13F
中
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Appaloosa LP

13F equity value
$5.9B
Positions
31
Top 10 concentration
74.3%
Quarters / total new picks
28 / 135
13F equity value over time
$0M$5B$10B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it. Buying this fund's new positions the day each filing went public, over 28 quarters, returned +3.0% per quarter versus +2.4% from owning every 13F stock, beating that baseline in 50.0% of quarters (excess t = 2.28, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.

Avg 2Q excess
+5.3%
t-stat
2.28
Quarterly win rate
50%
Annualized excess
+0.0%
$1 → follow vs universe
$1.80 vs $1.80
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720200331: universe 1.35820200630: universe 1.50120201231: universe 1.56920210331: universe 1.58320210630: universe 1.71020210930: universe 1.53520211231: universe 1.30620220331: universe 1.40220220630: universe 1.29920221231: universe 1.20620230331: universe 1.27120230630: universe 1.22620230930: universe 1.39120231231: universe 1.45320240331: universe 1.48620240930: universe 1.47320241231: universe 1.37520250331: universe 1.49920250630: universe 1.54620250930: universe 1.73920251231: universe 1.799 20180331: follow 0.99620180630: follow 0.93420180930: follow 0.93220181231: follow 0.90820190331: follow 0.92920190630: follow 1.02720190930: follow 1.06120200331: follow 1.40720200630: follow 1.48920201231: follow 1.78120210331: follow 1.69720210630: follow 1.72220210930: follow 1.79820211231: follow 1.32120220331: follow 1.36320220630: follow 1.31920221231: follow 1.15120230331: follow 1.52120230630: follow 1.69320230930: follow 1.52120231231: follow 1.62320240331: follow 1.49020240930: follow 1.51720241231: follow 1.43120250331: follow 1.78420250630: follow 1.83120250930: follow 2.14320251231: follow 1.802 0.84 1.58 2.31 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 31 · 2026 Q1

Ticker Value Weight QoQ
AMZN $900M
15.2%
ADD
MU $563M
9.5%
ADD
GOOG $497M
8.4%
TRIM
UBER $456M
7.7%
ADD
TSM $449M
7.6%
ADD
BABA $435M
7.3%
TRIM
VST $304M
5.1%
ADD
EWY $295M
5.0%
ADD
NVDA $257M
4.3%
TRIM
NRG $253M
4.3%
ADD
META $250M
4.2%
TRIM
SNDK $179M
3.0%
NEW
GLW $154M
2.6%
TRIM
WHR $105M
1.8%
TRIM
PDD $92M
1.6%
TRIM
LRCX $82M
1.4%
TRIM
BIDU $77M
1.3%
ADD
LHX $68M
1.1%
TRIM
RTX $66M
1.1%
TRIM
ASML $65M
1.1%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

SNDK

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.