Reported portfolio
David Tepper
Appaloosa LP
Last update 2026-08-14
- Reported portfolio value
- $7,725,383,000
- Current positions
- 27
- Top five concentration
- 55.8%
- Largest position
- 15.4%
- New positions
- 8
- Closed positions
- 12
Reported holdings
37 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
AMZN AMAZON COM INC | 15.43% | Added 15.7% | 5,000,000+680,000 | $238 | $1,191,700,000+$291,974,000 | 13F2026-06-30 ↗ |
MU MICRON TECHNOLOGY INC | 14.57% | Reduced 41.4% | 975,000−690,000 | $1,154 | $1,125,433,000+$562,929,000 | 13F2026-06-30 ↗ |
TSM TAIWAN SEMICONDUCTOR MANUFAC | 10.20% | Added 24.3% | 1,650,000+322,500 | $478 | $787,991,000+$339,362,000 | 13F2026-06-30 ↗ |
GOOG ALPHABET INC | 8.46% | Added 6.8% | 1,850,000+117,300 | $353 | $653,661,000+$156,618,000 | 13F2026-06-30 ↗ |
UBER UBER TECHNOLOGIES INC | 7.19% | Added 21.5% | 7,694,071+1,361,351 | $72 | $555,204,000+$99,692,000 | 13F2026-06-30 ↗ |
EWY ISHARES INC | 6.34% | Added 1.0% | 2,425,000+25,000 | $202 | $489,608,000+$194,384,000 | 13F2026-06-30 ↗ |
META META PLATFORMS INC | 4.92% | Added 54.6% | 675,000+238,500 | $563 | $380,221,000+$130,486,000 | 13F2026-06-30 ↗ |
VST VISTRA CORP | 4.55% | Added 9.5% | 2,215,272+192,940 | $159 | $351,409,000+$47,391,000 | 13F2026-06-30 ↗ |
NVDA NVIDIA CORPORATION | 3.95% | Added 3.6% | 1,525,000+53,500 | $200 | $305,137,000+$48,508,000 | 13F2026-06-30 ↗ |
NRG NRG ENERGY INC | 3.33% | Added 1.5% | 1,760,000+25,558 | $146 | $257,066,000+$3,594,000 | 13F2026-06-30 ↗ |
BABA ALIBABA GROUP HLDG LTD | 2.48% | Reduced 42.3% | 2,000,000−1,465,000 | $96 | $191,960,000−$242,759,000 | 13F2026-06-30 ↗ |
BA BOEING CO | 2.24% | New | 800,000+800,000 | $216 | $173,176,000+$173,176,000 | 13F2026-06-30 ↗ |
LRCX LAM RESEARCH CORP | 2.15% | Unchanged | 382,500 | $433 | $165,749,000+$84,024,000 | 13F2026-06-30 ↗ |
BIDU BAIDU INC | 1.92% | Added 87.1% | 1,295,000+602,900 | $114 | $148,006,000+$70,892,000 | 13F2026-06-30 ↗ |
AAL AMERICAN AIRLINES GROUP INC | 1.75% | New | 7,500,000+7,500,000 | $18 | $135,525,000+$135,525,000 | 13F2026-06-30 ↗ |
AMD ADVANCED MICRO DEVICES INC | 1.49% | Reduced 10.8% | 197,500−23,900 | $581 | $114,730,000+$69,690,000 | 13F2026-06-30 ↗ |
CRWV COREWEAVE INC | 1.39% | New | 1,078,248+1,078,248 | $100 | $107,329,000+$107,329,000 | 13F2026-06-30 ↗ |
ASML ASML HLDG NV | 1.29% | Added 1.0% | 50,000+500 | $1,989 | $99,472,000+$34,091,000 | 13F2026-06-30 ↗ |
AVGO BROADCOM INC | 0.73% | New | 150,000+150,000 | $378 | $56,663,000+$56,663,000 | 13F2026-06-30 ↗ |
QCOM QUALCOMM INC | 0.60% | Reduced 49.9% | 250,000−248,613 | $185 | $46,198,000−$18,014,000 | 13F2026-06-30 ↗ |
SPCX SPACE EXPLORATION TECHN CORP | 0.50% | New | 225,000+225,000 | $171 | $38,444,000+$38,444,000 | 13F2026-06-30 ↗ |
ET ENERGY TRANSFER L P | 0.39% | Unchanged | 1,576,125 | $19 | $30,136,000−$284,000 | 13F2026-06-30 ↗ |
MPLX MPLX LP | 0.37% | Unchanged | 502,460 | $56 | $28,304,000−$372,000 | 13F2026-06-30 ↗ |
WHR WHIRLPOOL CORP | 0.36% | Reduced 63.3% | 715,000−1,235,000 | $39 | $28,185,000−$76,959,000 | 13F2026-06-30 ↗ |
GT GOODYEAR TIRE & RUBR CO | 0.13% | New | 1,508,591+1,508,591 | $7 | $9,957,000+$9,957,000 | 13F2026-06-30 ↗ |
SNDK SANDISK CORP | 0.00% | Exited | 0−281,250 | $635 | $0−$178,689,000 | 13F2026-06-30 ↗ |
GLW CORNING INC | 0.00% | Exited | 0−1,129,500 | $136 | $0−$153,578,000 | 13F2026-06-30 ↗ |
PDD PDD HOLDINGS INC | 0.00% | Exited | 0−900,000 | $102 | $0−$91,962,000 | 13F2026-06-30 ↗ |
LHX L3HARRIS TECHNOLOGIES INC | 0.00% | Exited | 0−198,000 | $345 | $0−$68,340,000 | 13F2026-06-30 ↗ |
RTX RTX CORPORATION | 0.00% | Exited | 0−342,000 | $193 | $0−$65,972,000 | 13F2026-06-30 ↗ |
BALL BALL CORP | 0.00% | Exited | 0−837,000 | $59 | $0−$49,475,000 | 13F2026-06-30 ↗ |
JD JD.COM INC | 0.00% | Exited | 0−1,305,000 | $30 | $0−$38,589,000 | 13F2026-06-30 ↗ |
LYFT LYFT INC | 0.00% | Exited | 0−2,700,000 | $13 | $0−$35,910,000 | 13F2026-06-30 ↗ |
MSFT MICROSOFT CORP | 0.00% | Exited | 0−90,000 | $370 | $0−$33,315,000 | 13F2026-06-30 ↗ |
KWEB KRANESHARES TRUST | 0.00% | Exited | 0−1,080,000 | $28 | $0−$30,704,000 | 13F2026-06-30 ↗ |
UNH UNITEDHEALTH GROUP INC | 0.00% | Exited | 0−90,000 | $271 | $0−$24,353,000 | 13F2026-06-30 ↗ |
DB DEUTSCHE BK AG | 0.00% | Exited | 0−257,616 | $30 | $0−$7,672,000 | 13F2026-06-30 ↗ |
Reported options (2)
Form 13F reports options using the underlying share count and underlying security value. These figures are not the number of contracts, option premium, strike price, or expiration date.
| Company | Option type | Portfolio | Recent activity | Underlying shares | Reported value | Updated / source |
|---|---|---|---|---|---|---|
AAPL APPLE INC | PUT | 3.13% | New | 835,000+835,000 | $241,616,000+$241,616,000 | 13F2026-06-30 ↗ |
BRK/B BERKSHIRE HATHAWAY INC DEL | PUT | 0.16% | New | 25,000+25,000 | $12,510,000+$12,510,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 15.43% | 5,000,000 | $1,191,700,000 |
| MU | MICRON TECHNOLOGY INC | 14.57% | 975,000 | $1,125,433,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 10.20% | 1,650,000 | $787,991,000 |
| GOOG | ALPHABET INC | 8.46% | 1,850,000 | $653,661,000 |
| UBER | UBER TECHNOLOGIES INC | 7.19% | 7,694,071 | $555,204,000 |
| EWY | ISHARES INC | 6.34% | 2,425,000 | $489,608,000 |
| META | META PLATFORMS INC | 4.92% | 675,000 | $380,221,000 |
| VST | VISTRA CORP | 4.55% | 2,215,272 | $351,409,000 |
| NVDA | NVIDIA CORPORATION | 3.95% | 1,525,000 | $305,137,000 |
| NRG | NRG ENERGY INC | 3.33% | 1,760,000 | $257,066,000 |
| AAPL | APPLE INC | 3.13% | 835,000 | $241,616,000 |
| BABA | ALIBABA GROUP HLDG LTD | 2.48% | 2,000,000 | $191,960,000 |
| BA | BOEING CO | 2.24% | 800,000 | $173,176,000 |
| LRCX | LAM RESEARCH CORP | 2.15% | 382,500 | $165,749,000 |
| BIDU | BAIDU INC | 1.92% | 1,295,000 | $148,006,000 |
| AAL | AMERICAN AIRLINES GROUP INC | 1.75% | 7,500,000 | $135,525,000 |
| AMD | ADVANCED MICRO DEVICES INC | 1.49% | 197,500 | $114,730,000 |
| CRWV | COREWEAVE INC | 1.39% | 1,078,248 | $107,329,000 |
| ASML | ASML HLDG NV | 1.29% | 50,000 | $99,472,000 |
| AVGO | BROADCOM INC | 0.73% | 150,000 | $56,663,000 |
| QCOM | QUALCOMM INC | 0.60% | 250,000 | $46,198,000 |
| SPCX | SPACE EXPLORATION TECHN CORP | 0.50% | 225,000 | $38,444,000 |
| ET | ENERGY TRANSFER L P | 0.39% | 1,576,125 | $30,136,000 |
| MPLX | MPLX LP | 0.37% | 502,460 | $28,304,000 |
| WHR | WHIRLPOOL CORP | 0.36% | 715,000 | $28,185,000 |
| BRK/B | BERKSHIRE HATHAWAY INC DEL | 0.16% | 25,000 | $12,510,000 |
| GT | GOODYEAR TIRE & RUBR CO | 0.13% | 1,508,591 | $9,957,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AMZN | AMAZON COM INC | 15.16% | 4,320,000 | $899,726,000 |
| MU | MICRON TECHNOLOGY INC | 9.48% | 1,665,000 | $562,504,000 |
| GOOG | ALPHABET INC | 8.38% | 1,732,700 | $497,042,000 |
| UBER | UBER TECHNOLOGIES INC | 7.68% | 6,332,720 | $455,513,000 |
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | 7.56% | 1,327,500 | $448,629,000 |
| BABA | ALIBABA GROUP HLDG LTD | 7.33% | 3,465,000 | $434,719,000 |
| VST | VISTRA CORP | 5.12% | 2,022,332 | $304,017,000 |
| EWY | ISHARES INC | 4.98% | 2,400,000 | $295,224,000 |
| NVDA | NVIDIA CORPORATION | 4.33% | 1,471,500 | $256,630,000 |
| NRG | NRG ENERGY INC | 4.27% | 1,734,442 | $253,471,000 |
| META | META PLATFORMS INC | 4.21% | 436,500 | $249,735,000 |
| SNDK | SANDISK CORP | 3.01% | 281,250 | $178,689,000 |
| GLW | CORNING INC | 2.59% | 1,129,500 | $153,578,000 |
| WHR | WHIRLPOOL CORP | 1.77% | 1,950,000 | $105,144,000 |
| PDD | PDD HOLDINGS INC | 1.55% | 900,000 | $91,962,000 |
| LRCX | LAM RESEARCH CORP | 1.38% | 382,500 | $81,725,000 |
| BIDU | BAIDU INC | 1.30% | 692,100 | $77,114,000 |
| LHX | L3HARRIS TECHNOLOGIES INC | 1.15% | 198,000 | $68,340,000 |
| RTX | RTX CORPORATION | 1.11% | 342,000 | $65,972,000 |
| ASML | ASML HLDG NV | 1.10% | 49,500 | $65,381,000 |
| QCOM | QUALCOMM INC | 1.08% | 498,613 | $64,211,000 |
| BALL | BALL CORP | 0.83% | 837,000 | $49,475,000 |
| AMD | ADVANCED MICRO DEVICES INC | 0.76% | 221,400 | $45,039,000 |
| JD | JD.COM INC | 0.65% | 1,305,000 | $38,589,000 |
| LYFT | LYFT INC | 0.61% | 2,700,000 | $35,910,000 |
