저자: Ed—출연자명시없음,채널운영자발언 · 외국인
요약 보기
데이비드 테퍼(Appaloosa) 2025년 2분기 13F 보유 종목 상위 5개(알리바바, 유나이티드헬스, 아마존, Vistra, NRG)를 분석. 알리바바는 중국 유동성·부양책 수혜로 저평가 상태이며 12%대 비중. 유나이티드헬스는 밸류에이션 저평가와 EPS 턴어라운드로 재평가 기대, 300달러 미만. 아마존은 이커머스·광고·AWS 성장과 AI·로봇 기반 마진 확대 기대. Vistra·NRG는 AI 데이터센터발 전력 수요 수혜지만 Vistra는 고점 부담 있어 신중 필요. 13F는 시차가 있어 그대로 따르면 안 된다고 강조.
다듬은 글
The latest 13F filings are out and we know what are the latest buy for David Ter and Appala Management. I'm Ed for Tokyo for mine and today we are going to review the five biggest holdings for Appala Management and why David Ter is betting big on these five stocks. So let's get started. David Ter is a legendary hedge fund manager and is at the head of Appalooa management and in this video we are going to review what are his biggest holdings and what kind of moves he has done the past quarter.
So the first actually biggest holding for David Ter is Alibaba. And why Alibaba? So we've seen like the latest intervention from David Ter on CNBC when he mentioned that everything was to buy in China after the announcement of the central bank in China. And so basically so he lived up to his announcement and we have seen that Alibaba is still his biggest holding even after the Q2 2025 13FAF filings.
And actually what you're seeing on Alibaba is actually the same thing that I think that we are seeing as well on our side is basically first a leader in term of AI in China and then second a company that is going to benefit tremendously from the fiscal stimulus and monetary stimulus in China and basically so Alibaba is one of the biggest opportunity in the market today because first it is quite undervalued still and is going to benefit tremendously as we said from all the liquidity that we are going to see in the market in China.
So this has actually taken some time to actually materialize since last September. But we've seen that Alibaba has been able to reach some levels around 110 and 120. And this is going to continue because all this liquidity and all this stimulus is going to flow into the Chinese economy and we have seen with the latest results from daily.com or 10 cent that this is starting to be materialized in the Chinese economy and I think that David Taper on this is quite right and his biggest holding at around 12% for Alibaba is going to perform very well in the coming few months.
David Ter legendary investors as well is a great value investor and we have seen that with his newest largest holdings with UNH so United Health Group and actually he has sold a lot of different super investors on this one and what we can see is that at almost 11% of the portfolio so this is actually a big bet for David Zepper and I think that he recognized also the opportunity that Warren Buffett or Michael B has seen is that United Health Group is actually quite undervalued today and is going to in the coming one or two year a great revaluation or rerating in terms of valuation but also a huge turnar around in terms of EPS and in term of profit and so that's why like David Taper as the great investor that he is that he's seeing that there is huge value especially in Q2 and even now at under $300 in United Group.
So I think that's what he has been seeing and that's why he actually took such a massive position in the latest quarter and this is what we're going to see actually play again so in the next quarter in Q3 2025. So I wouldn't be surprised that in the next 13 findings that he has increased as well his position but definitely United has group is a huge value play here and a lot of super investors like David Zepper have also seized this opportunity and I think that also we have to deep dive into this one.
We have made several videos on United Group but the opportunity is quite clear for this talk and I think that of David Sepher is a good example of a super investor that we have to follow on this one. The third biggest holdings for David Taper is actually Amazon. And so as we've seen Will Ba Aman who actually started a new position in Amazon, I think that David Ter is also seeing the same type of value in Amazon.
So actually Amazon is still growing double digit in e-commerce ads and AWS. And I think that a lot of people are sleeping on Amazon and I think that what they are not realizing is that with AI, Amazon is going to see huge margin expansion. And I think that's what David Ter, legendary investor, is actually betting on with Amazon.
