Appaloosa Management's Latest 13F Filing Highlights Major Moves in Tech and Chinese Markets
David Tepper (Trades, Portfolio), the esteemed founder of Appaloosa Management, has once again made headlines with his strategic investment choices in the first quarter of 2024. Known for his keen market insights and high returns, Tepper's recent 13F filing reveals significant adjustments in his portfolio, particularly with a substantial increase in Alibaba Group Holding Ltd. Operating from Miami Beach, Florida, Tepper's firm specializes in distressed debt but also holds substantial equity positions across various sectors globally.
Summary of New Buys
David Tepper (Trades, Portfolio)'s portfolio welcomed six new stocks in this quarter:
- Adobe Inc (ADBE, Financial) emerged as the top new addition with 350,000 shares, valued at approximately $176.61 million, making up 2.61% of the portfolio.
- iShares China Large-Cap ETF (FXI, Financial) followed, with Tepper acquiring 6,375,000 shares, which represent 2.27% of the portfolio, totaling around $153.45 million.
- JD.com Inc (JD, Financial) was also a notable addition with 3,649,863 shares valued at approximately $99.97 million, accounting for 1.48% of the portfolio.
Key Position Increases
Tepper's strategy included bolstering positions in six stocks, with significant emphasis on Chinese holdings:
- Alibaba Group Holding Ltd (BABA, Financial) saw an impressive addition of 6,900,000 shares, increasing the total to 11,250,000 shares. This adjustment marks a 158.62% increase in share count and a 7.39% impact on the current portfolio, with a total value of $814.05 million.
- PDD Holdings Inc (PDD, Financial) also saw a substantial increase, with an additional 1,325,000 shares bringing the total to 2,100,000 shares. This represents a 170.97% increase in share count, valued at $244.13 million.
Summary of Sold Out Positions
During the first quarter of 2024, David Tepper (Trades, Portfolio) exited positions in seven stocks:
- HCA Healthcare Inc (HCA, Financial) was completely sold off with all 117,198 shares liquidated, impacting the portfolio by -0.55%.
- FMC Corp (FMC, Financial) also saw a complete exit with 325,000 shares sold, resulting in a -0.35% portfolio impact.
Key Position Reductions
Tepper reduced his stakes in 13 stocks, with significant cuts in major tech companies:
- Uber Technologies Inc (UBER, Financial) saw a reduction of 4,640,000 shares, a -77.33% decrease, impacting the portfolio by -4.93%. The stock traded at an average price of $71.78 during the quarter.
- Meta Platforms Inc (META, Financial) was reduced by 727,500 shares, a -39.32% decrease, impacting the portfolio by -4.45%. The stock's average trading price was $446.07 during the quarter.
Portfolio Overview
As of the first quarter of 2024, David Tepper (Trades, Portfolio)'s investment portfolio included 39 stocks. The top holdings were notably concentrated in technology and Chinese market sectors, with Alibaba Group Holding Ltd (BABA, Financial) making up 12.05% of the portfolio, followed by Amazon.com Inc (AMZN, Financial) at 10.22%, and Microsoft Corp (MSFT, Financial) at 8.72%. Other significant holdings included Meta Platforms Inc (META) and NVIDIA Corp (NVDA, Financial).
Tepper's latest moves reflect a strategic adjustment towards Chinese equities and major tech firms, indicating a bullish outlook on these sectors amidst global market fluctuations. Investors and market watchers will undoubtedly keep a close eye on Appaloosa's activities as they unfold in the upcoming quarters.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
