Billionaire David Tepper's China Puzzle: Appaloosa Cuts Alibaba Stake While Doubling Down On PDD

Billionaire investor David Tepper‘s Appaloosa Management reduced its stake in Alibaba Group Holding Ltd (NYSE:BABA) by 5% in the third quarter, despite his recent public enthusiasm for Chinese investments, according to regulatory filings released Thursday.

What Happened: The reduction comes just months after Tepper declared that he would buy “everything” China-related amid Beijing’s stimulus efforts. Despite the trim, Alibaba remains Appaloosa’s largest holding, representing 15.75% of its $6.7 billion equity portfolio.

The hedge fund’s third-quarter moves reveal a complex strategy toward Chinese investments. While reducing positions in the iShares China Large-Cap ETF (NYSE:FXI), KraneShares CSI China Internet ETF (NYSE:KWEB), and Baidu Inc (NASDAQ:BIDU), Tepper more than doubled his stake in PDD Holdings Inc (NASDAQ:PDD) ...

Full story available on Benzinga.com