Profil et philosophie d'investissement

Appaloosa Management, le fonds de David Tepper, a réduit son exposition à la Chine au premier trimestre 2026, recentrant son attention sur les leaders technologiques américains. Amazon demeure sa première position, mais il a nettement renforcé ses paris sur Micron Technology et Taiwan Semiconductor (TSM) afin de capter le super-cycle du matériel lié à l'IA. Le style opportuniste de Tepper lui permet de pivoter rapidement entre les secteurs pour suivre les meilleurs rendements ajustés du risque.

Track Record

Tepper founded Appaloosa Management in 1993 after leaving Goldman's high-yield desk. Through 2019 (when he converted to a family office structure), Appaloosa compounded at roughly 25% net annualized, one of the strongest long-term track records in distressed and event-driven investing. The 2009 financial-sector trade alone reportedly netted around $7 billion in personal profit and pushed AUM toward $20 billion at peak. Institutional Investor named him Hedge Fund Manager of the Year in 2009. He also owns the Carolina Panthers (NFL) and Charlotte FC, funded largely from Appaloosa profits.

Trades emblématiques

Stratégie actuelle (2026)

Appaloosa's Q1 2026 13F continues to lean heavily into US-listed China tech and US mega-cap AI. Alibaba remains the single largest position, alongside large stakes in PDD, JD and Baidu — a bet that Beijing's stimulus pivot and consumer recovery finally close the valuation gap. On the US side, Tepper still holds material positions in Meta, Microsoft, Amazon, Nvidia and Alphabet, treating them as the operating leverage on AI capex. He has trimmed financials and selectively reduced energy. The portfolio is concentrated, with the top ten names typically running above 70% of disclosed long equity. The macro thesis: Fed cuts plus Chinese reflation drive a parallel earnings recovery in both regions, with mega-cap tech as the cleanest expression.

Tepper's edge has always been timing the policy pivot, and the China book is a textbook attempt at it: cheap multiples, hated tape, government finally pushing on the gas. The risk is that the pivot keeps stalling and the regulatory tail never fully goes away, leaving the Alibaba thesis as a value trap with geopolitical optionality. We like the US mega-cap allocation as the hedge: if China disappoints, AI capex still funds the print. What we would not copy is the concentration. Tepper can afford 20%+ in a single Chinese ADR; most readers cannot. Take the framework, not the position size.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 5,17 Md €. Positions: 31 positions.