How can China's top private equity speculate on US stocks? The 13F reports of well-known organizations such as Gao Yi and Gao Yi have all been released ·  Feb 15 23:41

Source: Finance Federation Author: Shi Zhengcheng

① As of the end of this Wednesday, local time in the US, all the 13F tables for the Q4 quarter of 2023 have been disclosed; ② As a super bull stock last year, Pinduoduo was the largest in the holdings of Gao Yi, Gao Yi, and Jing Lin, but the direction of the three Q4 operations was different.

With the end of February 14, local time in the US, all US stock institutional investors completed the disclosure of position data at the end of the quarter. In addition to “Buffett's Apple holdings reduction” and “Ali, the 'big short' who took advantage of the subprime mortgage crisis,” private equity institutions that domestic investors are very familiar with, such as Gao Yi and Gao Yi, also revealed their “US stock report cards” in the finale.

(Source: SEC, Whalewisdom, Financial Association)

It is worth mentioning that in addition to the well-known private equity firms that have already announced the 13F form mentioned above, there are also several well-known Chinese private equity firms that have stopped updating the 13F form in recent months. It is reasonable to assume that these institutions no longer have long positions in US stocks.

Before discussing specific operations, it is important to remind investors that Form 13F discloses position data at the end of the quarter, that is, positions at the end of the fourth quarter of last year. Before “copying work,” it is necessary to clearly recognize delays in timeliness.

Li Lu still hasn't operated

As the most well-known Chinese value investor, Li Lu's Himalaya Capital remained inactive in the Q4 quarter of last year. The last time there was a change in this fund's 13F statement also dates back to the operation of clearing Micron Technology's inventory in the Q2 quarter of last year to increase its holdings of Huamei Bank.

By the end of last year, in addition to Huamei Bank, Himalaya Capital's US stock holdings included shares of Bank of America, Google-A, Google-C, Berkshire B, and Apple.

It is worth mentioning that although Berkshire, which traditionally reflects risk aversion in US stocks, had a mediocre performance in the fourth quarter of last year (+1.82%), it has increased by more than 10% since this year. It is also the best performing individual stock held by Himalaya Capital in 2024.

(Berkshire-B daily chart)

Gao Dao: Pinduo reverses the largest holdings

Unlike Himalayan capital, which is “motionless,” Gao Lin's US stock operation style is obviously much more active.

According to Form 13F disclosed by HHLR Advisors on Wednesday, the market value of the agency's US stock holdings at the end of the fourth quarter rose 10% month-on-month to US$4.962 billion. Of all US stock holdings, Chinese securities account for more than 70% of the market value.

In terms of specific position changes, the most notable one is that HHLR Advisors significantly increased its holdings of Pinduoduo by 2.7601 million shares in the fourth quarter of last year. The total market value of its holdings reached US$1,479 billion at the end of the period, accounting for nearly 30% of the total holdings. At the same time, Pinduoduo also surpassed BeiGene and became the largest holding position of HHLR Advisors.

It is worth mentioning that in the second half of last year, Pinduoduo became the leader in China's securities market. The increase in both the third and fourth quarters was over 40%, achieving excellent returns that doubled in half a year.

(Pinduoduo daily chart)

In terms of other operations, HHLR Advisors significantly increased its holdings of Danaher (Danaher), a leading innovator in life sciences and medical diagnostics, in the fourth quarter of last year. This is also the first time that this stock has entered HHLR Advisors' top ten holdings. E-commerce stocks JD and Amazon have also increased their holdings, while adding a small number of new positions at Moody's.

(HHLR Advisors前十大持仓,来源:SEC、whalewisdom、财联社)
(HHLR Advisors' top ten holdings, source: SEC, Whalewisdom, Financial Association)

In terms of holdings reduction operations, HHLR Advisors cleared Tesla and a number of small-cap biotech stocks in the fourth quarter of last year. At the same time, previously heavy holdings such as Shell, Legendary Creatures, Microsoft, DoorDash, Saifshi, and Alibaba also experienced varying degrees of reduction in their holdings.

Gao Yi: Significant addition to iQiyi and Tencent Music

Gao Yi Asset International also pressed until the last day to release the 13F Form. Like Gao Lin, Gao Yi is also an active trader in the US stock market.

In terms of the main trading direction, Gao Yi Assets sold 40% (466,000 shares) of Pinduoduo's positions in the fourth quarter of last year, but by the end of the Q4 quarter, this stock was still Gao Yi's largest US stock holdings, accounting for over 20% of the positions. At the same time, Gao Yi also significantly reduced his holdings of individual stocks such as NetEase, Good Future, and New Oriental in Q4, and cleared tens of thousands of TSMC and Zhihu shares.

(Gao Yi's top five stocks sold, bought, and held positions, source: whalewisdom)

In terms of increasing holdings, Gao Yi opened a position of 3.52 million shares of Tencent Music in the fourth quarter of last year, and Google and Yum China also received a small reduction of millions of dollars. In addition, individual stocks that have received an increase in Gao Yi's holdings include iQiyi, BOSS Direct Hire, Zhongtong Express, Ctrip, Huazhu Group, and Shell.

(Top 10 holdings of Gao Yi Asset International, Source: SEC, Whalewisdom, Financial Services Association)

Jinglin: Clearance Qualcomm, SharkNinja

Jinglin released the 13F table a little earlier. The Financial Services Association has already reported on it before. Like HHLR Advisors and Gao Yi International, Jinglin's largest holding position is still Pinduoduo. Although Jinglin reduced Pinduoduo's holdings by nearly 8% (423,000 shares) during this period, due to the strong rise in this stock, the market value of Pinduoduo's holdings increased by nearly 5 percentage points to 24.73%.

Among Jinglin's top ten holdings, the holdings of Microsoft, Meta, Google-A, and Manbang remained unchanged in the Q4 quarter. At the same time, they increased their holdings of NetEase and Futu, and reduced their holdings of Zhongtong Express, New Oriental, and DoorDash.

In the Q4 quarter of last year, Jinglin lightly opened positions in the S&P Biotech ETF (XBI), Airbnb, and TSMC, while also clearing Qualcomm, the “Little Tencent in Southeast Asia” Sea, Ideal Auto, and SharkNinja. The last one was JS Global Life, the parent company of Joyang Co., Ltd. and spun off into a home appliance company listed on the NYSE.


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