| MSFT | MICROSOFT CORP | 0.56% | 90,000 | $33,315,000 |
| KWEB | KRANESHARES TRUST | 0.52% | 1,080,000 | $30,704,000 |
| ET | ENERGY TRANSFER L P | 0.51% | 1,576,125 | $30,419,000 |
| MPLX | MPLX LP | 0.48% | 502,460 | $28,675,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.41% | 90,000 | $24,353,000 |
| DB | DEUTSCHE BK AG | 0.13% | 257,616 | $7,672,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 10.88% | 5,137,931 | $753,118,000 |
| GOOG | ALPHABET INC | 8.10% | 1,786,931 | $560,739,000 |
| AMZN | AMAZON COM INC | 7.26% | 2,179,391 | $503,047,000 |
| MU | MICRON TECHNOLOGY INC | 6.18% | 1,500,000 | $428,115,000 |
| META | META PLATFORMS INC | 5.72% | 600,000 | $396,054,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4.96% | 1,130,000 | $343,396,000 |
| NVDA | NVIDIA CORPORATION | 4.58% | 1,700,000 | $317,050,000 |
| WHR | WHIRLPOOL CORP | 4.07% | 3,910,000 | $282,067,000 |
| NRG | NRG ENERGY INC | 3.77% | 1,640,000 | $261,154,000 |
| MSFT | MICROSOFT CORP | 3.49% | 500,000 | $241,810,000 |
| AAL | AMERICAN AIRLS GROUP INC | 3.13% | 14,150,000 | $216,920,000 |
| PDD | PDD HOLDINGS INC | 2.91% | 1,775,000 | $201,267,000 |
| QCOM | QUALCOMM INC | 2.83% | 1,145,000 | $195,852,000 |
| EWY | ISHARES INC | 2.63% | 1,875,000 | $182,288,000 |
| KWEB | KRANESHARES TRUST | 2.34% | 4,750,000 | $161,738,000 |
| VST | VISTRA CORP | 2.20% | 945,000 | $152,457,000 |
| UBER | UBER TECHNOLOGIES INC | 2.18% | 1,850,000 | $151,164,000 |
| GLW | CORNING INC | 1.99% | 1,570,200 | $137,487,000 |
| DB | DEUTSCHE BANK A G | 1.75% | 3,150,000 | $121,464,000 |
| JD | JD.COM INC | 1.72% | 4,157,046 | $119,307,000 |
| OC | OWENS CORNING NEW | 1.54% | 950,000 | $106,315,000 |
| RTX | RTX CORPORATION | 1.32% | 500,000 | $91,700,000 |
| LHX | L3HARRIS TECHNOLOGIES INC | 1.25% | 295,000 | $86,603,000 |
| BIDU | BAIDU INC | 1.08% | 575,000 | $75,130,000 |
| MHK | MOHAWK INDS INC | 1.07% | 675,000 | $73,778,000 |
| LYFT | LYFT INC | 1.06% | 3,800,000 | $73,606,000 |
| LRCX | LAM RESEARCH CORP | 1.05% | 425,000 | $72,752,000 |
| MU | MICRON TECHNOLOGY INC | 1.03% | 250,000 | $71,353,000 |
| AMD | ADVANCED MICRO DEVICES INC | 1.01% | 325,000 | $69,602,000 |
| ASML | ASML HOLDING N V | 0.97% | 62,500 | $66,866,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.95% | 200,000 | $66,022,000 |
| BALL | BALL CORP | 0.92% | 1,200,000 | $63,564,000 |
| IQV | IQVIA HLDGS INC | 0.91% | 280,000 | $63,115,000 |
| UAL | UNITED AIRLS HLDGS INC | 0.75% | 465,000 | $51,996,000 |
| FXI | ISHARES TR | 0.60% | 1,087,500 | $41,640,000 |
| ET | ENERGY TRANSFER L P | 0.52% | 2,191,250 | $36,134,000 |
| MPLX | MPLX LP | 0.48% | 627,500 | $33,490,000 |
| DAL | DELTA AIR LINES INC DEL | 0.48% | 475,000 | $32,965,000 |
| GT | GOODYEAR TIRE & RUBR CO | 0.32% | 2,500,000 | $21,900,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 15.61% | 6,450,000 | $1,152,809,000 |
| AMZN | AMAZON COM INC | 7.43% | 2,500,000 | $548,925,000 |
| WHR | WHIRLPOOL CORP | 5.85% | 5,500,000 | $432,300,000 |
| NVDA | NVIDIA CORPORATION | 4.80% | 1,900,000 | $354,502,000 |
| GOOG | ALPHABET INC | 4.58% | 1,387,500 | $337,926,000 |
| KWEB | KRANESHARES TRUST | 4.21% | 7,400,000 | $310,874,000 |
| NRG | NRG ENERGY INC | 4.10% | 1,870,000 | $302,847,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4.01% | 1,060,000 | $296,047,000 |
| META | META PLATFORMS INC | 3.68% | 370,000 | $271,721,000 |
| VST | VISTRA CORP | 3.30% | 1,245,000 | $243,920,000 |
| MSFT | MICROSOFT CORP | 3.24% | 462,500 | $239,552,000 |
| PDD | PDD HOLDINGS INC | 3.22% | 1,800,000 | $237,906,000 |
| UBER | UBER TECHNOLOGIES INC | 3.19% | 2,406,983 | $235,812,000 |
| JD | JD.COM INC | 2.95% | 6,225,000 | $217,751,000 |
| QCOM | QUALCOMM INC | 2.81% | 1,245,000 | $207,118,000 |
| AMD | ADVANCED MICRO DEVICES INC | 2.08% | 950,000 | $153,701,000 |
| BIDU | BAIDU INC | 1.86% | 1,045,000 | $137,700,000 |
| DB | DEUTSCHE BANK A G | 1.82% | 3,790,000 | $134,204,000 |
| GLW | CORNING INC | 1.81% | 1,625,000 | $133,299,000 |
| LYFT | LYFT INC | 1.67% | 5,600,000 | $123,256,000 |
| FISV | FISERV INC | 1.62% | 925,000 | $119,260,000 |
| AAL | AMERICAN AIRLS GROUP INC | 1.41% | 9,250,000 | $103,970,000 |
| LHX | L3HARRIS TECHNOLOGIES INC | 1.24% | 300,000 | $91,623,000 |
| RTX | RTX CORPORATION | 1.15% | 509,500 | $85,255,000 |
| ET | ENERGY TRANSFER L P | 1.15% | 4,957,235 | $85,066,000 |
| MU | MICRON TECHNOLOGY INC | 1.13% | 500,000 | $83,660,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.95% | 203,500 | $70,269,000 |
| TFC | TRUIST FINL CORP | 0.86% | 1,387,500 | $63,437,000 |
| ASML | ASML HOLDING N V | 0.84% | 64,000 | $61,958,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 0.77% | 2,100,000 | $56,753,000 |
| IQV | IQVIA HLDGS INC | 0.73% | 285,000 | $54,133,000 |
| LRCX | LAM RESEARCH CORP | 0.67% | 370,000 | $49,543,000 |
| FXI | ISHARES TR | 0.62% | 1,110,000 | $45,665,000 |
| UAL | UNITED AIRLS HLDGS INC | 0.60% | 462,500 | $44,631,000 |
| GT | GOODYEAR TIRE & RUBR CO | 0.52% | 5,140,000 | $38,447,000 |
| KEY | KEYCORP | 0.51% | 2,020,000 | $37,754,000 |
| CFG | CITIZENS FINL GROUP INC | 0.43% | 600,000 | $31,896,000 |
| CMA | COMERICA INC | 0.43% | 462,500 | $31,691,000 |
| XYZ | BLOCK INC | 0.36% | 370,000 | $26,740,000 |
| MPLX | MPLX LP | 0.36% | 535,000 | $26,723,000 |
| DAL | DELTA AIR LINES INC DEL | 0.36% | 462,500 | $26,247,000 |
| OC | OWENS CORNING NEW | 0.31% | 161,500 | $22,846,000 |
| MHK | MOHAWK INDS INC | 0.28% | 161,500 | $20,821,000 |
| WAL | WESTERN ALLIANCE BANCORP | 0.23% | 195,000 | $16,910,000 |
| ZION | ZIONS BANCORPORATION N A | 0.22% | 285,000 | $16,125,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 12.43% | 7,067,271 | $801,499,000 |
| UNH | UNITEDHEALTH GROUP INC | 11.85% | 2,450,000 | $764,327,000 |
| AMZN | AMAZON COM INC | 9.19% | 2,700,000 | $592,353,000 |
| VST | VISTRA CORP | 5.41% | 1,800,000 | $348,858,000 |
| NRG | NRG ENERGY INC | 4.93% | 1,980,000 | $317,948,000 |
| META | META PLATFORMS INC | 4.58% | 400,000 | $295,236,000 |
| NVDA | NVIDIA CORPORATION | 4.29% | 1,750,000 | $276,483,000 |
| GOOG | ALPHABET INC | 4.13% | 1,500,000 | $266,085,000 |
| UBER | UBER TECHNOLOGIES INC | 3.98% | 2,750,000 | $256,575,000 |
| MSFT | MICROSOFT CORP | 3.86% | 500,000 | $248,705,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.60% | 1,025,000 | $232,152,000 |
| JD | JD.COM INC | 3.54% | 7,000,000 | $228,480,000 |
| PDD | PDD HOLDINGS INC | 3.25% | 2,000,000 | $209,320,000 |
| INTC | INTEL CORP | 2.78% | 8,000,000 | $179,200,000 |
| KWEB | KRANESHARES TRUST | 2.13% | 4,000,000 | $137,320,000 |
| LYFT | LYFT INC | 1.96% | 8,000,000 | $126,080,000 |
| DB | DEUTSCHE BANK A G | 1.82% | 4,000,000 | $117,120,000 |
| MU | MICRON TECHNOLOGY INC | 1.58% | 825,000 | $101,681,000 |
| GLW | CORNING INC | 1.43% | 1,750,000 | $92,033,000 |
| ET | ENERGY TRANSFER L P | 1.39% | 4,957,235 | $89,875,000 |
| LHX | L3HARRIS TECHNOLOGIES INC | 1.36% | 350,000 | $87,794,000 |
| RTX | RTX CORPORATION | 1.32% | 585,000 | $85,422,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 0.92% | 2,100,000 | $59,619,000 |
| ASML | ASML HOLDING N V | 0.87% | 70,000 | $56,097,000 |
| QCOM | QUALCOMM INC | 0.86% | 350,000 | $55,741,000 |
| BIDU | BAIDU INC | 0.83% | 625,000 | $53,600,000 |
| IQV | IQVIA HLDGS INC | 0.73% | 300,000 | $47,277,000 |
| UAL | UNITED AIRLS HLDGS INC | 0.68% | 550,000 | $43,797,000 |
| XYZ | BLOCK INC | 0.68% | 641,800 | $43,597,000 |
| LRCX | LAM RESEARCH CORP | 0.60% | 400,000 | $38,936,000 |
| FXI | ISHARES TR | 0.57% | 1,000,000 | $36,760,000 |
| ORCL | ORACLE CORP | 0.51% | 150,000 | $32,795,000 |
| MPLX | MPLX LP | 0.46% | 578,500 | $29,799,000 |
| DAL | DELTA AIR LINES INC DEL | 0.42% | 550,000 | $27,049,000 |
| WHR | WHIRLPOOL CORP | 0.42% | 266,092 | $26,987,000 |
| BEKE | KE HLDGS INC | 0.41% | 1,500,000 | $26,610,000 |
| GT | GOODYEAR TIRE & RUBR CO | 0.14% | 861,782 | $8,937,000 |
| MHK | MOHAWK INDS INC | 0.11% | 65,000 | $6,815,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | SPDR SER TR | 30.03% | 4,500,000 | $2,517,255,000 |
| BABA | ALIBABA GROUP HLDG LTD | 14.56% | 9,230,000 | $1,220,483,000 |
