David Tepper's Appaloosa Management exited its entire position in the KraneShares CSI China Internet ETF (KWEB), a stake previously valued at $30.70 million. The sale of 1.08 million shares was disclosed in a regulatory filing released on August 14, which reflects the firm's holdings as of June 30, 2026, not a real-time trade.
The move appears to be part of a broader strategic refinement of the fund's China investments. While Appaloosa sold its broad-based KWEB position and also exited stakes in e-commerce firms JD.com and PDD Holdings, it simultaneously increased its investment in Baidu by 14%. This suggests a pivot from diversified sector exposure toward more selective, concentrated bets on individual Chinese technology companies.