TOP Funds 13F

I made a double profit! The two giants simultaneously increased their holdings in Pinduoduo, and Gao Lin weighed nearly 10 billion yuan

券商中國 · May 16 12:10

来源：券商中国作者：许孝如

随着美股13F报告的陆续披露，私募巨头的最新持仓浮出水面。

5月15日，千亿私募高瓴和高毅旗下公司在同一天向美国SEC递交了截至一季度末的13F美股持仓报告。两大私募坚定看好$拼多多 (PDD.US)$，选择继续加仓拼多多，目前该股是两大私募的第一大重仓，尤其是高瓴重仓拼多多近百亿元。

同时，高瓴HHLR还大幅加仓了$亚马逊 (AMZN.US)$，新进买入了AMD（超微半导体）、苹果、$英伟达 (NVDA.US)$；高毅则新进买入$特斯拉 (TSLA.US)$、Meta等，对$华住 (HTHT.US)$和$百胜中国 (YUMC.US)$大幅加仓。

两大私募继续加仓拼多多

与景林资产大幅减持拼多多不同的是，高瓴HHLR和高毅资产国际公司在一季度对拼多多进行大幅加仓。

其中，高瓴HHLR加仓168万股拼多多，增持比例达16.62%，最新持股数量升至1178.15万股，期末持股市值达到13.7亿美元（约合人民币98.91亿元），即单票持仓就接近百亿元人民币，足见对拼多多的青睐。

高毅则增持拼多多48.82万股，增持比例达75%，期末持股数量达到113.8万股，期末持股市值为1.32亿美元，占其总持仓的比例达到23.89%。

过去一年，拼多多的涨幅高达120%，两大私募的持仓也收获颇丰。

2023年，拼多多交出了亮眼的业绩：全年营收达到2476亿元，同比增长90%；净利润600亿元，同比增长90%。其中，第四季度，拼多多实现营收889亿元，同比增长123%。净利润233亿元，同比增长146%。

如此迅猛的营收增长，震惊了市场。财报发布后，拼多多盘前大涨13%，不过随后大量资金获利了结，股价一路下行。近期，随着中概股的回暖，拼多多的股价也再度逼近年内高位附近。

截至最新，拼多多的市值是1926.09亿美元，$阿里巴巴 (BABA.US)$的市值为1934.98亿美元，两大电商巨头的市值相当接近。值得注意的是，拼多多预计将在2024年5月29日发布第一季度财报，市场对此寄予厚望。

高瓴新进买入AMD、苹果，增持亚马逊

截至一季度末，高瓴HHLR在美股市场持仓总市值为46.04亿美元，前十大重仓股分别为拼多多、$百济神州 (BGNE.US)$、$贝壳 (BEKE.US)$、$传奇生物 (LEGN.US)$、$微软 (MSFT.US)$、AMD、亚马逊、$赛富时 (CRM.US)$、丹纳赫、$Take-Two互动软件 (TTWO.US)$，中概股市值占比超过70%，占据主导地位。

一季度，高瓴新进买入AMD，大举买入91.24万股，期末持股市值达到1.65亿美元，一举买成高瓴的第六大重仓股。

AMD的第一季度业绩显示，实现营收 54.73 亿美元，同比增长 2.2%，基本符合市场预期；净利润1.23 亿美元，利润端环比大幅回落，主要是受游戏业务等需求下滑影响，AMD的股价也从高位有所回落。

除中概股外，科技依旧是HHLR Advisors的主要投资逻辑，高瓴一季度还新进买入了苹果、英伟达、META等科技公司相关标的。

此外，高瓴对于重仓股亚马逊进行了小幅加仓，增持11000股，期末持股市值升至1.48亿美元；清仓了$爱奇艺 (IQ.US)$等6股。

高毅加仓华住，新进买入特斯拉、Meta

一季度，高毅也对其美股持仓进行了调仓换股。

截至一季度末，高毅美股持仓总市值为5.54亿美元。前十大重仓股分别为拼多多、$中通快递 (ZTO.US)$、华住、爱奇艺、$腾讯音乐 (TME.US)$、$网易 (NTES.US)$、$百胜中国 (09987.HK)$、微软、$雾芯科技 (RLX.US)$、贝壳，集中度高达87.56%。除了微软外，其他全是中概股，这体现了国内的私募巨头们重点还是将仓位放在更为了解的中国资产上，在能力圈内做投资。

除了增持拼多多，高毅在一季度还大举加仓了华住、百胜中国、网易、贝壳、$携程网 (TCOM.US)$等中概股。其中，增持华住84万股，增持比例为116.25%，期末持股市值升至6055万美元；增持百胜中国62万股，增持比例为843.09%。

高毅一季度新买入特斯拉、Meta等3股，减持腾讯音乐、微软、好未来等5股。整体来看，高毅在美股的持仓仍然偏低，主要是因为高毅布局海外的时间较高瓴、景林、淡水泉等私募巨头更迟。

值得注意的是，近几个季度高毅的美股持仓市值也在快速增长，但A股才是高毅资产配置的“压舱石”，冯柳、邓晓峰等在A股的公开持仓曾一度高达500亿元。

编辑/lambor

Source: Broker China Author: Xu Xiaoru

With the successive disclosure of the US Stock 13F Report, private equity giants' latest positions have surfaced.

On May 15, 100 billion private equity firm Gao Lin and Gao Yi's subsidiary company submitted the 13F US stock position report to the US SEC on the same day as the end of the first quarter. The two major private equity firms are firmly optimistic$PDD Holdings (PDD.US)$They chose to continue to increase their positions in Pinduoduo. Currently, this stock is the largest of the two major private equity firms. In particular, Gao Lin has a heavy position of nearly 10 billion yuan in Pinduoduo.

