Hedge fund billionaire David Tepper’s bet on China involved increasing his exposure to the leading e-commerce companies in the world’s second-largest economy, according to the latest securities filing. Tepper’s Appaloosa Management more than doubled its position in Temu parent PDD Holdings in the third quarter, according to the hedge fund’s quarterly filing. Between Alibaba , PDD and JD.com , Appaloosa held roughly $2 billion of Chinese e-commerce stocks at the end of September. Tepper told CNBC in September that he had bought ” everything ” related to China after stepped-up domestic stimulus measures there, plus the Federal Reserve’s half-point rate cut. The 13F filing to the U.S. Securities and Exchange Commission showed that Appaloosa added exposure to the region through PDD and other China-related plays such as Wynn Resorts , though it did slightly reduce positions in Alibaba and the iShares FTSE China ETF (FXI) . Other notable purchases for Tepper included new positions in Vistra Corp. and NRG Energy , and widening his holding in Lyft . Appaloosa also had several significant sales in the quarter. The hedge fund reduced its stake in several U.S.-based tech companies, including Amazon and Microsoft , and exited positions in UPS and Boeing . The quarterly hedge fund filing released Thursday showed only positions in U.S.-traded equities, including American depositary receipts, and some derivatives. The full extent of Appaloosa’s portfolio is unclear. It is also not known when Appaloosa made the transactions reflected in the portfolio, or if the fund has changed those positions since the end of September. Stocks linked to China have been particularly volatile in recent months, as investors consider the effectiveness of the new stimulus program there, as well as the potential effect of Donald Trump’s election win in the U.S. PDD Holdings, for example, was trading below $90 per share in late August, shot up above $150 per share by early October and had settled back to about $112 by Thursday. PDD 6M mountain Chinese stocks like PDD Holdings have been volatile in recent months. Tepper, who founded Appaloosa in 1993, is also the owner of the National Football League’s Carolina Panthers.
