Appaloosa LP
Appaloosa LP is a prominent American hedge fund specializing in distressed debt and high-yield investments, founded in 1993 by David Tepper and Jack Walton. The firm operates from Miami Beach, FL, and previously maintained offices in Short Hills, NJ. Appaloosa manages assets across public equity and fixed income markets globally and has been well known for its concentrated, undiversified approach. As of 2025, the firm manages approximately $13.8 billion in assets. Appaloosa primarily serves high-net-worth individuals, pension and profit-sharing plans, corporations, foreign governments, foundations, and institutional investors. The firm has a relatively small, tight-knit team with an employee count typically estimated around 60.
Investment Strategy
Appaloosa LP is renowned for its event-driven, concentrated investment style focused on distressed companies, high-yield bonds, bank loans to highly-leveraged firms, and special situations. The fund targets undervalued opportunities through fundamental analysis and invests globally across public equities and fixed income. Its investments often include debt and equity of distressed and undervalued companies, seeking to generate outsized returns uncorrelated to generic buy-and-hold strategies. The firm accepts investments from institutional and qualified investors, typically with a multi-year lockup period to allow time for value realization.
Latest 13F Filing Activity
Appaloosa LP filed their most recent 13F report on Jun 30, 2025 disclosing 38 equity positions with a total 13F market value of $6B. The fund increased holdings in Unitedhealth Group Inc., Nvidia Corporation, Taiwan Semiconductor MFG LTD among other positions. Appaloosa LP reduced exposure to Alibaba Group HLDG LTD, PDD Holdings Inc., Ishares TR among others.
Top Holdings
Equity Positions (38)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
B BABA | ALIBABA GROUP HLDG LTD | 12.43% | $801.5M | 7,067,271 | $78.24 | $113.41 | -$419.0M |
U UNH | UNITEDHEALTH GROUP INC | 11.85% | $764.3M | 2,450,000 | $315.56 | $311.97 | +$672.7M |
A AMZN | AMAZON COM INC | 9.19% | $592.4M | 2,700,000 | $129.94 | $219.39 | +$114.8M |
V VST | VISTRA CORP | 5.41% | $348.9M | 1,800,000 | $128.77 | $193.81 | +$78.7M |
N NRG | NRG ENERGY INC | 4.93% | $317.9M | 1,980,000 | $91.25 | $160.58 | +$122.3M |
Industry Allocation
Investment Team (8)
| Name | Role | Location | |
|---|---|---|---|
B Bobak Moazami | Analyst | New York, NY , United States | |
 | Trader | New York, NY , United States | |
T Tyler Walk | Investment Analyst | NJ , United States | |
 | Investment Analyst | New York, NY , United States | |
E Eric Cole | Partner | New York, NY , United States | |
H Hugo Astor | Senior Fund Manager | United States | |
J Joe Dolan | Trader | New York, NY , United States | |
 | Investment Analyst | New York, NY , United States |