David Tepper’s Top 5 Positions Make Up 60.41% Of His Portfolio

David Tepper’s top 5 positions make up a significant 60.41% of his $8.38 billion equity portfolio, reflecting a concentrated approach focused on tactical macro themes and opportunistic equity bets. His largest position, a put option on the SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX), alone accounts for 30% of the portfolio. Below is a detailed breakdown of his top five holdings, including data and commentary.

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SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX)
Shares: 4,500,000
Value: $2,517,255,000
Portfolio %: 30.03%
Change in Shares: +4,500,000
% Change in Shares: +100.00%

Analysis: Tepper’s massive new put position in SPYX suggests a strategic hedge rather than outright bullishness. While SPYX tracks a broad ESG-tilted index that excludes fossil fuel reserves, the use of puts may indicate a cautious or contrarian view on the broader market or ESG flows — potentially positioning for downside protection amid macro uncertainty or sector rotation.

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Alibaba Group Holding Ltd (BABA)
Shares: 9,230,000
Value: $1,220,482,900
Portfolio %: 14.56%
Change in Shares: -2,613,158
% Change in Shares: -22.06%

Analysis: Despite the reduction, Alibaba remains a major holding for Tepper, pointing to his ongoing confidence in China’s e-commerce rebound and Alibaba’s cloud ambitions. The trim may reflect risk management amid geopolitical uncertainty.

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PDD Holdings Inc (PDD)
Shares: 4,370,000
Value: $517,189,500
Portfolio %: 6.17%
Change in Shares: -986,132
% Change in Shares: -18.41%

Analysis: Tepper has pared back his position in PDD, likely responding to valuation or regulatory risks. Still, the stock remains a top-five holding, highlighting optimism in its disruptive retail model and Temu’s global potential.

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Amazon.com Inc (AMZN)
Shares: 2,510,000
Value: $477,552,600
Portfolio %: 5.70%
Change in Shares: -90,000
% Change in Shares: -3.46%

Analysis: The slight trim in Amazon suggests profit-taking or rebalancing rather than any fundamental shift. Tepper continues to back Amazon’s scale advantages in e-commerce and cloud, keeping it a key part of his tech exposure.

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JD.com Inc (JD)
Shares: 8,050,000
Value: $331,016,000
Portfolio %: 3.95%
Change in Shares: -2,415,885
% Change in Shares: -23.08%

Analysis: JD.com’s reduced weighting likely reflects Tepper’s caution around Chinese equities. Still, JD’s logistics strength and digital retail platform justify its place in the top five despite ongoing macro headwinds.