Appaloosa: Platform Profile

Overview

Appaloosa LP is the SEC-registered adviser associated with David Tepper's investment platform. Current regulatory filings show a highly concentrated advisory structure: two client accounts and two principal pooled vehicles.

The public record is much richer on regulatory identity and holdings than on marketing materials, so this review should not invent a public-firm AUM page, retail-access workflow or universal fund terms.

May fit better for

• sophisticated investors studying concentrated opportunistic investing;
• readers evaluating a manager through primary regulatory filings;
• investors comfortable with qualified-purchaser/private-fund structures;
• allocators who understand that related-person capital can materially affect a fund's ownership;
• users who treat 13F as one portfolio window rather than total exposure.

May fit less well for

• retail investors seeking direct public access;
• users who want transparent public fee and redemption schedules;
• investors who assume 13F concentration equals complete economic concentration;
• readers who treat old Appaloosa fund records as current universal terms;
• investors who need broad product choice through a public platform.

Current legal adviser is Appaloosa LP

• Legal adviser: Appaloosa LP
• CRD: 281909
• SEC number: 801-106869
• SEC registration effective: 2015-11-17
• CIK: 1656456

Current 2026 filings identify Appaloosa Capital Inc. as the general partner of Appaloosa LP and David A. Tepper as president and controlling shareholder of that general partner.

Regulatory AUM is $20.4B across two accounts

Current March 25, 2026 Form ADV disclosures show:

• Regulatory AUM: $20.4B
• Regulatory AUM as of: 2026-03-25
• Client accounts: 2

Current pooled vehicles are Palomino and Azteca

Current regulatory and ownership filings identify:

• Palomino Master Ltd: Yes
• Azteca Partners LLC: Yes

Current Form ADV-related descriptions distinguish their investor bases:

• Palomino accredited investor requirement: Yes
• Palomino qualified purchaser requirement: Yes
• Azteca principals and eligible employees vehicle: Yes

Q2 2026 13F value is $7.73B

Current June 30, 2026 filing:

• Q2 2026 13F value: $7.73B
• Q2 2026 13F as of: 2026-06-30

The filing showed a concentrated long portfolio, including large positions in Amazon, Micron Technology and Taiwan Semiconductor.

Ownership filings confirm fund/adviser relationships

Current 2026 Schedule 13G/13D materials identify Appaloosa LP as investment adviser to Palomino Master Ltd. and describe the Appaloosa/GP/Tepper control chain.

This is useful for legal identity but does not create a public subscription right.

Universal minimum and fee fields remain undisclosed

Older private-fund databases can show historical minimums for predecessor or former vehicles. Do not import an old $5M figure into the current managerwide minimum field.

Assessment

Appaloosa is a case where the current regulatory structure matters more than legacy hedge-fund lore. The March 2026 Form ADV reports $20.4B of regulatory AUM across two accounts, while the Q2 13F reports $7.73B of long reportable securities.

The gap is expected. The 13F is not the complete portfolio and should not be used as a substitute for regulatory AUM.