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Funds (13F)

Appaloosa LP

Backtest from 20 May 2016 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+16.4%
S&P 500 +15.1%
Last 12 months
−2.7%
S&P 500 +12.1%
Sharpe ratio
0.66
S&P 500 0.77
Biggest drop
−34.2%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 201620182020202220242026 $49.1k$43.6k
Appaloosa LPS&P 500 $10,000 in Appaloosa LP from 20 May 2016 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Appaloosa LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Appaloosa LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+16.4%+15.1%
Total return+391%+336%
Last 12 months−2.7%+12.1%
Last 3 months−5.8%—
Last month−11.8%—
This year so far+1.4%—
Volatility a year23.3%16.8%
Sharpe ratio0.660.77
Biggest drop−34.2%−31.8%
Beta to the S&P 5001.131.00
Alpha a year (t-statistic)+0.8% (0.19)—
Share of weeks up56%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
AMZN18.9%——
MU17.9%——
TSM12.5%——
UBER8.8%——
META6.0%——
VST5.6%——
NVDA4.8%——
NRG4.1%——
BABA3.0%——
BA2.8%——
LRCX2.6%——
BIDU2.4%——
AAL2.1%——
AMD1.8%——
CRWV1.7%——
ASML1.6%——
AVGO0.9%——
QCOM0.7%——
SPCX0.6%——
MPLX0.5%——
WHR0.5%——
GT0.2%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest20 May 2016 to 2 Nov 2026+16.4%+15.1%0.660.77−34.2%1.13+0.8% (0.19)
2018 onwards5 Jan 2018 to 2 Nov 2026+14.9%+13.9%0.570.66−34.2%1.12+0.9% (0.18)
Last three years3 Nov 2023 to 2 Nov 2026+24.0%+21.8%0.851.16−20.0%1.32−1.6% (−0.19)
Last year7 Nov 2025 to 2 Nov 2026−0.6%+14.2%−0.070.84−16.9%1.54−17.0% (−1.14)
DateCompanyAction
21 Aug 2026SPCXBought
21 Aug 2026GTBought
21 Aug 2026CRWVBought
21 Aug 2026BABought
21 Aug 2026AVGOBought
21 Aug 2026AALBought
22 May 2026SNDKBought
20 Feb 2026BALLBought
14 Nov 2025ZIONBought
14 Nov 2025WALBought
14 Nov 2025TFCBought
14 Nov 2025OCBought
14 Nov 2025KEYBought
14 Nov 2025FISVBought
14 Nov 2025CFGBought
14 Nov 2025AMDBought
14 Nov 2025AALBought
15 Aug 2025WHRBought
15 Aug 2025UALBought
15 Aug 2025RTXBought
15 Aug 2025MHKBought
15 Aug 2025IQVBought
15 Aug 2025INTCBought
15 Aug 2025GTBought
15 Aug 2025DALBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026UNHSold
21 Aug 2026SNDKSold
21 Aug 2026RTXSold
21 Aug 2026PDDSold
21 Aug 2026MSFTSold
21 Aug 2026LYFTSold
21 Aug 2026LHXSold
21 Aug 2026JDSold
21 Aug 2026GLWSold
21 Aug 2026BALLSold
22 May 2026UALSold
22 May 2026OCSold
22 May 2026MHKSold
22 May 2026IQVSold
22 May 2026GTSold
22 May 2026DALSold
22 May 2026AALSold
20 Feb 2026ZIONSold
20 Feb 2026XYZSold
20 Feb 2026WALSold
20 Feb 2026TFCSold
20 Feb 2026KEYSold
20 Feb 2026FISVSold
20 Feb 2026CZRSold
20 Feb 2026CFGSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest