Alibaba (+18.43%), Pinduoduo (+1.04%), JD.com (+43.37%), and the iShares China Large Cap ETF (+13.75%) collectively highlight Tepper's conviction in China's consumer and tech sectors. These significant increases across multiple Chinese companies indicate a strategic decision to increase exposure to China's market, potentially seeing value after recent market corrections and regulatory challenges. This multi-faceted approach—across direct e-commerce players and a broad ETF—suggests a comprehensive bet on China's economic recovery and digital growth.

Amazon (-18.75%), Meta (-21.60%), and Oracle (-11.02%) all saw meaningful cuts, suggesting Tepper is locking in gains or moderating exposure to higher-valuation segments of U.S. technology. However, Microsoft and Alphabet remain core holdings with minimal changes, signaling continued faith in established U.S. tech leaders that dominate enterprise software, cloud computing, and digital advertising. This selective approach indicates careful evaluation of each position rather than a wholesale sector view.

The dramatic jump in Vistra (+112.53%), a utility-like energy provider, points to a desire for more predictable cash flows alongside higher-growth e-commerce and cloud companies. This dual approach aims to cushion volatility while maintaining upside potential. Vistra's exposure to power generation infrastructure provides a hedge against economic uncertainty and potentially benefits from increased demand for reliable energy. This substantial position increase represents one of the most dramatic moves in the portfolio, suggesting strong conviction in this countercyclical play.