Tepper's Appaloosa Exited Apple But Bet More On Alphabet, Amazon, Microsoft, Meta

David Tepper

Cooper Neill / Contributor / Getty Images

Key Takeaways

  • David Tepper's Appaloosa exited position in Apple in the third quarter while increasing bets on other tech companies.
  • Appaloosa poured increased holdings of Meta, Amazon, Alphabet and Microsoft in its portfolio.
  • Reworked China exposure by exiting ETF positions, cutting back on Alibaba, Baidu and JD.com but taking a new position in a housing transactions company.
  • Tepper's fund also sold off shares in Marvell and Broadcom while trimming stakes in Intel, AMD and Taiwan Semiconductor Manufacturing.

David Tepper's hedge fund Appaloosa Management left positions in Apple (AAPL) and China-focused ETFs in the third quarter while raising its bets on other tech giants, according to a recently filed 13-F report.

Appaloosa Sours On Apple, Loads Up On Other Tech Stocks

Tepper's firm closed out its position in Apple in the third quarter, selling about 480,000 shares. But tech's still a favorite in its portfolio as it added roughly 587,000 shares of Amazon (AMZN), 450,000 shares of Meta (META), 440,000 shares of Alphabet Class C shares (GOOG) and 400,000 shares of Microsoft (MSFT) during that three month period.

Rejigging Exposure To China

Tepper's firm made big cuts to its holdings in several tech-focused Chinese companies. Most notably, the hedge fund sold off about 875,000 shares of Alibaba (BABA) worth about $60 million and more than 600,000 shares of Baidu (BIDU) worth roughly $85 million. Tepper also got out of two positions in China-focused ETFs provided by iShares and Kraneshares.

The only significant new position reported in Appaloosa's 13-F for the most recent quarter was a stake of 2.4 million shares of KE Holdings (BEKE) worth just over $37 million. KE is a Chinese holding company providing housing transactions and similar services.

Other Notable Position Changes

Outside of tech, the firm almost doubled its position in Chinese agricultural retail business PDD Holdings (PDD) with about 650,000 additional shares and added close to 300,000 shares of Caesars Entertainment (CZR).

Appaloosa exited several positions, in some cases selling off tens of millions of dollars worth of stock. It sold off 1.75 million shares of semiconductor maker Marvell Technology (MRVL) worth more than $100 million. It also closed out positions in Synopsis (SNPS), Broadcom (AVGO) and Cadence Design Systems (CDNS).

Appaloosa sold 775,000 shares of Taiwan Semiconductor Manufacturing (TSM), trimming the value of its stake by roughly $90 million. It also slightly pared back its holdings of Intel (INTC), JD.com (JD), Qualcomm (QCOM) and AMD (AMD).

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  1. Appaloosa Management. "13-F for the period ended September 30, 2023."

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