Appaloosa LP

Appaloosa LP provides discretionary investment management to pooled vehicles, principally Palomino Master Ltd., its feeder Palomino Fund Ltd., and Azteca Partners LLC, with Palomino Fund offered to sophisticated and institutional investors and Azteca primarily for principals and employees. The firm pursues an event-driven strategy across public and private equities, high-yield bonds, bank loans, sovereign debt, distressed securities and SPACs, emphasizing active trading rather than a buy‑and‑hold approach.

Investment decisions are driven primarily by fundamental research and may employ leverage, short selling, hedging and derivatives, as well as co‑investments and allocations to unaffiliated private funds and ETFs. Appaloosa manages accounts on a discretionary basis, allocates IPOs and limited offerings under written allocation procedures, may enter side letters granting specific investor rights, and maintains policies intended to address conflicts arising from performance‑based compensation and side‑by‑side management.

Notable features that distinguish Appaloosa from many peers include its registration with the Commodity Futures Trading Commission as a commodity pool operator and membership in the National Futures Association, with a stated plan to transition to reliance on CFTC Letter 25‑50 and withdraw that registration. The firm also operates Azteca as an employee/principal vehicle that is not subject to asset‑based fees and has explicitly flagged its evaluation and potential use of artificial intelligence technologies and related operational and regulatory risks.