Hedge fund billionaire David Tepper continued to increase his all-in bet on China at the end of 2024, scooping up shares of the biggest e-commerce names in the developing country. Appaloosa Management raised its stakes in Alibaba , PDD and JD.com in the fourth quarter as they continued to be among Tepper’s biggest holdings, according to a new 13F regulatory filing. The hedge fund also increased its investment in iShares China Large-Cap ETF (FXI) last quarter to a stake worth more than $200 million. The fund also boosted its ownership in KraneShares CSI China Internet ETF (KWEB) . In late September, Tepper told CNBC he is buying “everything” related to China because of Beijing’s signal for massive fiscal support. Back then, the high-profile investor even said he was raising his usual allocation limit and was not hedging his big China bet. Chinese policymakers have already cut interest rates to boost growth, and investors now await more detail on the nation’s promised stimulus measures , which could target areas including weak consumer demand and the struggling real estate market. The world’s second-largest economy beat forecasts with 5.4% growth in the final quarter of 2024, but significant concerns remain over deflation and the potential effects of President Donald Trump’s new 10% tariffs on Chinese imports. Beijing has responded with targeted retaliatory duties and vowed to take measures to protect its interests in the face of “bullying.” Outside of China, Tepper added a relatively small new bet on materials tech company Corning , worth about $71 million at the end of 2024.
