David Tepper
David Tepper runs Appaloosa, a hedge fund overseeing $6.85B in disclosed equity holdings (SEC CIK 0001656456). The latest portfolio (2025Q4) discloses 38 positions across 7 sectors, with the largest positions in BABA, GOOG and AMZN. On a mark-to-market basis the tracked portfolio has returned 60.1% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.
What David is holding in options
David Tepper (Appaloosa) disclosed 3 option positions for the 2025Q1 quarter — 0 long-calls and 3 long-puts — totaling $2.82B of underlying-share notional value. The largest exposures are a put on SPYX, a put on AAPL, a put on SMH. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
3 positions · $2.82B notional3 PUT · $2.82B| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| PUT | SPYXSPDR SER TR | 4.5M | $2.52B | 30.0% |
| PUT | AAPLAPPLE INC | 1.3M | $277.7M | 3.3% |
| PUT | SMHVANECK ETF TRUST | 100K | $21.1M | 0.3% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.