Whirlpool, American Airlines and Oracle: what stock trades did David Tepper make?

American billionaire David Tepper, whom Forbes calls "perhaps the most prominent hedge fund manager of his generation," adjusted his portfolio in the third quarter. His investment firm Appaloosa Management opened 10 new positions, exited three securities entirely and markedly changed stakes in several of its largest holdings, according to a Form 13F report filed Nov. 13. The biggest changes in Appaloosa's portfolio were in technology and health care.

Large investors report on Form 13F to the SEC each quarter. They must file the report within 45 days after the end of the quarter. In the report, investors disclose the securities they held in their portfolio on the last day of the quarter.

One of Appaloosa's central decisions in the third quarter was to dramatically increase its stake in home appliance maker Whirlpool. The investment firm bought more than 5.23 million shares and brought the stake to 5.5 million. The position is valued at about $432 million and is now one of the fund's top five holdings. Following the fund's report, Whirlpool's securities rose about 3% on the New York premarket. But overall, they have remained under pressure lately, with the stock down more than 40% over the year.

Tepper's fund has been actively increasing stakes in real sector companies. Appaloosa opened a new position in American Airlines, acquiring 9.25 million shares of the airline carrier. American Airlines stock was one of the weakest performers in the industry at 2025 despite quarterly results that exceeded analysts' expectations (loss per share of $0.17 vs. loss forecast of $0.28, revenue of $13.7 billion). In Goodyear, Appaloosa bought 4.3 million shares, increasing its stake to 5.1 million. Shares of the world's largest tire maker have been declining for the past two years.

Significant changes took place in the technology segment as well. The largest purchase was a position in Advanced Micro Devices (AMD) - 950 thousand shares for more than $153 million, which makes a bet on the corporation, which develops and sells microprocessors and related technologies, the most significant technological addition to Appaloosa's portfolio in the third quarter. The second largest deal was the purchase of 925,000 shares of payment company Fiserv. In the financial sector, the fund added stakes in Truist Financial (1.38 million shares), KeyCorp (2.02 million shares), Citizens Financial Group (600,000 shares), Comerica (462,000 shares), Zions Bancorporation National Association (285,000 shares), Western Alliance Bancorporation (195,000 shares).

The fund increased its stakes in several technology companies. In chipmaker and developer of wireless technologies Qualcomm Appaloosa bought 895 thousand shares, increasing its ownership more than two and a half times - up to 1.25 million. The share in Nvidia increased to 1.9 million shares (+9%), in Chinese Baidu - 1.045 million shares (+68%).

The largest exit was the complete closing of the position in Intel: Appaloosa sold all 8 million shares. The fund also exited Oracle, one of the largest suppliers of enterprise software, and China's KE Holdings, which operates in digital real estate services.

The fund also reduced its stake in another Chinese asset: in the largest position of the fund - Alibaba - about 600 thousand securities were sold (-9%). Now in the portfolio of Appaloosa - 6.45 million shares of the giant of e-commerce and cloud technologies worth $1.2 billion.

Among the fund's reductions, the most notable performance was for UnitedHealth Group, the largest insurer in the United States. Appaloosa sold over 2.2 million shares and reduced its stake by 92%. Appaloosa appears to have sold all of the company's shares purchased in the second quarter of 2025: at that time, the fund increased its stake in UnitedHealth Group from about 180k to 2.45 million (+1300%).

Positions in Amazon, Alphabet and Meta Platforms were reduced by 8% each to 2.5 million, 1.38 million and 370,000 shares, respectively.

At the end of the third quarter, Appaloosa's portfolio includes 45 public companies with a total value of about $7.3 billion, with the most significant stakes coming from Alibaba (15.6%), Amazon (7.43%), Whirlpool (5.85%), Nvidia (4.8%) and Alphabet (4.58%).

The fund's assets are spread across eight major sectors: technology, durable goods, healthcare, energy, real estate, financials, industrials and communication services. In the third quarter, Appaloosa increased its stake in semiconductors and artificial intelligence-related companies, and strengthened its investments in the consumer segment.

This article was AI-translated and verified by a human editor