According to Caixin News on February 17 (Editor Liu Rui), as most institutional investors in the US stock market disclose their fourth quarter Hold Positions data (Form 13F), domestic investors have once again focused on the overseas investment trends of Chinese private equity firms such as Hillhouse, Gaoyi, and Jinglin.

Overall, in the fourth quarter of last year, Hillhouse, Gaoyi, and Jinglin each reduced their positions in $Alibaba (BABA.US)$ 、 $PDD Holdings (PDD.US)$ some Chinese concept stocks, but Chinese concept stocks still occupy a significant portion of the holdings of these companies.

In addition, coincidentally, Hillhouse, Gaoyi, and Jinglin all increased their positions or newly established positions in the fourth quarter. $Alphabet-C(GOOG.US)$ The Stocks indicate a bullish outlook on Alphabet.

Li Lu's Himalaya Capital remains inactive, still maintaining its position in $Bank of America (BAC.US)$ 、 $Alphabet-C(GOOG.US)$ and $Berkshire Hathaway-A(BRK.A.US)$ A position structure based on the main strategy.

Hillhouse: Total market value of holdings has decreased significantly, continuously focusing on Chinese assets.

Data shows that in the fourth quarter, the total market value of holdings for HHLR Advisors fell sharply from about 4.6 billion USD in the third quarter to about 2.9 billion USD.

Currently, the US stock market is at historical highs. In the fourth quarter, HHLR Advisors made adjustments to their positions, which not only locked in profits but may also have risk control considerations.

Although HHLR Advisors reduced their holdings in some previously surging Chinese concept stocks, the overall position still focuses on Chinese assets.

Overall, in the fourth quarter, the top ten holdings of HHLR Advisors still included as many as eight Chinese concept stocks. Among them, although Hillhouse significantly reduced holdings in$BEIGENE (ONC.US)$, Alibaba, and PDD Holdings, these three stocks still hold the top three positions in their major holdings.

Other Chinese concept stocks in the top ten heavy stocks also include$NetEase (NTES.US)$、$KE Holdings (BEKE.US)$、$Vipshop (VIPS.US)$、$Legend Biotech (LEGN.US)$and $Futu Holdings Ltd (FUTU.US)$ 。

The only two stocks in the top ten that are not Chinese concept stocks are both biopharmaceutical companies.$ArriVent BioPharma(AVBP.US)$And business process management WNS.

Among the four stocks newly bought by HHLR Advisors in the fourth quarter, two are Chinese concept stocks, namely Agora and Momo. Among them, HHLR Advisors bought a total of over 2.09 million shares of Agora, accounting for 1.98% of its portfolio.

In the fourth quarter, HHLR Advisors also increased Shareholding in 10 Stocks, including as many as 4 Chinese concept stocks - namely KE Holdings, Futu Holdings Ltd, JD.com and $Dada Nexus (DADA.US)$. In that quarter, HHLR Advisors increased its Shareholding in KE Holdings by 392,588 shares, a quarter-on-quarter increase of 3.61%; the increase in shareholding for Futu Holdings Ltd was 67,214 shares, a quarter-on-quarter increase of 6.39%.

Jinglin: Increased shareholding in Alphabet, NVIDIA, reduced shareholding in Taiwan Semiconductor.

Jinglin's top ten holdings have not changed much compared to the previous quarter, accounting for nearly 80% of the total position, with only slight changes in ranking.

Due to the 28% decline of PDD Holdings in the fourth quarter of last year, even if Jinglin continues to slightly increase its shareholding, it still gives the position of the largest holding stock to Meta Platforms. NetEase, $Full Truck Alliance (YMM.US)$and$ZTO Express (ZTO.US)$received a slight increase in shareholding, while Taiwan Semiconductor faced a nearly 30% reduction.

Outside the top ten heavy holdings, Jinglin also significantly increased its shareholding in Alphabet in the fourth quarter, while also increasing its holdings in $Microsoft (MSFT.US)$, NVIDIA and other American technology giants, as well as the substantial fluctuations in stock prices at the end of last year due to the 'insurance company CEO assassination' incident.$UnitedHealth(UNH.US)$Another noticeable change is that Jinglin increased its shareholding in Chinese photovoltaic stocks. $Daqo New Energy (DQ.US)$The shareholding increased significantly from 0.05 million shares to 2.71 million shares.

