How do hedge funds view Chinese concept stocks in Q3? Oaktree Capital adjusted its positions, David Tepper made "slight reductions" but overall remains heavily invested, while Bridgewater has already distanced itself.

How do hedge funds view Chinese concept stocks in Q3? Oaktree Capital adjusted its positions, David Tepper made "slight reductions" but overall remains heavily invested, while Bridgewater has already distanced itself.

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Although Chinese concept stocks have experienced a bull market this year, major U.S. hedge funds adopted differentiated allocation strategies in the third quarter. According to the latest 13F filings, several well-known fund management institutions rebalanced their investments in Chinese concept stocks.

Oaktree Capital made a comprehensive adjustment to its exposure to Chinese company equities and convertible bonds in the third quarter, completely liquidating its holdings such as KE Holdings. Appaloosa Fund, under billionaire investor David Tepper, took a more sophisticated approach by increasing its holdings in Baidu while moderately reducing core holdings like Alibaba. The world's largest hedge fund, Bridgewater Associates, began completely divesting from Chinese concept stocks in the second quarter and continued to maintain zero exposure in the third quarter.

Oaktree Capital Significantly Restructures China Concept Stock Portfolio

Oaktree Capital, founded by Howard Marks, made significant adjustments to its China concept stock portfolio in the third quarter. According to the latest 13F filings with the U.S. SEC, the fund fully liquidated 1.5 million shares of KE Holdings worth $26.8 million.

In terms of convertible bond investments, Oaktree Capital exited its $6.9 million position in Alibaba Group convertible bonds, as well as its $7.3 million investment in Huazhu Group bonds.

However, Oaktree Capital selectively increased its exposure to certain Chinese concept stocks. The fund added 72,300 shares of Boss Zhipin, a 5% increase, raising the position from $28 million at the end of June to $38.4 million.

Regarding convertible bonds, Oaktree Capital significantly increased its holdings of Li Auto convertible bonds by 121%, JD.com convertible bonds by 93%, and Trip.com convertible bonds by 6%.

David Tepper: Strategic Rebalancing but Maintains Heavy Positions

Appaloosa Fund also adopted a sophisticated rebalancing strategy in the third quarter. The fund significantly increased its holdings in Baidu by 420,000 shares to 1 million shares, raising the value of the position from $53.6 million last quarter to $137.7 million.

Meanwhile, Appaloosa fully liquidated all its holdings in KE Holdings worth $26.6 million, and reduced its holdings in Alibaba by about 617,000 shares, a 9% decrease, but still maintains a large position worth $1.15 billion. The fund also reduced its holdings in Pinduoduo and JD.com by 10% and 11%, respectively.

These adjustments reflect Tepper's recalibration of exposure to China, showing a moderate commitment to Chinese assets. Notably, according to a Wallstreetcn article, back in September last year, billionaire hedge fund founder David Tepper once loudly called to "buy everything China."

Bridgewater Associates Completely Withdraws from China Concept Stock Market

In the third quarter, Bridgewater Associates continued its zero-exposure strategy towards Chinese concept stocks, maintaining its complete avoidance stance on U.S.-listed Chinese companies since the second quarter.

The fund had already liquidated its $1.4 billion portfolio of Chinese concept stocks in the second quarter, including core holdings such as Alibaba, JD.com, Baidu, NIO, and Yum China.

The sell-off also covered companies like TAL Education, Huazhu Group, KE Holdings, and Autohome, marking the first time in years that Bridgewater has fully exited U.S.-listed Chinese concept stock investments.

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