In this article, we discuss the 10 New Stocks in David Tepper’s Portfolio.
David Tepper, the billionaire founder and president of Appaloosa Management, adjusted his portfolio in Q3 2025 by selling his positions in Oracle and Intel entirely and reducing his stakes in major industry players, including UnitedHealth, Micron Technology, Vistra Corp, and Lyft. At the same time, the billionaire notably locked in on Whirlpool, upping stakes by nearly 2000%. Appaloosa’s position in Goodyear Tire & Rubber also expanded by approximately 500% in Q3. The billionaire also added eight new financial services, banking, and fintech stocks to his portfolio during the third quarter of 2025.
Tepper’s moves indicate a recalibration toward sectors he expects to benefit in the coming year. According to Goldman Sachs’ global economic outlook 2026, published on December 19, the global GDP is expected to climb 2.8% in 2026, up from the prior consensus estimate of 2.5%. US GDP growth is expected to rise to 2.6%, outpacing market estimates, driven by lower taxes, a more favorable financial environment, and reduced economic burden from tariffs.
Goldman Sachs Asset Management also recently published its Investment Outlook 2026 report, in which it expects economic conditions to remain driven by multiple factors. For the US equity market, they maintain focus on companies with high gross margins, solid balance sheets, and sustainable growth drivers. The report further states:
“The Magnificent 7 continue to expand their market share through strong core businesses and strategic reinvestment. In our view, the strong earnings power of these large companies may set the stage for further gains. We believe hyperscalers’ AI capex will extend into 2026, and we continue to monitor associated AI infrastructure spending, as well as AI application build-out and monetization.
However, we see some signs of homogeneity in performance among these large players evolving into greater dispersion. We’re observing a similar trend of increasing scale across other market segments. In retail, for instance, Walmart and Costco have captured a significant share of sales growth, benefiting from strong value offerings, operational leverage, and effective supplier negotiations. Financials is another area in which this trend is clear.”
Goldman Sachs team further added:
“We seek to harness opportunities arising from market dispersion, identify high-quality businesses supported by megatrends, and maintain a disciplined approach to valuations in an effort to deliver strong returns.”
With that outlook in mind, let’s take a look at the 10 new stocks in Billionaire David Tepper’s portfolio.
Our Methodology
For this list, we used Appaloosa Management’s Q3 13F portfolio, selecting the 10 new stocks in which the hedge fund acquired stakes. We have included the hedge fund’s stake value for each holding at the end of Q3 2025, along with the hedge fund’s overall sentiment for these stocks as of Q3 2025. The list is sorted in ascending order by the hedge fund’s stake value in each position.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
10. Zions Bancorporation, National Association (NASDAQ:ZION)
Number of Hedge Fund Holders: 37
Appaloosa Management’s Stake Value: $16,125,300
Zions Bancorporation, National Association (NASDAQ: ZION) is one of the new stocks David Tepper has bought. As of December 29, the average price target for ZION suggests an upside of 6%; however, the Street high indicates an upside of 26%. In Q3 2025, David Tepper purchased 285,000 shares of ZION valued at $16.1 million.
On December 16, The Fly reported that Anthony Elian, an analyst from JPMorgan, maintained a Neutral rating on ZION with a price target of $67, up from $62. JPMorgan forecasts “solid upside potential” in 2026 for regional banks. The positive drivers include further rate reductions by the Fed, steady loan growth, and increased mergers and acquisitions, according to the analyst’s note to investors.
Separately, on December 18, Matthew Clark, a Piper Sandler analyst, reiterated a Hold recommendation on Zions Bancorporation with a price target of $63.
In a corporate update dated December 22, Zions Bancorporation reported that the President and Chief Executive Officer of the Zions Bank segment, Paul Burdiss, is retiring effective December 31, 2025. His position will be succeeded by Nathan Callister, who is the bank’s Executive Vice President and Executive Director of Commercial Banking. He has also previously worked at Wells Fargo Bank in an executive role.
Zions Bancorporation, National Association (NASDAQ:ZION) is a Utah-based regional bank that offers commercial and small business banking, retail banking, investment banking, real estate financing, and wealth management.
