On Wednesday of this week Eastern Time, the vast majority of institutional investors in the US stock market have completed the disclosure of quarter end position data. For domestic investors, the movements of Chinese private equity institutions such as Hillhouse and Gaoyi are particularly noteworthy.
Overall, Chinese concept stocks are still a favorite among Chinese institutions, especially Pinduoduo, which is ranked among the top holdings of Hillhouse, Gaoyi, and Jinglin. However, although Pinduoduo remains Jinglin's second largest position, Jinglin significantly reduced its holdings of 1.1 million shares of Pinduoduo in the first quarter, which diverged from the increase in holdings by Hillhouse and Gao Yi.
With the rapid growth of Pinduoduo's performance, the stock price has also achieved impressive performance. Although Pinduoduo fell more than 20% in the first quarter, its stock price has accumulated a rise of up to 120% in the past year.
(Data source: SEC, Whalewisdom)
Hillhouse: Still favors Zhongke Technology stocks and biopharmaceuticals
Data shows that in the first quarter, HHLR Advisors, a subsidiary of Hillhouse, had a total market value of $4.604 billion in the US stock market. The top ten heavily held stocks were Pinduoduo, BeiGene, Shell, Legendary Biology, Microsoft, AMD, Amazon, SF Express, Danaher, and TAKE-TWO Interactive Software, with Chinese concept stocks accounting for over 70% of the market value and occupying a dominant position.
Specifically, technology remains Hillhouse's main investment logic. In the first quarter of this year, HHLR Advisors increased their holdings in "AI" beneficiary stocks such as AMD, Meta, Amazon, and TSMC.
In addition, biomedicine is also a preferred field for Hillhouse. In the first quarter of this year, Hillhouse significantly increased its holdings in two start-up biopharmaceutical companies - Kiniksa and ArriVent Biopharma.
Gao Yi: Pinduoduo, which was sold last quarter, has been bought back this quarter
Gao Yi increased his holdings in most of his major stocks in the first quarter of this year, and his market value increased from $420 million in the previous quarter to $550 million.
Gao Yi seems to be betting on the recovery of domestic consumption in the first quarter of this year, significantly increasing his holdings in stocks such as Huazhu, Yum! Brands China, and Pinduoduo. Meanwhile, against the backdrop of Tesla's cumulative decline of over 30% in the past six months, Gao Yi chose to buy heavily, seemingly betting that Tesla has fallen to the bottom.
It is worth mentioning that in the fourth quarter of last year, Gao Yi reduced his holdings of 466000 shares in Pinduoduo, and in the first quarter of this year, he bought back the Pinduoduo he sold in the previous quarter: Gao Yi increased his holdings of 488000 shares in Pinduoduo in the first quarter, and his holdings also increased to 23.89%, firmly holding his position as the first holding stock.
Jinglin: Significantly reduce holdings in Pinduoduo
In the first quarter of this year, the market value of Jinglin's holdings increased from $2.8 billion in the previous quarter to $3.23 billion, a month on month increase of about 15%. Among its top ten holdings, Chinese concept stocks still dominate, including stocks such as Pinduoduo, NetEase, and New Oriental.
In the first quarter, Jinglin significantly increased its holdings in the three major "AI beneficiary stocks" of TSMC, Nvidia, and Meta, while also establishing new holdings in Chinese concept stocks such as Alibaba, JD.com, and Tencent Music.
However, Jinglin significantly reduced its holdings of Pinduoduo by 1.1 million shares in the first quarter, causing Pinduoduo to drop from its largest holdings to its second largest holdings, while Meta jumped to its largest holdings, accounting for 19.03% of its holdings. In addition, Jinglin also significantly reduced its holdings in Microsoft in the first quarter and cleared its holdings in Google.
Li Lu has not implemented any position adjustment measures for three consecutive quarters
As the most well-known Chinese value investor, Li Lu's Himalaya Capital still did not operate in the first quarter of this year. This means that Li Lu has not made any position adjustments in the US stock market for the third consecutive quarter. The last change in Himalaya Capital's 13F balance sheet can be traced back to the second quarter of last year when it cleared its position in Micron Technology and increased its holdings in Huamei Bank.
As of the end of the first quarter of this year, Himalaya Capital's US stock holdings were only six stocks, namely Bank of America, Google A, Google C, Berkshire B, Huazhu, and Apple.
In the first quarter of this year, these major holdings all performed strongly: Bank of America rose 13.43%, Google A and Google C rose 8.04%, Berkshire B rose 17.91%, and Huazhu Bank rose 15.73%. Only Apple's stock price performed poorly: a cumulative decline of 10.84% in the first quarter.