As of this Friday, most institutional investors in the US stock market have completed the disclosure of their third quarter holdings data (13F). For domestic investors, the overseas investment trends of Chinese private equity institutions such as Hillhouse and Gaoyi are undoubtedly the most concerning.
Note: Q3 US stock portfolio trends of the four major Chinese private equity funds
Overall, in the third quarter of this year, the focus of most Chinese private equity funds is still on Chinese concept stocks.
Among them, the "content" of Chinese concept stocks held by Hillhouse and Gaoyi has further increased. However, Hillhouse and Jinglin have chosen to reduce their holdings in Pinduoduo, while Gaoyi has chosen to continue increasing its holdings in Pinduoduo.
Different funds have significantly different attitudes towards Apple. While "stock god" Buffett significantly reduced his holdings in Apple, "Chinese Buffett" Li Lu also chose to significantly reduce his holdings in Apple, but Jinglin chose to significantly increase his holdings in Apple in the third quarter, making it its seventh largest holding stock.
Hillhouse: Chinese concept stocks occupy an absolute C-position and make significant adjustments to e-commerce stocks
Overall, the total market value of HHLR Advisors, a subsidiary of Hillhouse, increased by over 10% in the third quarter, while continuing to increase its allocation of assets in China.
Among the top ten heavily held stocks in the third quarter of HHLR Advisors, Zhonggai holds nine seats, namely BeiGene, Alibaba, Pinduoduo, Legendary Biotech, Vipshop, NetEase, Beike, Ctrip, and Futu Holdings.
HHLR Advisors Top 10 Positions
And the proportion of Chinese concept stocks in its total market value has increased from 85% in the previous quarter to 93%, occupying an absolute dominant position.
Hillhouse has made significant adjustments to its holdings in Chinese e-commerce stocks: it significantly increased its holdings in Alibaba in the third quarter while reducing its holdings in Pinduoduo.
Hillhouse significantly increased its holdings of 3.448 million shares of Alibaba stock, with a 64.1% increase in holdings, making it the second largest holding stock. At the same time, Hillhouse reduced its holdings of 4.125 million shares of Pinduoduo, with a reduction rate of 46.4%, dropping from the top holding stock in the previous quarter to the third largest holding stock.
The first time Pinduoduo entered the top ten heavily held stocks of HHLR Advisors was in the third quarter of 2022. By the third quarter of this year, Pinduoduo's average stock price had risen by 118%. HHLR Advisors' reduction this time may be due to considerations of locking in profits and avoiding risks.
Gao Yi: 'Medium content' continues to increase, once again adding positions to Pinduoduo
As of the end of the third quarter, Gao Yi's US stock holdings had a market value of $870 million, an increase of about 14.5% compared to the market value of $760 million at the end of the second quarter. The top ten heavy holding stocks are Pinduoduo, Huazhu, NetEase, Yum China, Beike, Meta, Ctrip, iQiyi, Zhongtong Express, and Yaduo.
Compared with the previous quarter, the holdings of Gao Yi Asset Management seem to have further increased in terms of "medium volume". Among its heavy holdings, Gao Yi significantly increased his holdings in Chinese concept stocks such as Pinduoduo, Huazhu, NetEase, Yum China, and Beike, firmly securing Pinduoduo's top position; At the same time, 30000 shares of Meta were reduced, with a reduction of 30%.
However, Gao Yi's reduction of holdings in Zhongtong Express is still ongoing. In the first quarter of this year, Zhongtong Express was once the second largest holding stock of Gaoyi, but in the second quarter, Gaoyi's assets plummeted by 1.545 million shares, with a sharp drop of 47.75% in shareholding compared to the previous quarter, and its ranking dropped to eighth. In the third quarter, Gao Yi continued to reduce his holdings by 683200 shares, leaving a total of 1007300 shares in his holdings. The proportion of his market value in his total holdings also further decreased from the eighth place in the previous quarter to the ninth place.
In addition to reducing its holdings in Zhongtong Express and Meta, Gao Yi also significantly reduced its holdings in Tencent Music and Microsoft in the third quarter, cleared its holdings in Eli Lilly, Amer Sports (AS. US), as well as its previous small holdings in New Oriental and Alibaba stocks, and established new holdings in Boss Zhipin and Ideal Auto.
Jinglin: Large scale reduction of heavy holdings in stocks, increase holdings in Apple
Jinglin reduced its holdings of most heavily held stocks to varying degrees in the third quarter, and only increased its holdings of heavily held stocks such as Apple and ZTO Express. Due to a significant reduction in holdings, the Q3 year-end market value of the asset management report was less than $3.15 billion, a significant decrease from the previous quarter's $3.79 billion.
Jinglin reduced all of its top ten holdings from the previous quarter in the third quarter, with Microsoft (reduced by 87%) and Nvidia (-97%) having the largest reduction rates. Semiconductor and AI technology stocks such as TSMC and Meta also experienced reductions of 20-30%.
Chinese concept stocks such as Pinduoduo, NetEase, and Futu have experienced a "uniform reduction" of around 10%. However, after a large-scale reduction in holdings, Pinduoduo remains Jinglin's largest holding stock.
At the same time, Jinglin also liquidated its holdings in technology and pharmaceutical concept stocks such as ASML, iShares Semiconductor ETF, Amazon, Ideal Auto, Tesla, Novo Nordisk, Merck, etc.
In terms of adding positions, Jinglin's biggest move in Q3 was to increase its holdings in Apple by 591000 yuan. Jinglin re established its position in Apple in the second quarter of this year, and in the third quarter, Jinglin added 591100 shares of Apple stock, increasing its holdings by 356.9%, making Apple its seventh largest holding.
Li Lu: Following in Buffett's footsteps, significantly reducing holdings in Apple
As the "Chinese version of Buffett", Li Lu's Himalaya Capital's position adjustment can be said to be "following the footsteps of stock gods".
In the second quarter of this year, Li Lu built a new warehouse in Western Petroleum and bought 1.467 million shares, completely copying Buffett's "operation" of Berkshire Hathaway constantly increasing its warehouse in Western Petroleum.
In the third quarter, Li Lu chose to significantly reduce his holdings of 441900 shares of Apple stock, with a reduction rate of 58.18%, once again imitating Berkshire Hathaway's move to significantly reduce its holdings of Apple in the third quarter.
In addition to reducing his holdings in Apple, Li Lu also established a new position in Sable Offshore Corp (SOC. US), an oil and gas exploration and development stock. As of the end of the third quarter, Himalaya Capital held 1.343 million shares of the company's stock, with a total value of $31.74 million, accounting for 1.28% of its investment proportion.
As of the end of the third quarter of this year, Himalaya Capital had only seven stocks in its US stock holdings, namely Bank of America, Google-C, Google-A, Berkshire Hathaway, East West Bank, Western Petroleum, Apple, and SOC.
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