14 Feb Tepper’s Appaloosa cut back semiconductor stocks while buying one well-known ETF
David Tepper’s Appaloosa Management trimmed positions in multiple semiconductor stocks during the fourth quarter, while buying into a closely-watched technology exchange-traded fund. Tepper cut back exposure to Advanced Micro Devices , Intel , Lam Research , Micron , Nvidia and Taiwan Semiconductor in the latest quarter, regulatory fillings show. That might signal some profit taking, as the VanEck Semiconductor ETF (SMH) climbed more than 20% in the three-month period alone, and more than 72% in all of last year. Taiwan Semiconductor saw the largest sale on a percentage basis, with the Carolina Panthers football team owner approximately halving his stake. He took more than 20% out of his positions in Qualcomm, Nvidia and Intel , while pulling about 13% out of Micron and nearly the same in AMD. Tepper sold less than 2% of his holding in Lam Research, which makes chip equipment. Despite these cuts, several are still among the largest holdings in the fund. ARKK SMH 1Y mountain The Ark and semi ETFs, 1-year The Pittsburgh native opened a position worth more than $130 million in Cathy Wood’s ARK Innovation ETF (ARKK) . The fund soared 32% in the fourth quarter to finish 2023 up more than 67%. Elsewhere in technology, Tepper built an initial stake in Oracle , while adding to Microsoft and Amazon . Holdings in Alphabet and Meta were reduced by more than 16% and 5%, respectively. Even with the selling, Meta remains the fund’s biggest holding. Microsoft and Amazon are now the second and third largest positions. Farther afield, Tepper built positions in United Parcel Service , HCA Healthcare , General Motors and agriculture chemical stock FMC . He also increased holdings in Caesars , Alibaba and pipeline and storage facility operator MPLX . The Pitt and Carnegie Mellon grad zeroed out holdings in Arista Networks and JD.com . He also made sizable cuts to PDD Holdings and Uber .