Jinglin Asset disclosed its US stock holdings at the end of 2023.
On February 9th local time, according to the US Securities and Exchange Commission (SEC) disclosure, GREENWOODS ASSET MANAGENT HONG KONG LTD, an overseas subsidiary of Jinglin Asset Management, submitted its position report for the third quarter as of December 31, 2023 (13F). During the reporting period, the overall holding size of Jinglin Assets reached 2.8 billion US dollars, a month on month increase of 9.8%.
According to SEC regulations, fund managers with assets under management exceeding $100 million must publish a document called the "13F Form" within 45 days after the end of each quarter to disclose their holdings in stocks and bonds.
It is worth noting that the disclosure in the US Stock Exchange 13F document only includes US stocks directly held overseas by Jinglin Asset, excluding indirect holdings through derivatives, and also does not include US stocks held through domestic products.
According to channel sources, Jinglin Asset Management stated that there is no need to be overly pessimistic about Chinese assets in the medium to long term and can continue to select individual stocks.
Add warehouse to NetEase
According to the 13F document, Jinglin Asset purchased 3 new securities and increased its holdings of 3 securities in the fourth quarter of 2023; Simultaneously liquidate 4 securities and reduce holdings of 7 securities. The proportion of the top ten holdings in the total market value reached 90.2%, indicating further concentration of holdings. At the end of the third quarter of last year, this value was 86.87%.
Specifically, by the end of 2023, the top ten heavy holdings of Jinglin Asset in the US stock market were Pinduoduo, Microsoft, Facebook parent company META, NetEase, Zhongtong Express, Google, New Oriental Education, DOORDASH INC, Futu Holdings, and Manbang Group, with Chinese concept stocks still dominating.
Pinduoduo still ranks first, but Jinglin Assets reduced its holdings to a certain extent in the fourth quarter of last year, reducing its previous 5.157 million shares to 4.735 million shares, corresponding to a market value of 693 million US dollars. Since the second quarter of 2022, Jinglin Asset has increased its holdings in Pinduoduo for five consecutive quarters. Starting from the first quarter of 2023, Pinduoduo became the top holding company in Jinglin Asset's US stock portfolio.
The second and third ranked companies are Microsoft and Facebook parent company Meta, respectively. The holdings of Jinglin Asset have not changed, holding 1.1806 million shares and 1.246 million shares respectively. However, due to Microsoft's market value exceeding Meta, the order has changed.
NetEase still ranks fourth, but as of the end of the fourth quarter of last year, Jinglin Assets held 2.786 million shares of NetEase, an increase of 505000 shares compared to the end of the third quarter last year.
Among the top ten stocks, Futu Holdings also acquired additional holdings of Jinglin Asset. In the fourth quarter of last year, Futu Holdings increased its holdings by nearly 500000 shares, with a market value of 109 million US dollars, and its ranking also rose one place to ninth place.
It is worth noting that Jinglin Asset cleared Shark Ninja's position in the fourth quarter of last year. Shark Ninja is a global product design and technology company that designs and manufactures a variety of small household appliances. Jinglin Asset bought 2.9355 million shares of Shark Ninja in the third quarter of last year, with a market value of 136 million US dollars, ranking sixth in heavy holdings. The stock rose 54% and 13% respectively in the third and fourth quarters of last year, during which Jinglin Asset chose to take profits.
Among the top ten heavily held stocks, in addition to Pinduoduo, Zhongtong Express, New Oriental, and delivery platform Doordash have also been reduced to varying degrees by Jinglin Asset.
In addition, semiconductor companies such as Qualcomm, Ideal Automobile, and SeaLtd, also known as Southeast Asian Little Tencent, were cleared by Jinglin Asset Management in the fourth quarter of last year.
Details of the top ten heavy holdings of Jinglin Asset in the US stock market (as of the end of 2023)
No need to be overly pessimistic about Chinese assets
According to channel sources, Jinglin Asset has recently stated that there is no need to be overly pessimistic about Chinese assets in the medium to long term, and individual stocks can continue to be selected.
Firstly, Jinglin Asset believes that external factors have significantly eased the pressure on the stock market. Although the Federal Reserve believes that interest rate cuts are unlikely in March, there is a high probability that the second quarter will enter a rate cutting cycle, and the United States is likely to experience more than three declines by the end of 2024. At the same time, geopolitical tensions have eased in the short term, but there is still a need to focus on the global election situation in 2024, especially in the United States. In addition, the Chinese holdings of global long-term funds are already at an extremely low level.
Secondly, Jinglin Asset stated that the adjustment of the financing pace in the capital market has shown results, with a significant decrease in IPO and refinancing amounts, as well as a significant increase in dividends and repurchases since September 2023. The next step of investment side reform is worth looking forward to, focusing on policies related to flat funds and guiding long-term funds to enter the market.
Thirdly, Jinglin Asset Management pointed out that investors have extremely low expectations for policy stimulus, but the introduction of stimulus policies is approaching. Once policies exceed expectations, it will provide support for market performance.
Fourthly, Jinglin Assets stated that the current valuation discount of Chinese stocks is significantly unreasonable, about 30% lower than that of emerging markets, and has obvious attractiveness.
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