| PDD | PDD HOLDINGS INC | 6.17% | 4,370,000 | $517,190,000 |
| AMZN | AMAZON COM INC | 5.70% | 2,510,000 | $477,553,000 |
| JD | JD.COM INC | 3.95% | 8,050,000 | $331,016,000 |
| META | META PLATFORMS INC | 3.78% | 550,000 | $316,998,000 |
| GOOG | ALPHABET INC | 3.75% | 2,010,000 | $314,022,000 |
| AAPL | APPLE INC | 3.31% | 1,250,000 | $277,663,000 |
| VST | VISTRA CORP | 3.22% | 2,300,000 | $270,112,000 |
| UBER | UBER TECHNOLOGIES INC | 2.78% | 3,200,000 | $233,152,000 |
| FXI | ISHARES TR | 2.39% | 5,600,000 | $200,704,000 |
| NRG | NRG ENERGY INC | 2.33% | 2,050,000 | $195,693,000 |
| MSFT | MICROSOFT CORP | 2.28% | 510,000 | $191,449,000 |
| KWEB | KRANESHARES TRUST | 1.67% | 4,000,000 | $139,640,000 |
| LYFT | LYFT INC | 1.27% | 9,000,000 | $106,830,000 |
| ORCL | ORACLE CORP | 1.17% | 700,000 | $97,867,000 |
| ET | ENERGY TRANSFER L P | 1.10% | 4,957,235 | $92,155,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.09% | 175,000 | $91,656,000 |
| DB | DEUTSCHE BANK A G | 1.07% | 3,750,000 | $89,363,000 |
| GLW | CORNING INC | 0.95% | 1,743,629 | $79,823,000 |
| BIDU | BAIDU INC | 0.85% | 775,000 | $71,323,000 |
| LHX | L3HARRIS TECHNOLOGIES INC | 0.75% | 300,000 | $62,793,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 0.66% | 2,200,000 | $55,000,000 |
| QCOM | QUALCOMM INC | 0.64% | 350,000 | $53,764,000 |
| ASML | ASML HOLDING N V | 0.55% | 70,000 | $46,384,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.53% | 270,000 | $44,820,000 |
| BEKE | KE HLDGS INC | 0.46% | 1,900,000 | $38,171,000 |
| LRCX | LAM RESEARCH CORP | 0.43% | 500,000 | $36,350,000 |
| MU | MICRON TECHNOLOGY INC | 0.41% | 400,000 | $34,756,000 |
| NVDA | NVIDIA CORPORATION | 0.39% | 300,000 | $32,514,000 |
| MPLX | MPLX LP | 0.37% | 578,500 | $30,961,000 |
| WYNN | WYNN RESORTS LTD | 0.32% | 320,000 | $26,720,000 |
| LVS | LAS VEGAS SANDS CORP | 0.27% | 590,000 | $22,792,000 |
| AVGO | BROADCOM INC | 0.26% | 130,000 | $21,766,000 |
| SMH | VANECK ETF TRUST | 0.25% | 100,000 | $21,147,000 |
| EXEEZ | EXPAND ENERGY CORPORATION | 0.15% | 117,321 | $12,348,000 |
| EXEEL | EXPAND ENERGY CORPORATION | 0.08% | 65,398 | $6,460,000 |
| XYZ | BLOCK INC | 0.05% | 75,000 | $4,075,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 15.54% | 11,843,158 | $1,004,181,000 |
| AMZN | AMAZON COM INC | 8.82% | 2,600,000 | $570,414,000 |
| PDD | PDD HOLDINGS INC | 8.04% | 5,356,132 | $519,491,000 |
| MSFT | MICROSOFT CORP | 6.33% | 970,000 | $408,855,000 |
| VST | VISTRA CORP | 5.76% | 2,700,000 | $372,249,000 |
| JD | JD.COM INC | 5.61% | 10,465,885 | $362,852,000 |
| GOOG | ALPHABET INC | 5.54% | 1,881,963 | $358,401,000 |
| META | META PLATFORMS INC | 4.44% | 490,000 | $286,900,000 |
| ORCL | ORACLE CORP | 3.61% | 1,400,000 | $233,296,000 |
| FXI | ISHARES TR | 3.13% | 6,637,128 | $202,034,000 |
| LYFT | LYFT INC | 2.69% | 13,500,000 | $174,150,000 |
| NRG | NRG ENERGY INC | 2.53% | 1,815,000 | $163,749,000 |
| AMD | ADVANCED MICRO DEVICES INC | 2.24% | 1,200,000 | $144,948,000 |
| KWEB | KRANESHARES TRUST | 2.07% | 4,575,695 | $133,793,000 |
| BIDU | BAIDU INC | 1.99% | 1,527,909 | $128,818,000 |
| QCOM | QUALCOMM INC | 1.90% | 800,000 | $122,896,000 |
| ASML | ASML HOLDING N V | 1.72% | 160,000 | $110,893,000 |
| MU | MICRON TECHNOLOGY INC | 1.56% | 1,200,000 | $100,992,000 |
| FDX | FEDEX CORP | 1.52% | 350,000 | $98,466,000 |
| ET | ENERGY TRANSFER L P | 1.49% | 4,914,735 | $96,280,000 |
| NVDA | NVIDIA CORPORATION | 1.41% | 680,001 | $91,317,000 |
| UBER | UBER TECHNOLOGIES INC | 1.40% | 1,500,000 | $90,480,000 |
| LRCX | LAM RESEARCH CORP | 1.40% | 1,250,000 | $90,288,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.37% | 174,500 | $88,273,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.14% | 2,200,000 | $73,524,000 |
| GLW | CORNING INC | 1.10% | 1,500,000 | $71,280,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.76% | 250,000 | $49,373,000 |
| BEKE | KE HLDGS INC | 0.73% | 2,574,074 | $47,414,000 |
| LVS | LAS VEGAS SANDS CORP | 0.72% | 900,000 | $46,224,000 |
| WYNN | WYNN RESORTS LTD | 0.67% | 500,000 | $43,080,000 |
| EQT | EQT CORP | 0.57% | 800,000 | $36,888,000 |
| AR | ANTERO RESOURCES CORP | 0.46% | 840,000 | $29,442,000 |
| EXE | EXPAND ENERGY CORPORATION | 0.45% | 295,000 | $29,367,000 |
| MPLX | MPLX LP | 0.43% | 578,500 | $27,687,000 |
| EXEEZ | EXPAND ENERGY CORPORATION | 0.35% | 250,000 | $22,729,000 |
| INTC | INTEL CORP | 0.31% | 1,000,000 | $20,050,000 |
| EXEEL | EXPAND ENERGY CORPORATION | 0.20% | 150,000 | $12,828,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 15.76% | 10,000,000 | $1,061,200,000 |
| PDD | PDD HOLDINGS INC | 10.62% | 5,301,132 | $714,646,000 |
| AMZN | AMAZON COM INC | 8.86% | 3,200,000 | $596,256,000 |
| MSFT | MICROSOFT CORP | 6.20% | 970,000 | $417,391,000 |
| META | META PLATFORMS INC | 5.31% | 625,000 | $357,775,000 |
| GOOG | ALPHABET INC | 4.67% | 1,881,964 | $314,646,000 |
| JD | JD.COM INC | 4.34% | 7,300,000 | $292,000,000 |
| ORCL | ORACLE CORP | 3.98% | 1,573,394 | $268,106,000 |
| LYFT | LYFT INC | 2.98% | 15,750,000 | $200,813,000 |
| AMD | ADVANCED MICRO DEVICES INC | 2.77% | 1,135,000 | $186,231,000 |
| FXI | ISHARES TR | 2.75% | 5,835,000 | $185,436,000 |
| VST | VISTRA CORP | 2.24% | 1,270,388 | $150,592,000 |
| BIDU | BAIDU INC | 2.23% | 1,425,000 | $150,038,000 |
| QCOM | QUALCOMM INC | 2.02% | 800,000 | $136,040,000 |
| KWEB | KRANESHARES TRUST | 1.90% | 3,765,000 | $128,085,000 |
| ET | ENERGY TRANSFER L P | 1.63% | 6,828,000 | $109,589,000 |
| MU | MICRON TECHNOLOGY INC | 1.62% | 1,050,000 | $108,896,000 |
| UBER | UBER TECHNOLOGIES INC | 1.57% | 1,410,000 | $105,976,000 |
| ADBE | ADOBE INC | 1.54% | 200,000 | $103,556,000 |
| FDX | FEDEX CORP | 1.52% | 375,000 | $102,630,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.52% | 174,500 | $102,027,000 |
| NRG | NRG ENERGY INC | 1.35% | 999,820 | $91,084,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.33% | 2,150,000 | $89,741,000 |
| — | LAM RESEARCH CORP | 1.21% | 100,000 | $81,608,000 |
| LVS | LAS VEGAS SANDS CORP | 1.14% | 1,528,323 | $76,936,000 |
| WYNN | WYNN RESORTS LTD | 1.14% | 800,000 | $76,704,000 |
| NVDA | NVIDIA CORPORATION | 1.13% | 625,000 | $75,900,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 1.03% | 400,000 | $69,468,000 |
| EQT | EQT CORP | 0.98% | 1,795,000 | $65,769,000 |
| ASML | ASML HOLDING N V | 0.96% | 77,500 | $64,577,000 |
| INTC | INTEL CORP | 0.87% | 2,500,000 | $58,650,000 |
| AR | ANTERO RESOURCES CORP | 0.74% | 1,745,000 | $49,994,000 |
| BEKE | KE HLDGS INC | 0.64% | 2,175,000 | $43,304,000 |
| — | SOUTHWESTRERN ENERGY CO | 0.44% | 4,180,000 | $29,720,000 |
| MPLX | MPLX LP | 0.38% | 578,500 | $25,720,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.26% | 250,000 | $17,396,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.20% | 165,000 | $13,571,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.15% | 150,000 | $9,864,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 12.24% | 10,500,000 | $756,000,000 |
| AMZN | AMAZON COM INC | 10.87% | 3,475,000 | $671,544,000 |
| MSFT | MICROSOFT CORP | 8.55% | 1,181,356 | $528,007,000 |
| META | META PLATFORMS INC | 7.63% | 935,000 | $471,446,000 |
| GOOG | ALPHABET INC | 5.72% | 1,925,000 | $353,084,000 |
| ORCL | ORACLE CORP | 4.57% | 2,000,000 | $282,400,000 |
| PDD | PDD HOLDINGS INC | 4.18% | 1,940,000 | $257,923,000 |
| AMD | ADVANCED MICRO DEVICES INC | 3.60% | 1,370,000 | $222,228,000 |
| ADBE | ADOBE INC | 3.24% | 360,000 | $199,994,000 |
| FXI | ISHARES TR | 2.92% | 6,940,000 | $180,371,000 |
| QCOM | QUALCOMM INC | 2.71% | 840,000 | $167,311,000 |
| FDX | FEDEX CORP | 2.67% | 550,000 | $164,912,000 |
| MU | MICRON TECHNOLOGY INC | 2.50% | 1,175,000 | $154,548,000 |
| BIDU | BAIDU INC | 2.33% | 1,665,000 | $143,989,000 |
| ET | ENERGY TRANSFER L P | 2.02% | 7,704,428 | $124,966,000 |
| KWEB | KRANESHARES TRUST | 1.96% | 4,490,000 | $121,320,000 |
| — | LAM RESEARCH CORP | 1.88% | 109,000 | $116,069,000 |
| LYFT | LYFT INC | 1.82% | 7,961,257 | $112,254,000 |
| JD | JD.COM INC | 1.80% | 4,310,600 | $111,386,000 |
