Hedge Funds Shift Focus to Chinese Stocks, Reduce Apple and Amazon Holdings

🗝️ Key Points

• As of mid-November, most Institutional investors in the U.S.
• stock market completed their third-quarter 13F filings.
• Notably, there was a significant increase in foreign interest in Chinese equities.

As of mid-November, most institutional investors in the U.S. stock market completed their third-quarter 13F filings. Notably, there was a significant increase in foreign interest in Chinese equities. High-profile hedge funds, Including those led by David Tepper (Trades, Portfolio), George Soros (Trades, Portfolio), and Michael Burry (Trades, Portfolio), as well as asset management giants like Baillie Gifford (Trades, Portfolio) and Oaktree Capital, have boosted their holdings in Chinese stocks by the end of the third quarter.

David Tepper (Trades, Portfolio)’s Appaloosa Management increased its investment in Chinese stocks from 26% to 38% of its portfolio, significantly upping its positions in companies like Pinduoduo (PDD), JD.com (JD), and Beike. Specifically, the fund acquired an additional 3.36 million shares of Pinduoduo, bringing its total to 5.3 million shares, valued at $715 million.

Meanwhile, hedge fund manager Michael Burry (Trades, Portfolio)’s Scion Asset Management saw its portfolio value surge by 148%, with increased holdings in Alibaba (BABA), JD.com (JD), and Baidu. Soros Fund Management also boosted its stake in Alibaba by 280,000 shares, doubling its JD.com position.

Baillie Gifford (Trades, Portfolio) increased its Pinduoduo holdings by nearly 1 million shares, valuing its position at $4.9 billion. Oaktree Capital disclosed new stakes in Ctrip, Alibaba, and other Chinese firms while reducing its JD.com position.

HHLR Advisors, part of Hillhouse Capital, grew its portfolio by over 10%, focusing heavily on Chinese companies. Its top ten holdings are dominated by Chinese stocks, including Beigene, Alibaba, and Pinduoduo. Gaoyi Asset Management also increased its holdings in Pinduoduo, Beike, and other Chinese firms, while cutting positions in Tencent Music and others.

In contrast, hedge funds have been reducing their exposure to major U.S. tech stocks. Apple (AAPL, Financial) and Amazon (AMZN) saw substantial reductions in holdings. For instance, Arrowstreet Capital and Viking Global offloaded over 5 million shares of Amazon, while Berkshire Hathaway cut its Apple holdings by roughly 25%, with a position valued at $70 billion.

Data compiled by Bloomberg shows a collective $11 billion reduction in Amazon holdings by hedge funds, driven by both net selling and stock price declines. Despite a 5.5% rise in the S&P 500, the tech-heavy Nasdaq 100 recorded only a 1.9% gain over the same period, with top tech stocks contributing less to market gains.

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