Hedge fund veteran David Tepper’s Appaloosa Administration dramatically elevated its stake in Uber final quarter, taking a smaller guess on Cathy Wooden’s flagship innovation fund, in accordance with a brand new regulatory submitting. Tepper elevated his Uber stake by 390% to $190 million in late March, making it his third largest holding. Uber shares have gained greater than 50 p.c this 12 months. The ride-sharing firm lately reported first-quarter income that beat analyst expectations. The hedge fund additionally elevated its stake in Alphabet to greater than $200 million, making it the highest shareholder of Google mother or father Appaloosa. Tepper boosted his Amazon place to 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 cargo provider its ninth-largest guess on the finish of March. The hedge fund took a $20 million minority stake in Ark Innovation Fund (ARKK) in late March. The fund, which invests in disruptive expertise shares similar to Tesla, Teladoc and Zoom, returned practically 30% within the first quarter. It is unclear whether or not Tepper’s guess on Wooden’s fund will categorical long-term conviction. ARKK is utilized by many short-term momentum merchants as a proxy for disruptive expertise investments because of its immense liquidity. It additionally has a better beta, which implies it’s extra unstable than the broader market.
David Tepper’s Appaloosa hedge fund raises Uber stake, takes brief guess on Cathy Wooden’s innovation fund