| UBER | UBER TECHNOLOGIES INC | 1.77% | 1,500,000 | $109,020,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.53% | 185,000 | $94,213,000 |
| ASML | ASML HOLDING N V | 1.45% | 87,500 | $89,489,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.42% | 2,200,000 | $87,428,000 |
| INTC | INTEL CORP | 1.39% | 2,780,000 | $86,097,000 |
| NVDA | NVIDIA CORPORATION | 1.38% | 690,000 | $85,243,000 |
| UPS | UNITED PARCEL SERVICE INC | 1.34% | 605,000 | $82,794,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 1.29% | 460,000 | $79,953,000 |
| EQT | EQT CORP | 1.14% | 1,905,000 | $70,447,000 |
| AR | ANTERO RESOURCES CORP | 0.98% | 1,850,000 | $60,366,000 |
| BA | BOEING CO | 0.62% | 210,000 | $38,222,000 |
| — | SOUTHWESTERN ENERGY CO | 0.48% | 4,440,000 | $29,881,000 |
| BEKE | KE HLDGS INC | 0.48% | 2,085,000 | $29,503,000 |
| MPLX | MPLX LP | 0.42% | 611,500 | $26,044,000 |
| M | MACYS INC | 0.39% | 1,265,000 | $24,288,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.29% | 250,000 | $17,885,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.25% | 188,000 | $15,452,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.15% | 150,000 | $9,297,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HLDG LTD | 12.05% | 11,250,000 | $814,050,000 |
| AMZN | AMAZON COM INC | 10.22% | 3,828,000 | $690,495,000 |
| MSFT | MICROSOFT CORP | 8.72% | 1,400,000 | $589,008,000 |
| META | META PLATFORMS INC | 8.07% | 1,122,500 | $545,064,000 |
| NVDA | NVIDIA CORPORATION | 5.91% | 442,000 | $399,374,000 |
| GOOG | ALPHABET INC | 4.68% | 2,075,000 | $315,940,000 |
| AMD | ADVANCED MICRO DEVICES INC | 4.36% | 1,630,000 | $294,199,000 |
| ORCL | ORACLE CORP | 4.28% | 2,300,000 | $288,903,000 |
| PDD | PDD HOLDINGS INC | 3.61% | 2,100,000 | $244,125,000 |
| BIDU | BAIDU INC | 2.81% | 1,800,000 | $189,504,000 |
| ADBE | ADOBE INC | 2.61% | 350,000 | $176,610,000 |
| FDX | FEDEX CORP | 2.57% | 600,000 | $173,844,000 |
| QCOM | QUALCOMM INC | 2.48% | 990,000 | $167,607,000 |
| INTC | INTEL CORP | 2.45% | 3,750,000 | $165,638,000 |
| FXI | ISHARES TR | 2.27% | 6,375,000 | $153,446,000 |
| MU | MICRON TECHNOLOGY INC | 2.12% | 1,215,000 | $143,236,000 |
| ET | ENERGY TRANSFER L P | 2.01% | 8,644,428 | $135,977,000 |
| — | LAM RESEARCH CORP | 1.65% | 115,000 | $111,731,000 |
| UBER | UBER TECHNOLOGIES INC | 1.55% | 1,360,000 | $104,706,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.49% | 2,300,000 | $100,602,000 |
| JD | JD.COM INC | 1.48% | 3,649,863 | $99,970,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.46% | 200,000 | $98,940,000 |
| KWEB | KRANESHARES TRUST | 1.35% | 3,475,000 | $91,219,000 |
| UPS | UNITED PARCEL SERVICE INC | 1.32% | 600,000 | $89,178,000 |
| ASML | ASML HOLDING N V | 1.15% | 80,000 | $77,638,000 |
| EQT | EQT CORP | 1.13% | 2,060,000 | $76,364,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 1.01% | 500,000 | $68,025,000 |
| MSFT | MICROSOFT COR | 0.93% | 150,000 | $63,108,000 |
| AR | ANTERO RESOURCES CORP | 0.86% | 2,000,000 | $58,000,000 |
| BA | BOEING CO | 0.64% | 225,000 | $43,423,000 |
| — | SOUTHWESTERN ENERGY CO | 0.54% | 4,800,000 | $36,384,000 |
| M | MACYS INC | 0.41% | 1,400,000 | $27,986,000 |
| MPLX | MPLX LP | 0.41% | 660,000 | $27,430,000 |
| BEKE | KE HLDGS INC | 0.35% | 1,705,000 | $23,410,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.30% | 250,000 | $20,353,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.27% | 203,000 | $18,032,000 |
| NSC | NORFOLK SOUTHN CORP | 0.17% | 45,000 | $11,469,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.16% | 150,000 | $10,800,000 |
| LYFT | LYFT INC | 0.13% | 467,618 | $9,048,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 11.31% | 1,850,000 | $654,826,000 |
| MSFT | MICROSOFT CORP | 11.04% | 1,700,000 | $639,268,000 |
| AMZN | AMAZON COM INC | 10.36% | 3,950,000 | $600,163,000 |
| NVDA | NVIDIA CORPORATION | 6.76% | 790,000 | $391,224,000 |
| UBER | UBER TECHNOLOGIES INC | 6.38% | 6,000,000 | $369,420,000 |
| BABA | ALIBABA GROUP HLDG LTD | 5.82% | 4,350,000 | $337,169,000 |
| GOOG | ALPHABET INC | 5.60% | 2,300,000 | $324,139,000 |
| AMD | ADVANCED MICRO DEVICES INC | 5.12% | 2,010,000 | $296,294,000 |
| INTC | INTEL CORP | 3.99% | 4,600,000 | $231,150,000 |
| FDX | FEDEX CORP | 2.84% | 650,000 | $164,431,000 |
| QCOM | QUALCOMM INC | 2.50% | 1,000,000 | $144,630,000 |
| ORCL | ORACLE CORP | 2.41% | 1,325,000 | $139,695,000 |
| ET | ENERGY TRANSFER L P | 2.33% | 9,781,876 | $134,990,000 |
| ARKK | ARK ETF TR | 2.31% | 2,550,000 | $133,544,000 |
| PDD | PDD HOLDINGS INC | 1.96% | 775,000 | $113,390,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.82% | 2,250,000 | $105,480,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.82% | 200,000 | $105,294,000 |
| MU | MICRON TECHNOLOGY INC | 1.79% | 1,215,000 | $103,688,000 |
| — | LAM RESEARCH CORP | 1.60% | 118,000 | $92,425,000 |
| M | MACYS INC | 1.55% | 4,450,000 | $89,534,000 |
| EQT | EQT CORP | 1.38% | 2,060,000 | $79,640,000 |
| UPS | UNITED PARCEL SERVICE INC | 1.36% | 500,000 | $78,615,000 |
| BIDU | BAIDU INC | 1.29% | 625,000 | $74,431,000 |
| ASML | ASML HOLDING N V | 1.05% | 80,000 | $60,554,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 0.90% | 500,000 | $52,000,000 |
| AR | ANTERO RESOURCES CORP | 0.78% | 2,000,000 | $45,360,000 |
| HCA | HCA HEALTHCARE INC | 0.55% | 117,198 | $31,723,000 |
| — | SOUTHWESTERN ENERGY CO | 0.54% | 4,800,000 | $31,440,000 |
| BEKE | KE HLDGS INC | 0.48% | 1,705,000 | $27,638,000 |
| MPLX | MPLX LP | 0.42% | 660,000 | $24,235,000 |
| FMC | FMC CORP | 0.35% | 325,000 | $20,491,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.28% | 250,000 | $16,165,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.27% | 203,000 | $15,619,000 |
| WHR | WHIRLPOOL CORP | 0.19% | 90,000 | $10,959,000 |
| NSC | NORFOLK SOUTHN CORP | 0.18% | 45,000 | $10,637,000 |
| MHK | MOHAWK INDS INC | 0.17% | 95,000 | $9,833,000 |
| GM | GENERAL MTRS CO | 0.16% | 265,000 | $9,519,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.15% | 150,000 | $8,961,000 |
| MAS | MASCO CORP | 0.15% | 130,000 | $8,707,000 |
| OC | OWENS CORNING NEW | 0.06% | 25,000 | $3,706,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 11.56% | 1,950,000 | $585,410,000 |
| MSFT | MICROSOFT CORP | 10.19% | 1,635,000 | $516,251,000 |
| AMZN | AMAZON COM INC | 9.41% | 3,750,000 | $476,700,000 |
| NVDA | NVIDIA CORPORATION | 8.80% | 1,025,000 | $445,865,000 |
| GOOG | ALPHABET INC | 7.16% | 2,750,000 | $362,588,000 |
| UBER | UBER TECHNOLOGIES INC | 6.58% | 7,250,000 | $333,428,000 |
| BABA | ALIBABA GROUP HLDG LTD | 6.16% | 3,600,000 | $312,264,000 |
| AMD | ADVANCED MICRO DEVICES INC | 4.62% | 2,275,000 | $233,916,000 |
| INTC | INTEL CORP | 4.39% | 6,250,000 | $222,188,000 |
| FDX | FEDEX CORP | 3.40% | 650,000 | $172,198,000 |
| QCOM | QUALCOMM INC | 2.85% | 1,300,000 | $144,378,000 |
| PDD | PDD HOLDINGS INC | 2.71% | 1,400,000 | $137,298,000 |
| ET | ENERGY TRANSFER L P | 2.71% | 9,781,876 | $137,240,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.99% | 200,000 | $100,838,000 |
| MU | MICRON TECHNOLOGY INC | 1.88% | 1,400,000 | $95,242,000 |
| BIDU | BAIDU INC | 1.76% | 665,000 | $89,343,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 1.72% | 1,000,000 | $86,900,000 |
| EQT | EQT CORP | 1.65% | 2,060,000 | $83,595,000 |
| — | LAM RESEARCH CORP | 1.48% | 120,000 | $75,212,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.40% | 1,525,000 | $70,684,000 |
| M | MACYS INC | 1.15% | 5,000,000 | $58,050,000 |
| AR | ANTERO RESOURCES CORP | 0.98% | 1,960,000 | $49,745,000 |
| JD | JD.COM INC | 0.96% | 1,675,000 | $48,793,000 |
| ASML | ASML HOLDING N V | 0.93% | 80,000 | $47,093,000 |
| — | ARISTA NETWORKS INC | 0.91% | 250,000 | $45,983,000 |
| BEKE | KE HLDGS INC | 0.74% | 2,400,000 | $37,248,000 |
| — | SOUTHWESTERN ENERGY CO | 0.61% | 4,800,000 | $30,960,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.36% | 250,000 | $18,440,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.35% | 203,000 | $17,505,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 0.27% | 495,980 | $13,575,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.21% | 150,000 | $10,583,000 |
