Billionaire Investors Trims Alibaba stakes.
(Bloomberg)
Tepper’s Appaloosa Management cut its Alibaba stake by 5% in the three months through September, according to a 13F filing released on Thursday. Alibaba, however, remains the hedge fund’s largest holding, accounting for 16% of its $6.7 billion equity portfolio.
Tepper also trimmed exposure in the iShares China Large-Cap exchange-traded fund, the KraneShares CSI China Internet ETF and Baidu Inc. At the same time though, Tepper more than doubled its stake in PDD Holdings, and increased positions in JD.com Inc. and KE Holdings Inc., the filing showed.
That stands in contrast to what Tepper said during a CNBC interview in September, when China’s top officials ramped up efforts to revive growth, fueling a rally in the nation’s stock market.
“Everything. ETFs, I would do futures — everything. Everything,” Tepper said during the interview with the network in September, when asked about which Chinese stocks he is buying on the policy shift.
Overall though, Tepper’s exposure in Chinese stocks and ETFs increased in the third quarter, to 38% of his equity portfolio from 26% in the three months through June.
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