And we are going to see also with the robotics is that Amazon is going to be able to be much more efficient within the warehouse, but also outside of the warehouse. And we are going to see in the next quarter that on top of the revenue growth that Amazon is actually providing with these three core businesses.
So e-commerce, ads, and AWS, we are going to see more efficiency in e-commerce with robotics. We are going to see more efficiency also in AWS with their um self-developed chip like trrenium for example and also in ads where AI is going to help target much more efficiently and this is what we have already seen with meta um in the ad space and so same as Google so we are going to see a huge increase in terms of margin and a huge increase in term of efficiency and in ter reduction in term of SGNA expenses so I think that's the b case for Amazon to revenue growth on top of margin expansion and I think that's what David Ter is seeing on Amazon.
That's why it's his third biggest holding that's almost 9% in his portfolio for Appalooa management. So the fourth stock that is the biggest ina management portfolio holdings is the stratical symbol VST. So basically here we are seeing that David Ter is having a huge play on power generation and power demand from the AI capex and the AI demand and definitely so this is a big play that he has been doing in Q1 and Q2 so this year and we are seeing that there are still a huge demand in terms of AI and in terms of power for all these data centers so I think that's why like is betting big so at 5% of the portfolio on Vistra Vistra is actually the biggest independent power generator in the US and is the biggest owner of LNG power plant in the US.
So basically it has actually benefited from a lot of demand in term of power and is providing the grid with a lot of demand and I think that this trend is going to continue but what we have seen is that David taper actually bought heavily in Q1 and Q2 but the the stock today is at quite alltime high and might already been quite overvalued.
So I think that the opportunity might has already been taken and what we have to see is to deep dive and to see if there is still enough additional demand or marginal demand on this stock. So Vistra is one of the biggest beneficiary in the AI capex and the power demand and so I think that a lot of hedge fund investors or hedge fun manager have already actually get into this play and so today this is a little bit less of an opportunity.
So we have to be careful and we should not just follow blindly what David Ter has been doing in Q1 and Q2 because today we are almost in August and things can change quite quickly. Finally also one of the key reason why David Ter and a lot of investors have actually invested into Vistra is because it has actually got a lot of cash flow generation.
So very strong cash flow generation and a very beneficial policy for shareholders with a lot of return to shareholders in the form of buybacks and dividends. So I think that this is actually a good play in ter of return to shareholders which benefit a lot from the power of demand that we are seeing today in the market thanks to AI.
So basically a good play but which might have already played out in ter of opportunity today. The fifth biggest holding for Apple's management is actually very similar to the fourth one that we have seen and it is NRG and which is actually also a huge player in the energy and the LNG power plant in the US and what we are seeing is that they are benefiting a lot also from the AI power demand that we are seeing in the US and also very similar to what we are seeing with Vistra is that they have a huge policy in terms of return to shareholders.
So thanks to the strong cash flow generation actually coming from the power demand that we are seeing from the AI capex and the AI infrastructure development they are actually returning a lot of free cash flow to shareholders and that's why I think that David Ter very similar to Vistra has decided to actually to make this position the fifth biggest position in Apaloosa management portfolio and beyond the fifth position so we are seeing also that Apalusa management has some very popular pick as well in the portfolio so with Nvidia with Facebook and with Google.
So definitely David Sepher is seeing that the trend in term of AI and AI capex is going to continue to actually grow and that he's playing with very safe bets with Meta, Nvidia and Google. So this is a bit vanilla but definitely he has shown that he has been actually right on this trend with a lot of different super investors and that at the end of Q 2025 so these were actually very good peak that he may have also actually picked up during the liberation dip.
But going forward, I think that we may recognize that these 13 fightings are always a bit late and we have to actually deep dive is in all these different holdings to see that if today they are still relevant. So I think that that's the job that we have to do as an investors. We should not follow blindly.
So these all these super investors but this is very interesting to see what Apple management and David Ter has in his portfolio. Well, so if you like also very similar analysis like this one, so please check my other videos. Please like this one. Please subscribe and I see another one. Bye.
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