| MPLX | MPLX LP | 0.13% | 182,325 | $6,485,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| NVDA | NVIDIA CORPORATION | 8.01% | 1,020,000 | $431,480,000 |
| META | META PLATFORMS INC | 8.00% | 1,502,500 | $431,187,000 |
| MSFT | MICROSOFT CORP | 7.84% | 1,240,000 | $422,270,000 |
| AMZN | AMAZON COM INC | 7.65% | 3,162,500 | $412,264,000 |
| BABA | ALIBABA GROUP HLDG LTD | 6.92% | 4,475,000 | $372,991,000 |
| UBER | UBER TECHNOLOGIES INC | 5.73% | 7,150,000 | $308,666,000 |
| GOOG | ALPHABET INC | 5.19% | 2,310,000 | $279,441,000 |
| AMD | ADVANCED MICRO DEVICES INC | 4.88% | 2,310,000 | $263,132,000 |
| INTC | INTEL CORP | 4.20% | 6,775,000 | $226,556,000 |
| QCOM | QUALCOMM INC | 4.09% | 1,850,000 | $220,224,000 |
| TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3.32% | 1,775,000 | $179,133,000 |
| BIDU | BAIDU INC | 3.24% | 1,275,000 | $174,560,000 |
| FDX | FEDEX CORP | 2.99% | 650,000 | $161,135,000 |
| ET | ENERGY TRANSFER L P | 2.31% | 9,781,876 | $124,230,000 |
| MRVL | MARVELL TECHNOLOGY INC | 1.94% | 1,750,000 | $104,615,000 |
| AVGO | BROADCOM INC | 1.93% | 120,000 | $104,092,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.78% | 200,000 | $96,128,000 |
| AAPL | APPLE INC | 1.73% | 480,000 | $93,106,000 |
| MU | MICRON TECHNOLOGY INC | 1.64% | 1,400,000 | $88,354,000 |
| EQT | EQT CORP | 1.57% | 2,060,000 | $84,728,000 |
| M | MACYS INC | 1.49% | 5,000,000 | $80,250,000 |
| — | LAM RESEARCH CORP | 1.43% | 120,000 | $77,143,000 |
| JD | JD.COM INC | 1.19% | 1,875,000 | $63,994,000 |
| SNPS | SYNOPSYS INC | 1.17% | 145,000 | $63,134,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.17% | 1,235,000 | $62,948,000 |
| ASML | ASML HOLDING N V | 1.08% | 80,000 | $57,980,000 |
| PDD | PDD HOLDINGS INC | 0.96% | 750,000 | $51,855,000 |
| CEG | CONSTELLATION ENERGY CORP | 0.85% | 500,000 | $45,775,000 |
| AR | ANTERO RESOURCES CORP | 0.84% | 1,960,000 | $45,139,000 |
| CDNS | CADENCE DESIGN SYSTEM INC | 0.83% | 190,000 | $44,559,000 |
| KWEB | KRANESHARES TR | 0.80% | 1,600,000 | $43,088,000 |
| FXI | ISHARES TR | 0.76% | 1,500,000 | $40,785,000 |
| — | ARISTA NETWORKS INC | 0.75% | 250,000 | $40,515,000 |
| — | SOUTHWESTERN ENERGY CO | 0.54% | 4,800,000 | $28,848,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.35% | 250,000 | $18,670,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.32% | 203,000 | $16,987,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 0.24% | 495,980 | $13,069,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.19% | 150,000 | $9,981,000 |
| MPLX | MPLX LP | 0.11% | 182,325 | $6,188,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | ALPHABET INC | 11.59% | 2,110,000 | $219,440,000 |
| AMZN | AMAZON COM INC | 10.91% | 2,000,000 | $206,580,000 |
| UBER | UBER TECHNOLOGIES INC | 10.05% | 6,000,000 | $190,200,000 |
| CEG | CONSTELLATION ENERGY CORP | 8.67% | 2,090,000 | $164,065,000 |
| META | META PLATFORMS INC | 7.84% | 700,000 | $148,358,000 |
| ET | ENERGY TRANSFER L P | 6.72% | 10,203,430 | $127,237,000 |
| M | MACYS INC | 5.54% | 6,000,000 | $104,940,000 |
| EQT | EQT CORP | 4.30% | 2,550,000 | $81,371,000 |
| FDX | FEDEX CORP | 4.22% | 350,000 | $79,972,000 |
| MSFT | MICROSOFT CORP | 3.96% | 260,000 | $74,958,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.75% | 150,000 | $70,889,000 |
| CRM | SALESFORCE INC | 3.06% | 290,000 | $57,936,000 |
| XLF | SELECT SECTOR SPDR TR | 2.24% | 1,316,800 | $42,335,000 |
| NVDA | NVIDIA CORPORATION | 2.20% | 150,000 | $41,666,000 |
| HCA | HCA HEALTHCARE INC | 1.99% | 142,500 | $37,574,000 |
| TSLA | TESLA INC | 1.64% | 150,000 | $31,119,000 |
| DIS | DISNEY WALT CO | 1.59% | 300,000 | $30,039,000 |
| AR | ANTERO RESOURCES CORP | 1.56% | 1,275,000 | $29,440,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.10% | 425,000 | $20,744,000 |
| ARKK | ARK ETF TR | 1.07% | 500,000 | $20,170,000 |
| MTCH | MATCH GROUP INC NEW | 1.06% | 525,000 | $20,155,000 |
| EXE | CHESAPEAKE ENERGY CORP | 1.02% | 253,055 | $19,242,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.84% | 250,000 | $15,960,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 0.71% | 517,980 | $13,416,000 |
| SYY | SYSCO CORP | 0.61% | 150,000 | $11,585,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.54% | 100,000 | $10,218,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.46% | 150,000 | $8,742,000 |
| — | ALPS ETF TR | 0.42% | 204,000 | $7,885,000 |
| MPLX | MPLX LP | 0.35% | 192,325 | $6,626,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CEG | CONSTELLATION ENERGY CORP | 15.34% | 2,398,729 | $206,794,000 |
| GOOG | ALPHABET INC | 13.13% | 1,995,000 | $177,016,000 |
| AMZN | AMAZON COM INC | 9.35% | 1,500,000 | $126,000,000 |
| M | MACYS INC | 9.11% | 5,950,000 | $122,868,000 |
| ET | ENERGY TRANSFER L P | 8.98% | 10,203,430 | $121,115,000 |
| EQT | EQT CORP | 6.40% | 2,550,000 | $86,267,000 |
| UNH | UNITEDHEALTH GROUP INC | 5.90% | 150,000 | $79,527,000 |
| META | META PLATFORMS INC | 5.13% | 575,000 | $69,196,000 |
| MSFT | MICROSOFT CORP | 4.18% | 235,000 | $56,358,000 |
| HCA | HCA HEALTHCARE INC | 3.25% | 182,500 | $43,793,000 |
| CRM | SALESFORCE INC | 2.95% | 300,000 | $39,777,000 |
| AR | ANTERO RESOURCES CORP | 2.87% | 1,250,000 | $38,738,000 |
| UBER | UBER TECHNOLOGIES INC | 2.25% | 1,225,000 | $30,294,000 |
| DIS | DISNEY WALT CO | 1.93% | 300,000 | $26,064,000 |
| EXE | CHESAPEAKE ENERGY CORP | 1.77% | 253,055 | $23,881,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 1.46% | 250,000 | $19,631,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 1.31% | 425,000 | $17,680,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 0.93% | 517,980 | $12,494,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.86% | 150,000 | $11,604,000 |
| SYY | SYSCO CORP | 0.85% | 150,000 | $11,468,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.65% | 100,000 | $8,809,000 |
| — | ALPS ETF TR | 0.58% | 204,000 | $7,766,000 |
| MPLX | MPLX LP | 0.47% | 192,325 | $6,316,000 |
| — | APTIV PLC | 0.35% | 50,000 | $4,657,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| CEG | CONSTELLATION ENERGY CORP | 16.08% | 2,630,000 | $218,790,000 |
| GOOG | ALPHABET INC | 14.10% | 1,995,000 | $191,819,000 |
| AMZN | AMAZON COM INC | 12.04% | 1,450,000 | $163,850,000 |
| META | META PLATFORMS INC | 8.73% | 875,000 | $118,720,000 |
| ET | ENERGY TRANSFER L P | 8.27% | 10,203,430 | $112,544,000 |
| EQT | EQT CORP | 7.56% | 2,525,000 | $102,894,000 |
| M | MACYS INC | 6.91% | 6,000,000 | $94,020,000 |
| UNH | UNITEDHEALTH GROUP INC | 5.57% | 150,000 | $75,756,000 |
| MSFT | MICROSOFT CORP | 4.02% | 235,000 | $54,732,000 |
| AR | ANTERO RESOURCES CORP | 2.80% | 1,250,000 | $38,163,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 2.14% | 368,000 | $29,072,000 |
| CRM | SALESFORCE INC | 2.01% | 190,000 | $27,330,000 |
| UBER | UBER TECHNOLOGIES INC | 1.95% | 1,000,000 | $26,500,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.36% | 777,980 | $18,500,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 1.30% | 240,000 | $17,644,000 |
| — | ALPS ETF TR | 1.09% | 405,000 | $14,807,000 |
| SYY | SYSCO CORP | 1.04% | 200,000 | $14,142,000 |
| HCA | HCA HEALTHCARE INC | 1.01% | 75,000 | $13,784,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.62% | 90,000 | $8,479,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.53% | 90,000 | $7,199,000 |
| MOS | MOSAIC CO NEW | 0.44% | 125,000 | $6,041,000 |
| MPLX | MPLX LP | 0.42% | 192,325 | $5,772,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | ALPHABET INC | 13.73% | 100,000 | $218,745,000 |
| META | META PLATFORMS INC | 10.12% | 1,000,000 | $161,250,000 |
| AMZN | AMAZON COM INC | 10.00% | 1,500,000 | $159,315,000 |
| CEG | CONSTELLATION ENERGY CORP | 9.71% | 2,700,000 | $154,602,000 |
| M | MACYS INC | 6.90% | 6,000,000 | $109,920,000 |
| ET | ENERGY TRANSFER L P | 6.43% | 10,270,300 | $102,498,000 |
| EQT | EQT CORP | 6.15% | 2,850,000 | $98,040,000 |
| UNH | UNITEDHEALTH GROUP INC | 4.84% | 150,000 | $77,045,000 |
