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American billionaire hedge fund manager David Tepper is bullish on China. Tepper is the founder and president of Appaloosa Management, a global hedge fund.
He is also the owner of the Carolina Panthers of the National Football League and Charlotte FC in Major League Soccer.
According to his fund’s latest 13F filing, Tepper loaded up on Alibaba Group Holdings (NYSE:BABA) stock and trimmed stake in U.S. technology behemoths including Nvidia Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META) and Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), among other big names.
Alibaba, his fund’s fifth-largest holding until last quarter, is now his hedge fund’s number-one holding. The stock now commands 12.05% of the Appaloosa portfolio (up from the 5.82% earlier). Tepper first bought Alibaba stock for the Appaloosa fund, back in the second quarter of 2022. With the additional 6.9 million shares bought, Appaloosa owns 0.41% of the company.
Among Tepper’s other top buys in first quarter 2024 was the iShares China Large-Cap ETF (NYSE:FXI). FXI is a new holding for the Appaloosa fund. With 6.375 million shares bought into the fund, FXI commands 2.27% of the portfolio. Another China-based top buy for the Appaloosa portfolio this quarter was PDD Holdings – ADR (NASDAQ:PDD). With 1.325 million shares bought in the first quarter of 2024, the stock now commands 3.61% of the Appaloosa portfolio.
Other stocks of China-based companies that are part of the fund include: Baidu Inc (NASDAQ:BIDU) commanding 2.81% of the fund, JD.com (NASDAQ:JD), 1.48%; and the KraneShares CSI China Internet ETF (NYSE:KWEB), 1.35%.
While Tepper is going all bull on China, he trimmed his stake in U.S. technology giants. These include many of the Magnificent Seven stocks:
His top sells in the first quarter of 2024 included:
| Company | Previous % Portfolio | Current % of Portfolio |
| Meta Platforms Inc (NASDAQ:META) | 11.31% | 8.07% |
| Microsoft Corp (NASDAQ:MSFT) | 11.04% | 8.72% |
| Intel Corp (NASDAQ:INTC) | 3.99% | 2.45% |
| Amazon.com Inc (NASDAQ:AMZN) | 10.36% | 10.22% |
| Nvidia Corp (NASDAQ:NVDA) | 6.76% | 5.91% |
| Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) | 5.60% | 4.68% |
Data Source: 13F filing, Whalewisdom
Tepper added Adobe Systems, Inc. (NASDAQ:ADBE) and Oracle Corp. (NASDAQ:ORCL), which were among his top buys for the quarter.
The news has been driving China-based companies’ stocks up. Alibaba stock was up 7% and iShares China Large-Cap ETF was up 2.5% by Noon ET, Thursday.
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Posted In: ADBE AMZN BABA BABAF BIDU FXI GOOG GOOGL INTC JD KWEB META MSFT NVDA ORCL PDD
