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.
David Tepper Piling Into China, Trimming Off U.S. Tech
According to his fund’s latest 13F filing, Tepper loaded up on Alibaba Group Holdings (NYSE:GOOGL), among other big names.
Alibaba, FXI, PDD … Now Among Top Holdings
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: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:KWEB), 1.35%.
Top Sells Include Many Of The Magnificent Seven
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:GOOGL) | 5.60% | 4.68% |
Data Source: 13F filing, Whalewisdom
Tepper added Adobe Systems, Inc. (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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