In the first quarter of this year, many Wall Street giants have chosen to reduce their holdings in the "Big Seven" US stocks and increase their holdings in Chinese concept stocks.
On May 15th, the US Securities and Exchange Commission (SEC) revealed that hedge fund Appaloosa Management, owned by billionaire investor David Tepper, increased its holdings of 6.9 million shares in Alibaba in the first quarter of this year, becoming its largest heavy holdings. Compared to the end of the previous quarter, the holdings increased by 158.62%.
In addition to Alibaba, the fund also increased its holdings in Pinduoduo and Baidu in the first quarter, both of which were listed in its top ten heavy holdings. In addition, the fund also invested in JD.com and two Chinese stock ETFs listed in the United States in the first quarter. At the same time, the fund reduced its holdings in the "seven giants" of the US stock market, including Amazon, Microsoft, Facebook parent company Meta, and Nvidia.
Similarly, Scion Asset Management, a prototype of the movie "Big Short," also increased its holdings in Chinese concept stocks. The fund increased its holdings in JD.com and Alibaba in the first quarter of this year, with an increase of 160000 shares and 50000 shares respectively. As of the end of the first quarter, JD and Alibaba accounted for 9.53% and 8.74% of the fund's investment portfolio, respectively, making them the largest and second largest holdings of the fund.
It is worth noting that many Wall Street institutions have also joined the army of reducing their holdings in the "seven giants" of the US stock market.
According to SEC disclosure, Druckenmiller's Duke family office sold over 441000 shares of Nvidia stock in the first quarter of this year. Wildcat Capital Management reduced its holdings of 22000 Meta stocks, bringing its position in Meta to $23.7 million.