BABA
BIDU
China exposure, but make it picky
David Tepper isn’t exactly slamming the door on China. He’s just being a lot choosier about who gets invited in. In Appaloosa’s second-quarter 13F, the fund cut its Alibaba stake by about 12%, sold out of JD.com, PDD Holdings, and the KraneShares CSI China Internet ETF, then turned around and added to Baidu by roughly 14%.
Not a China breakup — more like a portfolio glow-up
That’s the kind of move that says, “I still like the neighborhood, but I’m not buying every house on the block.” Instead of taking a blanket bet on Chinese internet stocks, Tepper seems to be narrowing in on individual names he likes better. For investors, that matters because Tepper has been one of Wall Street’s louder China bulls, so when he gets more selective, people notice.
The 13F catch
One big asterisk: 13F filings are a rear-view mirror. Appaloosa’s holdings here are as of June 30, 2026, which means the fund could’ve shuffled things again since then. Still, the filing gives a useful snapshot of how one high-profile investor is thinking: less broad China ETF energy, more stock-picking discipline.
Big picture
The headline isn’t that Tepper left China. It’s that he’s treating it like a buffet and skipping the mystery meat. For investors, that usually means the market’s moving from a simple macro trade to a more nuanced, company-by-company call.