저자: DavidTepper · 외국인
요약 보기
데이비드 테퍼의 2025년 1분기 13F 포트폴리오를 해설. 중국 익스포저(알리바바 22%, 핀둬둬, JD닷컴, 중국 ETF)를 20% 안팎 축소해 차익 실현했고, 그 자금으로 메타·구글·우버 비중을 늘렸다. 에너지 수요 성장 테마(비스트라, 탈렌, NRG, 에너지트랜스퍼)는 유지. 반도체 비중은 매우 작고 일부 축소. 해설자는 테퍼의 장기 확신을 긍정적으로 봄.
다듬은 글
In this video, I want to review the portfolio of David Ter. He is one of the best investors of the world. He has had a great performance. And here we are on Data Roma, the latest updates on his portfolio for Q1 2025. So, the updates are up to March 2025. And David is maybe maybe you know him for this reason.
He he's famous for investing massively in China and when Chinese government announced a few months ago a big stimulus he went on TV and say and said buy everything from China ETF stocks bond anything anything linked to China buy because there is a bazooka stimulus that will come and he walked the talk as we said because he invested massive ly in China and now from this latest quarter seems like he is starting to sell maybe he trimmed maybe not we will see all his positions in his portfolio what matters for you so you can take advantage of the opportunities see what David Ter is seeing okay and if this is your first video from this channel welcome my name is Christoph N I've been investing in the stock market for almost a decade now and I have achieved a performance of 25% per Yeah.
And every quarter I review the portfolios of the best investors of the world to take inspiration, to take ideas. And the first thing I want to mention on this video is I want to check the stock price of Alibaba. He invested massively in Alibaba and it was his biggest position at the time. Now it's still his biggest position.
That's 22% of his portfolio. and he bought Alibaba massively around something around here here. Massive position and then the stock went up from $80 to $140. So that's a nice increase. The updates for this portfolio are up to the end of March 2025. So that's around here. So he sold around the top of Alibaba.
it he took advantage of the runup of the position to trim a little bit. He didn't sell out completely out of the Alibaba position, but he trimmed 22%. And I think I mean you can see it. He did this for all the Chinese exposure. By the way, if you want to outperform the market with a proven investing strategy, I've created a free guide that shows you how to do it step by step.
Just comment guide below and I'll send you the link to access it on demand. He trimmed everything. He took some profits off the table. Same thing with Pinio. It's 10% of his portfolio and he reduced the position by 20%. Same thing for JD.com. It's 6% of his portfolio and he reduced by 20%. Uh same thing with the ETF in China.
It's 3% of his portfolio. He trimmed it by 15%. Same thing here. Another ETF he trimmed by 12%. Do I have something else? Do I have something else? I don't think so. I think we've done it pretty well. All the Chinese exposure is uh being reduced. Yeah, that's pretty much it. Okay, so the first highlight from this video is he trimmed the Chinese exposure.
He didn't, how do we say it, take advantage of the momentum to double down again. I mean, that's a a better investor than all of us. all of you watching this video and way better than me. So, he definitely knows what he's doing. He still has a lot of conviction in China. Look at this. This is like more than 30% of his portfolio.
So, it's not it's not a lack of conviction. It's just I think an arbitrage stocks went up so you can sell a little bit, use the profits to generate cash and invest this cash accordingly with other opportunities and invest the cash. He did it. He invested the cash in meta platforms. That's the one of the biggest position in his in his portfolio plus 12%.
So you all know meta platforms, Facebook, Instagram, WhatsApp. He bought more Google as the Google threat is coming real with ChapT. You have a slowdown in the growth rate for Google. Well, he took advantage of the volatility and bought a little bit more. He trimmed Amazon a little bit 3% but that's not very important.
He increased his exposure to urb technology. I released a video about Beakman and Urb. So you can check this one out. And he doubled his position in Urb technologies. You all know it's a taxi on the app but also Uber Eats and you can expand the market share for this company a lot. So the TAM the total addressable market for Uber is huge.
So the runway can be huge. This is a company that is now profitable growing massively good driven management and seems like he likes the company at current prices. So we will see since Blackman announced that he was buying the position the stock is up massively. So, I don't know exactly when David Ter bought the position, but what I know for sure is he's now in profits, big profits in the black.
So, the stock is at alltime highs right now. We will see if he holds in the future or if he will trim in the next quarter because of large profits. Uh, we continue. You have NRG NRG. So, maybe you're not familiar with this name. It's not really famous. This is a company that deals with energy needs.
The pitch with in the investment in Vistra Energy, Talen Energy or NRG like this one is in the future in the next five or 10 years. We will go to a more digital world and with AI we will need much more electricity. You will have you will need much more energy in the future. And these guys will take advantage of the situation.
