Appaloosa Management L.P. 13F holdings and portfolio analysis
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Baseline
분석 메시지이 펀드에 대한 사전 생성된 Q&A. 자신의 분석을 위한 참조 컨텍스트로 사용하세요.
Directly following the baseline means accepting a concentrated 13F clone with benchmark-like market exposure and filing-lag risk. The baseline top 5 concentration is 44.48% and top 10 is 66.68%, led by BABA at 12.69%, GOOGL at 9.44%, AMZN at 8.47%, MU at 7.21%, and META at 6.67%. Sector exposure is concentrated in Consumer Discretionary at 32.92%, Information Technology at 24.64%, and Communication Services at 17.38%. Backtest metrics show beta 1.00, max drawdown -29.75%, and identical optimized/original results, so there is no risk-reduction buffer from reweighting.
The best recent periods to study are the ones where excess return was strong but turnover and dispersion were high. In 2023-03-31, baseline returned 15.42% versus 7.90% for SPY, a 7.52-point excess return with 36.90% turnover. In 2025-06-30, it returned 11.74% versus 4.20%, a 7.54-point excess return with 46.78% turnover. On the weak side, 2024-03-31 returned -2.06% versus SPY’s 2.31%, a -4.38-point lag, and 2023-12-31 underperformed by -1.13 points despite 22.90% turnover. These periods show the trade-off clearly: alpha came in bursts, but the path was uneven and turnover was often meaningful.
A user should inspect three things next: concentration, lag sensitivity, and turnover. First, the baseline holds 44.48% in the top five and 88.87% in the top twenty, so position-level risk matters a lot. Second, risk notes explicitly say the backtest uses filing-based implementation, creating a disclosure lag between manager action and copycat trade dates. Third, turnover can spike materially: 94.21% in 2023-06-30, 46.78% in 2025-06-30, and 46.27% in 2025-09-30, with trade counts reaching 36 in the latest listed period. Those three checks matter more than headline return alone.