Hillhouse HHLR Advisors released the latest US stock position data, according to the Securities and Exchange Commission (SEC) website.

As the disclosure of the US stock portfolio position report of institutional investors is drawing to a close, the US stock position of well-known investment managers has surfaced. For example, Berkshire, BaillieGifford, Bridge Water, Soros Fund, Fisher Investment, Jinglin Capital, Hillhouse HHLR, AKR, Renaissance and other second-quarter positions have all disclosed data.

U. S. stocks fell almost unilaterally in the second quarter until they bottomed out in mid-June. From the position adjustment point of view, we can see that smart funds are doing some "adverse selection".

For example, Amazon.Com Inc, whose share price plummeted in the second quarter, was blessed by many institutions. Qiaoshui, which loves the consumer industry, built a position on Amazon.Com Inc, while the Soros Fund substantially increased the position of Amazon.Com Inc by more than 40%.

What is interesting is that the Third Point headed by Daniel S. Loeb cleared Microsoft Corp in the same quarter, which is a more determined move by the company after cutting positions in Microsoft Corp in the first quarter.

The more popular Chinese stocks in the second quarter are BABA and Pinduoduo. Munger's daily periodicals, after halving their positions on BABA in the first quarter, stood still in the second quarter, while HHLR, Jinglin and Blackrock chose to increase their positions.

Let's take a look at the overall shareholding of several institutions.

HHLR:At the end of the second quarter, HHLR held 64 stocks in the U. S. stock market, with a total market capitalization of $4.7 billion, roughly the same as the previous quarter. In the second quarter, HHLR continued to increase the centralized allocation of Chinese assets and heavy investment in its investment portfolio, and increased its holdings and new purchases of 9 US-listed stocks.

Jinglin assets:By the end of the second quarter, Jinglin assets held 31 shares in the United States, with a total market capitalization of $2.245 billion. One new stock and eight shares were added to the position portfolio. At the same time, Jinglin assets also reduced its holdings of 10 shares and cleared 6 stocks.

Soros Foundation:By the end of the second quarter, the total market capitalization of the holdings was $5.615 billion, with 49 new shares and 43 new holdings in the portfolio. In addition, 18 shares were reduced and 51 stocks were cleared.

Bridge Water Fund:By the end of the second quarter, the total market value of Qiaoshui Fund's positions reached US $23.598 billion, with 116 new shares, 612 shares increased, 256stocks reduced and 99 stocks cleared.

Chinese stocks: a number of institutions "bottom" BABA, Pinduoduo

Of all the US stock positions held by HHLR in the second quarter, US-listed stocks had a combined market capitalization of nearly $3 billion, accounting for 64 per cent. At the same time, HHLR carried out operations such as increasing holdings and new purchases of 9 Chinese stocks, which continued to show that the HHLR investment team is optimistic about Chinese assets.

In the second quarter, HHLR built positions again in BABA and Pinduoduo, buying 1.89 million shares and 1.39 million shares respectively.

It is worth noting that BABA has also been favored by Jinglin, Blackrock and other investment institutions. The latest data show that Jinglin assets increased its holdings of BABA by 936000 shares in the second quarter. By the end of the second quarter, the number of shares held reached 1.243 million shares, with a market value of 140 million US dollars, making it the sixth largest stock.

Blackrock bought 57700 shares of BABA ADR in the second quarter, an increase of 1 per cent. During the same period, Jing Lin also increased the position of Pinduoduo and bought 240000 shares.

Another daily journal, once run by Mr Munger, kept its stake in BABA in the second quarter, ranking third among the largest stocks. It is worth mentioning that Mr Munger cut its position by 50 per cent in the first quarter.

In the second quarter, the share prices of BABA and Pinduoduo both showed a further downward trend. BABA's stock price in the second quarter was as low as 78 US dollars, which is 34% lower than that at the end of the fourth quarter of 2021. Pinduoduo's stock price in the second quarter was as low as 31 US dollars, 46% lower than the share price at the end of the fourth quarter of 2021.

Market participants believe that investment institutions, including HHLR, bought BABA and Pinduoduo in the second quarter, perhaps in a low "bottom".

In the second quarter, Jinglin assets not only significantly increased its holdings of BABA and Pinduoduo, but also Full Truck Alliance Co. Ltd., China's largest digital freight platform, with an increase of 5.74 million shares in the second quarter.

In terms of position reduction, NetEase, Inc and JD.com reduced their holdings by 1.14 million shares and 1.4 million shares respectively.

As of the second quarter of 2022, the total market value of overseas positions in Jinglin in the second quarter was 2.245 billion US dollars. Among the top 10 positions, the month-on-month decline of 4%, of which eight of the top 10 heavy positions were US-listed.

It was mentioned earlier that Jinglin increased its positions in 240000 shares of Pinduoduo ADR in the second quarter. After increasing its holdings, the market value of its holdings reached 2.0072 million shares, returning to the ranks of the top 10 heavy stocks.

