According to the disclosure by the U.S. Securities and Exchange Commission (SEC), hedge fund mogul and billionaire David Tepper's Appaloosa Management submitted its first-quarter holdings report (13F) for the period ending March 31, 2025.
Statistics show that Appaloosa's total market value of holdings in the first quarter reached $8.38 billion, up from $6.46 billion in the previous quarter, a quarter-on-quarter increase of 15.65%. In the first quarter, Appaloosa added 7 new stocks to its portfolio, increased its holdings in 8 stocks, while reducing its holdings in 21 stocks and completely exiting 6 stocks. Among them, the top ten holdings accounted for 77.25% of the total market value.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377738748203.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377738748203.png"/>
In the top five holdings, SPDR S&amp;P 500 Fossil Fuel Reserves Free ETF put options (SPYX.US, PUT) ranked first, holding 4.5 million shares with a market value of approximately $2.517 billion, accounting for 30.03% of the portfolio, which was a new addition in the first quarter.
Alibaba (BABA.US) ranked second, holding 9.23 million shares with a market value of approximately $1.22 billion, accounting for 14.56% of the portfolio, with the number of shares decreasing by 22.06% compared to the previous quarter.
Pinduoduo (PDD.US) ranked third, holding 4.37 million shares with a market value of approximately $517 million, accounting for 6.17% of the portfolio.
Amazon (AMZN.US) ranked fourth, holding 2.51 million shares with a market value of approximately $478 million, accounting for 5.70% of the portfolio, with the number of shares decreasing by 3.46% compared to the previous quarter.
JD.com (JD.US) ranked fifth, holding 8.05 million shares with a market value of approximately $331 million, accounting for 3.95% of the portfolio.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377683993553.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377683993553.png"/>
In addition to SPYX, Appaloosa also built positions in Apple put options (AAPL.US, PUT), Deutsche Bank (DB.US), L3Harris Technologies (LHX.US), Broadcom (AVGO.US), Semiconductor Index ETF-VanEck put options (SMH.US, PUT), and Block (XYZ.US) in the first quarter, while completely exiting AMD (AMD.US), Antero Resources (AR.US), EQT Energy (EQT.US), Expand Energy (EXE.US), FedEx (FDX.US), and Intel (INTC.US)
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377712627079.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377712627079.png"/>
It is worth noting that Appaloosa reduced its holdings in technology stocks such as Microsoft (MSFT.US), Nvidia (NVDA.US), Qualcomm (QCOM.US), ASML (ASML.US), and Micron Technology (MU.US) in the first quarter.
From the changes in holding ratios, the top five purchased targets are: SPYX put options, Apple put options, Uber (UBER.US), Deutsche Bank, and L3Harris Technologies.
The top five sold targets are: Microsoft, Amazon, Vistra Energy (VST.US), Oracle (ORCL.US), and AMD.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377726474563.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="image.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250516/1747377726474563.png"/>

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Hedge fund mogul David Tepper's Appaloosa Management reduced its holdings in technology stocks such as Microsoft and Amazon in the first quarter of 2025, and completely exited positions in AMD and Intel. According to SEC disclosures, Appaloosa's total market value of holdings reached $8.38 billion, a quarter-on-quarter increase of 15.65%. The top ten holdings accounted for 77.25% of the total market value

- Appaloosa Management, led by billionaire David Tepper, reported a total portfolio value of $8.38 billion for Q1 2025, up 15.65% from the previous quarter.  
- The firm added seven new stocks, increased holdings in eight, and reduced positions in 21, with the top ten holdings comprising 77.25% of the total value.  
- Notable positions included SPDR S&P 500 Fossil Fuel Reserves Free ETF puts, Alibaba, and Pinduoduo, while significant reductions were made in tech stocks like Microsoft and Nvidia.  

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Microsoft

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Hedge fund mogul David Tepper reduced his holdings in technology stocks such as Microsoft and Amazon in Q1, completely liquidating his positions in AMD and Intel