Appaloosa's Q3 F13 report was published
Super investor David Tepper's famous hedge fund published the changes made to its investment portfolio in the third quarter, and we are here to make sense of it for you.
A clear and decisive step is evident: Tepper reduces where he believes momentum has exhausted itself, and strengthens in value-focused areas.
A quick look at all the moves: 27 positions were reduced or closed, 19 positions were strengthened or reopened.
This is not just activity, this is strategy.
Technology – from broad scope to sharp focus.
Tepper has made the technology market a more precise field:
What was strengthened / new: New position in AMD, significant strengthening in QCOM, slight increases in NVDA, TSM.
What was sold / reduced: INTC, ORCL stocks – full exit, MU, VST stocks – cut by more than 30%, reductions in MSFT, META, GOOG, UBER, NRG.
A refreshing change – consumer stocks – strong entry into value areas.
What was strengthened: Whirlpool (WHR) stock – became the third largest holding, Fiserv (FISV) stock – entry in areas of weakness, a classic 'value with vision' move. The approach: buy depth where the market forgets – and turn weakness into opportunity.
Aviation – balance without exiting the game. The strategy here is subtle: slight reduction in DAL, UAL, new position in AAL. The message: not an escape – but an adaptation to a renewed demand map.
Moderate return to the Chinese market. An interesting turn in dealing with China: Strengthened: BIDU, FXI, KWEB – straight to 6th place in the portfolio. Slightly reduced: BABA, JD, PDD. Tepper returns to China – but cautiously, and with precise selection in technology and internet sectors.
The five largest holdings after the changes: 1 Alibaba, 2 Amazon, 3 Whirlpool, 4 Nvidia, 5 Google.
A structure that emphasizes: technology, consumption, and value – under the same in-depth approach.