David Tepper’s hedge fund firm Appaloosa Management reshuffled its equity portfolio in the fourth quarter of 2025, lifting exposure to US technology and cyclical names while paring back positions in China and select growth stocks, according to a report by Barron’s.
The reports cites a filing with the US Securities and Exchange Commission as showing that the portfolio — valued at roughly $7bn — saw its largest increase by dollar value in Micron Technology. Appaloosa added one million shares, taking its holding to 1.5m shares worth about $428m at year-end. The firm also increased its stake in Alphabet to around 1.8m shares, valued at approximately $560m.
The fund also initiated a new $182m position in the iShares MSCI South Korea ETF, a technology-heavy vehicle whose largest constituents include Samsung Electronics and memory chipmaker SK Hynix.
On the sell side, Appaloosa sharply reduced its exposure to China, trimming nearly $400m from its holding in Alibaba, leaving the fund with about 5.1m shares valued at $753m. It also cut positions in Uber and Advanced Micro Devices, while fully exiting Caesars Entertainment and several US regional bank and fintech holdings.
Beyond technology, Appaloosa increased cyclical exposure by raising its stake in American Airlines to just over 14m shares, and significantly boosting its holding in building materials group Owens Corning.
