Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供参考 · 非买入清单
Appaloosa (Tepper)
event_distressed
C
Reliability improving可靠性走强
leaderboard rank榜单排名 #31WATCH观察
Book持仓规模
$7.7B
long US listed only仅美股多头
Positions持仓数
27
96% resolved已解析
Top-10 concentration前十集中度
79%
% of book占组合%
Turnover换手
MED
25.0% per quarter每季
Median excess中位超额
-14%
buys vs SPY, since filing买入相对SPY，自披露起 · n 150
Hit rate胜率
34%
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, META, AAPL (+23.5pp of book this quarter)核心倾向：七巨头 — 本季度加仓 AMZN、META、AAPL（占组合 +23.5pp）
Magnificent Seven七巨头
+23.5pp
27.4% of book held占组合持有
· 4 names标的
· AI & Technology
AMZN
META
AAPL
Consumer Discretionary (Equal-Weight)非必需消费（等权）
+15.4pp
15.4% of book held占组合持有
· 1 names标的
· US Sectors (EW)
AMZN
ComputeCompute
+10.2pp
10.2% of book held占组合持有
· 1 names标的
· Artificial Intelligence
TSM
ComputeCompute
+10.2pp
10.2% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
FoundriesFoundries
+10.2pp
10.2% of book held占组合持有
· 1 names标的
· Semiconductors
TSM
Next-GenNext-Gen
+10.2pp
10.2% of book held占组合持有
· 1 names标的
· Hardware
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.基于最新披露的描述性解读——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，以公开披露日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: improving走强 · 13 scored quarters已评分季度 · 15% positive为正 · recent-4 median近4季中位 -4% vs all-time对全期 -17%
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 | -17% | 40% | +6% |
| 2023-09-30 | 7 | -35% | 43% | -2% |
| 2023-12-31 | 14 | -35% | 21% | -1% |
| 2024-03-31 | 11 | -63% | 0% | -14% |
| 2024-06-30 | 6 | -29% | 33% | +17% |
| 2024-09-30 | 7 | -38% | 0% | +5% |
| 2024-12-31 | 11 | -27% | 27% | +7% |
| 2025-03-31 | 9 | +8% | 56% | +11% |
| 2025-06-30 | 14 | +4% | 50% | +1% |
| 2025-09-30 | 16 | -9% | 44% | +16% |
| 2025-12-31 | 10 | -5% | 40% | -10% |
| 2026-03-31 | 7 | -3% | 43% | -4% |
| 2026-06-30 | 13 | -2% | 31% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新披露；季度环比变化对上季Current weights当前权重 · 2026-06-30
Technology
49.8%
▲ +0.5pp
Consumer Cyclical
15.9%
▼ -1.9pp
Communication Services
13.4%
▲ +0.8pp
Unclassified
8.5%
▲ +1.3pp
Utilities
7.9%
▼ -1.5pp
Industrials
4.0%
▲ +1.1pp
Energy
0.4%
▼ -0.1pp
Financial
0.2%
▲ +0.2pp
Theme categories主题类别
AI & Technology 48.3%
US Sectors (EW) 15.8%
Energy & Power 7.9%
Industrials & Defense 2.7%
Consumer Cyclical 1.8%
Rotating into (QoQ)轮入（环比）
Industrials +1.1pp
Communication Services +0.8pp
Technology +0.5pp
Rotating out of (QoQ)轮出（环比）
Consumer Cyclical -1.9pp
Utilities -1.5pp
Healthcare -0.4pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-06-30 | Technology 50% · Consumer Cyclical 16% · Communication Services 13% |
| 2026-03-31 | Technology 49% · Consumer Cyclical 18% · Communication Services 13% |
| 2025-12-31 | Technology 46% · Communication Services 14% · Consumer Cyclical 14% |
| 2025-09-30 | Technology 47% · Consumer Cyclical 15% · Unclassified 8% |
| 2025-06-30 | Technology 44% · Healthcare 13% · Consumer Cyclical 11% |
| 2025-03-31 | Technology 39% · Unclassified 37% · Communication Services 8% |
| 2024-12-31 | Technology 53% · Consumer Cyclical 11% · Communication Services 10% |
| 2024-09-30 | Technology 56% · Consumer Cyclical 12% · Communication Services 10% |
| 2024-06-30 | Technology 52% · Communication Services 13% · Consumer Cyclical 13% |
| 2024-03-31 | Technology 56% · Communication Services 13% · Consumer Cyclical 12% |
| 2023-12-31 | Technology 50% · Communication Services 17% · Consumer Cyclical 14% |
| 2023-09-30 | Technology 53% · Communication Services 19% · Consumer Cyclical 12% |
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.截至披露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。26 positions shown项持仓 · resolved已解析 26/27 (96%) · 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自披露 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AMZN |
Amazon Com Inc | 15.4% | $1.2B | add | +16% | 2q | 80 · HIGH | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -1% |
| 2 |  MU |
Micron Technology Inc | 14.6% | $1.1B | trim | -41% | — | 69 · MODERATE | Technology | AI Infrastructure, Memory, HBM & Storage, Technology (Equal-Weight) | -7% |
| 3 | TSM |
Taiwan Semiconductor Manufac | 10.2% | $788M | add | +24% | 2q | 77 · HIGH | Technology | Compute, Compute, Foundries | -1% |
| 4 |  GOOG |
