Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Appaloosa (Tepper)
event_distressed
B
Reliability improving可靠性走强
leaderboard rank榜单排名 #21
Book持仓规模
$5.9B
long US listed only仅美股多头
Positions持仓数
31
94% resolved已解析
Top-10 concentration前十集中度
74%
% of book占组合%
Turnover换手
LOW
24.6% per quarter每季
Median excess中位超额
-10%
buys vs SPY, since filing买入相对SPY，自申报起 · n 134
Hit rate胜率
39%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Magnificent Seven — added AMZN (+15.2pp of book this quarter)核心倾向：七巨头 — 本季度加仓 AMZN（占组合 +15.2pp）
Magnificent Seven七巨头
+15.2pp
24.3% of book held占组合持有
· 4 names标的
· AI & Technology
AMZN
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+15.2pp
15.2% of book held占组合持有
· 1 names标的
· US Sectors (EW)
AMZN
Industrials (Equal-Weight)工业（等权）
+7.7pp
9.9% of book held占组合持有
· 3 names标的
· US Sectors (EW)
UBER
ComputeCompute
+7.6pp
7.6% of book held占组合持有
· 1 names标的
· Artificial Intelligence
TSM
ComputeCompute
+7.6pp
7.6% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
FoundriesFoundries
+7.6pp
7.6% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 12 scored quarters已评分季度 · 17% positive为正 · recent-4 median近4季中位 -1% vs all-time对全期 -14%
Median excess by quarter各季度中位超额: ▅▁▁▁▄▃▄█▇▆▆▆ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 25 | -8% | 48% | +7% |
| 2023-09-30 | 7 | -48% | 29% | -2% |
| 2023-12-31 | 12 | -46% | 25% | -0% |
| 2024-03-31 | 11 | -49% | 9% | -13% |
| 2024-06-30 | 6 | -19% | 33% | +21% |
| 2024-09-30 | 7 | -30% | 14% | +14% |
| 2024-12-31 | 11 | -21% | 36% | +5% |
| 2025-03-31 | 9 | +14% | 56% | +11% |
| 2025-06-30 | 14 | +7% | 57% | +5% |
| 2025-09-30 | 16 | -0% | 50% | +16% |
| 2025-12-31 | 9 | -1% | 44% | -13% |
| 2026-03-31 | 7 | -3% | 29% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Technology
30.9%
▲ +6.5pp
Unclassified
26.1%
▼ -4.7pp
Consumer Cyclical
16.0%
▲ +7.8pp
Communication Services
12.6%
▼ -1.2pp
Utilities
9.4%
▲ +3.4pp
Industrials
2.9%
▼ -6.7pp
Consumer Discretionary
1.8%
▼ -3.7pp
Healthcare
0.4%
▼ -1.4pp
Theme categories主题类别
AI & Technology 39.5%
US Sectors (EW) 16.9%
Energy & Power 9.4%
Semiconductors 3.0%
Industrials & Defense 2.3%
Healthcare 0.4%
Rotating into (QoQ)轮入（环比）
Consumer Cyclical +7.8pp
Technology +6.5pp
Utilities +3.4pp
Rotating out of (QoQ)轮出（环比）
Industrials -6.7pp
Consumer Discretionary -3.7pp
Healthcare -1.4pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Technology 31% · Unclassified 26% · Consumer Cyclical 16% |
| 2025-12-31 | Unclassified 31% · Technology 24% · Communication Services 14% |
| 2025-09-30 | Unclassified 39% · Technology 20% · Communication Services 8% |
| 2025-06-30 | Unclassified 31% · Technology 20% · Healthcare 13% |
| 2025-03-31 | Unclassified 64% · Technology 13% · Communication Services 8% |
| 2024-12-31 | Unclassified 42% · Technology 21% · Consumer Cyclical 10% |
| 2024-09-30 | Unclassified 44% · Technology 22% · Consumer Cyclical 11% |
| 2024-06-30 | Unclassified 34% · Technology 30% · Communication Services 13% |
| 2024-03-31 | Technology 35% · Unclassified 31% · Communication Services 13% |
| 2023-12-31 | Technology 40% · Unclassified 19% · Communication Services 17% |
| 2023-09-30 | Technology 39% · Unclassified 22% · Communication Services 19% |
| 2023-06-30 | Technology 44% · Unclassified 24% · Communication Services 13% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。29 positions shown项持仓 · resolved已解析 29/31 (94%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AMZN |
Amazon Com Inc | 15.2% | $900M | add | +98% | 1q | 75 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -7% |
| 2 |  MU |
Micron Technology Inc | 9.5% | $563M | hold | -5% | — | 69 · MODERATE | Technology | AI Infrastructure, Memory, HBM & Storage, Technology (Equal-Weight) | +16% |
| 3 |  GOOG |
Alphabet Inc | 8.4% | $497M | hold | -3% | — | 68 · MODERATE | Communication Services | Communication Services (Equal-Weight) | -12% |
| 4 | UBER |
Uber Technologies Inc | 7.7% | $456M | add | +242% | 1q | 71 · HIGH | Technology | Industrials (Equal-Weight) | -3% |
| 5 | TSM |
Taiwan Semiconductor Manufac | 7.6% | $449M | add | +18% | 1q | 70 · HIGH | — | Compute, Compute, Foundries | +0% |
