Hedge fund veteran David Tepper’s Appaloosa Management dramatically increased its stake in Uber last quarter, while building a small bet on Cathie Wood’s flagship innovation fund, according to a new regulatory filing. Tepper boosted his Uber stake by 390%, to $190 million, at the end of March, making it his third biggest holding. Shares of Uber have rallied more than 50% this year. The ride-sharing company recently reported first-quarter revenue that beat analysts’ expectations. The hedge fund also hiked its stake in Alphabet to more than $200 million, making the Google parent Appaloosa’s top holding. Tepper boosted his Amazon position by 33%, making it the fund’s second largest holding. Meanwhile, Appaloosa also added an $80 million stake in FedEx last quarter, making the freight carrier its ninth biggest bet at the end of March. The hedge fund took a small stake in Ark Innovation Fund ( ARKK ), worth $20 million at the end of March. The fund, which invests in disruptive technology stocks such as Tesla, Teladoc and Zoom, rebounded nearly 30% in the first quarter. It’s unclear if Tepper’s bet on Wood’s fund would express a long-term conviction. ARKK is used by many short-term momentum traders as a proxy for disruptive technology investing because of its massive liquidity. It also has a high beta, meaning it’s more volatile than the broader market.
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