Acquirersmultiple·2026-01-14 22:54Core Insights - Appaloosa's latest 13F filing indicates a strategic portfolio rotation focused on cyclicals and China exposure, while selectively trimming positions in mega-cap tech stocks, suggesting a shift towards asymmetric mean-reversion opportunities [1][2] Portfolio Adjustments - The portfolio reflects a classic strategy of adding aggressively in washed-out sentiment scenarios while preserving core franchises and exiting positions with diminished payoff potential [2] - Significant adjustments were made, including a massive increase in Whirlpool Corp shares, indicating high conviction in cyclical recovery [3] Key Holdings - Whirlpool Corp (WHR): Increased by 5,233,098 shares to a total of 5.5 million shares, representing a $432.3 million position (5.85%). This increase of nearly 2,000% quarter-over-quarter signals strong belief in earnings normalization following a housing downturn [3] - Alibaba Group (BABA): Reduced by 617,271 shares to 6.45 million shares, maintaining a $1.15 billion position (15.61%). The trim reflects risk management amid regulatory uncertainties rather than a loss of confidence in core assets [4] - KraneShares CSI China Internet ETF (KWEB): Increased by 3,400,000 shares to 7.4 million shares, totaling a $310.9 million position (4.21%). This indicates a structural repositioning to maintain exposure to Chinese internet stocks while mitigating single-company risks [5] - Qualcomm (QCOM): Increased by 895,000 shares to 1.25 million shares, amounting to a $207.1 million position (2.81%). The increase suggests confidence in the stabilization of smartphone and semiconductor demand [6] - Amazon.com (AMZN): Trimmed by 200,000 shares to 2.5 million shares, with a total position of $548.9 million (7.43%). The reduction likely reflects portfolio balancing rather than a change in fundamental outlook [7] - Alphabet (GOOG): Reduced by 112,500 shares to 1.39 million shares, totaling a $337.9 million position (4.58%). The trim appears to be driven by valuation considerations as the focus shifts to higher beta opportunities [8] Exits - Full exits were made from Intel Corp (INTC), Oracle Corp (ORCL), and KE Holdings (BEKE), demonstrating a decisive approach to reallocating capital when payoff profiles deteriorate [9]