David Tepper – Appaloosa Management Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Appaloosa Management portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Intel Corporation (INTC), The Goodyear Tire & Rubber Comp (GT), RTX Corporation (RTX), United Airlines Holdings, Inc. (UAL), Delta Air Lines, Inc. (DAL), and 3 more

Increases – UnitedHealth Group Incorporated (UNH), NVIDIA Corporation (NVDA), Taiwan Semiconductor Manufactur (TSM), Block, Inc. (SQ), Micron Technology, Inc. (MU), and 4 more

Reductions – Microsoft Corporation (MSFT), NRG Energy, Inc. (NRG), Caesars Entertainment, Inc. (CZR), Lam Research (LRCX), Baidu, Inc. (BIDU), and 11 more

Complete Exits – null (CHKEL), Broadcom Inc. (AVGO), Wynn Resorts, Limited (WYNN), Las Vegas Sands Corp. (LVS)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Appaloosa Management Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q4 2023Dec 31, 2023	EPD Enterprise Products Partners L.	Enterprise Products Partners L.	Sell - Position Exit	-495,980-100.0%	$0.00	-
Q4 2023Dec 31, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-500,000-50.0%	$52.00M	500,000
Q4 2023Dec 31, 2023	M Macy's Inc	Macy's Inc	Sell	-550,000-11.0%	$89.53M	4,450,000
Q4 2023Dec 31, 2023	PDD PDD Holdings Inc.	PDD Holdings Inc.	Sell	-625,000-44.6%	$113.39M	775,000
Q4 2023Dec 31, 2023	BEKE KE Holdings Inc	KE Holdings Inc	Sell	-695,000-29.0%	$27.64M	1,705,000
Q4 2023Dec 31, 2023	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Sell	-1,250,000-17.2%	$369.42M	6,000,000
Q4 2023Dec 31, 2023	INTC Intel Corporation	Intel Corporation	Sell	-1,650,000-26.4%	$231.15M	4,600,000
Q4 2023Dec 31, 2023	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-1,675,000-100.0%	$0.00	-
Q3 2023Sep 30, 2023	BEKE KE Holdings Inc	KE Holdings Inc	Buy - Position Entry	+2,400,000	$37.25M	2,400,000
Q3 2023Sep 30, 2023	PDD PDD Holdings Inc.	PDD Holdings Inc.	Buy	+650,000+86.7%	$137.30M	1,400,000
Q3 2023Sep 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+587,500+18.6%	$476.70M	3,750,000
Q3 2023Sep 30, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+447,500+29.8%	$585.41M	1,950,000
Q3 2023Sep 30, 2023	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+440,000+19.0%	$362.59M	2,750,000
Q3 2023Sep 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+395,000+31.9%	$516.25M	1,635,000
Q3 2023Sep 30, 2023	CZR Caesars Entertainment, Inc.	Caesars Entertainment, Inc.	Buy	+290,000+23.5%	$70.68M	1,525,000
Q3 2023Sep 30, 2023	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Buy	+100,000+1.4%	$333.43M	7,250,000
Q3 2023Sep 30, 2023	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy	+5,000+0.5%	$445.86M	1,025,000
Q3 2023Sep 30, 2023	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell	-35,000-1.5%	$233.92M	2,275,000
Q3 2023Sep 30, 2023	AVGO Broadcom Inc.	Broadcom Inc.	Sell - Position Exit	-120,000-100.0%	$0.00	-
Q3 2023Sep 30, 2023	SNPS Synopsys, Inc.	Synopsys, Inc.	Sell - Position Exit	-145,000-100.0%	$0.00	-
Q3 2023Sep 30, 2023	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Sell - Position Exit	-190,000-100.0%	$0.00	-
Q3 2023Sep 30, 2023	JD JD.com, Inc.	JD.com, Inc.	Sell	-200,000-10.7%	$48.79M	1,675,000
Q3 2023Sep 30, 2023	AAPL Apple Inc.	Apple Inc.	Sell - Position Exit	-480,000-100.0%	$0.00	-
Q3 2023Sep 30, 2023	CEG Constellation Energy Corporatio	Constellation Energy Corporatio	Sell - Position Exit	-500,000-100.0%	$0.00	-
Q3 2023Sep 30, 2023	INTC Intel Corporation	Intel Corporation	Sell	-525,000-7.7%	$222.19M	6,250,000
Q3 2023Sep 30, 2023	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Sell	-550,000-29.7%	$144.38M	1,300,000
Q3 2023Sep 30, 2023	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-610,000-47.8%	$89.34M	665,000
Q3 2023Sep 30, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-775,000-43.7%	$86.90M	1,000,000
Q3 2023Sep 30, 2023	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-875,000-19.6%	$312.26M	3,600,000
Q3 2023Sep 30, 2023	FXI iShares China Large-Cap ETF	iShares China Large-Cap ETF	Sell - Position Exit	-1,500,000-100.0%	$0.00	-

Page 9 of 44 • 1295 total trades

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