According to the Financial Associated Press on November 15 (Editor Liu Rui), by this Friday, most institutional investors in the US stock market have completed the disclosure of their third-quarter holding data (form 13f). For domestic investors, the overseas investment trends of Chinese private equity firms such as Hillhouse and Gaoyi are undoubtedly the most concerning.

Overall, in the third quarter of this year, the focus of most Chinese private equity funds is still on Chinese concept stocks.

Among them, the "content" of Chinese concept stocks held by Hillhouse and Gaoyi further increased. However, Hillhouse and Jinglin chose to reduce their holdings in pdd holdings, while Gaoyi continued to increase its holdings in pdd holdings.

Different funds also have significantly different attitudes towards apple. While "God of Stocks" Buffett drastically reduced his holdings in apple, "China's Buffett" Li Lu also chose to significantly reduce his holdings in apple. However, Jinglin chose to significantly increase its holdings in apple in the third quarter, making it their seventh largest holding.

Hillhouse: Chinese concept stocks occupy the absolute center position, making significant adjustments to e-commerce stocks.

Overall, in the third quarter, HHLR Advisors under Hillhouse's management saw a total market cap growth of over 10%, while continuing to increase allocations to Chinese assets.

In HHLR Advisors' top ten holdings in the third quarter, chinese concept stocks occupied nine positions, namely beigene, alibaba, pdd holdings, legend biotech, vipshop, netease, ke holdings, trip.com, and futu holdings ltd.

The proportion of US-listed Chinese stocks in its total holdings market cap has increased from 85% in the previous quarter to 93%, now occupying an absolute dominant position.

Hillhouse made significant adjustments to its Chinese e-commerce stocks: in the third quarter, it substantially increased its holdings in alibaba while reducing its stake in pdd holdings.

Hillhouse significantly increased its holdings of 3.448 million shares of alibaba, with a growth rate of 64.1%, making it the second largest holding. At the same time, Hillhouse reduced its holdings of 4.125 million shares of pdd holdings, with a reduction rate of 46.4%, dropping from the top holding in the previous quarter to the third largest holding.

pdd holdings first entered HHLR Advisors' top ten heavy stocks in the third quarter of 2022, and by the third quarter of this year, the average stock price increase of pdd holdings reached 118%. The reduction this time by HHLR Advisors may be due to profit-taking and risk avoidance considerations.

Gao Yi: The "medium holding amount" continues to improve, and pdd holdings is increased once again.

As of the end of the third quarter, Gao Yi's US stock holdings reached a market cap of 0.87 billion USD, an approximately 14.5% increase compared to the market cap of 0.76 billion USD at the end of the second quarter. The top ten heavyweight stocks are pdd holdings, h world group, netease, yum china, ke holdings, Meta, Ctrip, iqiyi, zto express, and atour.

Compared to the previous quarter, Gao Yi's assets' holding "medium amount" seems to have further strengthened. Among its heavyweight stocks, Gao Yi significantly increased its stake in pdd holdings, h world group, netease, yum china, and ke holdings, making pdd holdings firmly occupy its top holding position; at the same time, it reduced its holdings of 0.03 million shares of Meta by 30%.

However, Gao Yi's reduction in zto express continues. In the first quarter of this year, zto express was once Gao Yi's second largest heavyweight stock, but in the second quarter, Gao Yi's assets drastically reduced by 1.545 million shares, with the number of shares dropping 47.75% quarter-on-quarter, ranking it down to eighth. In the third quarter, Gao Yi continued to reduce its holdings by 0.6832 million shares, leaving a total of 1.0073 million shares, with the market cap share in total holdings dropping further from eighth place in the previous quarter to ninth place.

In addition to reducing holdings in zto express and Meta, Gao Yi also significantly reduced positions in tencent music and microsoft in the third quarter, completely selling off eli lilly and co, Amer Sports (AS.US), and earlier small amounts of new oriental and alibaba stocks, while newly building positions in kanzhun and li auto.

Jinglin: Large-scale reduction in heavyweight stocks, increasing holdings in apple.

In the third quarter, Jinglin reduced its holdings in most heavyweight stocks to different extents, only increasing positions in apple and zto express. Due to the large-scale reductions, the market cap of the asset management report for the end of Q3 is 3.15 billion USD, significantly down from 3.79 billion USD in the previous quarter.

In the third quarter, Jinglin performed reductions on all top ten holdings from the previous quarter, with the largest reductions in microsoft (87% reduction) and nvidia (-97% reduction), while semiconductor and AI technology stocks such as taiwan semiconductor and Meta were also reduced by 20-30%.

PDD Holdings, NetEase, Futu and other Chinese concept stocks have experienced an average shareholding reduction of around 10%. However, after a large-scale shareholding reduction, PDD Holdings remains the largest holding stock for Jinglin.

At the same time, Jinglin has completely exited from ASML Holding, iShares Penghua Guozheng Semiconductor Chip ETF, Amazon, Li Auto, Tesla, Novo-Nordisk A/S, Merck, and other technology and pharmaceutical concept stocks.

On the buy side, Jinglin's biggest operation in Q3 was adding 0.591 million shares of Apple. Jinglin rebuilt its position in Apple in the second quarter of this year, and in the third quarter, Jinglin increased its position by 0.5911 million shares of Apple stocks, with a shareholding increase of 356.9%, making Apple its seventh largest holding.

Li Lu: Following Buffett's footsteps, significantly reducing shareholding in Apple.

As the "Chinese version of Buffett," Li Lu's Himalaya Capital's adjustment of positions can be said to closely follow the footsteps of the stock god.

In the second quarter of this year, Li Lu established a new position in Occidental Petroleum, buying 1.467 million shares, completely replicating Buffett's Berkshire Hathaway's continuous increase in shares of Occidental Petroleum.

In the third quarter, Li Lu chose to significantly reduce its shareholding by 0.4419 million shares of Apple, with a shareholding reduction of 58.18%, once again mimicking Berkshire Hathaway's significant reduction of Apple in the third quarter.

In addition to reducing holdings in Apple, Li Lu also established a new position in an oil & gas exploration and development stock, Sable Offshore Corp (SOC.US). As of the end of the third quarter, Himalaya Capital held 1.343 million shares of the company, totaling a value of 31.74 million USD, accounting for 1.28% of its investment.

As of the end of the third quarter of this year, Himalaya Capital's holdings in US stocks only include seven stocks: Bank of America, Google-C, Google-A, Berkshire-B, East West Bancorp, Occidental Petroleum, Apple, and SOC.

Editor/Lambor