David Tepper's Trades and Holdings in Q3 2025

Breaking down the stocks David Tepper (Appaloosa) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Appaloosa's 13F filed on November 13, 2025.

Who are David Tepper and Appaloosa Management?

Appaloosa Management is a hedge fund founded in 1993 by David Tepper, who gained fame for his bold contrarian bets during the 2008 financial crisis that yielded billions in profits. Originally specializing in distressed debt, the firm has evolved to invest flexibly across public equities and fixed income markets globally. Tepper's opportunistic investment approach combines macroeconomic analysis with deep fundamental research, allowing Appaloosa to identify mispriced assets during periods of market dislocation. The firm has delivered exceptional long-term returns, establishing Tepper as one of the most successful hedge fund managers of his generation.

AMLP.com
Wikipedia on David Tepper
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

David Tepper's Appaloosa Management maintained its signature opportunistic, contrarian approach in Q3 2025, concentrating holdings in mega-cap technology names like Alibaba (15.6% of portfolio), Amazon, and Nvidia while initiating new positions in semiconductors and financials including AMD, Fiserv, American Airlines, Truist, and KeyCorp after exiting Intel, Oracle, and KE Holdings. The hedge fund's Q3 2025 portfolio of $7.4 billion reflected Tepper's event-driven, deep-value philosophy as he rotated away from select tech positions while maintaining significant exposure to beaten-down names like Energy Transfer and Caesars Entertainment among his top holdings.

New Investments

AMD AMD

David Tepper bought $153.7M of AMD in Q3 2025. AMD delivered an exceptional Q3 2025 with record $9.25 billion in revenue, up 36% year-over-year, and net income surging 43%, driven by robust demand for high-performance EPYC and Ryzen processors in enterprise and cloud markets. The company's strategic positioning in AI infrastructure—evidenced by the launch of the Helios rack-scale platform, 5th Gen EPYC processors, and next-generation RDNA 4 architecture—demonstrates strong momentum in the fastest-growing segment of the semiconductor industry. The stock's 3.67% post-earnings decline to $250.47 appears disconnected from fundamentals, potentially representing a market rotation opportunity given the company's accelerating profitability and AI infrastructure tailwinds.

• Revenue increased 36% year-over-year to $9.25 billion in Q3 2025, with net income growth of 43%.
• Stock fell 3.67% to $250.47 following earnings despite record revenue and profitability metrics.
• Major product launches including Helios rack-scale AI platform and 5th Gen EPYC processors position company for continued market share gains in high-growth data center segment.

Fiserv FI

David Tepper bought $119.26M of Fiserv in Q3 2025. Fiserv experienced a significant operational setback in Q3 2025, with management admitting that prior growth guidance was based on "objectively difficult to achieve" assumptions embedded in forecasts that included outsized volume growth and record sales activity. The company slashed organic revenue growth guidance from 10% to 3.5%-4% and cut EPS outlook from $10.15 to $8.50-$8.60 on October 29, 2025, resulting in a market penalty that wiped out $32 billion in shareholder value in a single trading day and triggered major leadership changes including CFO departure and board restructuring.

• Adjusted revenue grew only 1% to $4.92 billion in Q3 2025, marking a sharp deceleration from prior guidance expectations.
• Organic revenue growth guidance slashed approximately 65% from original 10% projection down to 3.5%-4% range.
• Stock price declined over $59 per share during intraday trading on October 29, 2025, destroying significant shareholder value in a single session.

American Airlines Group AAL

David Tepper bought $103.97M of American Airlines Group in Q3 2025. American Airlines delivered record revenue of $13.7 billion in Q3 2025, though faced a net loss of $114 million, reflecting significant cost pressures offset by solid travel demand and operational resilience amid weather disruptions and FAA technology outages. The company beat earnings expectations with an adjusted EPS of -$0.17 (compared to forecasted -$0.28), demonstrating improving operational discipline and strategic cost management. With full-year adjusted EPS guidance of $0.65-$0.95, positive free cash flow generation, and a credible debt reduction plan targeting below $35 billion by 2027, investor confidence has strengthened as evidenced by recent analyst upgrades and stock appreciation.

• Record Q3 revenue of $13.7 billion with 0.3% YoY operating revenue growth and 4.8% EBIT margin.
• AAdvantage loyalty program active accounts surged 7% while co-branded credit card spending jumped 9%.
• Company expects over $1 billion in free cash flow for full year with $10.3 billion liquidity supporting debt reduction strategy.

Truist TFC

David Tepper bought $63.44M of Truist in Q3 2025. Truist posted strong Q3 2025 results with earnings per share of $1.04 exceeding the Zacks consensus estimate of $0.99, benefiting from a 9.9% surge in non-interest income driven by robust wealth management and investment banking performance alongside controlled expense growth. The company generated $5.19 billion in total revenues (up 2% year-over-year) with solid loan growth of 2.5% in average loan balances, while maintaining a strong capital position that enabled $1.2 billion in shareholder returns through dividends and buybacks. While the stock initially gained 3% post-earnings, elevated non-interest margin pressure and efficiency ratio expansion suggest the company is facing headwinds relative to stronger-performing peers like U.S. Bancorp.