| KSS | KOHLS CORP | 4.20% | 1,875,000 | $66,919,000 |
| MSFT | MICROSOFT CORP | 4.03% | 250,000 | $64,208,000 |
| OXY | OCCIDENTAL PETE CORP | 3.23% | 875,000 | $51,520,000 |
| AR | ANTERO RESOURCES CORP | 2.74% | 1,425,000 | $43,676,000 |
| SYY | SYSCO CORP | 2.26% | 425,000 | $36,002,000 |
| CRM | SALESFORCE INC | 2.07% | 200,000 | $33,008,000 |
| MU | MICRON TECHNOLOGY INC | 2.00% | 575,000 | $31,786,000 |
| — | APTIV PLC | 1.40% | 250,000 | $22,268,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 1.31% | 368,000 | $20,836,000 |
| UBER | UBER TECHNOLOGIES INC | 1.28% | 1,000,000 | $20,460,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.19% | 777,980 | $18,959,000 |
| — | ALPS ETF TR | 0.88% | 405,000 | $13,952,000 |
| HCA | HCA HEALTHCARE INC | 0.79% | 75,000 | $12,605,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.79% | 240,000 | $12,593,000 |
| MOS | MOSAIC CO NEW | 0.74% | 250,000 | $11,808,000 |
| BABA | ALIBABA GROUP HLDG LTD | 0.71% | 100,000 | $11,368,000 |
| NFLX | NETFLIX INC | 0.55% | 50,000 | $8,744,000 |
| PCG | PG&E CORP | 0.47% | 750,000 | $7,485,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.46% | 90,000 | $7,299,000 |
| CZR | CAESARS ENTERTAINMENT INC NE | 0.36% | 150,000 | $5,745,000 |
| MPLX | MPLX LP | 0.35% | 192,325 | $5,606,000 |
| DIS | DISNEY WALT CO | 0.30% | 50,000 | $4,720,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | ALPHABET INC | 13.30% | 119,000 | $332,366,000 |
| AMZN | AMAZON COM INC | 11.09% | 85,000 | $277,096,000 |
| META | META PLATFORMS INC | 7.92% | 890,000 | $197,900,000 |
| M | MACYS INC | 7.71% | 7,911,642 | $192,728,000 |
| MU | MICRON TECHNOLOGY INC | 6.55% | 2,100,000 | $163,569,000 |
| OXY | OCCIDENTAL PETE CORP | 6.45% | 2,840,000 | $161,142,000 |
| EQT | EQT CORP | 5.42% | 3,935,000 | $135,403,000 |
| MSFT | MICROSOFT CORP | 4.52% | 366,000 | $112,841,000 |
| ET | ENERGY TRANSFER L P | 4.12% | 9,211,393 | $103,075,000 |
| UNH | UNITEDHEALTH GROUP INC | 3.43% | 168,000 | $85,675,000 |
| UBER | UBER TECHNOLOGIES INC | 2.88% | 2,020,000 | $72,074,000 |
| PCG | PG&E CORP | 2.87% | 6,007,160 | $71,725,000 |
| SYY | SYSCO CORP | 2.45% | 750,000 | $61,238,000 |
| AR | ANTERO RESOURCES CORP | 2.41% | 1,975,000 | $60,297,000 |
| MOS | MOSAIC CO NEW | 2.22% | 835,000 | $55,528,000 |
| XLE | SELECT SECTOR SPDR TR | 2.13% | 695,000 | $53,126,000 |
| GT | GOODYEAR TIRE & RUBR CO | 1.86% | 3,254,829 | $46,512,000 |
| KSS | KOHLS CORP | 1.69% | 700,000 | $42,322,000 |
| — | SPDR SER TR | 1.53% | 285,000 | $38,347,000 |
| FCX | FREEPORT-MCMORAN INC | 1.47% | 740,000 | $36,808,000 |
| — | NORDSTROM INC | 1.22% | 1,125,000 | $30,499,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.90% | 378,000 | $22,506,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 0.84% | 817,980 | $21,112,000 |
| LVS | LAS VEGAS SANDS CORP | 0.82% | 525,000 | $20,407,000 |
| WYNN | WYNN RESORTS LTD | 0.72% | 225,000 | $17,942,000 |
| — | ALPS ETF TR | 0.62% | 405,000 | $15,512,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.59% | 1,500,000 | $14,730,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.53% | 240,000 | $13,361,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.42% | 122,000 | $10,614,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.34% | 75,000 | $8,433,000 |
| APA | APA CORPORATION | 0.33% | 200,000 | $8,266,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.24% | 239,310 | $6,035,000 |
| TCVAEUR | TCV ACQUISITION CORP | 0.23% | 600,000 | $5,856,000 |
| MPLX | MPLX LP | 0.16% | 120,380 | $3,994,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | ALPHABET INC | 10.05% | 135,000 | $390,635,000 |
| META | META PLATFORMS INC | 9.52% | 1,100,000 | $369,985,000 |
| M | MACYS INC | 6.80% | 10,096,160 | $264,317,000 |
| MU | MICRON TECHNOLOGY INC | 6.59% | 2,750,000 | $256,163,000 |
| AMZN | AMAZON COM INC | 6.00% | 70,000 | $233,404,000 |
| OXY | OCCIDENTAL PETE CORP | 4.92% | 6,600,000 | $191,334,000 |
| PCG | PG&E CORP | 3.90% | 12,500,000 | $151,750,000 |
| TMUS | T-MOBILE US INC | 3.81% | 1,275,992 | $147,990,000 |
| GM | GENERAL MTRS CO | 3.39% | 2,250,000 | $131,918,000 |
| XLE | SELECT SECTOR SPDR TR | 3.07% | 2,150,000 | $119,325,000 |
| DHI | D R HORTON INC | 3.07% | 1,100,000 | $119,295,000 |
| GT | GOODYEAR TIRE & RUBR CO | 2.82% | 5,150,000 | $109,798,000 |
| EQT | EQT CORP | 2.74% | 4,889,853 | $106,648,000 |
| ET | ENERGY TRANSFER L P | 2.62% | 12,391,098 | $101,979,000 |
| MSFT | MICROSOFT CORP | 2.57% | 297,500 | $100,055,000 |
| — | SPDR SER TR | 2.47% | 1,000,000 | $95,870,000 |
| MOS | MOSAIC CO NEW | 2.43% | 2,400,000 | $94,296,000 |
| UNH | UNITEDHEALTH GROUP INC | 2.31% | 179,000 | $89,883,000 |
| PHM | PULTE GROUP INC | 2.13% | 1,450,000 | $82,882,000 |
| KSS | KOHLS CORP | 2.10% | 1,650,000 | $81,494,000 |
| FCX | FREEPORT-MCMORAN INC | 1.99% | 1,850,000 | $77,201,000 |
| SYY | SYSCO CORP | 1.70% | 840,000 | $65,982,000 |
| KMX | CARMAX INC | 1.31% | 391,500 | $50,985,000 |
| AR | ANTERO RESOURCES CORP | 1.28% | 2,845,263 | $49,792,000 |
| — | ALIGHT INC | 1.19% | 4,294,795 | $46,427,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.11% | 1,961,623 | $43,077,000 |
| — | ALPS ETF TR | 0.97% | 1,155,000 | $37,815,000 |
| — | NORDSTROM INC | 0.80% | 1,369,907 | $30,987,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.66% | 400,000 | $25,808,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.64% | 694,957 | $24,956,000 |
| EXEEW | CHESAPEAKE ENERGY CORP | 0.62% | 600,000 | $23,976,000 |
| EWY | ISHARES INC | 0.60% | 298,000 | $23,205,000 |
| APA | APA CORPORATION | 0.57% | 818,000 | $21,996,000 |
| DKS | DICKS SPORTING GOODS INC | 0.53% | 178,072 | $20,476,000 |
| MPLX | MPLX LP | 0.40% | 519,706 | $15,378,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.38% | 1,500,000 | $14,790,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.32% | 565,117 | $12,585,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.32% | 386,087 | $12,501,000 |
| — | ALLIANCE DATA SYSTEMS CORP | 0.28% | 165,117 | $10,992,000 |
| UBER | UBER TECHNOLOGIES INC | 0.24% | 225,000 | $9,434,000 |
| GAP | GAP INC | 0.22% | 494,032 | $8,720,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.22% | 75,000 | $8,676,000 |
| — | FOOT LOCKER INC | 0.19% | 165,938 | $7,240,000 |
| TCVAEUR | TCV ACQUISITION CORP | 0.15% | 600,000 | $5,916,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| GOOG | ALPHABET INC | 9.33% | 147,000 | $391,801,000 |
| META | FACEBOOK INC | 9.24% | 1,142,500 | $387,753,000 |
| TMUS | T-MOBILE US INC | 7.74% | 2,545,000 | $325,149,000 |
| AMZN | AMAZON COM INC | 5.48% | 70,000 | $229,953,000 |
| OXY | OCCIDENTAL PETE CORP | 4.68% | 6,640,000 | $196,411,000 |
| MU | MICRON TECHNOLOGY INC | 4.65% | 2,750,000 | $195,195,000 |
| M | MACYS INC | 3.77% | 7,000,000 | $158,200,000 |
| PCG | PG&E CORP | 3.06% | 13,375,000 | $128,400,000 |
| XLE | SELECT SECTOR SPDR TR | 2.74% | 2,210,000 | $115,119,000 |
| DHI | D R HORTON INC | 2.39% | 1,195,000 | $100,344,000 |
| — | SPDR SER TR | 2.33% | 1,010,000 | $97,687,000 |
| ET | ENERGY TRANSFER L P | 2.31% | 10,107,410 | $96,829,000 |
| HCA | HCA HEALTHCARE INC | 2.24% | 387,000 | $93,933,000 |
| GT | GOODYEAR TIRE & RUBR CO | 2.19% | 5,200,000 | $92,040,000 |
| — | ALIGHT INC | 2.19% | 8,000,000 | $91,840,000 |
| UBER | UBER TECHNOLOGIES INC | 2.08% | 1,950,500 | $87,382,000 |
| MOS | MOSAIC CO NEW | 2.02% | 2,375,000 | $84,835,000 |
| MSFT | MICROSOFT CORP | 2.00% | 297,500 | $83,871,000 |
| BABA | ALIBABA GROUP HLDG LTD | 1.85% | 525,000 | $77,726,000 |
| — | TWITTER INC | 1.78% | 1,235,000 | $74,582,000 |
| PHM | PULTE GROUP INC | 1.68% | 1,540,000 | $70,717,000 |
| KSS | KOHLS CORP | 1.68% | 1,500,000 | $70,635,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.67% | 179,000 | $69,942,000 |
| SYY | SYSCO CORP | 1.57% | 840,000 | $65,940,000 |
| — | PAYSAFE LIMITED | 1.57% | 8,500,000 | $65,875,000 |
| QCOM | QUALCOMM INC | 1.51% | 490,000 | $63,200,000 |
| FCX | FREEPORT-MCMORAN INC | 1.47% | 1,900,000 | $61,807,000 |
| V | VISA INC | 1.39% | 262,500 | $58,472,000 |
| EQT | EQT CORP | 1.39% | 2,850,000 | $58,311,000 |
