TOP Funds 13F

Jinglin Asset's latest US stock position adjustment: the top ten heavy-held stocks accounted for more than 90%, slightly reducing its holdings of the most heavily held stock, Pinduoduo

China Funds · Feb 12 08:56

来源：中国基金报

国内私募巨头景林资产，近期披露了其在美股市场的最新持仓情况。

景林资产的海外子公司景林资产管理香港有限公司（GREENWOODS ASSET MANAGEMENT HONG KONG LTD）近期向美国证交会提交了截至2023年四季度末的美股持仓数据，其持仓总市值28.02亿美元（约合人民币201.56亿元），较上一季度大幅增长。

具体来看，景林香港公司在去年四季度加仓了多只中概股，包括$网易 (NTES.US)$、$富途控股 (FUTU.US)$、$好未来 (TAL.US)$等；$拼多多 (PDD.US)$仍是其第一大重仓股，但有所减持，年末持股市值高达6.93亿美元；其还减持了$中通快递 (ZTO.US)$、$新东方 (EDU.US)$、$BOSS直聘 (BZ.US)$、$贝壳 (BEKE.US)$、$英伟达 (NVDA.US)$等，清仓了$高通 (QCOM.US)$、东南亚小腾讯$Sea (SE.US)$、$理想汽车 (LI.US)$、家电企业$SharkNinja (SN.US)$。

前十大重仓股占比超90%

根据美国证券交易委员会（SEC）最新披露的13F文件，截至2023年12月31日，景林资产管理香港有限公司去年四季度末在美股市场持有30只证券，合计持仓总市值达到28.02亿美元（约合人民币201.56亿元），较三季度末有所增长。其中，景林香港公司在去年第四季度新进了3只证券，加仓了3只证券；但清仓了4只证券，减持了7只证券。

基金君还是要说明一下，13F披露的是景林海外主体直接持有的美股持仓，不包含境内主体及产品的美股头寸。

数据显示，截至2023年四季度末，景林香港公司在美股的前十大重仓股持有市值为25.27亿美元，占其美股所有持仓总市值的90.2%，较三季度末持仓集中度进一步提升。

具体来看，前十大重仓股分别是拼多多、$微软 (MSFT.US)$、脸书母公司Meta、网易、中通快递、谷歌母公司Alphabet、新东方、$DoorDash (DASH.US)$、富途控股、$满帮 (YMM.US)$集团；其中，前9名个股的单只持仓市值都超过了1亿美元。

小幅减持第一大重仓股拼多多，持仓市值仍高达6.93亿美元

我们具体来看看景林的调仓情况，截至2023年年末，尽管四季度减持了42.32万股，但拼多多仍旧是景林香港公司的第一大重仓，持股数量为473.54万股，持股市值达到6.93亿美元，占景林总持仓市值的24.73%。

基金君发现，拼多多自去年5月在59.67美元/股的位置触底后，股价大幅反弹，一路震荡向上，涨势非常凌厉，其中去年四季度涨幅超过49%，景林获利了结了一部分。今年1月该股继续上涨，一度涨至152.99美元/股的位置，但1月中旬以来调整幅度也不小，截至今年2月9日报收127.48美元/股，最新总市值为1694亿美元。

坚持高性价比的拼多多，2023年市值一度超过电商巨头$阿里巴巴 (BABA.US)$，这两年出海也成为其一大亮点，海外版Temu在欧美市场脱颖而出。

基金君留意到，景林还坚定持有多只人工智能领域的标的，包括对科技巨头微软保持持股不变，仍然持有118.06万股，持有市值高达4.44亿美元，位列第二大重仓。从股价表现来看，微软在去年四季度继续上涨超19%，今年年初股价创出历史新高，截至2月9日收盘报420.55美元/股，最新总市值为3.12万亿美元，超越了苹果。

景林香港公司对脸书母公司Meta也保持持股不变，2023年四季度末仍然持有124.57万股，期末持股市值为4.41亿美元，位列第三大重仓股。

景林增持网易、好未来等，减持中通快递、新东方等

同时，景林香港公司在去年四季度增持了网易50.51万股，期末持股增至278.57万股，持有市值为2.60亿美元，位列第四大重仓股。

从股价走势来看，网易在去年四季度股价先涨后跌，11月一度涨至118.38美元/股的位置，但此后跌幅非常大，一度跌至81美元左右，到去年底反弹至93.16美元/股；今年1-2月网易股价继续反弹至106.62美元/股。

