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Hello everybody and welcome back. Today I will review the portfolio updates from David Ter from Appaloosa Management. This is for the third quarter of 2025. You have plenty of new buys, plenty of new sales. It will be pretty interesting because you have some major moves and I believe David Tipper is one of the best investors you have in the world.
So we have access to his portfolio. we can clone what he's doing. This is a great hunting ground if you want to outperform the market and this is what I've been doing for years and it has been very helpful. In case this is your first video from this channel, welcome. My name is Christoph Nur. I'm French.
I've been investing in the stock market for almost a decade now and I have achieved a performance of 25% per year because I cloned the best investors in the world. So this exercise of looking at the best investors in the world, monitoring their portfolio, looking so at some updates, what they buy, what they sell is one of the best things you can do to outperform the market.
This is a great hunting ground. So in this video, I will just review what are the biggest moves so you can do some due diligence after this. Okay. So David Ter is known for the Chinese investment. He went on to CNBC to talk about how bullish he was when it comes to Chinese equities, Chinese ETFs, everything.
So, a core theme in his portfolio has been China for a while. Is he selling his Chinese positions? Now that Chinese stocks went up, is is it the end? Right. So, you see that his first position by far is still Alibaba. He trimmed a tiny bit, 8%. That shows he still has some conviction in the Chinese investments.
You see also an investment in the Chinese ETF. He doubled the Chinese ETF here. So, still conviction in China. What about the rest? In China, you have JD.com trimming 11% of the JD.com position. So, he's trimming a little bit, but still with conviction. What about BU? The Google equivalent in China.
Well, he increased his position by 67% for BU. So, more coition in BU. Can I scroll down? Can I scroll down? What can I see here? You have another Chinese ETF. He added a little bit more plus 11%. What's next? What's next? What China? Did he Did he sell some other things? Let me check. Let me check.
It seems like this is still intact. He still has Pinio. He trimmed the 10%. Um, let me continue. And that's basically it. So, he still holds a lot of Chinese stocks. He still has some good Chinese exposure. So, the Chinese theme is still intact. By the way, if you want to become a better investor and improve your performance, I have a coaching program.
It gives you the exact method I've used to generate 25% per year for almost a decade. More on that at the end of the video. David Ter, I mean the way you look at his portfolio is very clear. Still believes Chinese stocks can go up. He still believes Chinese stocks are cheap. So he's just holding his position.
The second big theme in his portfolio was AI chips and electricity like Vistra energy or lamb research. Well, let's check if this thesis has been updated. Let's see if he has bought some things when it comes to AI or power electricity. Okay, you have a small reduction in Amazon here. You have a small addition in Nvidia.
Pretty interesting, right? Nvidia is at almost alltime highs right now. So, yeah, pretty interesting to see that he's following up on the story. Yeah, it's $190 right now. Yeah. Um, small trimming in Google, but still one of his biggest position, the top five position in Google. Small trimming in Meta Platforms, still a key holding.
Small addition in Taiwan Semiconductor. It seems like the AI theme is still relevant to David Ter. Energy energy small trimming. This is what I'm talking about. The power uh theme in his portfolio. Vistra energy has been cut has been trimmed 30%. Oh, that's interesting. If you want to invest in AI, you have a few energy names.
You have energy energy, Vistra or Talen. Well, it seems like David Tupper favors energy compared to Vistra. Very interesting. Nancy Pelosi is a big investor in Vistra Corp. in case that's interesting to you. It's one of the few companies in the energy u theme that is widely profitable, widely growing and Vistra is one of the best companies you can invest in.
If you believe power is the bottleneck to AI, if you think power is a bottleneck to AI, energy is a bottleneck to to AI, you can buy Vistra energy, constellation energy, you have a few names. Vistra is has a very good setup. Let me call it this way. So yeah, interesting to see him trim the position a little bit.
He reduced Microsoft a little bit and after this this is irrelevant the Uber investment. He first bought AMD new buy for him. So he is adding into his Nvidia position and he just opened an AMD position. Very interesting, right? AMD is a stock that has been on a run recently. A few months ago, the stock was at $100.
Now it's $200, $250. We are at an all-time high for Adobe and he bought now. What does it tell you? If one of the best investors in the world is buying AMD at an all-time high, well, you know, you know what it tells you. It's extremely very bullish for AMD investors. If you own AMD right now, maybe David Ter sees something that everybody is overlooking and he wants to increase the exposure in the chip market.
Very promising actually. And the rest Dutch banking lift this is not that relevant. Uh you have a you he just opened the position to Fizerv. Well uh that's quite unlikely. because just after he bought Fizerve went down 40%. So yeah, Fizerve is a typical value play. It's uh it or it is or it was a good quality company that went down in value because of small deceleration measures and during the last quarter they reduced the guidance for revenue.
