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
- $7.5B
- Holdings
- 25
- Top-10 weight
- 82%
- As of
- 2026-06-30
- Filed
- 2026-08-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Roughly 21% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+39.5%
Market
+28.1%
Sector
+2.9%
Subsector
+0.8%
Stock selection
+8.4%
Top holdings
25 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 | AMZNAmazon.com, Inc. | 16.0% | $1.2B | 46% |
| 2 | MUMicron Technology, Inc. | 15.1% | $1.1B | 40% |
| 3 | TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 10.5% | $788M | 35% |
| 4 | GOOGAlphabet Inc. Class C | 8.7% | $654M | 57% |
| 5 | UBERUber Technologies, Inc. | 7.4% | $555M | 82% |
| 6 | BBG000CD… | 6.6% | $490M | — |
| 7 | METAMeta Platforms Inc Class A | 5.1% | $380M | 56% |
| 8 | VSTVistra Corp. | 4.7% | $351M | 63% |
| 9 | NVDANVIDIA Corporation | 4.1% | $305M | 48% |
| 10 | NRGNRG Energy, Inc. | 3.4% | $257M | 63% |
| 11 | BABAAlibaba Group Holding Ltd | 2.6% | $192M | 89% |
| 12 | BABoeing Company | 2.3% | $173M | 62% |
| 13 | LRCXLam Research Corporation | 2.2% | $166M | 27% |
| 14 | BIDUBaidu, Inc. | 2.0% | $148M | 82% |
| 15 | AALAmerican Airlines Group Inc. | 1.8% | $136M | 62% |
93% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 42 filings from 2016-03-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 11.4
- median 15.6
- Top 5 weight
- —
- no median
- Top 10 weight
- 81.6%
- median 68.3%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 25 positions at 2026-06-30.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with David Tepper's.