Hedge fund veteran David Tepper’s Appaloosa Administration dramatically elevated its stake in Uber final quarter, whereas constructing a small wager on Cathie Wooden’s flagship innovation fund, in line with a brand new regulatory submitting. Tepper boosted his Uber stake by 390%, to $190 million, on the finish of March, making it his third largest holding. Shares of Uber have rallied greater than 50% this yr. The ride-sharing firm just lately reported first-quarter income that beat analysts’ expectations. The hedge fund additionally hiked its stake in Alphabet to greater than $200 million, making the Google guardian Appaloosa’s prime holding. Tepper boosted his Amazon place by 33%, making it the fund’s second largest holding. In the meantime, Appaloosa additionally added an $80 million stake in FedEx final quarter, making the freight service its ninth largest wager on the finish of March. The hedge fund took a small stake in Ark Innovation Fund ( ARKK ), price $20 million on the finish of March. The fund, which invests in disruptive expertise shares equivalent to Tesla, Teladoc and Zoom, rebounded practically 30% within the first quarter. It is unclear if Tepper’s wager on Wooden’s fund would categorical a long-term conviction. ARKK is utilized by many short-term momentum merchants as a proxy for disruptive expertise investing due to its large liquidity. It additionally has a excessive beta, that means it is extra risky than the broader market.
Tepper’s Appaloosa hedge fund raises Uber stake, adds small bet on Cathie Wood's innovation fund
