One of the more prominent hedge fund managers today, Appaloosa Management's David Tepper, has been one of the busiest lately. His investment vehicle recently made some big moves, to the point where Appaloosa's lineup of largest holdings has changed.
Like other investment managers, Appaloosa is required to itemize its equity portfolio on a quarterly basis. The company's latest filing was submitted in mid-February. On the basis of that document, here are the hedge fund's top five stock positions.
Deeply invested in more than one economy
As with the previous filing, the No. 1 slot belongs to a foreign company, Chinese e-commerce giant Alibaba Group (NYSE: BABA). Despite a recent, 600,000-share sell-off, Tepper clearly remains bullish on longtime holding Amazon (NASDAQ: AMZN), as it occupies position No. 2.
Rounding out the top five is another Chinese e-commerce title, PDD Holdings (NASDAQ: PDD), followed by U.S. tech titan Microsoft (NASDAQ: MSFT) and utility Vistra (NYSE: VST). Here are the totals for the quintet, in terms of shares owned and market value at the time of the filing:
| Stock |
No. of shares owned |
Market value (as of 2/10/25) |
| Alibaba Group |
11.8 million |
$1.0 billion |
| Amazon |
2.6 million |
$570 million |
| PDD Holdings |
5.4 million |
$519 million |
| Microsoft |
970,000 |
$409 million |
| Vistra |
2.7 million |
$372 million |
Data source: U.S. Securities and Exchange Commission.
Hedging by a hedge
This represents a shift from the previous quarter, when PDD Holdings was No. 2, with Amazon just behind in third place. A big sell-off in the latter was the key reason for the shift.
The other major development was the boosting of the Vistra stake, perhaps anticipating strengthening demand for power generation thanks to the heavy resource needs of artificial intelligence functionalities. From quarter to quarter, Tepper more than doubled Appaloosa's position in Vistra.
The striking element of the top five is its heavy tech slant. Yet, the stocks are a rather diverse collection of business concentrations and geographies. So Tepper continues to make sizable plays, but true to his and Appaloosa's nature, he's balancing them out somewhat.
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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon and Microsoft. The Motley Fool recommends Alibaba Group and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