另外，景林香港公司也加仓了富途控股49.67万股，期末持股增至199.95万股，持有市值为1.09亿美元。

景林香港公司还增持了好未来约81万股，期末持股增至217.56万股，持有市值为2747.78万美元。从股价表现来看，好未来在去年四季度上涨近39%；今年年初延续涨势，到2月9日收盘报13.59美元/股，最新市值为87亿美元。

值得注意的是，景林香港公司在去年四季度新进了$SPDR标普生物科技ETF (XBI.US)$、$爱彼迎 (ABNB.US)$、$台积电 (TSM.US)$等多只标的，但持股数量和金额都不大。

从减持情况看，景林香港公司在去年四季度除了减持拼多多，还大幅减持了中通快递、新东方、BOSS直聘、贝壳等，小幅减持了Doordash、英伟达等标的。

另外，景林香港公司清仓了高通、东南亚小腾讯Sea、理想汽车、SharkNinja。家电企业SharkNinja是其在去年三季度新买进的标的，去年7月末在纽交所上市，上市后股价表现十分突出，景林有可能是获利了结了。

最后，基金君整理了景林香港公司2023年四季度末的美股持仓数据，小伙伴们可以看看。

编辑/Corrine

Source: China Fund News

Domestic private equity giant Jinglin Asset recently revealed its latest positions in the US stock market.

GREENWOODS ASSET MANAGEMENT HONG KONG LTD (GREENWOODS ASSET MANAGEMENT HONG KONG LTD), an overseas subsidiary of Jinglin Asset, recently submitted data on US stock holdings up to the end of the fourth quarter of 2023. The total market value of its holdings was US$2.802 billion (approximately RMB 20.56 billion), a significant increase over the previous quarter.

Specifically, Jinglin Hong Kong Company increased its position on a number of Chinese securities in the fourth quarter of last year, including$NetEase (NTES.US)$,$Futu Holdings Ltd (FUTU.US)$,$TAL Education (TAL.US)$etc.;$PDD Holdings (PDD.US)$It is still its largest stock, but its holdings have been reduced. The market value of its holdings reached US$693 million at the end of the year; it also reduced its holdings$ZTO Express (ZTO.US)$,$New Oriental (EDU.US)$,$Kanzhun (BZ.US)$,$KE Holdings (BEKE.US)$,$NVIDIA (NVDA.US)$Wait, it's cleared$Qualcomm (QCOM.US)$, Little Tencent in Southeast Asia$Sea (SE.US)$,$Li Auto (LI.US)$, home appliance companies$SharkNinja (SN.US)$.

The top ten heavy stocks account for more than 90%

According to the latest 13F documents disclosed by the US Securities and Exchange Commission (SEC), as of December 31, 2023, Jinglin Asset Management Hong Kong Co., Ltd. held 30 securities in the US stock market at the end of the fourth quarter of last year. The total market value of its holdings reached US$2.802 billion (approximately RMB 20.56 billion), an increase from the end of the third quarter. Among them, Jinglin Hong Kong Company added 3 new securities and added 3 securities in the fourth quarter of last year; however, it cleared 4 securities and reduced its holdings of 7 securities.

Fund Jun still wants to explain that 13F discloses US stock positions directly held by Jinglin's overseas entities, not including US stock positions of domestic entities and products.

According to the data, as of the end of the fourth quarter of 2023, the market value of Jinglin Hong Kong's top ten major holdings in US stocks was US$2,527 billion, accounting for 90.2% of the total market value of all its US stock holdings, further increasing the concentration of positions held at the end of the third quarter.

Specifically, the top ten heavy-held stocks are Pinduoduo,$Microsoft (MSFT.US)$, Facebook parent company Meta, NetEase, Zhongtong Express, Google parent company Alphabet, New Oriental,$DoorDash (DASH.US)$, Futu Holdings Ltd.,$Full Truck Alliance (YMM.US)$Group; Among them, the market value of the top 9 individual stocks in a single position all exceeded 100 million US dollars.

