The hedge fund mogul David Tepper, who once boldly claimed to &#34;buy everything related to China,&#34; has turned somewhat cautious, as his fund reduced its holdings in Alibaba and Baidu while increasing its positions in PDD and JD.com in the third quarter.On Thursday local time, Tepper's Appaloosa Management disclosed its latest quarterly holdings.The document shows that in the third quarter ending September 30, Appaloosa reduced its Alibaba shares by about 5%, though Alibaba remains its top holding with a position of 16%. Also cut were positions in Baidu, BlackRock China Large Cap ETF, and KWEB China Internet Index ETF.At the same time, Tepper increased his holdings in PDD by more than nearly double, while also adding to his positions in JD.com and Beike.Overall, Tepper's investment in Chinese stocks and ETFs increased this quarter, with the overall position rising from 26% in the previous quarter to 38%.In September this year, Tepper publicly stated that Chinese stocks are much cheaper than U.S. stocks, and that the strength of China's easing policies exceeded expectations. He had previously fully purchased almost all major Chinese tech stocks, and the investment limit for Chinese stocks may double going forward.Similarly, as a bull on Chinese stocks among hedge funds, Michael Burry's fund's third-quarter holdings show that the fund continued to increase its Alibaba shares while also newly buying put options to hedge against downside risk

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Tepper's fund increased its position in China by 12 percentage points to 38% compared to the previous quarter, reducing its Alibaba stock by about 5%. The positions in Baidu, China large-cap ETF, and China concept internet index ETF also decreased, while it increased its holdings in PDD by more than double, along with some shares of JD.com and Beike

- Hedge fund manager David Tepper has adopted a more cautious stance, reducing his holdings in Alibaba and Baidu while increasing investments in Pinduoduo and JD.com during the third quarter.  
- Tepper's Appaloosa Management reported a 5% decrease in Alibaba shares, which remains its largest position at 16%, alongside reductions in other Chinese ETFs.  
- Overall, Tepper's investment in Chinese stocks and ETFs rose from 26% to 38%, reflecting his belief in the undervaluation of Chinese markets compared to U.S. stocks.

David Tepper, who loudly calls for "buying China": Reduced holdings in Alibaba, increased holdings in PDD and JD.com