In terms of new investments, Jinglin's largest operation in Q4 was purchasing 3.15 million shares of a Dutch AI Infrastructure concept stock.$NEBIUS(NBIS.US)$This company was spun off from 'Russia's Google' Yandex last year and received over a hundred million dollars in financing from NVIDIA.

Jinglin also built a position in Class C shares of Free Media, which holds Formula One commercial rights.$Amer Sports(AS.US)$、$Canadian Solar(CSIQ.US)$、$Amazon (AMZN.US)$And Regeneron Pharmaceuticals.

Regarding the liquidation,$Micron Technology (MU.US)$、$Airbnb(ABNB.US)$、$E Fund CSI Biotechnology ETF (159502.SZ)$This quarter, five symbols including Alibaba and Dell have disappeared from this private equity firm's U.S. stock holdings.$ New Oriental (EDU.US)$、$Uber Technologies (UBER.US)$KE Holdings,$Tencent Music(TME.US)$Other Chinese concept stocks also saw a reduction of at least 30%.

Highfield: Significantly increased holdings in Alphabet, reduced holdings in NetEase and PDD Holdings.

As of the end of the fourth quarter, Highfield's U.S. stock holdings reached 0.74 billion USD, a decrease of 4.33% from the market value of 0.87 billion USD at the end of the third quarter.

The top ten heavy positions are PDD Holdings,$h world group (HTHT.US)$KE Holdings,$YUM CHINA(YUMC.US)$Meta, Alphabet, Trip.com, NetEase,$RLX Technology (RLX.US)$and$atour lifestyle holdings (ATAT.US)$。

In terms of position adjustments, Gao Yi chose to significantly increase holdings in Alphabet and KE Holdings in the fourth quarter, slightly increased holdings in META and RLX Technology, and made small positions in Taiwan Semiconductor and.$Visa(V.US)$However, at the same time, Gao Yi reduced holdings in NetEase, PDD Holdings,.$iQIYI (IQ.US)$ZTO Express and H World Group.

Despite the reduction, PDD Holdings still ranks as Gao Yi's largest holding with a position ratio of 21.52%, while Alphabet has risen from the seventeenth largest holding to the sixth largest in this round of adjustments.

It is worth mentioning that Gao Yi's reduction in ZTO Express has lasted for four consecutive quarters. At the end of the last quarter, ZTO Express was still Gao Yi's second largest holding, but it has now dropped to eleventh place.

Ximalaya: Holding steady, stopping the reduction of Apple.

Himalaya Capital, managed by Li Lu, remained inactive in the fourth quarter of last year, with no portfolio adjustments at all. The increase in the value of its holdings entirely relied on the rise in stock prices of its major holdings, Bank of America, Alphabet, East West Bancorp, and Apple.

It is worth mentioning that, as the "Chinese version of Buffett," Li Lu's adjustment rhythm for Apple is completely synchronized with Buffett's.

In the third quarter of last year, Himalaya Capital, managed by Li Lu, significantly reduced its holdings by 0.4419 million shares of Apple stock, a reduction of 58.18%, which was completely consistent with the reduction rhythm of Berkshire Hathaway, controlled by Buffett, during the same period; by the fourth quarter, Himalaya Capital halted the sale of Apple, once again maintaining synchronization with Buffett's "rhythm."

By the end of the fourth quarter last year, Himalaya Capital's U.S. stock holdings consisted of only seven stocks, which were $Bank of America (BAC.US)$ 、 $Alphabet-C(GOOG.US)$ 、$Alphabet-A(GOOGL.US)$、$Berkshire Hathaway-B(BRK.B.US)$East West Bancorp,$Occidental Petroleum (OXY.US)$Apple and Oil & Gas exploration and development stocks. $Sable Offshore(SOC.US)$ 。

Want to understand the institutional holdings situation and stay updated on the latest investment trends,open Futubull > Market > US Stocks > Institutional Tracking,Check out more content!

Editor/rice