• EPS of $1.04 beat consensus estimate by 5.1%, with net income reaching $1.3 billion and return on tangible common equity improving 130 basis points sequentially to 13.6%.
• Non-interest income grew 9.9% with wealth management fees up 7.5%, reflecting strong advisor productivity and positive net asset flows with AUM up 27% year-to-date for wholesale and premier clients.
• Average loan balances increased 2.5% year-over-year while average deposits declined 1% sequentially, with the company targeting approximately $750 million in share repurchases in Q4.

KeyCorp KEY

David Tepper bought $37.75M of KeyCorp in Q3 2025. KeyCorp demonstrated strong sequential momentum in Q3 2025, delivering net income of $454 million (up 17.4% from Q2's $387 million) and beating consensus EPS forecasts by 7.89% with earnings of $0.41 versus expected $0.38. This substantial improvement was driven by a 24% year-over-year surge in net interest income to $1.19 billion, benefiting from lower deposit costs, improved funding mix, and strategic repositioning into higher-yielding securities. The company is gaining significant traction with record assets under management of $68 billion (up 11% year-over-year), expanded investment banking pipelines, and client deposit growth of 2% sequentially, positioning it for sustained value creation despite the temporary market pullback.

• Net income expanded 17.4% quarter-over-quarter to $454 million, with EPS of $0.41 exceeding analyst estimates by 7.89%.
• Net interest income grew 24% year-over-year to $1.19 billion, with net interest margin expanding 58 basis points annually to 2.75%, achieving year-end targets early.
• Assets under management reached record $68 billion, up 11% year-over-year, while provision for credit losses decreased 22.5% sequentially to $107 million, reflecting improved asset quality.

Citizens Financial Group CFG

David Tepper bought $31.9M of Citizens Financial Group in Q3 2025. Citizens Financial Group has demonstrated consistent operational momentum in Q3 2025, beating earnings expectations for the second consecutive quarter with an EPS of $1.05 versus the $1.03 consensus estimate. The company is capitalizing on strong capital markets positioning and successful execution of its private banking buildout, which achieved cumulative breakeven in just two years. With robust revenue growth, disciplined expense management, and an improved capital profile, Citizens appears well-positioned for continued performance gains heading into 2026.

• Adjusted EPS grew 14.1% quarter-over-quarter from $0.92 to $1.05 with earnings projected to increase 27.3% annually to $4.99 per share next year.
• Revenue increased 11.4% year-over-year to $2.12 billion while maintaining 3% positive operating leverage through disciplined expense management.
• Net interest margin expanded 5 basis points to 3% with fee income surging 18% year-over-year, and the company raised its dividend 9.5% to $0.46 per share.

Comerica CMA

David Tepper bought $31.69M of Comerica in Q3 2025. Comerica delivered a strong Q3 2025 with EPS of $1.35 beating estimates of $1.30, demonstrating solid operational execution despite a revenue miss. The stock has surged 25.7% year-to-date through Q3, driven by robust profitability and a transformative merger agreement with Fifth Third Bancorp announced during the quarter (expected to close by end of Q1 2026), which provides a significant catalyst for future shareholder value. However, headwinds persist with an elevated efficiency ratio of 70.23% and compressed net interest margin of 3.09%, suggesting margin pressure will require careful monitoring in the near term.

• Q3 2025 EPS beat consensus estimates by 3.8% at $1.35 versus $1.30, with net income of $176 million reflecting strong bottom-line performance.
• Shares appreciated 25.7% year-to-date and 28.4% over the trailing 12 months, outpacing broader banking sector recoveries.
• Average deposits grew $1.5 billion to $62.7 billion with a strong 11.90% CET1 capital ratio, positioning the company well for the pending merger integration.

Owens Corning OC

David Tepper bought $22.85M of Owens Corning in Q3 2025. Owens Corning experienced a challenging Q3 2025 with 3% net sales decline to $2.68 billion and adjusted EPS falling 16.2% to $3.67, though management emphasized strong free cash flow generation at 28% margin and continued shareholder returns. The company faces significant near-term headwinds from residential market weakness and is guiding Q4 revenue down 24.3% year-over-year, though management reaffirmed long-term targets including mid-20% adjusted EBITDA margins and $5 billion cumulative free cash flow by 2028. A $780 million non-cash impairment charge in the door business masks underlying operational resilience but signals near-term market challenges.

• Revenue declined 3% year-over-year in Q3 2025 to $2.68 billion, with adjusted EPS falling 16.2% from $4.38 to $3.67.
• Free cash flow margin improved to 28% from 20.2% year-over-year, with $278 million returned to shareholders in Q3.
• Stock declined 8.6% post-earnings, with Q4 guidance significantly below analyst consensus and expected -4.3% full-year EPS growth per Wall Street.