| 6 |  BABA |
Alibaba Group Hldg Ltd | 7.3% | $435M | trim | -33% | — | 64 · MODERATE | — | Energy, Hyperscalers, Serverless | -12% |
| 7 |  VST |
Vistra Corp | 5.1% | $304M | add | +114% | 1q | 68 · MODERATE | Utilities | Power & Grid Buildout, Nuclear & SMR Power, Utilities (Equal-Weight) | +8% |
| 8 |  EWY |
Ishares Inc | 5.0% | $295M | add | +28% | 2q | 72 · HIGH | — | — | -10% |
| 9 |  NVDA |
Nvidia Corporation | 4.3% | $257M | trim | -13% | — | 60 · MODERATE | Technology | Magnificent Seven, AI Infrastructure, AI Semiconductors | -9% |
| 10 |  NRG |
Nrg Energy Inc | 4.3% | $253M | hold | +6% | — | 59 · MODERATE | Utilities | Power & Grid Buildout, Nuclear & SMR Power, Utilities (Equal-Weight) | +2% |
| 11 |  META |
Meta Platforms Inc | 4.2% | $250M | trim | -27% | — | 43 · LOW | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +7% |
| 12 |  SNDK |
Sandisk Corp | 3.0% | $179M | new | — | 1q | 37 · LOW | Technology | Memory, HBM & Storage, Technology (Equal-Weight) | -1% |
| 13 |  GLW |
Corning Inc | 2.6% | $154M | trim | -28% | — | 30 · LOW | Technology | AI Infrastructure, Non-AI Tech & Hardware, Technology (Equal-Weight) | -19% |
| 14 |  WHR |
Whirlpool Corp | 1.8% | $105M | trim | -50% | — | 29 · LOW | Consumer Discretionary | Household, Devices | -2% |
| 15 |  PDD |
Pdd Holdings Inc | 1.6% | $92M | trim | -49% | — | 28 · LOW | — | E-Commerce, Platforms | -11% |
| 16 |  LRCX |
Lam Research Corp | 1.4% | $82M | hold | -10% | — | 27 · LOW | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | +11% |
| 17 |  BIDU |
Baidu Inc | 1.3% | $77M | add | +20% | 1q | 31 · LOW | — | Models, Ads & Search | -18% |
| 18 |  LHX |
L3harris Technologies Inc | 1.1% | $68M | trim | -33% | — | 24 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -7% |
| 19 |  RTX |
Rtx Corporation | 1.1% | $66M | trim | -32% | — | 23 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | +12% |
| 20 |  QCOM |
Qualcomm Inc | 1.1% | $64M | trim | -56% | — | 22 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -17% |
| 21 |  BALL |
Ball Corp | 0.8% | $49M | trim | -30% | — | 21 · LOW | Consumer Cyclical | Materials (Equal-Weight) | +8% |
| 22 |  AMD |
Advanced Micro Devices Inc | 0.8% | $45M | trim | -32% | — | 20 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | +17% |
| 23 |  JD |
Jd.com Inc | 0.7% | $39M | trim | -69% | — | 18 · LOW | — | E-Commerce | -9% |
| 24 |  LYFT |
Lyft Inc | 0.6% | $36M | trim | -29% | — | 17 · LOW | Industrials | Fleets, Next-Gen | +23% |
| 25 |  MSFT |
Microsoft Corp | 0.6% | $33M | trim | -82% | — | 16 · LOW | Technology | Magnificent Seven, AI Software & Platforms, Quantum Computing | -6% |
| 26 |  KWEB |
Kraneshares Trust | 0.5% | $31M | trim | -77% | — | 15 · LOW | — | — | -4% |
| 27 |  ET |
Energy Transfer L P | 0.5% | $30M | trim | -28% | — | 14 · LOW | — | Oil Refining, Gas & LNG | -1% |
| 28 |  MPLX |
Mplx Lp | 0.5% | $29M | trim | -20% | — | 12 · LOW | — | — | — |
| 29 |  UNH |
Unitedhealth Group Inc | 0.4% | $24M | trim | -55% | — | 11 · LOW | Healthcare | Managed Care & Insurers, Health Care (Equal-Weight) | +7% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (7)
| AMZN add |
15.2% | -7% |
| UBER add |
7.7% | -3% |
| TSM add |
7.6% | +0% |
| VST add |
5.1% | +8% |
| EWY add |
5.0% | -10% |
| SNDK new |
3.0% | -1% |
| BIDU add |
1.3% | -18% |
Rotated out of轮出 (26)
| BABA trim |
-33% | -12% |
| NVDA trim |
-13% | -9% |
| META trim |
-27% | +7% |
| GLW trim |
-28% | -19% |
| WHR trim |
-50% | -2% |
| PDD trim |
-49% | -11% |
| LHX trim |
-33% | -7% |
| RTX trim |
-32% | +12% |
| QCOM trim |
-56% | -17% |
| BALL trim |
-30% | +8% |
| AMD trim |
-32% | +17% |
| JD trim |
-69% | -9% |
| LYFT trim |
-29% | +23% |
| MSFT trim |
-82% | -6% |
| KWEB trim |
-77% | -4% |
| ET trim |
-28% | -1% |
| MPLX trim |
-20% | — |
| UNH trim |
-55% | +7% |
 AAL exit |
-100% | +25% |
 DAL exit |
-100% | +20% |
 FXI exit |
-100% | -6% |
 GT exit |
-100% | +12% |
 IQV exit |
-100% | +23% |
 MHK exit |
-100% | +13% |
 OC exit |
-100% | +25% |
 UAL exit |
-100% | +28% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。