Overview
A. General Description of Firm. Appaloosa, a Delaware limited partnership, is an investment adviser
with its principal place of business in Short Hills, New Jersey. Appaloosa commenced operations as an
investment adviser on January 1, 2016. On that date, Appaloosa replaced Appaloosa Management L.P.
(“AMLP”), a Delaware limited partnership, as investment adviser to Palomino Master Ltd. Appaloosa
Capital Inc. is the general partner of Appaloosa. David A. Tepper is the principal owner of Appaloosa,
Appaloosa Capital Inc. and AMLP.
B. Description of Advisory Services. Appaloosa provides advisory services on a discretionary basis to
two private funds, Palomino Master Ltd. ("Palomino Master"), its feeder fund Palomino Fund Ltd. (“Palomino
Fund”) and Azteca Partners LLC (“Azteca” and collectively with Palomino Master and Palomino Fund,
“Clients” or “Funds”). Palomino Fund is intended for sophisticated investors and institutional investors.
Azteca is an investment vehicle primarily for principals and employees of Appaloosa.
Appaloosa is generally granted broad investment authority with respect to the management of the accounts
of its Clients. Appaloosa seeks to obtain annual returns substantially in excess of those derived from buy-
and-hold strategies for equity securities, investment-grade fixed-income and high-yield debt by purchasing
and selling high-yield
bonds, bank loans to highly-leveraged companies, sovereign debt and other debt and
equity securities, including securities of financially-distressed companies and special purpose acquisition
companies (SPACs).
Investors and prospective investors should refer to the confidential private placement memorandum of
Palomino Fund and the limited liability company agreement, memorandum and articles of association, and
other governing documents for each Fund (the “Governing Documents”) for more complete information
about the investment objectives and investment restrictions with respect to a particular Fund. There is no
assurance that the investment objectives will be achieved.
C. Availability of Tailored Services for Individual Clients. Appaloosa may enter into “side letters” or
similar agreements with certain investors in the Funds granting the investor certain specific rights, benefits,
or privileges that are not made available to other investors. Investors may not impose restrictions on
investing in certain securities or certain types of securities except as agreed to in the Governing Documents.
D. Wrap Fee Programs. Appaloosa does not participate in wrap fee programs.
E. Assets Under Management. As of January 1, 2024, Appaloosa had approximately $15,174,095,131
in net assets under management, all of which was managed on a discretionary basis.