So actually I can show you NRG guru focus. I can show you a little bit the financials so you just understand the situation. NRG is one of the largest retail energy providers in the US with 6 million customers. So you have home service customers, largest independent power producers with 13 gawatt of coal, gas and oil power generation capacity primarily in Texas.
Okay. Okay. Okay. Very well. And they went bankrupt in 2003, but then came back to life. And if you look at the stock price, I know exactly how you react right now watching this video. You say, "Oh, wow. I didn't know this stock and is going up massively." Yeah, everybody thinks the same way, right?
And we will see. We will see how it develops in the future. But so far, the stock is on a run because they have great financials. I'm monitoring the earnings report from this one and the growth is here. The profitability is here. Seems like the world will change massively because of AI. And if you look at the track record of the company, it's not that great.
If you look at the revenue, yeah, you have an uptick in revenue since 2021, but it's not that sustainable. I don't know if it will go down. And you have the net income. Net income is not beautiful. You don't have a lot of profitability. If you look at the free cash flow, not so much. So why is David Ter interested in this stock?
I think it's not because of the past, it's because of the future. If you think the world will have more demand in energy, you want to be positioned accordingly. And they have big project, big backlog and seems like the profitability is going to increase massively. If you look at the on a quarterly basis, each green uh vertical line is the net profit on a quarterly basis.
Seems like it's going up. Same thing for the free cash flow, I suspect. Yeah, you now have more quarters with positive free cash flow generation. We will see. We will see. They do tiny bagbacks here and there. They still have some that the PE ratio is 20 25. So, not crazily expensive. And apparently people like this stock a lot.
People love this company and expect the company to make great great profits in the future. So the stock is at alltime highs. Yeah, pretty pretty interesting. You have other I mean if you want to get interested in this energy trend, you have Vistra that is in the same range. If you you maybe know that the senator the US senator Nancy Pelosi is invested in Vistra Energy.
You also have Talen. I'm giving you tips guys. You didn't click on this video for additional stocks. But here you go. Completely for free. Talen energy. Same stuff. So same fundamentals, same profile. And um yeah, the track record is not that great but the future will maybe be great. So that's the bet that's the investment they are making anyway.
So they increased the position in energy they reduced by half the Microsoft position and now we enter the smaller positions in the portfolio like 3% 2%. They reduced lift also you reduce lift and you increase above. Oh that's interesting. They cut Oracle position by half. They didn't touch their energy transfer position.
Yeah. seems like I mean he is investing in Vistra right David Ter he trimmed the position a little bit but he is still invested in Vistra Corp he is also invested in NRG corp so and and also energy transfer so he has a decent exposure to energy demand growing in the future because of AI or anything else pretty interesting and let me scroll down a little He bought Dutch bank.
Yeah, we will see. We will see how it goes out. He trimmed BU by half. BU is now a very small position. He bought some weapon equipment company L3 Harris Technologies. Uh yes. Okay. Of course. Let me show you the financials for this one. What's the ticker? LHx. I'm not an expert on weapon companies, but um I know this is a good company.
I know this is a good company. So basically control, communications, computers, intelligence, surveillance and reconnaissance market. Okay. Vehicle, sensors, avionics, military and commercial training services. Yeah, I have analyzed Lohead Martin. They are in the same industry definitely. So you get the same margins, the same revenue growth, etc.
And this is a business that is being profitable, that is growing their revenue, available at a PE ratio of 2025. Yeah, could be interesting if you want to be invested in weapons, weapon companies, equid yield of 2%. So you have a profitable company that is big with a 2% dividend yield that uh I mean if you think the budget in defense for Europe will increase massively if they are selling stuff to Europe maybe it will be interesting or maybe if you think the US budget for defense will increase if they are in the US sector they will benefit from this one.
Yeah, we will see. We will see. I'm not a fan of investing in weapons. So I will not cover this stock on this channel. Okay. And let me continue if I see some big things or we can call it today. He bought Broadcom. He bought block because he wants to suffer apparently. He reduced the Nvidia exposure but it was only 1% of his portfolio.
So nothing to worry about. He reduced Micron another chip company. He reduced Lamb Research. Same thing. You are in the semiconductor energy. And he didn't touch the Taiwan semiconductor. um exposure. He reduced ASML. He reduced Qualcomm. Seems like he's not that bullish on semiconductor companies for the moment or I mean this is only one or two or 3% of his portfolio.
So even at the start he didn't have much conviction. His portfolio is very simple. He trimmed a little bit the Chinese exposure but that's the the big basket of growth he sees in the future. So first China, secondly tech. Look at this Amazon. Meta Google and third basket of his portfolio is energy Vistra energy or energy transfer.
So pretty interesting. And then you have some semiconductor exposure but very very very small. So yeah, decent update. Happy to see him trim the position and looking forward to seeing the next moves in the next quarter. If you like this video and you want to go deeper, I've created a free guide called How to Outperform the Market with a proven investing strategy.
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