저자: TravisHoium · 외국인
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데이비드 테퍼(Appaloosa 헤지펀드)의 2023년 말 보유 포트폴리오(약 51억 달러, 상위 10개 종목이 72% 비중)를 분석. 메타, 마이크로소프트, 아마존, 엔비디아, 알파벳 등 빅테크와 AMD, 인텔, 우버, 알리바바, 퀄컴 등에 집중. 테퍼는 2023년 빅테크 비중을 늘렸고, 포트폴리오 구성을 근거로 빅테크 강세 추세를 강조. 다만 '매그니피센트 7'의 주가수익비율이 약 50배로 비싸다며 2024년 일부 매도 가능성을 언급.
다듬은 글
one of my favorite investors to follow is David teer if you're not familiar with David teer he's a longtime hedge fund in investor runs a fund called Appaloosa that manages billions of dollars and he's often getting into really strange things in the market so buying debt positions and companies that go bankrupt and then negotiating those companies through bankruptcy and trying to emerge with an equity position or a more valuable debt position they did this with Caesar's entertainment there was a massive battle between him and the private Equity owners of that company and of course he comes out with a profitable position and he's done these kinds of moves all over the market speaks very clearly about what he's investing in and like a lot of these big investors he reports major Holdings to the SEC on a quarterly basis so we can dig into these things and see exactly what he's seeing in the market and I think there's a really big Trend em emerging from teer that could actually lead to him having massive great gains for 2023 and keep in mind this is also somebody who is managing this much money while also being the owner of the Carolina Panthers in the NFL so just a fun side fact for NFL fans there my name is Travis ham thanks for watching asymmetric investing Please Subscribe here on YouTube for all my content and thanks to this video sponsor the mle fool check out fool.com ym for their top 10 stocks to buy right now now let's go straight to the numbers this is tepper's overall position you can see that the market value of these assets $5.1 billion and so what's reported here is the equity value so there's probably a lot of Investments that are not reported because they don't necessarily fall into this category but the top 10 Holdings account for 72% of the port portfolio so fairly concentrated and it's pretty clear what Tepper is concentrating in you can see that the biggest position is meta platforms the second biggest is Microsoft then Amazon Nvidia alphabet so what we have there is is five of the seven Magnificent Seven for 2023 that makes for a great year if you're somebody like terer the next four positions also fall in the tech industry Uber great recovery play in 2023 Alibaba AMD the chip company Intel again having a nice recovery the first kind of Industrial company is FedEx with $1 172 million position and then Qualcomm so very very heavily weighted to the tech industry and temp has actually been buying most of these stocks throughout the year Alibaba is the one position that in the most recent quarter the position was down almost 20% but Microsoft but meta Microsoft Amazon alphabet were all positions that were added to throughout the year so let's dig into a little bit of the ownership patterns for a couple of these I'll start with meta the biggest position in the portfolio like I said 11.5 like I said 11.6% and you can see that this is a stock that's been in the portfolio pretty often over time terer actually owned 6.2 million shares going back to 2018 if you would have just held that that would have been a great investment uh but now that is down to about 2 million shares but that's up about 4X from a year ago so buying shares of meta and again a company that longterm teer and Appaloosa have been very bullish on Microsoft is another one been in and out of the portfolio but now a much much bigger position and that really started in the second quarter if you remember the boom from Ai and open ai's launch of chat GPT that really started in late Q4 so this position was really added later in the year and he was buying in pretty big size now owns about 1.6 million shares of Microsoft and that looks to be growing so we'll see what happens with that in the next quarter Amazon's another one been added to throughout the year but the big acquisition came in 2022 so teer was buying at a real low point there when there's a lot of value because that was remember when Amazon was overbuilding factories their profitability suffered as a result but the company is really now focused and a lot of the growth is really starting to take place in AWS so that is one the terer has done really well with and Nvidia is the next one Nvidia a relatively new position but was adding really heavily in the second quarter that's when it got up to 8% of the portfolio a little over a million shares so really betting big on the growth in artificial intelligence in a number of different ways like I said terer historically makes big bets on sectors of the industry he was owning big banks in the financial crisis thought that that could be a way to play the recovery and not only the market but also the economy and he was absolutely right with that right now very invested in big tech stocks so that's what he was acquiring in 2023 and even going back to 2022 in some cases vast majority of the portfolio is in I think some of the smaller positions are interesting because if you look at something like Intel that was actually added just a couple of quarters ago so what he's obviously seeing is signs that their turnaround plans are going relatively well and there's some value in the stock maybe it doesn't become the next time ON Semiconductor but maybe they're able to build out a nice niche for themselves with both those Legacy businesses and things like PCS and data centers and also some of the new Foundry options and then custom chips that other companies like tsmc are making so that is one that has been added to Uber is another one again a recovery play and added most to this position in the first quarter so relatively new to being a sizable position in the portfolio but as that business has recovered he's really double doubt on it thanks to our friends at the monly fool for sponsoring this video visit fool.com ym for the top 10 stocks to buy right now one of the things I really take away from tepper's portfolio and watching him over time is to think about the way that macro trends are changing in the market and where money is flowing and where companies are doing well or not well maybe undervalued like I mentioned earlier he was really betting big on big Bank stocks during the financial crisis and one of his arguments was well the Federal Reserve has said that they're not going to let these Banks fail so obviously I want to own that kind of asset and that was right now the big trend is Big Tech is getting even bigger and more powerful what's going to happen with artificial intelligence well it's more likely than not that it's going to be a sustaining Innovation for them so there's going be innovation in new products and artificial intelligence but most of the value is going to acre to the existing tech companies that have the cloud infrastructure the money to build out models and pay for gpus or the infrastructure companies making chips you saw AMD Nvidia and Intel in that ownership so that's the trend there is that there's going to be more and more demand for custom chips or AI chips so these are Big macro Trends and it certainly looks like that's exactly what teer is seeing in the market now he's also willing to sell positions when he thinks those positions have gone too far and there's maybe better opportunities in the market so one thing I'm going to be watching over the next few quarters is what is he selling and where is he shifting money to what is he buying because I think given the multiples of these companies The Magnificent Seven stocks as they're known right now are trading for a priced earnings multiple of 50 so that's an extremely expensive multiple to be pay for stocks and so I wouldn't be surprised to see some selling by not only terer but some other big investors in 2024 but we'll see how this plays out and where he moves his money hopefully this is helpful looking at what some of the most successful investors in the market are doing I think we can always get little insights from what they own and why they own it and either reinforce or challenge our own investment thesis but what did you think about tepper's portfolio were you surprised that he was such a big Tech investors I think that was the thing that really shocked me vast vast major majority of the portfolio is in tax stocks right now so we'll see if that's the case in 2024 thanks for watching don't forget to subscribe to Ace metric investing thanks for watching everybody see you here next time
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