At the same time, Takayama HHLR also increased its positions significantly$Amazon (AMZN.US)$, newly purchased AMD (Ultrafine Semiconductors), Apple,$NVIDIA (NVDA.US)$; Gao Yi bought it as a newcomer$Tesla (TSLA.US)$, Meta, etc., right$H World Group (HTHT.US)$und$Yum China (YUMC.US)$Significant increase in positions.

The two major private equity firms continue to increase their positions in Pinduoduo

Unlike Jinglin Asset, which drastically reduced Pinduoduo's holdings, Gaolin HHLR and Gao Yi Asset International Company drastically increased their positions in Pinduoduo in the first quarter.

Among them, Gao Lin HLR added 1.68 million shares to Pinduoduo, increasing its holdings by 16.62%. The latest number of shares rose to 11.7815 million shares, and the market value of shares held at the end of the period reached 1.37 billion US dollars (approximately RMB 9.891 billion), that is, the single ticket position was close to 10 billion yuan, which shows its favor for Pinduoduo.

Gao Yi, on the other hand, increased Pinduoduo's holdings by 488,200 shares, reaching 75%. The number of shares held at the end of the period reached 1,138,000 shares, and the market value of shares held at the end of the period was US$132 million, accounting for 23.89% of its total holdings.

In the past year, Pinduoduo's increase was as high as 120%, and the two major private equity holdings were also very profitable.

In 2023, Pinduoduo delivered impressive results: annual revenue reached 247.6 billion yuan, an increase of 90% year on year; net profit of 60 billion yuan, up 90% year on year. Among them, in the fourth quarter, Pinduoduo achieved revenue of 88.9 billion yuan, an increase of 123% over the previous year. Net profit was 23.3 billion yuan, up 146% year over year.

This rapid increase in revenue shocked the market. After the financial report was released, Pinduoduo surged 13% before the market, but then a large amount of capital profits came to an end, and the stock price went all the way down. Recently, with the recovery of China's securities market, Pinduoduo's stock price is once again close to its high level in recent years.

As of the latest, Pinduoduo's market capitalization is 192.609 billion US dollars.$Alibaba (BABA.US)$The market capitalization is 193.498 billion US dollars, and the market capitalization of the two major e-commerce giants is quite close. It is worth noting that Pinduoduo is expected to release its first quarter earnings report on May 29, 2024, and the market has high expectations for this.

Gao Lin buys new AMD and Apple to increase Amazon holdings

By the end of the first quarter, the total market value of Gao Lin HHLR's holdings in the US stock market was US$4.604 billion. The top ten largest stocks were Pinduoduo,$BeiGene (BGNE.US)$,$KE Holdings (BEKE.US)$,$Legend Biotech (LEGN.US)$,$Microsoft (MSFT.US)$, AMD, Amazon,$Salesforce (CRM.US)$, Danaher,$Take-Two Interactive Software (TTWO.US)$The Chinese stock market accounts for more than 70% of the market value and dominates the market.

In the first quarter, Gao Lin bought AMD and bought 912,400 shares in a big way. At the end of the period, the market value of its holdings reached 165 million US dollars, making it Gao Lin's sixth largest stock in one fell swoop.

AMD's first-quarter results showed that it achieved revenue of 5.473 billion US dollars, an increase of 2.2% over the previous year, which was basically in line with market expectations; net profit of 123 million US dollars, and the profit side fell sharply month-on-month, mainly due to the decline in demand from the gaming business, etc., and AMD's stock price also fell from a high level.

In addition to China Securities, technology is still the main investment logic of HHLR Advisors. Gao Lin also bought new targets related to technology companies such as Apple, Nvidia, and META in the first quarter.

In addition, Gao Lin slightly increased its position on the heavy stock Amazon, increasing its holdings by 11,000 shares, and the market value of its holdings rose to US$148 million at the end of the period; the inventory was cleared$iQIYI (IQ.US)$Wait 6 shares.

Gao Yi added Huazhu to buy Tesla and Meta as newcomers

In the first quarter, Gao Yi also adjusted his US stock holdings for shares.

As of the end of the first quarter, the total market value of Gao Yimei's stock holdings was US$554 million. The top ten heavy-held stocks are Pinduoduo,$ZTO Express (ZTO.US)$, Huazhu, iQiyi,$Tencent Music (TME.US)$,$NetEase (NTES.US)$,$YUM CHINA (09987.HK)$, Microsoft,$RLX Technology (RLX.US)$, seashells, concentration as high as 87.56%. With the exception of Microsoft, all others are Chinese securities, which shows that domestic private equity giants are still focusing their positions on Chinese assets they know better and investing within their ability circles.

In addition to increasing his holdings in Pinduoduo, Gao Yi also significantly increased his holdings in Huazhu, Yum China, NetEase, Shell,$Trip.com (TCOM.US)$Waiting for an overview of shares. Among them, Huazhu increased its holdings by 840,000 shares, an increase of 116.25%, and the market value of shares held at the end of the period rose to US$60.55 million; its holdings of Yum China increased by 620,000 shares, an increase of 843.09%.

Gao Yi bought 3 new shares including Tesla and Meta in the first quarter and reduced his holdings by 5 shares including Tencent Music, Microsoft, and Good Future. Overall, Gao Yi's holdings in US stocks are still low, mainly because Gao Yi took a long time to set up overseas private equity giants such as Jing Lin and Tamsui Springs even later.

It is worth noting that the market value of Gao Yi's US stock holdings has also grown rapidly in recent quarters, but A-shares are the “ballast stone” of Gao Yi's asset allocation. Feng Liu and Deng Xiaofeng's public holdings in A-shares once reached 50 billion yuan.

edit/lambor

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