Recently, the Securities and Exchange Commission (SEC) website showed that Gaoyi Asset, HHLR (an independent secondary market fund manager under Hillhouse), Jinglin Asset, and TOP ACE, a hedge fund under Qianhe Capital, have successively disclosed their US stock holdings as of the end of the third quarter.
According to statistics from Private Equity Ranking Network, technology stocks and consumer stocks are the heavy holdings of well-known private equity firms in the US stock market, with some technology leading stocks and optional consumer targets receiving significant increases in holdings. In the eyes of many industry insiders, another technological revolution is underway, and there are many growth opportunities in the infrastructure construction and application fields of artificial intelligence. At the same time, as the economy gradually recovers, structural opportunities in the consumer industry are gradually emerging.
Group layout in the technology sector
According to the US stock holdings data disclosed by HHLR, as of the end of the third quarter, its top ten heavyweight stocks were Baekje Shenzhou, Pinduoduo, Shell, Legendary Biology, Microsoft, DoorDash, Saftek, Alibaba, Take Two Interactive Software, and Amazon, with technology stocks dominating. From the perspective of overweight direction, HHLR increased its holdings in four stocks directly hired by Amazon, Roivant, Microsoft, and Boss in the third quarter.
Jinglin Asset is also interested in the technology sector. As of the end of the third quarter, companies with technological attributes among the top ten heavy holdings of Jinglin Assets include META, NetEase, DoorDash, Microsoft, and others. Specifically, the company with a significant increase in Jinglin Asset's holdings is Microsoft. In the third quarter, the company made a significant increase in 869000 shares, with a proportion of 279% compared to the end of the second quarter.
Microsoft has been making frequent moves in the AI application field this year. Recently, Microsoft officially announced that the paid version of Copilot AI Assistant for Microsoft 365 enterprise users has been officially launched, further optimizing the workflow of the Microsoft office software family.
Qianhe Capital is also actively increasing its holdings in technology stocks. According to the SEC website, as of the end of the third quarter, TOP ACE held 5300 shares of NVIDIA, an increase of 10.42% compared to the end of the second quarter, and held 80000 shares of Baidu, doubling the number of shares held compared to the end of the second quarter.
Optimistic about the growth space of AI
Behind the frequent involvement of well-known private equity firms is an optimistic expectation of the growth potential of technology stocks.
The new round of technological revolution may bring us into a completely new era - the era of artificial intelligence. AI technology will change almost everyone, all organizational systems, and even the entire supply of productivity. Therefore, in the long run, many industries will undergo significant changes, and the implementation and application of AI in the future will be our focus research direction, "revealed Gao Yuncheng, partner and general manager of Jinglin Asset.
Zhou Yingbo, the founder of Yunzhou Capital, also believes that artificial intelligence technology will bring about a significant leap in the development of the entire society and economy. In this process, investment opportunities in both directions are worth paying attention to. One is the opportunity brought by the acceleration of AI infrastructure construction. After entering the era of artificial intelligence, the demand for individual computing power may increase tenfold or even hundredfold, opening up growth space for related high-quality enterprises; The second is the opportunities that arise during the AI application process. The application of AI in the future will not be limited to mobile phones or computers, but will permeate various industries, bringing about significant efficiency improvements and creating many investment opportunities.
Multiple consumer stocks increased holdings
In addition to the technology sector, the large consumer sector is also an important direction for the third quarter layout of well-known private equity firms.
In the third quarter, TOP ACE newly purchased 208800 shares of NIO, with a market value of 1.887 million US dollars at the end of the period. During the same period, TOP ACE also newly purchased Mingchuang Youpin, with a total of 57700 shares and a market value of 1.494 million US dollars at the end of the period.
It is worth noting that Gao Yi Asset also increased its position in some consumer sector targets in the third quarter. For example, Gaoyi Asset newly purchased Huazhu in the third quarter, holding 536000 shares at the end of the period. During the same period, Gaoyi Asset also increased its holdings in Wuxin Technology and Yaduo, with a month on month increase of 20.03% and 18.3%, respectively.
Gao Yuncheng believes that the overall trend of consumption upgrading has undergone some changes, but if we observe the sub sectors, we can see that some more rational consumer goods and more self care consumer goods have seen rapid growth against the trend. During the National Day holiday, travel has become popular, and residents' willingness to consume has not disappeared, but has become more differentiated. Therefore, some structural opportunities are worth paying attention to.