Appaloosa Management · David Tepper
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $5.6B
- Holdings
- 28
- Top-10 weight
- 72%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Roughly 44% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+32.1%
Market
+17.0%
Sector
-0.2%
Subsector
-0.2%
Stock selection
+14.2%
Top holdings
28 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | BABA | 13.5% | $753M | 89% |
| 2 | GOOG | 10.0% | $561M | 63% |
| 3 | AMZN | 9.0% | $503M | 48% |
| 4 | MU | 8.9% | $499M | 42% |
| 5 | META | 7.1% | $396M | 60% |
| 6 | NVDA | 5.7% | $317M | 47% |
| 7 | WHR | 5.1% | $282M | 69% |
| 8 | NRG | 4.7% | $261M | 61% |
| 9 | MSFT | 4.3% | $242M | 52% |
| 10 | PDD | 3.6% | $201M | 84% |
| 11 | QCOM | 3.5% | $196M | 78% |
| 12 | VST | 2.7% | $152M | 66% |
| 13 | UBER | 2.7% | $151M | 86% |
| 14 | DB | 2.2% | $121M | 61% |
| 15 | JD | 2.1% | $119M | 88% |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
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