Alphabet Inc | 8.5% | $654M | hold | +7% | — | 66 · MODERATE | Communication Services | Communication Services (Equal-Weight) | +3% |
| 5 |  UBER |
Uber Technologies Inc | 7.2% | $555M | add | +22% | 2q | 75 · HIGH | Technology | Industrials (Equal-Weight) | -2% |
| 6 |  EWY |
Ishares Inc | 6.3% | $490M | hold | +1% | — | 63 · MODERATE | — | — | -3% |
| 7 | META |
Meta Platforms Inc | 4.9% | $380M | add | +55% | 1q | 67 · MODERATE | Communication Services | Magnificent Seven, AI Software & Platforms, Communication Services (Equal-Weight) | +19% |
| 8 |  VST |
Vistra Corp | 4.5% | $351M | hold | +10% | — | 61 · MODERATE | Utilities | Power & Grid Buildout, Nuclear & SMR Power, Utilities (Equal-Weight) | -2% |
| 9 |  NVDA |
Nvidia Corporation | 4.0% | $305M | hold | +4% | — | 59 · MODERATE | Technology | Magnificent Seven, AI Infrastructure, AI Semiconductors | -5% |
| 10 |  NRG |
Nrg Energy Inc | 3.3% | $257M | hold | +2% | — | 48 · MODERATE | Utilities | Power & Grid Buildout, Nuclear & SMR Power, Utilities (Equal-Weight) | -10% |
| 11 | AAPL |
Apple Inc | 3.1% | $242M | new | — | 1q | 46 · MODERATE | Technology | Magnificent Seven, Technology (Equal-Weight) | +11% |
| 12 |  BABA |
Alibaba Group Hldg Ltd | 2.5% | $192M | trim | -42% | — | 30 · LOW | Technology | Energy, Hyperscalers, Serverless | -11% |
| 13 |  BA |
Boeing Co | 2.2% | $173M | new | — | 1q | 44 · LOW | Industrials | Defense & Aerospace, Industrials (Equal-Weight) | -5% |
| 14 |  LRCX |
Lam Research Corp | 2.1% | $166M | hold | +0% | — | 28 · LOW | Technology | AI Infrastructure, Semiconductor Equipment (WFE), Technology (Equal-Weight) | -19% |
| 15 |  BIDU |
Baidu Inc | 1.9% | $148M | add | +87% | 2q | 36 · LOW | Technology | Models, Ads & Search | -10% |
| 16 |  AAL |
American Airlines Group Inc | 1.8% | $136M | new | — | 1q | 30 · LOW | Industrials | Travel & Experiences | -9% |
| 17 |  AMD |
Advanced Micro Devices Inc | 1.5% | $115M | trim | -11% | — | 24 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -1% |
| 18 |  CRWV |
Coreweave Inc | 1.4% | $107M | new | — | 1q | 17 · LOW | Technology | AI Infrastructure, AI Neoclouds & HPC Hosting | -20% |
| 19 |  AVGO |
Broadcom Inc | 0.7% | $57M | new | — | 1q | 26 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -11% |
| 20 |  QCOM |
Qualcomm Inc | 0.6% | $46M | trim | -50% | — | 19 · LOW | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | +13% |
| 21 |  SPCX |
Space Exploration Techn Corp | 0.5% | $38M | new | — | 1q | 13 · LOW | — | Space Economy | +3% |
| 22 |  ET |
Energy Transfer L P | 0.4% | $30M | hold | +0% | — | 17 · LOW | Energy | Oil Refining, Gas & LNG | +4% |
| 23 |  MPLX |
Mplx Lp | 0.4% | $28M | hold | +0% | — | 15 · LOW | — | — | +2% |
| 24 |  WHR |
Whirlpool Corp | 0.4% | $28M | trim | -63% | — | 14 · LOW | Consumer Cyclical | Household, Devices | -13% |
| 25 |  BRK-B |
Berkshire Hathaway Inc Del | 0.2% | $13M | new | — | 1q | 8 · LOW | Financial | Financials (Equal-Weight) | +4% |
| 26 |  GT |
Goodyear Tire & Rubr Co | 0.1% | $10M | new | — | 1q | 16 · LOW | Consumer Cyclical | — | -4% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本披露周期，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 (13)
| AMZN add |
15.4% | -1% |
| TSM add |
10.2% | -1% |
| UBER add |
7.2% | -2% |
| META add |
4.9% | +19% |
| AAPL new |
3.1% | +11% |
| BA new |
2.2% | -5% |
| BIDU add |
1.9% | -10% |
| AAL new |
1.8% | -9% |
| CRWV new |
1.4% | -20% |
| AVGO new |
0.7% | -11% |
| SPCX new |
0.5% | +3% |
| BRK-B new |
0.2% | +4% |
| GT new |
0.1% | -4% |
Rotated out of轮出 (15)
| MU trim |
-41% | -7% |
| BABA trim |
-42% | -11% |
| AMD trim |
-11% | -1% |
| QCOM trim |
-50% | +13% |
| WHR trim |
-63% | -13% |
 BALL exit |
-100% | -1% |
 GLW exit |
-100% | -15% |
 JD exit |
-100% | -3% |
 KWEB exit |
-100% | -7% |
 LHX exit |
-100% | -9% |
 LYFT exit |
-100% | -5% |
 MSFT exit |
-100% | +7% |
 PDD exit |
-100% | -7% |
 RTX exit |
-100% | -10% |
 SNDK exit |
-100% | -12% |
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，以披露日为锚，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, reported long positions from managers with at least $100M in Section 13(f) securities. 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——衡量披露日之后持仓的表现，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。