Jinglin was one of the first institutions to hold Pinduoduo. Pinduoduo was listed on NASDAQ in July 2018. Jinglin assets began to be held and gradually increased in the fourth quarter, which once became the largest heavy stock held by Jinglin.

In fact, when Pinduoduo first went public, few outsiders could "understand" it, especially for investment institutions in first-tier cities to understand that this product covering the sinking market had a strong user base.

At that time, Jinglin conducted a "textbook-level" market research, and successively sent 15 research teams to mainland cities in 15 provinces along three railway lines to investigate their core consumers. I saw that the fundamentals made a decision to buy a lot. It was once held as the largest heavy stock.

In the first quarter of 2021, Jinglin reduced its holdings by 3.78 million shares, from the first heavy position to the second largest position. during this period, Pinduoduo's share price also reached an all-time peak of $212.6. At that time, Pinduoduo's share price had risen about fivefold since Jinglin first held it.

Since then, Jinglin has increased and reduced the positions of Pinduoduo many times, and even reduced it out of the top ten at one time. Until the second quarter of this time, Pinduoduo was increased to the seventh largest position.

Jinglin made a small reduction in KE Holdings Inc., the largest heavy stock, and still holds 20.3432 million shares in the second quarter.

Technology stocks: falling endlessly in the second quarter, institutions are buying and buying

In the second quarter, the technology shareholding ratios of ARK, Fisher Investment and Blackrock were 38.66%, 27.68% and 22.35%, respectively.

Data show that the proportion of technology stocks held by most institutions is generally increasing year by year, which is not only the trend of the development of the industry, but also the direction of capital choice.

The attitudes of giants Alphabet Inc-CL C, Amazon.Com Inc, Meta, Apple Inc and Microsoft Corp are still very different when institutions use money to vote. Obviously, Apple Inc, Amazon.Com Inc and Alphabet Inc-CL C increased their holdings relatively more.

Blackrock's total market value of his position in the second quarter was $3.117 trillion, down 16% from the previous quarter. The top five positions are Apple Inc, Microsoft Corp, Amazon.Com Inc, Alphabet Inc-CL C-An and Alphabet Inc-CL C-C.

In the second quarter, Blackrock slightly increased his position in Apple Inc to 1.029 billion shares, while Microsoft Corp and NVIDIA Corp reduced their holdings slightly to 523 million shares and 179 million shares respectively. Although Buffett did not buy Apple Inc as a technology stock, Berkshire took the opportunity to add a little bit to Apple Inc's position when Apple Inc's share price fell with the market.

The total market value of Fisher's position in the second quarter was $141.292 billion. In the top 10 of its heavy positions, except for the slight reduction of Adobe Inc's holdings, the other holdings were increased comprehensively, with an increase of 2% and 4%, with Apple Inc, Microsoft Corp and Amazon.Com Inc ranked the first, second and third largest stocks respectively. Alphabet Inc-CL C's parent company Alphabet, the largest SaaS supplier of customer relationship management in the United States, and ASML Holding NV, the world's leading lithography system company, are all well-known technology stocks.

It is worth mentioning that the 11th largest position held by Fisher is Taiwan Semiconductor Manufacturing Co Ltd, despite the avalanche decline in the global semiconductor industry, Fisher still slightly increased the position.

The total market capitalization of ARK's position is $16.91 billion, and long-term heavy technology stocks are the consistent investment style of the head of "wooden Sister". ARK reduced its holdings of 150000 shares of Tesla, Inc. in the second quarter, which is still the largest heavy stock after the reduction.

In the second quarter, ARK significantly increased its positions in Zoom (1.16 million shares), Roku (1.87 million shares), CRISPR (320000 shares) and UiPath (400000 shares).

Different from the technology stocks invested by Blackrock and Fei Xue"wooden Sister" pays more attention to the ultimate growth.Whether it is the second largest global video industry leader Zoom, the global streaming media platform Roku, or the cloud communications company Twilio, they are all subdivided leading enterprises in communications technology.

In addition, three of wooden Sister's top 10 positions are medical technology companies, Precision Science is a molecular diagnostics company specializing in non-invasive colorectal cancer screening; Teladoc is the earliest and largest telemedicine provider in the United States; and CRISPR is a leading gene editing company.

New and old energy: Buffett buys western oil and buys merger watches. BG and Sister Wood have both reduced Tesla, Inc..

Since the beginning of this year, the price of fossil energy, mainly oil and natural gas, has increased rapidly, and many institutions have chosen the target to continue to increase their positions, the most famous of which is Buffett.

On Aug. 10, Western Oil disclosed in a regulatory announcement that Berkshire had increased its stake in the company by 6.68 million shares, valued at $390.72 million, to 188 million shares, or 20.2% of the outstanding shares.

Since last year, Buffett has been buying Western oil until it has entered the top 10 positions and increased its holdings by 121 million shares in the first quarter. Since the beginning of this year, due to the sharp rise in oil prices, Western oil shares have also doubled.

Buffett responded to the deal by saying that after reading the minutes of the Western Oil Company's fourth-quarter earnings call, he decided to buy shares in the company and said frankly that "buy as much as you can".

