1MCut · 1.9% → 0.6%−450,000 shares
Holdings
As of Mar 31, 2025. Changes are in shares against Dec 31, 2024, so a price move alone never reads as a buy or a sale.
| Holding | Value | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SPDR Ser TrPUTSPDR S&P 500 ETF · shares New | 30.0% | $2.52B | — | ||||||||
| AlibabaSPONSORED ADS · shares −22% · price +55.9% | 14.6% | $1.22B | +$437.9M | ||||||||
| PDD HoldingsSPONSORED ADS · shares −18% · price +22.0% | 6.2% | $517.2M | +$93.3M | ||||||||
| AmazonCOM · shares −3.5% · price −13.3% | 5.7% | $477.6M | −$73.1M | ||||||||
| Jd.Com IncSPON ADS CL A · shares −23% · price +18.6% | 3.9% | $331.0M | +$51.9M | ||||||||
| MetaCL A · shares +12% · price −1.6% | 3.8% | $317.0M | −$4.5M | ||||||||
| AlphabetCAP STK CL C · shares +6.8% · price −18.0% | 3.7% | $314.0M | −$64.4M | ||||||||
| ApplePUTCOM · shares New | 3.3% | $277.7M | — | ||||||||
| VistraCOM · shares −15% · price −14.8% | 3.2% | $270.1M | −$47.0M | ||||||||
| UberCOM · shares +113% · price +20.8% | 2.8% | $233.2M | +$18.8M | ||||||||
| Ishares TrCHINA LG-CAP ETF · shares −16% · price +17.7% | 2.4% | $200.7M | +$30.2M | ||||||||
| NRG EnergyCOM NEW · shares +13% · price +5.8% | 2.3% | $195.7M | +$9.5M | ||||||||
| MicrosoftCOM · shares −47% · price −10.9% | 2.3% | $191.4M | −$23.5M | ||||||||
| Kraneshares TrustCSI CHI INTERNET · shares −13% · price +19.4% | 1.7% | $139.6M | +$22.7M | ||||||||
| Lyft IncCL A COM · shares −33% · price −8.0% | 1.3% | $106.8M | −$9.3M | ||||||||
| OracleCOM · shares −50% · price −16.1% | 1.2% | $97.9M | −$18.8M | ||||||||
| Energy Transfer L PCOM UT LTD PTN · shares +0.9% · price −5.1% | 1.1% | $92.2M | −$4.9M | ||||||||
| Unitedhealth Group IncCOM · shares +0.3% · price +3.5% | 1.1% | $91.7M | +$3.1M | ||||||||
| Deutsche Bank A GNAMEN AKT · shares New | 1.1% | $89.4M | — | ||||||||
| Corning Inc.COM · shares +16% · price −3.7% | 0.95% | $79.8M | −$2.6M | ||||||||
| BaiduSPON ADR REP A · shares −49% · price +9.2% | 0.85% | $71.3M | +$6.0M | ||||||||
| L3harris Technologies IncCOM · shares New | 0.75% | $62.8M | — | ||||||||
| Caesars Entertainment Inc NeCOM · shares 0% · price −25.2% | 0.66% | $55.0M | −$18.5M | ||||||||
| QualcommCOM · shares −56% · price −0.0% | 0.64% | $53.8M | −$3,500 | ||||||||
| Asml Holding N VN Y REGISTRY SHS · shares −56% · price −4.4% | 0.55% | $46.4M | −$2.1M | ||||||||
| Total · 38 positions | 100% | $8.38B | +$391.1M |
Price is a stock's reported value over its shares at the quarter end. The estimated gain is the shares held at both quarter ends times the change in that price: shares bought or sold during the quarter add nothing, options are left out, and a stock split is read into the earlier share count and price.
What made money
From Q4 2024 to Q1 2025: 31 stocks held throughout, up $391.1M (+8.2%).
- Alibaba+$437.9M+56%
- PDD Holdings+$93.3M+22%
- Jd.Com Inc+$51.9M+19%
- Ishares Tr+$30.2M+18%
- Kraneshares Trust+$22.7M+19%
- Oracle−$18.8M−16%
- Microsoft−$23.5M−11%
- Vistra−$47.0M−15%
- Alphabet−$64.4M−18%
- Amazon−$73.1M−13%
Estimated as in the holdings table: shares held at both quarter ends times the change in price; options left out.
