Appaloosa’s latest 13F reveals a portfolio undergoing a high-conviction rotation rather than a broad risk-off retreat. David Tepper leaned into cyclicals and China exposure while selectively trimming mega-cap tech winners, signaling a shift toward asymmetric mean-reversion opportunities.The changes reflect a classic Tepper playbook: add aggressively where sentiment is washed out and fundamentals are stabilizing, preserve upside in core franchises, and exit positions where the payoff skew has diminished. The ...