Domestic private equity giant Jinglin Asset Management has exposed its holdings in the US stock market.
Greenwoods Asset Management Hong Kong Limited, the overseas subsidiary of Jinglin Asset Management, recently submitted its US stock holdings data to the US Securities and Exchange Commission (SEC) as of the end of the second quarter of 2024. Its total market value of holdings was $3.795 billion (approximately RMB 27.2 billion), a significant increase from the end of the first quarter of this year.
Specifically, Jinglin Hong Kong Company significantly increased its holdings in Pinduoduo in the second quarter of this year, repurchasing it as its largest holding stock; At the same time, we have added warehouses such as TSMC, Manbang Group, NetEase, Alibaba, and Beike, and built new warehouses such as Apple and Ideal Auto; However, it has reduced its holdings in several artificial intelligence related companies such as Facebook's parent company Meta and Nvidia, as well as Doordash, Uber, and cleared its holdings in companies such as AMD and AbbVie.
The market value of US stock holdings has increased to 3.795 billion US dollars
Pinduoduo returns to its largest holding stock
According to the latest 13F filing disclosed by the SEC, as of June 30, 2024, Jinglin Hong Kong held 41 securities in the US stock market, with a total market value of $3.795 billion, an increase of about 18% from $3.226 billion at the end of the first quarter of this year.
From the perspective of adjusting positions, it has purchased 8 new securities and added 12 securities in the second quarter of this year; But we cleared 6 securities and reduced our holdings of 11 securities.
It should be noted that 13F disclosed the US stocks directly held by Jinglin Overseas Products, excluding those indirectly held through derivatives or domestic products. So there is a deviation from reality.
According to data, as of the end of the second quarter of this year, Jinglin Hong Kong's top ten holdings in the US stock market had a market value of 3.318 billion US dollars, accounting for 87.43% of its total market value in the US stock market, indicating an increase in holdings concentration compared to the end of the first quarter of this year.
Specifically, the top ten heavily held stocks are Pinduoduo, Facebook parent company Meta, TSMC, Microsoft, NetEase, Manbang Group, New Oriental, Futu Holdings, Doordash, and Nvidia.
It is worth mentioning that e-commerce leader Pinduoduo has replaced Facebook's parent company Meta and returned to its position as the largest holding stock. Jinglin Hong Kong increased its holdings in Pinduoduo by 1.5723 million shares in the second quarter of this year, bringing its total to 5.2069 million shares. At the end of the quarter, its market value was $692 million, accounting for 18.24% of the portfolio.
Pinduoduo's stock price hit bottom and rebounded in April this year, rising to $164.69 per share in late May, but then experienced a significant adjustment, falling to $132.95 per share by the end of June. Renowned foreign investor Baiji also increased its holdings in Pinduoduo in the second quarter of this year.
Jiacang TSMC, Manbang Group, etc
New warehouses for apples, Brazilian oil, etc
From the perspective of increasing holdings, in addition to Pinduoduo, Jinglin Hong Kong also aggressively increased its holdings of 1.1649 million shares of global chip foundry giant TSMC in the second quarter of this year, increasing its holdings to 2.7176 million shares, with a shareholding change ratio of about 75%. The market value of its holdings at the end of the quarter was $472 million.
In fact, Jinglin Hong Kong first established a position in TSMC in the fourth quarter of last year and has been increasing its holdings for several consecutive quarters, with its position ratio rising to 12.45%, making it the third largest holding stock. TSMC's trend this year has been quite volatile, with a nearly 62% increase since the beginning of the year.
At the same time, the company significantly increased its holdings in the freight logistics platform enterprise Manbang Group by 11.3874 million shares, with a 73% change in holdings, increasing its holdings to 26.9856 million shares. At the end of the quarter, its holdings had a market value of 217 million US dollars, ranking as the sixth largest holding stock.
Among the top ten heavily held stocks, Jinglin Hong Kong also increased its holdings in NetEase, New Oriental, and Futu Holdings, and slightly increased its holdings in Microsoft.
In addition, the company's targets with significant increases in holdings include Alibaba, Beike, and Ctrip Group, with changes in holdings of 322.73%, 326.84%, and 125.76%, respectively.
From the perspective of newly established positions, Jinglin Hong Kong bought 165600 shares of Apple Inc. in the second quarter of this year, with a market value of 34.8787 million US dollars at the end of the quarter, ranking 13th in terms of holdings. It is worth mentioning that the "stock god" Buffett happened to reduce his holdings in Apple, his largest holdings, by nearly half in the second quarter of this year.
In addition, Jinglin Hong Kong Company also added new companies such as Petrobras, United Health Group, TechSea International, Amazon, Yabao, Daquan New Energy, and Ideal Automobile in the second quarter.
Massive reduction of holdings in Meta and Nvidia
Clearing warehouses of AMD Semiconductor, AbbVie, and others
From the perspective of reducing holdings, Jinglin Hong Kong Company reduced its holdings in several artificial intelligence related stocks such as Facebook parent company Meta and Nvidia in the second quarter of this year. For example, it reduced its holdings of Meta by a total of 102300 shares, reducing its holdings to 1.1617 million shares at the end of the period, with a market value of 586 million US dollars, accounting for 15.44% of the portfolio, making it the second largest holding stock.
Meta's stock price experienced a wave of adjustment in the second quarter, but saw a significant increase in May and June. Overall, the stock's increase this year still reached 46.58%.
Global computing power leader Nvidia was also heavily reduced by Jinglin Hong Kong, selling 774700 shares and reducing its holdings to 1.0901 million shares at the end of the period, with a change ratio of about 42%. The market value of its holdings at the end of the period was $135 million, dropping to the tenth largest holding stock.
From the trend of Nvidia's stock price, after a volatile consolidation in the second quarter of this year, the stock once again launched an upward offensive and rose above $140 per share in late June. Although Nvidia made significant adjustments in July and August, its overall growth rate this year still reached around 112%, showing a very impressive performance.
Previously, Gao Yuncheng, the general manager of Jinglin Asset Management, mentioned in his 2024 semi annual letter to investors that the future of artificial intelligence and related industries is bright, but there are many unknowns in the process. At present, we have reached a point in time where the laws of industrial development and investor expectations may not be consistent in the future. We should look back at some data from the perspective of looking up at the stars and start calculating obvious and undervalued companies and industries.
In addition, Jinglin Hong Kong has significantly reduced its holdings in Doordash, Uber iShares Semiconductor ETF、 Tesla and other targets have been cleared, and warehouses such as AMD Semiconductor, AbbVie, JD.com, BOSS Direct Hiring have been cleared.
Finally, Fund Jun has compiled the US stock holdings data of Jinglin Hong Kong Company at the end of the second quarter of 2024. Friends can take a look.