In addition to Western oil, Buffett also increased his stake in energy giant Chevron Corp, one of the world's top 10 oil companies, Chevron Corp. Its business scope permeates all aspects of the oil and gas industry: exploration, production, refining, marketing, transportation, petrochemical, power generation and so on.

Chevron Corp made a profit of $11.61 billion in the second quarter, compared with a net profit of $4.7 billion in the same period last year, and his performance in the second quarter of this year was nearly 50 per cent higher than the record set in 2008.

Renaissance Technology, a hedge fund, also significantly increased its position in Chevron Corp, increasing its holdings by 4.96 million shares in the second quarter.

In addition to increasing its holdings of fossil energy, Renaissance Technology adjusted the positions of new energy companies, reducing its holdings in Tesla, Inc. by 806900 shares in the second quarter, a reduction of 51 per cent.

Reduction of Tesla, Inc. 's holdings in addition to the "wooden sister", there are ultra-long-term investors Baillie Gifford. Baillie Gifford reduced its holdings by 407900 shares in the second quarter. After the reduction, Tesla, Inc. fell from the first heavy stock to the second highest ranking.

Among Baillie Gifford's top 10 positions is another new energy car, NIO Inc., which held 96.7311 million shares in the second quarter, with a market capitalization of 2.101 billion, down 8 per cent from the previous quarter.

Rivian, known as Tesla, Inc. 's "archrival", officially landed on Nasdaq on November 10 last year, and its share price reached $179.47 on the fifth trading day, but it has been "falling" all the way since then, a far cry from Tesla, Inc..

Soros Fund reduced its holdings of Rivian 200.02 million shares in the second quarter, a reduction of 10%. It is worth noting that after the reduction, it is still the largest heavy stock.

Soros first held Rivian in the fourth quarter of 2021, sold 19.8358 million shares, and became the largest heavy stock after Jiancang.

Although HHLR cleared Li Auto Inc., which rose as much as 48% in the quarter, it also bought Tesla, Inc. and JinkoSolar Holding Co Ltd Holdings, and increased its positions in Daqo New Energy Corp and Daqo New Energy Corp, which also entered the top 10 stocks of HHLR, still continuing HHLR's long-term investment logic in new energy.

Qiaoshui, which has a preference for retail consumption, has transferred to Chinese stocks through emerging market ETF.

Bridge Water Fund, the world's largest hedge fund, has a total market capitalization of 23.598 billion yuan, down 5 per cent from the previous month.

Retail consumption is the majority of the top ten positions in Qiaoshui. In the top ten, Coca-Cola Company, PepsiCo Inc, Kaike and Walmart Inc all belong to the retail consumer industry.

Procter & Gamble Co, the largest heavy position, is one of the largest consumer goods companies in the world, holding 6.7472 million shares in the second quarter, a reduction of 76400 shares compared with the first quarter, while Johnson & Johnson, the second largest heavy position in the world, is the largest medical and health care products and consumer care products company with diversified products, holding 4.3326 million shares in the second quarter, a reduction of 12400 shares compared with the first quarter.

In addition, Coca-Cola Company and PepsiCo Inc reduced their holdings by 1.1171 million shares and 362300 shares respectively in the second quarter, to 10.8208 million shares and 3.809 million shares respectively.

Different from the previous reduction, Kaike and Walmart Inc increased their positions in Qiaoshui in the second quarter. In particular, Walmart Inc increased its holdings by 16% in the second quarter to 4.6977 million shares. Obviously, in the face of anti-inflation, the "round-the-clock" investment advantages of the two companies are more obvious.

It is also worth paying attention to among the top 10 positions of the Bridge Water Fund, in addition to the S & P 500, there are two emerging market ETFThey are iShares MSCI core emerging market ETF and Vanguard emerging market ETF.

The word "emerging markets" means "progress, promotion and vitality" and has had different meanings for different developing countries over the years. However, its core is to continue to describe investment opportunities in developing countries.

IShares MSCI core emerging Markets ETF (IEMG), launched in October 2012, tracks the Morgan Stanley Capital International emerging Markets investable Markets Index and provides large, medium and small capital emerging market stocks in 24 emerging markets.

At present, finance, information technology and non-essential consumer goods are the top three sectors, accounting for 54% of total assets.The top 10 stocks include six Chinese stocks, namely Taiwan Semiconductor Manufacturing Co Ltd (TSM), Tencent, BABA (BABA), Meituan (MPNGF) and JD.com (JD).

Today, many emerging economies are part of the trillion-dollar club and were once seen as drivers of global growth. The asset allocation of Qiaoshui is also evident.

Two little colored eggs

Soros Fund's position also increased a lot of PowerShares QQQ Trust, Series 1 call options, from the point of view of the investment time in the second quarter, very accurate. And Alleghany, the insurance company Buffett bought, is also increasing its holdings.

The Renaissance also bought Berkshire shares, looking at the direction of its holdings in the second quarter. Apple Inc, Chevron Corp and American Express Co are Berkshire's favorite stocks.