Appaloosa Cut Alibaba Weight by 21.2 Points While Doubling 13F Size and More Than Doubling Holdings Breadth

Appaloosa LP posted one of the sharpest portfolio resets of the quarter. The defining signal is concentration regime change: BABA remained the largest line, but its weight fell by more than 21 percentage points while the portfolio expanded materially across new positions.

TL;DR

• 13F value rose from $3.59B to $6.93B (+92.67% QoQ).
• Unique holdings expanded from 17 to 38 (+123.53%), signaling a deliberate breadth rebuild.
• BABA concentration reset from 32.07% to 10.88%, while top-10 concentration fell from 88.36% to 60.04%.
• Major adds included AMZN, MU, and TSM, consistent with an AI-infrastructure-tilted reallocation.

Q4 Filing Snapshot: Scale-Up and Breadth Expansion Happened Together

When value and holdings count rise simultaneously at this magnitude, it is usually an intentional portfolio rewrite, not passive drift from mark-to-market gains.

Concentration Reset: The Core of the Quarter

The whole top bucket compressed sharply. This is a textbook de-crowding profile: reduce single-name dependency, keep selected convictions, and redeploy across more risk nodes.

Where Appaloosa Rebuilt Exposure

Q4 top holdings still include BABA and GOOG, but the second tier is notably broader than Q3: AMZN, MU, META, TSM, WHR, and NRG now carry meaningful weight. This is materially different from the prior ultra-concentrated architecture.

Reallocation Ledger: From China Concentration to Multi-Theme Mix

Largest increases came from new/add lines in AMZN, MU, TSM, and WHR. Largest trims came from legacy concentration anchors such as BABA, JD, VST, and UBER.

Did Appaloosa abandon its Alibaba thesis?

Not exactly. The filing shows a significant risk reduction in Alibaba weight, not a full exit. That reads as conviction retention with lower concentration tolerance, which is different from complete thesis reversal.

What did Appaloosa buy in Q4 2025?

The largest new/increased allocations were AMZN, MU, TSM, and WHR, with additional build-out in second-tier names that increased the portfolio's diversification capacity.

Analyst View

This quarter looks like a controlled concentration unwind rather than a loss of directional confidence. Appaloosa kept high-conviction exposures but rebuilt portfolio geometry for lower single-line fragility. Compare with Millennium's sleeve rotation and institutional consensus concentration patterns.