然而，桥水、大空头、索罗斯等知名对冲基金大佬却“精准错过”了这波涨势。In the fourth quarter, Bridgewater significantly reduced its holdings in Chinese concept stocks, cutting its positions in Alibaba by half. These actions resulted in a 23% decrease in the market cap of the Chinese concept stocks held by Bridgewater compared to the previous quarter, amounting to approximately 0.267 billion dollars. The big short Michael Burry and the Soros Fund both sold their shares in Alibaba and switched to other Chinese concept stocks.
With the explosive popularity of Deepseek, it has added fuel to the rise of the Chinese stock market. The market is beginning to consider that perhaps the entire Chinese Assets need reevaluation. Some funds have shown foresight, making substantial profits, while others have missed the mark precisely.
Hedge fund moguls who vowed to buy 'everything' in Chinese assets have already taken action. A Form 13F filing from billionaire investor David Tepper's Appaloosa LP shows that the hedge fund significantly increased its holdings in Chinese concept stocks and Chinese stock funds in the fourth quarter of last year, including, $Alibaba (BABA.US)$ still remains Appaloosa's largest holding, accounting for 16% of its net assets. Tepper believes that Chinese stocks are much cheaper compared to US stocks.
However, renowned hedge fund giants like Bridgewater, the big short players, and Soros have 'precisely missed' this wave of growth.
Tepper's 'buy everything' vs Bridgewater's cautious 'betting'.
The famous China stock bull Tepper increased his holdings in the fourth quarter of last year. $JD.com (JD.US)$ 3.17 million shares, $Alibaba (BABA.US)$ 1.84 million shares,$KE Holdings (BEKE.US)$0.4 million shares,$Baidu (BIDU.US)$0.1 million shares,$PDD Holdings (PDD.US)$55,000 shares. $KraneShares CSI China Internet ETF (KWEB.US)$ 0.81 million shares, $iShares China Large-Cap ETF (FXI.FTOLD.US)$ 800,000 shares. He mentioned in late September last year, "After the Federal Reserve cut interest rates, one big bet I made was to Buy all stocks related to China."
In contrast, the world's largest hedge fund, Bridgewater, significantly reduced its holdings of Chinese stocks listed in the USA during the same period. According to the Form 13F it submitted on Thursday, Bridgewater cut back on most of its positions in Chinese concept stocks in the fourth quarter, including:
Upgraded. $Alibaba (BABA.US)$ The Hold Positions were reduced by half.
Shareholding.$Tencent Music (TME.US)$14% of the shares.
Cut back.$iQIYI (IQ.US)$25% of the positions.
Shareholding $PDD Holdings (PDD.US)$ 、 $Trip.com (TCOM.US)$ and$Yum China (YUMC.US)$shares
These operations resulted in a 23% decrease in the value of Bridgewater's holdings in US-listed Chinese stocks compared to the previous quarter, to approximately $0.267 billion.
However, Bridgewater is not "reducing all positions." The fund significantly increased its holdings in $Li Auto (LI.US)$(an increase of 131%) and $Baidu (BIDU.US)$ (an increase of 72%), which both performed strongly in the New York market, bringing substantial returns to Bridgewater. Bridgewater also slightly increased its holdings in $NIO Inc (NIO.US)$Autos by 29%, but the stock subsequently fell and failed to provide returns.
In addition, the document revealed that among Bridgewater's global $172 billion in Asset Management, it holds a total of 691 publicly traded stocks valued at $21.8 billion. The company owns $2.2 billion in shares of the USA "Seven Giants," but the total value of these companies has changed little compared to the third quarter of last year.
Burry and Soros: Missed Alibaba.
In addition to Bridgewater, major short-sellers Michael Burry and Soros also made "Shareholding" maneuvers, selling off Alibaba while increasing their holdings in other Chinese concept stocks, adjusting their investment portfolios:
Michael Burry's Scion Asset Management significantly reduced its holdings of Alibaba ADR (25%) and JD.com ADR (40%) at the end of last year; established a new position in PDD Holdings (0.075 million ADR); kept the Baidu Hold Positions unchanged.
George Soros's Soros Capital Management completely liquidated its position in Alibaba and$Microsoft (MSFT.US)$; established a new$NVIDIA (NVDA.US)$and$Chipotle Mexican Grill (CMG.US)$The positions; significantly increased shareholding.$Amazon (AMZN.US)$and$Taiwan Semiconductor (TSM.US)$of Stocks.
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