David Tepper is known as one of Wall Street’s boldest and most opportunistic investors. As the founder of Appaloosa Management, Tepper focuses on undervalued, turnaround, and cyclical stocks, often buying when markets are under stress and selling when confidence returns. Unlike growth-focused investors, Tepper looks for value recovery and macro-driven opportunities.
Many investors follow Tepper for his ability to spot market turning points before they become obvious. From his famous bank stock bets during the 2009 financial crisis to more recent moves in energy and tech, Tepper has built a reputation for decisive, unconventional investing. Because Appaloosa operates as a private hedge fund turned family office, Tepper’s portfolio updates are revealed through quarterly 13F filings, making each one closely watched.
With over $5 billion in publicly disclosed equities as of March 31, 2025, Appaloosa’s latest 13F filing offers a quarterly snapshot of Tepper’s top investments. Below are the 7 positions where he’s making his biggest public market bets.
1. Alibaba (BABA) 22% of portfolio
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Alibaba remains Appaloosa’s largest holding, accounting for approximately 22% of the portfolio, with over 9.2 million shares valued at around $1.2 billion. Tepper reduced the position by more than 2.6 million shares last quarter, but continues to hold it as his top investment. Year-to-date, Alibaba is up approximately 44%, thanks to improving investor sentiment, AI-driven growth initiatives, and optimism surrounding restructuring efforts.
Tepper likely views Alibaba as an undervalued giant with long-term potential. Its dominance in Chinese e-commerce, expanding logistics infrastructure, and growing cloud services all support his patient approach.
Ongoing restructuring, including spin-offs of major business units, could unlock shareholder value over time, fitting Tepper’s style of investing in companies poised for a strategic rebound.
2. PDD Holdings (PDD) 9.32% of portfolio
PDD accounts for about 9% of Appaloosa’s portfolio. Tepper reduced his stake by nearly 1 million shares in the last quarter, holding approximately 4.4 million shares, valued at around $517 million. Despite weaker first-quarter results, PDD stock is up about 10% so far this year, outpacing many of its Chinese tech peers.
Tepper’s continued investment signals confidence in PDD’s global expansion, especially via Temu. The company’s focus on low-cost, value-driven e-commerce differentiates it from other Chinese players.
His trimming of the position likely reflects simple profit-taking, while maintaining significant holdings points to his belief in PDD’s long-term international growth potential.
3. Amazon (AMZN) 8.61% of portfolio
Amazon represents roughly 8.6% of Appaloosa’s holdings. Tepper slightly reduced his position last quarter, now holding around 2.5 million shares worth close to $478 million. Amazon’s shares are up approximately 4.5% year to date, recovering from a weaker start to the year amid broader concerns about consumer demand.
Tepper seems to view Amazon as a reliable mix of stable cash flow and long-term growth potential. He likely values Amazon Web Services and the company’s expanding advertising business as core growth drivers. While the slight reduction suggests short-term caution, his sizeable remaining stake shows continued confidence in Amazon’s dominant role in e-commerce and cloud computing.
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4. JD.com (JD) 5.97% of portfolio
JD (Jing Dong) is Tepper’s fourth-largest position, accounting for approximately 6% of his portfolio. He cut over 2.4 million shares last quarter, yet still holds more than 8 million shares valued at around $331 million. JD stock has underperformed this year, rising only about 0.47% as weak consumer spending in China and competitive pressures weigh on performance.
Despite short-term challenges, Tepper appears to view JD as a recovery opportunity rather than a growth play. Its national logistics infrastructure and focus on direct sales could offer long-term durability in China’s evolving e-commerce landscape. Holding this position signals his belief that JD’s physical assets and operational efficiency provide a foundation for eventual recovery.
5. Meta Platforms Inc (META) 5.71% of portfolio
Meta now accounts for nearly 6% of Appaloosa’s portfolio. Tepper increased his stake last quarter to approximately 550,000 shares, valued at around $331 million. Meta shares have climbed over 22% year-to-date, fueled by a rebound in digital ad revenue, ongoing cost-cutting measures, and aggressive AI investments.
Tepper’s recent buying activity suggests he views Meta as both a cash generator and a growth play. With dominant ad platforms and expanding AI infrastructure, Meta’s potential for monetizing messaging apps and immersive technologies likely appeals to Tepper’s growth-conscious value strategy.
6. Alphabet (GOOGL) 5.66% of portfolio
Alphabet represents about 6% of Appaloosa’s portfolio. Tepper added more than 128,000 shares last quarter, now holding approximately 2 million shares worth roughly $314 million. Alphabet stock is up only about 0.38% this year, lagging many peers despite solid core performance in search and cloud services.
For Tepper, Alphabet’s consistent cash generation, leading position in digital advertising, and heavy investment in artificial intelligence make it an attractive long-term compounder. His increased stake suggests he views Alphabet as undervalued relative to its steady fundamentals and future growth potential.
7. Vistra Corp (VST) 4.87% of portfolio
Vistra is Appaloosa’s only major energy holding among its top positions, representing about 3% of the portfolio. Tepper trimmed about 15% of his stake last quarter but still holds over 2.3 million shares worth around $270 million. Vistra stock has been one of the top performers in Tepper’s portfolio this year, up roughly 37%.
Tepper likely views Vistra as a stable, cash-generating company benefiting from rising energy demand and investments in grid modernization. While the recent reduction could reflect profit-taking after the rally, his continued exposure signals belief in Vistra’s ability to deliver consistent returns as the energy sector transitions toward cleaner solutions.
Tepper Bets on Turnarounds, Not Trends
David Tepper’s strategy focuses less on chasing trends and more on finding undervalued companies poised for a comeback. His portfolio leans toward turnaround stories, beaten-down large-cap stocks, and cyclical plays where fear has created investment opportunities.
Whether it’s Chinese e-commerce or U.S. tech giants, Tepper bets on recovery over hype. For investors, Appaloosa’s holdings offer a glimpse into where one of Wall Street’s most opportunistic investors sees potential upside next.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
