As of November 15th, the positions of several Chinese private equity fund managers who are most familiar to domestic investors in the US stock market have finally become clear.
After Jinglin was the first to disclose the 13F report, Hillhouse, Gaoyi, as well as Qianhe Capital managed by Wang Yawei and Himalayan Capital managed by Li Lu, all completed the disclosure before the deadline.
By comprehensively organizing and analyzing the 13F reports of these large investment institutions, we can glimpse the attitudes of these investment leaders towards the recently popular investment concepts and the prospects of different industries.
However, it should be noted that the 13F report only requires funds to disclose their long positions in US stocks, so it does not fully reflect the overall operation of the fund.
What are the trends of private equity tycoons in the US stock market?
From the 13F report in the third quarter, overall, the investments of several celebrity private equity firms in the US stock market are mainly concentrated in Chinese concept stocks.
However, Li Lu, who manages Himalayan Capital, is an exception: Li Lu, known as "China Buffett," has all of his US stock holdings in US companies (Bank of America, Google, Berkshire, Apple, EWBC), and there were no changes in his positions in the third quarter.
In addition, different investment fields of private equity also have different focuses.
Hillhouse still focuses primarily on pharmaceuticals, IT, and non essential consumer goods, with Baekje China remaining its largest holding.
Jinglin, Gaoyi, and Qianhe Capital all focus on the internet consumption and communication fields, with Jinglin and Gaoyi's top positions being Pinduoduo. Qianhe Capital significantly increased its position in Baidu and decreased its position in Alibaba in the third quarter, making Baidu replace Alibaba as its top position.
Li Lu's holdings are more concentrated in the financial sector. Among his six holdings, except for Google and Apple, all are financial stocks, with Bank of America being his largest holdings.
Where will domestic private equity go under the AI chip craze?
Since the beginning of this year, artificial intelligence has undoubtedly become a popular concept among many funds, and the stock prices of related concept stocks have also fluctuated significantly. In the AI craze, different private equity tycoons hold different attitudes towards it: some people become braver as they fight, while others retreat bravely.
According to the 13F report, after Wang Yawei's management of Qianhe Capital established its first position in the "AI concept stocks" Baidu and Nvidia in the second quarter of this year, it continued to increase its holdings in these two stocks in the third quarter, making it its top two holdings.
Top Five Positions of Qianhe Capital
Among them, Qianhe Capital places particular emphasis on Baidu. After increasing its holdings of 40300 shares in the third quarter, Baidu currently accounts for over 42% of its holdings, becoming its largest holding stock.
The Himalayan capital managed by Li Lu chose to retreat from this trend early on. As early as the second quarter of this year, Li Lu cleared his position in Meiguang Technology, which he had been holding for nearly four years.
Jinglin chose to embrace software technology giants in the AI craze, but it seems that he is not optimistic about chip stocks. In the third quarter, Jinglin significantly increased its holdings of 860000 shares in Microsoft, elevating it to its third largest position and also building a position of 887800 shares in Google. But at the same time, Jinglin significantly reduced its holdings in NVIDIA and cleared its position in AMD.
Jinglin significantly increased its holdings in Microsoft while also reducing its holdings in NVIDIA
In contrast, Hillhouse and Gaoyi have not made many moves regarding the AI concept: Hillhouse only chose to slightly increase its holdings in Microsoft; Gao Yi still regards Microsoft as his fourth largest position, but his position remained unchanged in the third quarter, and he also has a small stake in TSMC.
Most big shots are not optimistic about the prospects of e-commerce consumption?
As Double 11 approaches, e-commerce consumption is also a focus of attention for private equity tycoons. Despite the recent weak trend in the stock prices of "established e-commerce giants" such as Alibaba and JD, the stock prices of "rising stars" such as Pinduoduo and New Oriental remain strong.
Pinduoduo's stock price has shown strong performance recently
Pinduoduo's stock price surged 41.8% in the third quarter of this year, and has continued to rise by over 13% so far in the fourth quarter. New Oriental, which has been hyped up by live streaming e-commerce, is also strong, with a surge of over 48% in the third quarter of this year and over 18% so far in the fourth quarter.
However, given the potential headwinds brought by the global weak economic environment to the consumer industry, most private equity firms seem to be concerned about the short-term prospects of the e-commerce consumer industry and have chosen to reduce their holdings in the third quarter. Even Pinduoduo and New Oriental, which have a bright stock price, have not escaped the fate of reducing their holdings.
In the third quarter, Wang Yawei's Qianhe Capital chose to significantly reduce its holdings in Pinduoduo and Alibaba. Among them, Alibaba was its previous top heavy position stock, occupying 20% of its position in the previous quarter, but it was almost cleared in the third quarter, leaving only a few dozen shares. At the same time, the position of Pinduoduo also decreased by over 60%, accounting for 8.44% of its holdings portfolio from 15.21%.
Gao Yi also chose to significantly reduce his holdings in Pinduoduo, with his holdings decreasing from 35.3% to 28.3%. However, Pinduoduo and Zhongtong Express remain their top two holdings.
Hillhouse also seems to be pessimistic about the prospects of domestic e-commerce consumption. It not only chose to reduce its holdings in heavy stocks such as Pinduoduo and Alibaba, but also significantly reduced its holdings in New Oriental and JD, with reductions exceeding 70% and 80% respectively. However, Hillhouse also slightly increased its holdings in Amazon.
Among several private equity firms, only Jinglin demonstrated confidence in the domestic consumption prospects in the third quarter: Jinglin Di increased its holdings of over 450000 shares in Pinduoduo in the third quarter, increasing its holdings from 15.7% to 19.8%, maintaining its position as the largest holder. However, Jinglin has also cut nearly half of the New Oriental positions.
In addition, it is worth noting that in the consumer sector, Jinglin has also invested heavily in SharkInnja, buying 2.93554 million shares, accounting for 5.34% of its investment portfolio, making it the sixth largest position.
It is worth noting that SharkInnja is a household appliance company that just went public on the New York Stock Exchange in July this year, with the major shareholder behind it being Wang Xuning, the major shareholder of Jiuyang Holdings (002242. SZ).
A small exploration of the bottom of the electric vehicle industry
In the second half of this year, the stock prices of new energy vehicles at home and abroad were mostly sluggish. Under the influence of Tesla's "price war", the gross profit margin of the entire industry has been compressed, and Tesla itself has suffered stock price damage due to the delayed launch of Cyberrack.
Tesla's stock price performance in the second half of the year is not ideal
In this context, several private equity tycoons seem to have little interest in domestic and foreign new energy vehicles. However, in the context of the continuous decline in stock prices across the entire industry, there are still funds choosing to build small new positions, seemingly attempting to copy the bottom.
In the third quarter of this year, both Jinglin and Gaoling chose to build small positions in Tesla. However, Hillhouse only bought 30000 shares of Tesla, accounting for 0.17% of its total position; Jinglin purchased 52300 shares of Tesla, accounting for 0.51% of its total position. At the same time, Jinglin also reduced its holdings of over 90000 ideal stocks, reducing its position proportion from 0.28% to 0.13%.
Qianhe Capital has built a new warehouse of 208000 shares of NIO, accounting for 7.45% of its position. However, NIO's stock price has not performed well recently: after falling 6.7% in the third quarter, it has continued to decline by over 16% this quarter. Meanwhile, Qianhe Capital also reduced its holdings of 34000 shares of Xiaopeng.