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
- $6.3B
- Holdings
- 23
- Top-10 weight
- 83%
- 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 27% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+37.4%
Market
+26.3%
Sector
+2.5%
Subsector
-1.9%
Stock selection
+10.1%
Top holdings
23 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. | 18.8% | $1.2B | 46% |
| 2 | MUMicron Technology, Inc. | 17.8% | $1.1B | 41% |
| 3 | GOOGAlphabet Inc. Class C | 10.3% | $654M | 60% |
| 4 | UBERUber Technologies, Inc. | 8.8% | $555M | 82% |
| 5 | METAMeta Platforms Inc Class A | 6.0% | $380M | 57% |
| 6 | VSTVistra Corp. | 5.5% | $351M | 70% |
| 7 | NVDANVIDIA Corporation | 4.8% | $305M | 47% |
| 8 | NRGNRG Energy, Inc. | 4.1% | $257M | 69% |
| 9 | AAPLApple Inc. | 3.8% | $242M | 86% |
| 10 | BABAAlibaba Group Holding Ltd | 3.0% | $192M | 91% |
| 11 | BABoeing Company | 2.7% | $173M | 63% |
| 12 | LRCXLam Research Corporation | 2.6% | $166M | 30% |
| 13 | BIDUBaidu, Inc. | 2.3% | $148M | 86% |
| 14 | AALAmerican Airlines Group Inc. | 2.1% | $136M | 65% |
| 15 | AMDAdvanced Micro Devices, Inc. | 1.8% | $115M | 46% |
100% 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
- 9.8
- median 13.1
- Top 5 weight
- —
- no median
- Top 10 weight
- 82.9%
- median 77.1%
- 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 23 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.