Pinduoduo slightly reduced its holdings of the largest stock, and the market value of its holdings is still as high as US$693 million

Let's take a look at Jinglin's position adjustments in detail. As of the end of 2023, despite reducing its holdings by 423,200 shares in the fourth quarter, Pinduoduo was still Jinglin Hong Kong's largest position. The number of shares held was 47354 million shares, and the market value of shares held reached US$693 million, accounting for 24.73% of Jinglin's total holdings.

Fund Jun discovered that since Pinduoduo bottomed out at 59.67 US dollars/share in May last year, the stock price rebounded sharply and fluctuated all the way up. The rise was very strong. Among them, the increase in the fourth quarter of last year was over 49%, and Jinglin's profit was partially settled. The stock continued to rise in January of this year. At one point, it rose to a position of 152.99 US dollars/share, but since mid-January, the adjustment was not small. As of February 9 this year, it closed at 127.48 US dollars/share, and the latest total market value was 169.4 billion US dollars.

Adhering to the cost-effective Pinduoduo market capitalization once surpassed e-commerce giants in 2023$Alibaba (BABA.US)$Going overseas in the past two years has also become one of its highlights, and the overseas version of Temu stands out in the European and American markets.

Fund Jun noticed that Jing Lin also firmly holds a number of targets in the field of artificial intelligence, including maintaining its shareholding in the tech giant Microsoft. It still holds 1.180,600 shares and holds a market capitalization of 444 million US dollars, ranking the second largest position. Judging from the stock price performance, Microsoft continued to rise by more than 19% in the fourth quarter of last year. At the beginning of this year, the stock price reached a record high of 420.55 US dollars/share as of February 9. The latest total market value was 3.12 trillion US dollars, surpassing Apple.

Jinglin Hong Kong also maintained its shareholding in Facebook's parent company Meta. At the end of the fourth quarter of 2023, it still held 1,245,700 shares, with a market value of US$441 million at the end of the period, ranking the third largest stock.

Jinglin increased its holdings in NetEase, Good Future, etc., and reduced its holdings in Zhongtong Express, New Oriental, etc.

Meanwhile, Jinglin Hong Kong Company increased its NetEase holdings by 5051 thousand shares in the fourth quarter of last year, and increased its holdings to 2.785,700 shares at the end of the period, holding a market value of 260 million US dollars, ranking the fourth largest stock.

Judging from the stock price trend, NetEase's stock price rose first in the fourth quarter of last year, and once rose to 118.38 US dollars/share in November, but since then it has dropped very much. At one point, it fell to around $81, then rebounded to 93.16 US dollars/share at the end of last year; in January-February of this year, NetEase's stock price continued to rebound to 106.62 US dollars/share.

In addition, Jinglin Hong Kong Company also added 496,700 shares of Futu Holdings Ltd., increasing its holdings to 19.95 million shares at the end of the period, with a market value of 109 million US dollars.

Jinglin Hong Kong also increased its holdings of Good Future by about 810,000 shares. At the end of the period, its shareholding increased to 2.175,600 shares, with a market value of US$274.77,800. Judging from the stock price performance, Good Future rose nearly 39% in the fourth quarter of last year; continued to rise at the beginning of this year, and closed at 13.59 US dollars/share on February 9. The latest market value was 8.7 billion US dollars.

It is worth noting that Jinglin Hong Kong Company joined in the fourth quarter of last year$SPDR S&P Biotech ETF (XBI.US)$,$Airbnb (ABNB.US)$,$Taiwan Semiconductor (TSM.US)$There are only many targets, but the number and amount of shares held is not large.

Judging from the holdings reduction situation, in the fourth quarter of last year, in addition to reducing its holdings in Pinduoduo, Jinglin Hong Kong also drastically reduced its holdings of Zhongtong Express, New Oriental, BOSS Direct Hire, Shell, etc., slightly reducing its holdings of Doordash and Nvidia.

Additionally, Jinglin Hong Kong has cleared Qualcomm, Southeast Asia's Little Tencent Sea, Ideal Auto, and SharkNinja. Home appliance company SharkNinja was the target of its new purchase in the third quarter of last year. It was listed on the New York Stock Exchange at the end of July last year. After listing, its stock price performance was outstanding, and Jinglin may have made a profit.

Finally, Fiducijun compiled Jinglin Hong Kong's US stock holdings data for the end of the fourth quarter of 2023. Friends can take a look.

Edit/Corrine

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