| AR | ANTERO RESOURCES CORP | 1.27% | 2,845,263 | $53,519,000 |
| KMX | CARMAX INC | 1.19% | 391,500 | $50,096,000 |
| MA | MASTERCARD INCORPORATED | 1.09% | 132,000 | $45,894,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.01% | 1,961,623 | $42,450,000 |
| — | ALPS ETF TR | 0.92% | 1,155,000 | $38,496,000 |
| — | ALLIANCE DATA SYSTEMS CORP | 0.74% | 309,000 | $31,175,000 |
| — | E2OPEN PARENT HOLDINGS INC | 0.67% | 2,500,000 | $28,250,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.62% | 424,000 | $26,114,000 |
| EWY | ISHARES INC | 0.57% | 298,000 | $24,037,000 |
| EXEEW | CHESAPEAKE ENERGY CORP | 0.54% | 625,461 | $22,648,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.53% | 694,957 | $22,148,000 |
| APA | APA CORPORATION | 0.42% | 818,000 | $17,530,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.35% | 1,500,000 | $14,835,000 |
| MPLX | MPLX LP | 0.35% | 519,706 | $14,796,000 |
| WMT | WALMART INC | 0.33% | 100,000 | $13,938,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.28% | 565,117 | $11,845,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.27% | 386,087 | $11,289,000 |
| — | THE BEACHBODY COMPANY INC | 0.26% | 2,000,000 | $11,080,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.18% | 750,000 | $7,463,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.17% | 75,000 | $7,170,000 |
| TCVAEUR | TCV ACQUISITION CORP | 0.14% | 600,000 | $5,880,000 |
| OVV | OVINTIV INC | 0.10% | 125,000 | $4,110,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MU | MICRON TECHNOLOGY INC | 9.94% | 5,652,691 | $480,366,000 |
| AMZN | AMAZON COM INC | 8.90% | 125,000 | $430,020,000 |
| META | FACEBOOK INC | 8.67% | 1,205,000 | $418,991,000 |
| GOOG | ALPHABET INC | 7.57% | 146,000 | $365,923,000 |
| TMUS | T-MOBILE US INC | 7.55% | 2,520,000 | $364,972,000 |
| OXY | OCCIDENTAL PETE CORP | 3.70% | 5,710,000 | $178,552,000 |
| PCG | PG&E CORP | 3.43% | 16,298,159 | $165,752,000 |
| BABA | ALIBABA GROUP HLDG LTD | 2.75% | 585,000 | $132,666,000 |
| XLE | SELECT SECTOR SPDR TR | 2.59% | 2,325,000 | $125,248,000 |
| ET | ENERGY TRANSFER L P | 2.34% | 10,629,920 | $112,996,000 |
| DHI | D R HORTON INC | 2.14% | 1,144,257 | $103,407,000 |
| — | PAYSAFE LIMITED | 2.13% | 8,500,000 | $102,935,000 |
| UBER | UBER TECHNOLOGIES INC | 2.11% | 2,035,000 | $101,994,000 |
| — | TWITTER INC | 1.85% | 1,300,000 | $89,453,000 |
| MSFT | MICROSOFT CORP | 1.75% | 312,500 | $84,656,000 |
| HCA | HCA HEALTHCARE INC | 1.73% | 405,000 | $83,730,000 |
| PHM | PULTE GROUP INC | 1.70% | 1,509,189 | $82,356,000 |
| MOS | MOSAIC CO NEW | 1.63% | 2,463,769 | $78,619,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.55% | 187,000 | $74,882,000 |
| FCX | FREEPORT-MCMORAN INC | 1.54% | 2,000,000 | $74,220,000 |
| — | SPDR SER TR | 1.52% | 760,000 | $73,484,000 |
| QCOM | QUALCOMM INC | 1.52% | 513,000 | $73,323,000 |
| EMR | EMERSON ELEC CO | 1.47% | 737,500 | $70,977,000 |
| M | MACYS INC | 1.42% | 3,610,000 | $68,446,000 |
| SYY | SYSCO CORP | 1.42% | 880,000 | $68,420,000 |
| KSS | KOHLS CORP | 1.39% | 1,215,000 | $66,959,000 |
| — | VIACOMCBS INC | 1.38% | 1,475,000 | $66,670,000 |
| V | VISA INC | 1.33% | 275,000 | $64,301,000 |
| GT | GOODYEAR TIRE & RUBR CO | 1.12% | 3,165,000 | $54,280,000 |
| KMX | CARMAX INC | 1.11% | 415,000 | $53,597,000 |
| MA | MASTERCARD INCORPORATED | 1.06% | 140,000 | $51,113,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.03% | 2,062,373 | $49,765,000 |
| — | ALPS ETF TR | 0.92% | 1,215,000 | $44,238,000 |
| NFLX | NETFLIX INC | 0.72% | 65,500 | $34,598,000 |
| — | ALLIANCE DATA SYSTEMS CORP | 0.70% | 325,000 | $33,862,000 |
| EWY | ISHARES INC | 0.59% | 308,000 | $28,699,000 |
| — | E2OPEN PARENT HOLDINGS INC | 0.59% | 2,500,000 | $28,550,000 |
| EXE | CHESAPEAKE ENERGY CORP | 0.57% | 525,903 | $27,305,000 |
| AR | ANTERO RESOURCES CORP | 0.55% | 1,780,000 | $26,753,000 |
| EQT | EQT CORP | 0.49% | 1,065,000 | $23,707,000 |
| — | THE BEACHBODY COMPANY INC | 0.43% | 2,000,000 | $20,800,000 |
| APA | APA CORPORATION | 0.38% | 860,000 | $18,602,000 |
| EXEEW | CHESAPEAKE ENERGY CORP | 0.35% | 625,461 | $16,812,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.34% | 694,957 | $16,561,000 |
| MPLX | MPLX LP | 0.34% | 547,006 | $16,197,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.32% | 1,500,000 | $15,375,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.26% | 587,196 | $12,578,000 |
| — | BP PLC | 0.22% | 400,000 | $10,568,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.17% | 386,087 | $8,054,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.16% | 75,000 | $7,603,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.16% | 750,000 | $7,575,000 |
| — | ROYAL DUTCH SHELL PLC | 0.15% | 180,000 | $7,272,000 |
| — | ROYAL DUTCH SHELL PLC | 0.14% | 180,000 | $6,989,000 |
| TCVAEUR | TCV ACQUISITION CORP | 0.12% | 600,000 | $5,946,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| MU | MICRON TECHNOLOGY INC | 9.22% | 7,275,000 | $641,728,000 |
| AMZN | AMAZON COM INC | 8.26% | 186,000 | $575,499,000 |
| META | FACEBOOK INC | 7.70% | 1,820,000 | $536,045,000 |
| TMUS | T-MOBILE US INC | 7.54% | 4,190,000 | $524,965,000 |
| GOOG | ALPHABET INC | 6.86% | 231,000 | $477,854,000 |
| PCG | PG&E CORP | 4.81% | 28,600,657 | $334,914,000 |
| BABA | ALIBABA GROUP HLDG LTD | 3.71% | 1,140,000 | $258,472,000 |
| OXY | OCCIDENTAL PETE CORP | 3.21% | 8,395,000 | $223,475,000 |
| XLE | SELECT SECTOR SPDR TR | 3.05% | 4,322,500 | $212,062,000 |
| HCA | HCA HEALTHCARE INC | 2.57% | 950,000 | $178,923,000 |
| ET | ENERGY TRANSFER LP | 2.52% | 22,820,328 | $175,260,000 |
| — | TWITTER INC | 2.42% | 2,650,000 | $168,620,000 |
| EXE | CHESAPEAKE ENERGY CORP | 2.32% | 3,728,685 | $161,788,000 |
| — | VIACOMCBS INC | 2.23% | 3,445,000 | $155,370,000 |
| — | PAYSAFE LIMITED | 1.94% | 10,000,000 | $135,000,000 |
| — | SPDR SER TR | 1.60% | 1,367,500 | $111,232,000 |
| MSFT | MICROSOFT CORP | 1.56% | 460,000 | $108,454,000 |
| DHI | D R HORTON INC | 1.49% | 1,165,000 | $103,825,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.48% | 277,500 | $103,249,000 |
| QCOM | QUALCOMM INC | 1.43% | 750,000 | $99,443,000 |
| KSS | KOHLS CORP | 1.36% | 1,587,500 | $94,631,000 |
| SYY | SYSCO CORP | 1.31% | 1,157,500 | $91,142,000 |
| V | VISA INC | 1.26% | 415,000 | $87,868,000 |
| KMX | CARMAX INC | 1.25% | 654,300 | $86,799,000 |
| M | MACYS INC | 1.23% | 5,272,500 | $85,362,000 |
| EMR | EMERSON ELEC CO | 1.17% | 906,000 | $81,739,000 |
| CRM | SALESFORCE COM INC | 1.17% | 385,000 | $81,570,000 |
| GT | GOODYEAR TIRE & RUBR CO | 1.17% | 4,623,867 | $81,241,000 |
| MA | MASTERCARD INCORPORATED | 1.07% | 210,000 | $74,771,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.02% | 3,235,841 | $71,253,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 0.99% | 145,000 | $68,929,000 |
| DIS | DISNEY WALT CO | 0.91% | 345,000 | $63,659,000 |
| — | ALPS ETF TR | 0.86% | 1,973,843 | $60,202,000 |
| NFLX | NETFLIX INC | 0.81% | 107,500 | $56,078,000 |
| — | ALLIANCE DATA SYSTEMS CORP | 0.74% | 462,500 | $51,842,000 |
| FCX | FREEPORT-MCMORAN INC | 0.71% | 1,500,000 | $49,395,000 |
| PYPL | PAYPAL HLDGS INC | 0.61% | 175,000 | $42,497,000 |
| EWY | ISHARES INC | 0.60% | 462,500 | $41,486,000 |
| EQT | EQT CORP | 0.54% | 2,032,085 | $37,756,000 |
| MOS | MOSAIC CO NEW | 0.49% | 1,075,000 | $33,981,000 |
| AR | ANTERO RESOURCES CORP | 0.43% | 2,960,000 | $30,192,000 |
| IQ | IQIYI INC | 0.39% | 1,644,934 | $27,339,000 |
| APA | APA CORPORATION | 0.39% | 1,505,000 | $26,940,000 |
| — | E2OPEN PARENT HOLDINGS INC | 0.36% | 2,500,000 | $24,900,000 |
| MPLX | MPLX LP | 0.35% | 941,021 | $24,118,000 |
| — | BP PLC | 0.34% | 975,000 | $23,741,000 |
| — | DISCOVERY INC | 0.30% | 475,000 | $20,644,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.25% | 936,962 | $17,418,000 |
| — | ALTIMETER GROWTH CORP 2 | 0.22% | 1,500,000 | $15,570,000 |
| EXEEZ | CHESAPEAKE ENERGY CORP | 0.20% | 694,957 | $13,718,000 |
| EXEEW | CHESAPEAKE ENERGY CORP | 0.19% | 625,461 | $12,897,000 |
| — | CC NEUBERGER PRINCIPAL HOLDN | 0.18% | 1,250,000 | $12,488,000 |
