As an investor, staying informed about the moves of top hedge funds can provide valuable insights into market trends and potential investment opportunities. In the first quarter of 2024, billionaire investor David Tepper’s hedge fund, Appaloosa Management, made some interesting adjustments to its portfolio.
One notable shift was the increase in bets on Chinese tech stocks, with Alibaba now being its top holding after purchasing several hundred million dollars worth of shares. Additionally, the fund significantly boosted its stakes in PDD Holdings and Baidu, bringing them into the top ten holdings list. This strategic move reflects confidence in the growth potential of the Chinese tech sector.
In terms of new additions, Appaloosa included stocks with a Chinese tilt such as Adobe, JD.com, and the iShares FTSE China Large-Cap ETF (FXI) and the Kraneshares CSI China Internet ETF (KWEB). These additions demonstrate a strategic diversification within the fund’s portfolio.
While the fund still maintains sizable positions in American tech names, it did trim some of them during the quarter, including Alphabet and Meta Platforms. It also disclosed holding put options against Microsoft, hinting at potential selling in the upcoming quarter.
Outside of the tech sector, Appaloosa made moves in other industries as well, exiting a small position in hospital stock HCA Holdings and adding a small position in Boeing. These adjustments reflect a balanced approach to portfolio management across different sectors.
Keep in mind that quarterly hedge fund filings do not provide specific details about when trades were made or at what price. However, monitoring these filings can offer valuable insights into the investment strategies of top investors like David Tepper.
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