We break down the stocks David Tepper (Appaloosa) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Appaloosa Management's 13F filed on May 14, 2025.
Who are David Tepper and Appaloosa?
Appaloosa Management is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income markets globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of market dislocation. The firm has delivered exceptional long-term returns, establishing Tepper as one of the most successful hedge fund managers of his generation.
AMLP.com
Wikipedia on David Tepper
Portfolio Changes in Q1 2025
New Positions
In Q1 2025, Appaloosa established seven new positions with the largest being SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) at 4.5 million shares valued at $2.52 billion, followed by Apple Inc. (AAPL) at 1.25 million shares worth $277.7 million, Deutsche Bank AG (DB) at 3.75 million shares valued at $89.4 million, L3Harris Technologies, Inc. (LHX), Broadcom Inc. (AVGO), VanEck Semiconductor ETF (SMH), and Block, Inc. (SQ).
Bought
Appaloosa significantly increased its position in Uber Technologies, Inc. (UBER) by 1.7 million shares (113% increase), while also adding to Corning Incorporated (GLW) (up 16.2%) and NRG Energy, Inc. (NRG) (up 12.9%).
Sold
The firm completely liquidated its positions in Advanced Micro Devices, Inc. (AMD), FedEx Corporation (FDX), EQT Corporation (EQT), Antero Resources Corporation (AR), and Intel Corporation (INTC), while significantly reducing holdings in Lyft, Inc. (LYFT) (down 4.5 million shares), several Chinese stocks including Alibaba Group Holding Limited (BABA) (down 2.6 million shares) and JD.com, Inc. (JD) (down 2.4 million shares), and tech stocks like Micron Technology, Inc. (MU), Lam Research Corporation (LRCX), Oracle Corporation (ORCL), Microsoft Corporation (MSFT), and NVIDIA Corporation (NVDA) (all reduced by 50% or more).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SPYX | SPDR S&P 500 Fossil Fuel Reserves Free ETF | 36.1% | NEW | $2,517,255,000 |
| AAPL | Apple Inc. | 4.0% | NEW | $277,662,500 |
| DB | Deutsche Bank AG | 1.3% | NEW | $89,362,500 |
| LHX | L3Harris Technologies, Inc. | 0.9% | NEW | $62,793,000 |
| AVGO | Broadcom Inc. | 0.3% | NEW | $21,765,900 |
| SMH | VanEck Semiconductor ETF | 0.3% | NEW | $21,147,000 |
| SQ | Block, Inc. | 0.1% | NEW | $4,074,750 |
SPDR S&P 500 Fossil Fuel Reserves Free ETF SPYX
David Tepper bought 4,500,000 shares of SPDR S&P 500 Fossil Fuel Reserves Free ETF in Q1 2025. The SPDR® S&P 500 Fossil Fuel Reserves Free ETF (SPYX) delivered a +8.1% 1-year return as of March 2025, underperforming the broader S&P 500 benchmark. Its low 0.20% expense ratio and fossil fuel exclusion mandate attract ESG-focused investors, though 6.4% of holdings remain linked to fossil fuels. Performance has been driven by concentrated tech exposure, with Apple, Microsoft, and NVIDIA comprising 20.5% of the portfolio.
- +8.1% 1-year return through March 2025, lagging the S&P 500's +18.1% benchmark.
- 35.6% portfolio concentration in top 10 holdings amplifies sector-specific risks.
- 6.4% fossil fuel exposure contradicts fund's ESG mandate, including holdings like Berkshire Hathaway and NextEra Energy.
Apple Inc. AAPL
David Tepper bought 1,250,000 shares of Apple Inc. in Q1 2025. Apple Inc. (AAPL) has shown volatility over the past 12 months, with shares peaking near $250 in February 2025 before settling around $213 by mid-May 2025. The company reported stronger-than-expected Q2 2025 results with $95.4B revenue and announced a $110B share buyback alongside a 4% dividend increase, signaling confidence in long-term value. Despite recent pressure from macroeconomic headwinds, its technical chart shows an ascending channel pattern suggesting potential upside.
- EPS grew 7.5% year-over-year in Q2 2025, outperforming consensus estimates.
- Share price declined 9.2% from February 2025 highs but remains 18% above 12-month lows.
- P/E ratio of 28.1 remains below 5-year average of 32.4, despite buyback-driven EPS growth.
Deutsche Bank AG DB
David Tepper bought 3,750,000 shares of Deutsche Bank AG in Q1 2025. Deutsche Bank AG has demonstrated strong performance over the last 12 months, driven by 10% year-on-year revenue growth in Q1 2025 and a 39% increase in pre-tax profit. The bank improved key metrics including an 11.9% Return on Tangible Equity (RoTE) and a 61.2% cost/income ratio, meeting its 2025 targets. Recent results reflect successful cost discipline and growth across its core businesses.
- Q1 2025 profit before tax surged 39% to €2.8 billion, driven by revenue growth and cost reductions.
- Post-tax RoTE reached 11.9% in Q1 2025, exceeding the full-year target of above 10%.
- Cost/income ratio improved to 61.2%, down 7 percentage points year-on-year and below the 65% target.
L3Harris Technologies, Inc. LHX
David Tepper bought 300,000 shares of L3Harris Technologies, Inc. in Q1 2025. L3Harris Technologies has demonstrated strong operational and financial performance over the past 12 months, driven by 10% revenue growth in 2024 to $21.3 billion and a record backlog of $34 billion. The company exceeded cost-saving targets through its LHX NeXt initiative, achieving $800 million in savings (now targeting $1.2 billion by 2025), while maintaining momentum with 15.6% adjusted segment operating margin in Q1 2025. Strategic capital deployment, including $569 million in share repurchases and a 24th consecutive annual dividend increase, underscores confidence in its 2026 financial framework.