Western Alliance WAL

David Tepper bought $16.91M of Western Alliance in Q3 2025. Western Alliance demonstrated strong momentum in Q3 2025 with net income of $260.5 million, up 9.5% sequentially and 30.4% year-over-year, driving earnings per share to $2.28, representing 10.1% sequential growth and 26.7% annual expansion. The company achieved record net revenue of $938.2 million, up 10.9% quarter-over-quarter and 14.0% year-over-year, while significantly improving operational efficiency with its efficiency ratio declining to 47.8% from 51.8% in Q2. Asset quality remained healthy with total assets surpassing $90 billion and deposit growth of $6.1 billion during the quarter, indicating sustained institutional confidence and business momentum.

• EPS grew 26.7% year-over-year to $2.28 in Q3 2025.
• Net revenue increased 10.9% quarter-over-quarter to $938.2 million.
• Efficiency ratio improved to 47.8% from 51.8% in Q2 2025.

Zions Bancorporation ZION

David Tepper bought $16.13M of Zions Bancorporation in Q3 2025. Zions demonstrated solid performance in Q3 2025, beating analyst expectations on both EPS and revenue despite sequential softness from Q2. The company showed strong year-over-year momentum with 25 basis points of net interest margin expansion and a 260 basis point improvement in efficiency ratio to 59.6%. Trading at an attractive 9.45 P/E ratio, the bank reflects operational improvements and margin expansion driven by favorable asset remix and disciplined deposit growth.

• EPS grew 8% year-over-year to $1.48, beating consensus by 1.37%, though down from Q2's $1.63 due to elevated credit provisions.
• Adjusted pre-provision net revenue surged 18% year-over-year and 11% sequentially to $352 million, demonstrating strong operational leverage.
• Net interest margin expanded for the seventh consecutive quarter to 3.28%, up 25 basis points year-over-year, while customer deposits grew at 3.1% annualized rate.

Added, Trimmed, and Exited

Added

David Tepper dramatically increased existing positions in Whirlpool (WHR) by over 5.2 million shares (up 1,968%) and Goodyear (GT) by 4.3 million shares (up 496%), while boosting Chinese exposure through China Internet (KWEB) (+85%), Baidu (BIDU) (+67%), and semiconductor bets via Qualcomm (QCOM) (+256%) and Nvidia (NVDA) (+9%).
What it means: Tepper is making contrarian value plays in deeply depressed consumer cyclicals—Whirlpool and Goodyear represent bets on oversold domestic manufacturing with potential for margin recovery and restructuring catalysts. The simultaneous amplification of Chinese technology exposure suggests conviction that regulatory headwinds have peaked and valuations have become too attractive to ignore. The semiconductor additions reflect differentiated positioning: modest Nvidia addition maintains AI infrastructure exposure while the aggressive Qualcomm build targets undervalued 5G/automotive chip opportunities trading at compressed multiples relative to growth prospects.

Trimmed

Appaloosa nearly eliminated UnitedHealth (UNH) (down 92%), significantly reduced rideshare holdings Lyft (LYFT) (-30%) and Uber (UBER) (-12%), trimmed profitable Chinese e-commerce positions Alibaba (BABA) (-9% despite +44% return), JD.com (JD) (-11%), and PDD Holdings (PDD) (-10%), cut energy exposure in Vistra (VST) (-31%), semiconductor Micron (MU) (-39%), fintech Block (XYZ) (-42%), and took partial profits in mega-cap tech Amazon (AMZN) (-7%), Alphabet (GOOG) (-8%), and Corning (GLW) (-7% despite +45% return).
What it means: The near-complete UnitedHealth exit signals deep concern about the Medicare Advantage reimbursement environment and regulatory pressures eroding the managed care model. Rideshare trims suggest Tepper views autonomous vehicle disruption and margin compression as structural headwinds despite operational improvements. The pattern of trimming winning positions across Chinese e-commerce and mega-cap tech while simultaneously adding to KWEB and Baidu reveals tactical rebalancing—rotating from expensive ADRs into cheaper China exposure while maintaining thematic conviction. The Micron and Block reductions indicate skepticism about memory chip pricing power and digital payments monetization respectively, while energy trimming reflects profit-taking after the sector's strong run.

Exited

Tepper completely liquidated Intel (INTC) (8 million shares, $179.2M), Oracle (ORCL) (150,000 shares, $32.8M), and KE Holdings (BEKE) (1.5 million shares, $26.6M).
What it means: The Intel exit is particularly telling—despite being a value opportunity, Tepper evidently lost confidence in the company's ability to execute its foundry turnaround strategy and compete against TSMC and Nvidia in next-generation chip architecture. The Oracle liquidation suggests the cloud infrastructure thesis has fully played out at current valuations despite AI tailwinds. Exiting KE Holdings while maintaining other Chinese positions indicates specific concerns about China's property market recovery timeline, viewing real estate brokerage exposure as too concentrated a bet on the sector's most challenged vertical.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.