David Tepper Sticks to China Bet While Trimming Nvidia Holdings

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David Tepper Sticks to China Bet While Trimming Nvidia Holdings

(Bloomberg) — Billionaire investor David Tepper held about steady in the ******** companies that he scooped up earlier this year, even as he trimmed his stakes in Alibaba Group Holding Ltd. and US tech giants.

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While Tepper’s Appaloosa Management cut its stake in Alibaba by about 7% in the second quarter, the ******** e-commerce giant ******** the fund’s biggest position, accounting for 12% of its $6.2 billion equity portfolio, according to a 13F regulatory filing Wednesday.

Tepper also tweaked his investment in other ******** companies, adding stakes in JD.com Inc., KE Holdings Inc. and two ******** exchange-traded funds, while reducing positions in PDD Holdings and

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Inc. All told, the ******** shares and ETFs made up 26% of the fund’s equity portfolio.

Tepper — who founded Appaloosa in 1993 — continued to slash his exposure to US tech companies, including

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.com,

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Corp., and Meta Platforms Inc. His holdings in Nvidia Corp. fell by 84% during the quarter to $85 million, or 1.4% of the portfolio.

Tepper, along with Scion Asset Management’s Michael Burry, has become one of the few prominent China stock bulls among hedge fund investors. He loaded up on ******** stocks in the first quarter – more than doubling his stake in Alibaba — as an equity rout prompted state-backed funds to step up purchases to prop up the market.

Read: Michael Burry Raises Alibaba Stake, Cuts Stock Portfolio in Half

Since then, ******** stocks have been struggling to gain momentum as the years-long housing slump sapped consumer confidence. The MSIC China Index gained just 0.4% this year as one of the biggest laggards in the global market, trailing the S&P 500’s 14% return.

Like Tepper, Burry — who rose to fame for his bet against the US housing market in 2008 — stuck to his bullish bets on China, even as he slashed his overall equity portfolio in half in the second quarter. Burry boosted his stake in Alibaba and

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last quarter, while paring back on JD.com. The three ******** companies made up 46% of his $52 million equity portfolio.

Alibaba and JD.com will report latest quarterly earnings on Thursday. Alibaba has returned 4.8% this year, including dividend, while JD.com lost 7.7%.

–With assistance from Yiqin Shen.

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