What if you had copied Appaloosa?
David Tepper
The verdict
Copying Appaloosa's 13F filings from Feb 2020 would have turned $10,000 into $31,949, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +18.9% a year against +14.4% for the S&P 500, 4.5 points a year ahead. Its worst fall was 31.5%, from Feb 19, 2020 to Mar 16, 2020. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Appaloosa$31,949
- S&P 500$24,639
- Bought their first portfolio and never traded$39,245
If you had bought their first portfolio and never traded, you would have ended at $39,245, so following every move cost $7,296.
- $10,000 copied
- $31,949
- +219.5%, +18.9% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $39,245
- Bought their first portfolio and never traded
- Worst fall
- −31.5%
- Feb 19, 2020 to Mar 16, 2020
- Trades
- 273
- 149 buys, 124 sales over 27 filings; about 77% of the copy traded a year
The moves that made the most
- AMZNAmazon.com+$2,617
Held since Feb 2020, the stock up 148%
- MUMicron Technology+$2,536
Held since Feb 2020, the stock up 1,150%
- METAMeta Platforms+$2,226
Held since Feb 2020, the stock up 197%
- NVDANVIDIA+$2,107
Held since May 2023, the stock up 514%
- BABAAlibaba+$1,744
Held since Feb 2020
- GOOGAlphabet+$1,685
Held since Feb 2020, the stock up 281%
The moves that cost the most
- MMacy's−$346
Held from Feb 2021 to Nov 2024
- BIDUBaidu−$318
Held since Aug 2023, the stock down 40%
- WHRWhirlpool−$316
Held since Feb 2024, the stock down 67%
- CRWVCoreweave−$283
Held since Aug 2026, the stock down 54%
- BABoeing−$236
Held since May 2024, the stock down 42%
Held from Aug 2022 to Feb 2026, the stock down 59%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +23.1% | +13.1% | +10.0 |
| 2021 | +16.5% | +28.7% | −12.3 |
| 2022 | −13.4% | −18.2% | +4.8 |
| 2023 | +52.4% | +26.2% | +26.2 |
| 2024 | +23.5% | +24.9% | −1.4 |
| 2025 | +35.5% | +17.7% | +17.8 |
| 2026to Nov 2026 | +0.9% | +11.5% | −10.6 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.