- Book-to-bill ratio of 1.14x in 2024 signals strong future revenue growth potential.
- Adjusted free cash flow target of $2.8 billion by 2026 reflects operational efficiency improvements.
- 15% year-over-year increase in Q1 2025 adjusted segment operating margin demonstrates sustained profitability.
Broadcom Inc. AVGO
David Tepper bought 130,000 shares of Broadcom Inc. in Q1 2025. Broadcom Inc. has delivered exceptional performance over the past 12 months, with a 110.49% total return in 2024. The stock gained 20% month-over-month from April to May 2025, reaching $231.33, driven by strong investor sentiment and operational execution. This growth outpaces many semiconductor peers, supported by consistent demand for its infrastructure and enterprise software solutions.
- 2024 total return of 110.49% significantly outperformed sector benchmarks.
- 20% stock price surge between April ($192.47) and May 2025 ($231.33).
- Q1 2025 saw average daily trading volumes exceeding 30 million shares, reflecting heightened market activity.
VanEck Semiconductor ETF SMH
David Tepper bought 100,000 shares of VanEck Semiconductor ETF in Q1 2025. VanEck Semiconductor ETF has delivered strong performance over the past 12 months, with a 71.94% 1-year net asset value return (as of March 31, 2024) and a 28.9% surge in Q1 2024 compared to the prior quarter. This growth reflects broader semiconductor sector momentum driven by technological advancements and increased demand for advanced chips. Recent updates highlight continued optimism in semiconductor innovation, though investors should monitor cyclical industry risks.
- 1-year return: 71.94% (NAV as of 3/31/2024).
- Q1 2024 performance: +28.9% versus prior quarter.
- Total return (12 months): 9.69% (price appreciation + dividends).
Block, Inc. SQ
David Tepper bought 75,000 shares of Block, Inc. in Q1 2025. Block, Inc. has faced stock volatility, with shares declining 6.28% over the past 30 days as of February 2025, though showing resilience through strong operational performance. The company processed 144 million transactions during Black Friday/Cyber Monday 2024 (17% YoY growth) and expanded partnerships with key players like Sysco to enhance its restaurant tech solutions. Upcoming Q4 2024 earnings on February 20, 2025, will provide critical insights into sustained momentum across Cash App and Square ecosystems.
- Processed 144 million transactions during Black Friday/Cyber Monday 2024 (17% YoY growth).
- Achieved 21% growth in online sales and 19% increase in Cash App Card retail purchases in late 2024.
- Stock declined 6.28% over 30 days but maintains 2025 price targets up to $133.81 (98.3% upside from July 2024 forecasts).
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SPYX | SPDR S&P 500 Fossil Fuel Reserves Free ETF | 36.1% | New | $2,517,255,000 |
| BABA | Alibaba Group Holding Limited | 17.5% | Sold | $1,220,482,900 |
| PDD | PDD Holdings Inc. | 7.4% | Sold | $517,189,500 |
| JD | JD.com, Inc. | 4.7% | Sold | $331,016,000 |
| AAPL | Apple Inc. | 4.0% | New | $277,662,500 |
| VST | Vistra Corp. | 3.9% | Sold | $270,112,000 |
| UBER | Uber Technologies, Inc. | 3.3% | Bought | $233,152,000 |
| FXI | iShares China Large-Cap ETF | 2.9% | Sold | $200,704,000 |
| NRG | NRG Energy, Inc. | 2.8% | Bought | $195,693,000 |
| MSFT | Microsoft Corporation | 2.7% | Sold | $191,448,900 |
| KWEB | KraneShares CSI China Internet ETF | 2.0% | Sold | $139,640,000 |
| LYFT | Lyft, Inc. | 1.5% | Sold | $106,830,000 |
| ORCL | Oracle Corporation | 1.4% | Sold | $97,867,000 |
| DB | Deutsche Bank AG | 1.3% | New | $89,362,500 |
| GLW | Corning Incorporated | 1.1% | Bought | $79,823,336 |
| BIDU | Baidu, Inc. | 1.0% | Sold | $71,323,250 |
| LHX | L3Harris Technologies, Inc. | 0.9% | New | $62,793,000 |
| CZR | Caesars Entertainment, Inc. | 0.8% | $55,000,000 | |
| QCOM | QUALCOMM Incorporated | 0.8% | Sold | $53,763,500 |
| BEKE | KE Holdings Inc. | 0.5% | Sold | $38,171,000 |
| LRCX | Lam Research Corporation | 0.5% | Sold | $36,350,000 |
| MU | Micron Technology, Inc. | 0.5% | Sold | $34,756,000 |
| NVDA | NVIDIA Corporation | 0.5% | Sold | $32,514,000 |
| MPLX | MPLX LP | 0.4% | $30,961,320 | |
| WYNN | Wynn Resorts, Limited | 0.4% | Sold | $26,720,000 |
| LVS | Las Vegas Sands Corp. | 0.3% | Sold | $22,791,700 |
| AVGO | Broadcom Inc. | 0.3% | New | $21,765,900 |
| SMH | VanEck Semiconductor ETF | 0.3% | New | $21,147,000 |
| SQ | Block, Inc. | 0.1% | New | $4,074,750 |
| AMD | Advanced Micro Devices, Inc. | 0.0% | Sold Out | $0 |
| FDX | FedEx Corporation | 0.0% | Sold Out | $0 |
| EQT | EQT Corporation | 0.0% | Sold Out | $0 |
| AR | Antero Resources Corporation | 0.0% | Sold Out | $0 |
| INTC | Intel Corporation | 0.0% | Sold Out | $0 |
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