Source: Finance Association
① The latest moves by Chinese private equity institutions such as Gao Yi, Gao Yi, Jing Lin, and Himalaya have recently been revealed; ② Overall, Chinese securities are still popular among Chinese institutions, especially Pinduoduo, and are also famous in the leading positions of Gao Yi, Gao Yi, and Jing Lin; ③ However, Jing Lin drastically reduced its holdings of Pinduo by 1.1 million shares in the first quarter, which is at odds with Gao Yu and Gao Yi's move to increase positions.
On Wednesday EST, the vast majority of institutional investors in US stocks have already disclosed their position data at the end of the quarter. For domestic investors, the trend of Chinese private equity institutions such as Gao Yi and Gao Yi is particularly noteworthy.
Overall, China Securities is still popular with Chinese institutions, especially Pinduoduo$PDD Holdings (PDD.US)$Furthermore, Gao Yi, Gao Yi, and Jing Lin are all famous in the top positions. However, although Pinduoduo is still Jinglin's second-largest holdings, Jinglin drastically reduced Pinduoduo's holdings by 1.1 million shares in the first quarter, which disagreed with Gao Lin and Gao Yi's move to increase their positions.
As Pinduoduo's performance grew rapidly, it also achieved impressive performance in boosting stock prices. Although Pinduoduo fell more than 20% in the first quarter, the cumulative increase in Pinduoduo's stock price has reached 120% in the past year.
Gao Yi: Still favoring China's technology stocks and biomedicine
According to the data, Gao Lin's HLR Advisors held a total market value of 4.604 billion US dollars in the US stock market in the first quarter. The top ten largest stocks were Pinduoduo, BeiGene, Shell, Legendary Biotech, Microsoft, AMD, Amazon, Saifushi, Danaher, and TAKE-TWO Interactive Software, which accounted for more than 70% of the market value and dominated the market value.
Specifically, technology is still Gao Lin's main investment logic. In the first quarter of this year, HHLR Advisors increased their holdings of “AI” beneficiary stocks such as AMD, Meta, Amazon, and TSMC.
Additionally, biomedicine is Gao Lin's preferred field. In the first quarter of this year, Gao Lin made a huge investment in two startup biomedical companies — Kiniksa and Arrivent Biopharma.
Gao Yi: Pinduoduo sold last quarter, bought back this quarter
Gao Yi increased most of his major holdings in the first quarter of this year, and the market value of his holdings also rose from US$420 million in the previous quarter to US$550 million.
Gao Yi seems to be betting on a recovery in domestic consumption in the first quarter of this year, drastically increasing stocks such as Huazhu, Yum China, and Pinduoduo. Meanwhile, against the backdrop of Tesla's cumulative decline of more than 30% in the past six months, Gao Yi chose to buy in a big way, apparently betting that Tesla had fallen to the bottom.
It is worth mentioning that in the fourth quarter of last year, Gao Yi reduced his Pinduoduo position by 466,000 shares, and in the first quarter of this year, Gao Yi bought back Pinduoduo, which was sold in the previous quarter: Gao Yi added 488,000 shares of Pinduoduo in the first quarter, and its share of holdings also rose back to 23.89%, taking the position of the number one holding stock.
Jing Lin: Drastic reduction in Pinduoduo holdings
In the first quarter of this year, the market value of Jinglin's holdings increased from 2.8 billion US dollars in the previous quarter to 3.23 billion US dollars, an increase of about 15% over the previous quarter. Among its top ten holdings, China Securities still account for the majority, including stocks such as Pinduoduo, NetEase, and New Oriental.
In the first quarter, Jinglin increased its position on the three major “AI beneficiary stocks” of TSMC, Nvidia, and Meta, while also building new positions in Chinese securities such as Alibaba, JD, and Tencent Music.
However, Jinglin drastically reduced Pinduoduo's holdings by 1.1 million shares in the first quarter, causing Pinduoduo to drop from its largest holdings to its second-largest holdings, while Meta jumped to its largest holdings, accounting for 19.03% of its holdings. In addition, Jinglin also drastically reduced Microsoft's position in the first quarter and also cleared Google's inventory.
Li Lu has had no position adjustments for three consecutive quarters
As the most well-known value investor in China, Li Lu's Himalaya Capital remained inactive in the first quarter of this year. This means that Li Lu has made no moves to adjust positions in the US stock market for the third consecutive quarter. The last time there was a change in the 13F table of Himalaya Capital also dates back to the operation of clearing Micron Technology in the second quarter of last year to increase its holdings of Huamei Bank.
As of the end of the first quarter of this year, Himalaya Capital's US stock holdings were only six stocks, namely Bank of America, Google-A, Google-C, Berkshire B, Huamei, and Apple.
In the first quarter of this year, these major stocks all performed well: Bank of America rose 13.43% in the first quarter, Google-A and Google-C rose 8.04%, Berkshire-B rose 17.91%, and Huamei Bank rose 15.73%. Apple's stock price was the only underperforming: a cumulative decline of 10.84% in the first quarter.
editor/tolk