Reported value by quarter
The total value of each quarter's 13F at that quarter end. It moves with prices as well as with buying and selling. Pick a quarter to see what the fund held then.
Every quarter's filing
| Quarter | Reported value | Filing | |
|---|---|---|---|
| Q2 2026 | Aug 14, 2026 | $7.73B+30% | SEC ↗ |
| Q1 2026 | May 15, 2026 | $5.93B−14% | SEC ↗ |
| Q4 2025 | Feb 17, 2026 | $6.93B−6% | SEC ↗ |
| Q3 2025 | Nov 13, 2025 | $7.38B+14% | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | $6.45B−23% | SEC ↗ |
| Q1 2025 | May 15, 2025 | $8.38B+30% | SEC ↗ |
| Q4 2024 | Feb 10, 2025 | $6.46B−4% | SEC ↗ |
| Q3 2024 | Nov 14, 2024 | $6.73B+9% | SEC ↗ |
| Q2 2024 | Aug 14, 2024 | $6.18B−9% | SEC ↗ |
| Q1 2024 | May 15, 2024 | $6.75B+17% | SEC ↗ |
| Q4 2023 | Feb 14, 2024 | $5.79B+14% | SEC ↗ |
| Q3 2023 | Nov 14, 2023 | $5.07B−6% | SEC ↗ |
| Q2 2023 | Aug 14, 2023 | $5.39B+185% | SEC ↗ |
| Q1 2023 | May 15, 2023 | $1.89B+40% | SEC ↗ |
| Q4 2022 | Feb 14, 2023 | $1.35B−1% | SEC ↗ |
| Q3 2022 | Nov 14, 2022 | $1.36B−15% | SEC ↗ |
| Q2 2022 | Aug 15, 2022 | $1.59B−36% | SEC ↗ |
| Q1 2022 | May 16, 2022 | $2.50B−36% | SEC ↗ |
| Q4 2021 | Feb 14, 2022 | $3.89B−7% | SEC ↗ |
| Q3 2021 | Nov 15, 2021 | $4.20B−13% | SEC ↗ |
| Q2 2021 | Aug 16, 2021 | $4.83B−31% | SEC ↗ |
| Q1 2021 | May 17, 2021 | $6.96B+4% | SEC ↗ |
| Q4 2020 | Feb 16, 2021 | $6.69B+18% | SEC ↗ |
| Q3 2020 | Nov 16, 2020 | $5.66B−2% | SEC ↗ |
| Q2 2020 | Aug 14, 2020 | $5.76B+76% | SEC ↗ |
| Q1 2020 | May 15, 2020 | $3.27B−18% | SEC ↗ |
| Q4 2019 | Feb 14, 2020 | $3.98B+17% | SEC ↗ |
| Q3 2019 | Nov 14, 2019 | $3.41B−63% | SEC ↗ |
| Q2 2019 | Aug 14, 2019 | $9.26B+165% | SEC ↗ |
| Q1 2019 | May 15, 2019 | $3.49B+72% | SEC ↗ |
| Q4 2018 | Feb 14, 2019 | $2.02B−64% | SEC ↗ |
| Q3 2018 | Nov 14, 2018 | $5.69B−35% | SEC ↗ |
| Q2 2018 | Aug 14, 2018 | $8.78B−10% | SEC ↗ |
| Q1 2018 | May 15, 2018 | $9.72B−9% | SEC ↗ |
| Q4 2017 | Feb 14, 2018 | $10.73B+51% | SEC ↗ |
| Q3 2017 | Nov 14, 2017 | $7.12B+6% | SEC ↗ |
| Q2 2017 | Aug 14, 2017 | $6.74B+11% | SEC ↗ |
| Q1 2017 | May 12, 2017 | $6.09B+8% | SEC ↗ |
| Q4 2016 | Feb 14, 2017 | $5.64B+28% | SEC ↗ |
| Q3 2016 | Nov 14, 2016 | $4.40B+16% | SEC ↗ |
| Q2 2016 | Aug 12, 2016 | $3.80B−33% | SEC ↗ |
| Q1 2016 | May 13, 2016 | $5.66B | SEC ↗ |