They reduced the guidance for earnings. They reduced the guidance for margins. They changed the CEO. They had some terrible things to say publicly which caused a stock price of 40%. And it was a kitchen sink quarter. It was a horrible quarter for the new management team to set up and to arrange some things.
So it's normal to have this kind of quarters when the new management team is having a different mindset. They want a clean sheet and they want to start again, start to grow again from a clean balance sheet, a clean income statement, a clean cash flow statement. So maybe David Ter bought Fizerve before the drop and now that the stock has dropped meaningfully, maybe he will increase the position meaningfully because if he liked if he liked the idea at $100, he must love the idea at $60.
So we will see in the next quarter if he really has conviction in the pick. very important in the next three months for the next earnings for the next 13F from David Ter you will see something big happening either he sells out of Fizerve because he thinks it's a value trap or he multiplies his investment by five this is the way David Ter operates he did exactly the same thing for United Health just increased the position by 10 10x the position in United Health when it was the bottom.
So we will see for Fizer for the next quarter if he doubles down on the position. Very interesting position. Um next one you have American Airlines. Well, nothing is happening for this one. Uh and after this you are talking about small positions of less than 1% of his portfolio. Okay, fair enough. Well, some other things that have happened.
We talked before about United Health in the last quarter, United Health was 10% of his portfolio. I can check I can check Q2. Yeah, in the last quarter, exactly what I said. In the last quarter, United Health went down in value and David Ter bought a lot of shares. He increased the position by 1,300%.
And he increased the position to 11% of his portfolio. Turns out it was the absolute bottom for the stock and the stock rebounded. Seems like he enjoyed his quick run, his quick gains, and he sold the position. Now he reduced the position by 90%. So it's no longer 10% 11% of his portfolio. Now United Health represents uh 1% of his portfolio.
That's it. You have your quick run, your quick gains, you sell out of the position. This is why David Ter is such a good investor. He spots the bottom and he likes easy money. Well, uh, turns out this company was easy money. This stock was easy money and he just selling out the position right now. Now he replaced this investment by another investment called Weirpool.
So, home appliances, furniture for the kitchen. Nobody is really interested in wear. This is a very strange addition to his portfolio. If you look at this company, this is a market cap of $4 billion, a company in the US, and the stock is back to where it was in March 2020. If you don't know this company, it's a manufacturer and market of home appliances and related products.
Its reportable segments consist of five operating segments. Domestic appliances, North America, Latin America, Asia, small domestic appliances, refrigeration, laundry, cooking and dishwashing, very boring products. You have low margins. They are suffering and the stock is cheap. You have a P ratio of nine for this company.
The net income, the revenue is dropping. Sorry, the revenue has dropped since COVID. The company is not profitable. They have some debt. The free cash flow is dropping. Free cash flow has dropped a lot since COVID and seems like the company is suffering and the stock is suffering. Eventually, stock prices will follow the fundamentals of the company.
Now since 2020 the it seems like the fundamentals have dropped the stock has dropped and David Deer lacks the odds now. David Ter likes the investments. So very interesting to see what is happening over there. Maybe you want to check what the company has said publicly. You want to check if there is a reversal.
It seems like David Ter thinks this is the bottom forpool. He increased the position by 2,000%. That's a lot. So, you can go on the slides, the financials, the latest earnings reports, see what they have to say, see if they will be impacted by tariffs. And from what I have seen, they don't expect any growth, but they expect stabilization.
If you look at their guidance for 235, they don't expect any uh growth. They expect to stabilize the margins. They expect to reduce debt. Look at this capital allocation priorities for Wpool. They want to fund organic growth. They want to pay down the debt and they want to have a small dividend. No M&A, no buybacks.
So, it's a very intriguing company. I will not invest in WPool. It's a value play. It's not a quality company at all. They have many problems right now. But I'm because I'm following all the companies in the same industries and they are all having problems. Maybe Whirlpool will be a net winner of trade tariffs.
This is what the company says. They say to date new tariffs have been a headwind but the tides are beginning to turn. Maybe tariffs will be a tailwind for Wpool. Maybe it's a turnaround play. Maybe this is the bottom for the stock. But now the stock is just um a falling knife and the fundamentals are dropping and dropping and dropping.
If you want to have some fun, maybe you can follow David Ter into this investment. I know I will not follow this investment because I don't like this industry. I don't think it's a quality name and I only invest in quality companies but it's always good to see and have some fun to monitor the situation what is happening because if this is the bottom forpool this will be the bottom for all the home equipment companies and if this is the bottom for all the home equipment companies I have other names that are more interesting more quality okay so yeah pretty interesting to follow what he's doing we will see in the next quarter if he's selling for a quick gain or doubling down again.
Maybe it's the beginning of a new conviction play. But yeah, the key themes are intact. China AI chips, a new investment in AMD, some potential value traps with Fizerve and some value turnaround plays with Wearpool. It's a very interesting portfolio. Many things happening at the same time. If you are interested in some of these companies, you can now start your due diligence.
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