(Bloomberg) — Two of the world’s most prominent investors showed signs of wavering commitment to across-the-board gains in Chinese stocks as far back as the end of September.

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David Tepper, the billionaire money manager who made waves with his call to buy “everything” related to Chinese stocks in September, trimmed his exposure to Alibaba Group Holding Ltd. and the iShares China Large-Cap exchange-traded fund in the third quarter even as his overall China holdings increased to 38% of his reported equity portfolio from 26% in the three months through June.

Michael Burry, the hedge fund manager famous for his 2008 bet against the US housing market, raised his exposure to China stocks including Alibaba (BABA) but also added new bearish options that would provide downside protection, according to 13F regulatory filings on Thursday.

While the positions suggest Tepper and Burry remain bullish on Chinese shares, they also hint at a willingness to lock in profits — or limit potential losses — in some pockets of the market. After surging 35% during a frenetic 10 trading sessions in late September and early October, China’s CSI 300 Index (000300.SS) has remained largely range-bound. Investor excitement over the prospect of more government support for the world’s second-largest economy has faded amid disappointment over the scale of fiscal stimulus.

Also weighing on Chinese stocks are concerns about deepening rifts between Beijing and Washington under a second Donald Trump presidency. Trump has threatened a 60% tariff on Chinese goods and has nominated people including Senator Marco Rubio, who are known for their critical views of the Asian superpower, for key positions in his new administration.

“The adjustments in Tepper and Burry’s portfolios suggest a more selective approach to investing in Chinese stocks,” said Andy Wong, investment and ESG director for Asia Pacific at Solomons Group. “While the broad ‘buy everything’ strategy may no longer be viable, their focus on specific companies with higher potential on ‘bottoming-out’ fundamentals may be more important in the future.”

Tepper’s Appaloosa Management cut its Alibaba stake by 5% in the third quarter. The Chinese e-commerce giant, however, remains the hedge fund’s largest holding, accounting for 16% of its $6.7 billion equity portfolio. At the same time, Tepper more than doubled its stake in PDD Holdings, and increased positions in JD.com Inc. (JD) and KE Holdings Inc. (BEKE).