With the end of February 14th local time in the United States, all institutional investors in the US stock market have completed the disclosure of quarter end position data. In addition to the widespread media reports of "Buffett reducing his holdings in Apple" and "big bears betting on the subprime mortgage crisis and increasing their holdings in Alibaba", private equity institutions familiar to domestic investors such as Hillhouse and Gao Yi have also publicly released their "US stock performance reports".
(Source: SEC, Whalewisdom, Caixin)
It is worth mentioning that in addition to the well-known private equity firms that have already released their 13F statements, there are also several well-known Chinese private equity firms that have stopped updating their 13F statements in recent months. It is reasonable to infer that these institutions no longer have long positions in US stocks.
Before discussing specific operations, it is important to remind investors that the 13F statement discloses position data at the end of the quarter, which is the position data at the end of the fourth quarter of last year. Before copying homework, it is necessary to have a clear understanding of the delay in time efficiency.
Li Lu still hasn't taken any action
As the most well-known Chinese value investor, Li Lu's Himalaya Capital still did not operate in the Q4 of last year. The last time there was a change in the 13F balance sheet of this fund can be traced back to the operation of clearing positions in Micron Technology and increasing holdings in Huamei Bank in the Q2 of last year.
As of the end of last year, in addition to Huamei Bank, Himalaya Capital also held stocks of Bank of America, Google A, Google C, Berkshire B, and Apple in its US stock holdings.
It is worth mentioning that Berkshire, as a traditional reflection of safe haven sentiment in the US stock market, although performed mediocre in the fourth quarter of last year (+1.82%), has risen by more than 10% so far this year, making it the best performing stock held by Himalaya Capital in 2024.
Hillhouse: Pinduoduo returns to its largest position
Unlike the "motionless" Himalayan capital, Hillhouse's US stock trading style is clearly much more active.
According to the 13F report released by HHLR Advisors on Wednesday, the market value of its US stock holdings at the end of the fourth quarter increased by 10% month on month to $4.962 billion. Among all US stock holdings, Chinese concept stocks account for over 70% of the market value.
In terms of specific position changes, the most eye-catching is that HHLR Advisors significantly increased their holdings of 2.7601 million shares in Pinduoduo in the fourth quarter of last year, with a total market value of 1.479 billion US dollars at the end of the period, accounting for nearly 30% of the overall position. At the same time, Pinduoduo also surpassed Baekje Shenzhou and became the largest holdings of HHLR Advisors.
It is worth mentioning that Pinduoduo became the leader in the rise of Chinese concept stocks in the second half of last year, with gains exceeding 40% in the third and fourth quarters, achieving excellent returns that doubled in half a year.
In terms of other operations, HHLR Advisors significantly increased their holdings in innovative leader Danaher in the fields of life sciences and medical diagnostics in the fourth quarter of last year, marking the first time this stock has entered HHLR Advisors' top ten holdings. E-commerce stocks such as JD.com and Amazon have also increased their holdings, while also acquiring a small position in Moody's company.
(HHLR Advisors Top 10 Positions, Source: SEC, Whalewisdom, Caixin)
In terms of reducing holdings, HHLR Advisors cleared Tesla and several small market value biotech stocks in the fourth quarter of last year. At the same time, previously heavy positions such as Shell, Legendary Biology, Microsoft, DoorDash, Saffles, Alibaba, etc. have also seen varying degrees of reduction in their holdings.
Gao Yi: Significant increase in holdings of iQiyi and Tencent Music
Gaoyi Asset International Company was also pressed to release its 13F statement on the last day. Like Hillhouse, Gao Yi is also an active trading player in the US stock market.
In terms of main trading direction, Gao Yi Asset sold 40% (466000 shares) of its Pinduoduo position in the fourth quarter of last year. However, by the end of Q4, this stock remained Gao Yi's largest US stock position, accounting for over 20% of its position. At the same time, Gao Yi significantly reduced his holdings in stocks such as NetEase, TAL, and New Oriental in Q4, and cleared tens of thousands of holdings in TSMC and Zhihu.
(Top 5 selling, buying, and holding stocks of Gao Yi, source: Whalewisdom)
In terms of increasing holdings, Gao Yi built a position in 3.52 million shares of Tencent Music in the fourth quarter of last year, and Google and Yum! Brands China also received a small reduction of several million dollars from him. In addition, the stocks that have been increased by Gao Yi include iQiyi, BOSS Zhipin, Zhongtong Express, Ctrip, Huazhu Group, and Beike.
(Top 10 holdings of Gaoyi Asset International, source: SEC, Whalewisdom, Caixin Press)
Jinglin: Clearing Qualcomm, SharkNinja
Jinglin released the 13F form earlier, as previously reported by Caixin News Agency. Like HHLR Advisors and Gao Yi International, Jinglin's largest position remains in Pinduoduo. During this period, although Jinglin reduced its holdings in Pinduoduo by nearly 8% (423000 shares), due to the fierce rise of this stock, the proportion of Pinduoduo's market value to total holdings increased by nearly 5 percentage points, to 24.73%.
Among Jinglin's top ten holdings, Microsoft, Meta, Google-A, and Manbang's holdings remained unchanged in Q4, while increasing their holdings in NetEase and Futu while reducing their holdings in Zhongtong Express, New Oriental, and DoorDash.
In the Q4 of last year, Jinglin lightly established positions in Standard&Poor's Biotechnology ETF (XBI), Airbnb, and TSMC, while clearing positions in Qualcomm, "Southeast Asian Little Tencent" Sea, Ideal Automobile, and SharkNunja. The last one was a home appliance company that was spun off from its parent company JS Global Life and listed on the New York Stock Exchange.
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