| — | ROYAL DUTCH SHELL PLC | 0.16% | 292,500 | $11,469,000 |
| — | ROYAL DUTCH SHELL PLC | 0.15% | 292,500 | $10,773,000 |
| — | LIBERTY MEDIA ACQUISITION CO | 0.15% | 1,000,000 | $10,710,000 |
| BIDU | BAIDU INC | 0.14% | 45,000 | $9,790,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.12% | 75,000 | $8,558,000 |
| — | SVF INVESTMENT CORP | 0.11% | 750,000 | $7,920,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.11% | 750,000 | $7,710,000 |
| — | HENNESSY CAPITAL INVS CORP V | 0.11% | 750,000 | $7,590,000 |
| EXEEL | CHESAPEAKE ENERGY CORP | 0.09% | 386,087 | $6,486,000 |
| SHOP | SHOPIFY INC | 0.06% | 3,750 | $4,149,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| TMUS | T-MOBILE US INC | 9.89% | 4,905,000 | $661,439,000 |
| AMZN | AMAZON COM INC | 9.63% | 197,700 | $643,895,000 |
| MU | MICRON TECHNOLOGY INC | 8.99% | 8,000,000 | $601,440,000 |
| META | FACEBOOK INC | 8.21% | 2,011,000 | $549,325,000 |
| PCG | PG&E CORP | 7.89% | 42,370,317 | $527,934,000 |
| GOOG | ALPHABET INC | 6.67% | 254,500 | $445,853,000 |
| BABA | ALIBABA GROUP HLDG LTD | 6.61% | 1,900,000 | $442,187,000 |
| — | TWITTER INC | 3.85% | 4,750,000 | $257,213,000 |
| HCA | HCA HEALTHCARE INC | 2.46% | 1,000,000 | $164,460,000 |
| ET | ENERGY TRANSFER LP | 2.22% | 24,066,259 | $148,729,000 |
| MA | MASTERCARD INCORPORATED | 2.15% | 402,500 | $143,668,000 |
| OXY | OCCIDENTAL PETE CORP | 2.10% | 8,100,540 | $140,220,000 |
| V | VISA INC | 2.03% | 620,000 | $135,613,000 |
| DIS | DISNEY WALT CO | 2.02% | 745,000 | $134,979,000 |
| PYPL | PAYPAL HLDGS INC | 1.84% | 525,000 | $122,955,000 |
| CRM | SALESFORCE COM INC | 1.83% | 550,000 | $122,392,000 |
| MSFT | MICROSOFT CORP | 1.83% | 550,000 | $122,331,000 |
| XLE | SELECT SECTOR SPDR TR | 1.77% | 3,125,000 | $118,438,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 1.50% | 200,000 | $100,024,000 |
| SYY | SYSCO CORP | 1.39% | 1,250,000 | $92,825,000 |
| QCOM | QUALCOMM INC | 1.37% | 600,000 | $91,404,000 |
| EMR | EMERSON ELEC CO | 1.17% | 975,000 | $78,361,000 |
| M | MACYS INC | 1.08% | 6,400,000 | $72,000,000 |
| KMX | CARMAX INC | 1.06% | 750,000 | $70,845,000 |
| KSS | KOHLS CORP | 1.05% | 1,725,000 | $70,190,000 |
| UNH | UNITEDHEALTH GROUP INC | 1.05% | 200,000 | $70,136,000 |
| NFLX | NETFLIX INC | 1.03% | 127,000 | $68,673,000 |
| EPD | ENTERPRISE PRODS PARTNERS L | 1.01% | 3,452,759 | $67,640,000 |
| — | ALPS ETF TR | 0.82% | 2,125,000 | $54,528,000 |
| — | SPDR SER TR | 0.81% | 925,000 | $54,113,000 |
| GT | GOODYEAR TIRE & RUBR CO | 0.73% | 4,454,332 | $48,597,000 |
| EWY | ISHARES INC | 0.64% | 500,000 | $43,025,000 |
| XYZ | SQUARE INC | 0.59% | 182,500 | $39,719,000 |
| — | ALLIANCE DATA SYSTEMS CORP | 0.50% | 450,000 | $33,345,000 |
| EQT | EQT CORP | 0.42% | 2,192,085 | $27,861,000 |
| FCX | FREEPORT-MCMORAN INC | 0.36% | 935,000 | $24,329,000 |
| MPLX | MPLX LP | 0.35% | 1,094,022 | $23,686,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.20% | 985,376 | $13,618,000 |
| WFC | WELLS FARGO CO NEW | 0.18% | 400,000 | $12,072,000 |
| — | MAGELLAN MIDSTREAM PRTNRS LP | 0.18% | 280,690 | $11,912,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.14% | 75,000 | $9,213,000 |
| — | DRAGONEER GROWTH OPPTY CORP | 0.13% | 750,000 | $8,790,000 |
| — | TENNECO INC | 0.12% | 780,019 | $8,268,000 |
| KMI | KINDER MORGAN INC DEL | 0.12% | 590,000 | $8,065,000 |
| ENBLUSD | ENABLE MIDSTREAM PARTNERS LP | 0.02% | 307,116 | $1,615,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| PCG | PG&E CORP | 13.41% | 80,775,057 | $758,478,000 |
| BABA | ALIBABA GROUP HLDG LTD | 11.54% | 2,220,000 | $652,636,000 |
| TMUS | T-MOBILE US INC | 10.54% | 5,215,000 | $596,387,000 |
| MU | MICRON TECHNOLOGY INC | 10.17% | 12,250,000 | $575,260,000 |
| META | FACEBOOK INC | 8.18% | 1,767,500 | $462,908,000 |
| AMZN | AMAZON COM INC | 7.88% | 141,500 | $445,545,000 |
| GOOG | ALPHABET INC | 6.69% | 257,500 | $378,422,000 |
| — | TWITTER INC | 3.67% | 4,660,000 | $207,370,000 |
| MA | MASTERCARD INCORPORATED | 2.65% | 442,500 | $149,640,000 |
| V | VISA INC | 2.40% | 680,000 | $135,980,000 |
| T | AT&T INC | 2.33% | 4,625,000 | $131,859,000 |
| PYPL | PAYPAL HLDGS INC | 2.13% | 612,500 | $120,681,000 |
| HCA | HCA HEALTHCARE INC | 2.06% | 935,000 | $116,576,000 |
| CRM | SALESFORCE COM INC | 1.94% | 437,500 | $109,953,000 |
| DIS | DISNEY WALT CO | 1.93% | 880,000 | $109,190,000 |
| ET | ENERGY TRANSFER LP | 1.82% | 18,971,419 | $102,825,000 |
| ADBE | ADOBE SYSTEMS INCORPORATED | 1.52% | 175,000 | $85,825,000 |
| EMR | EMERSON ELEC CO | 1.43% | 1,232,500 | $80,815,000 |
| SYY | SYSCO CORP | 1.40% | 1,275,000 | $79,331,000 |
| NFLX | NETFLIX INC | 1.16% | 131,500 | $65,754,000 |
| MSFT | MICROSOFT CORP | 1.12% | 302,500 | $63,625,000 |
| XYZ | SQUARE INC | 0.81% | 282,500 | $45,920,000 |
| MO | ALTRIA GROUP INC | 0.63% | 925,000 | $35,742,000 |
| GT | GOODYEAR TIRE & RUBR CO | 0.62% | 4,550,000 | $34,899,000 |
| BSX | BOSTON SCIENTIFIC CORP | 0.53% | 787,500 | $30,090,000 |
| UNH | UNITEDHEALTH GROUP INC | 0.39% | 70,500 | $21,980,000 |
| WFC | WELLS FARGO CO NEW | 0.36% | 875,000 | $20,571,000 |
| — | ALPS ETF TR | 0.32% | 905,000 | $18,082,000 |
| PCG 5.5 08/16/23 | PG&E CORP | 0.13% | 75,000 | $7,357,000 |
| WES | WESTERN MIDSTREAM PARTNERS L | 0.10% | 712,816 | $5,703,000 |
| — | TENNECO INC | 0.09% | 755,000 | $5,240,000 |
| ENBLUSD | ENABLE MIDSTREAM PARTNERS LP | 0.02% | 307,116 | $1,271,000 |
Investor background
David Tepper
“The point is, markets adapt, people adapt.”David Tepper, 2010 Ira Sohn Investment Conference
David Tepper is the founder of Appaloosa Management, the investment firm he established in 1993 after working as a credit analyst at Republic Steel, Keystone Mutual Funds and Goldman Sachs. At Goldman, he became head trader of the high-yield desk and developed the experience in stressed capital structures that would define Appaloosa’s early advantage.
Tepper is best known for buying securities whose prices imply an outcome materially worse than the one he considers probable. His opportunity set has included distressed corporate and sovereign debt, bank loans, equities and other instruments across the capital structure. The work begins with balance-sheet survivability, asset value, legal priority and access to liquidity, but it also requires a judgment about how governments, creditors, management teams and markets will adapt under pressure.
His most celebrated investments came during periods of severe dislocation. Appaloosa bought distressed bonds after corporate failures in the 1990s and early 2000s, and purchased deeply depressed financial-company securities during the 2008–09 crisis after Tepper concluded that published government policy made a systemic collapse less likely. These trades illustrate his willingness to concentrate when the downside is bounded by a credible backstop and the market is pricing near-catastrophe.
Tepper’s edge is therefore not conventional low-volatility value investing. It combines fundamental credit analysis, macro and policy awareness, rapid reassessment and unusually high tolerance for mark-to-market volatility. He may own ordinary equities when they offer the best risk-reward, but the common thread is an asymmetric payoff rather than a permanent preference for any asset class or investment style.
Public accounts describe Appaloosa as one of the most successful hedge funds of its generation, but a complete, current, independently published return series is unavailable. The firm returned substantial outside capital as it evolved toward managing more of Tepper’s own wealth, which also makes recent performance and portfolio scale difficult to compare with its earlier partnership record.
Tepper’s record includes periods of sharp drawdown and positions that did not work as intended. A strategy built around distressed or highly cyclical securities can suffer when a presumed policy backstop, recovery value or timing judgment proves wrong. His success should therefore be understood as the result of risk selection and adaptation, not as evidence that distressed assets are inherently safe.