Lei Zhang's Hillhouse - the Asia-founded manager's US book, a concentrated set of quality consumer and technology franchises.
| # | Holding | Our call | % of book | Value | Shares | QoQ |
|---|---|---|---|---|---|---|
| 1 | PDD | — | 25.4% | $426M | 4.17M | Trimmed-61% |
| 2 | BABA | — | 18.4% | $308M | 2.45M | Trimmed-55% |
| 3 | ONC | Hold | 18.4% | $307M | 1.03M | — |
| 4 | FUTU | — | 11.6% | $194M | 1.42M | Trimmed-13% |
| 5 | LEGN | — | 6.5% | $108M | 5.98M | — |
| 6 | AVBP | — | 5.4% | $90.6M | 3.93M | — |
| 7 | BEKE | — | 3.8% | $63.4M | 4.24M | — |
| 8 | CWAN | — | 1.9% | $32.3M | 1.37M | — |
| 9 | CTKB | — | 1.7% | $29.1M | 6.66M | — |
| 10 | MRVL | Hold | 1.0% | $16.9M | 171K | NEW |
| 11 | YSG | — | 0.9% | $15.0M | 4.89M | — |
| 12 | NBP | — | 0.9% | $14.7M | 5.98M | — |
| 13 | MAZE | — | 0.7% | $10.9M | 366K | Trimmed-20% |
| 14 | CTNM | — | 0.5% | $8.74M | 669K | — |
| 15 | AGORA INC | — | 0.4% | $7.43M | 2.10M | — |
| 16 | BULL | — | 0.4% | $7.20M | 1.50M | Trimmed-75% |
| 17 | TSM | — | 0.3% | $5.24M | 15.5K | Added+37% |
| 18 | SAGIMET BIOSCIENCES INC | — | 0.2% | $3.79M | 725K | — |
| 19 | TUYA INC | — | 0.2% | $3.61M | 1.56M | — |
| 20 | GE | Hold | 0.2% | $2.85M | 10.0K | — |
| 21 | VIPS | — | 0.1% | $1.96M | 125K | NEW |
| 22 | MOGU | — | 0.1% | $1.89M | 848K | — |
| 23 | GOSS | — | 0.1% | $1.63M | 4.97M | — |
| 24 | INTC | Sell | 0.1% | $1.28M | 29.0K | NEW |
| 25 | PACB | — | 0.1% | $1.21M | 919K | — |
| 26 | EQX | — | 0.1% | $1.16M | 80.5K | — |
| 27 | NVDA | Hold | 0.1% | $1.15M | 6.61K | NEW |
| 28 | LITE | Sell | 0.1% | $1.05M | 1.50K | NEW |
| 29 | GLW | Hold | 0.1% | $1.05M | 7.70K | NEW |
| 30 | B | — | 0.1% | $1.04M | 25.4K | — |
| 31 | COHR | Hold | 0.1% | $1.02M | 4.28K | NEW |
| 32 | DDL | — | 0.1% | $911K | 355K | NEW |
| 33 | AXIA | — | 0.0% | $712K | 63.1K | Trimmed-35% |
| 34 | EWW | — | 0.0% | $662K | 8.80K | NEW |
| 35 | ALGS | — | 0.0% | $567K | 76.2K | — |
| 36 | VNET | — | 0.0% | $546K | 65.1K | Added+23% |
| 37 | UXIN | — | 0.0% | $58.8K | 19.2K | — |
| 38 | RIDGETECH INC | — | 0.0% | $657.00 | 20.2K | — |
Source: SEC Form 13F-HR. Positions are as-of quarter end (filed up to 45 days later) and cover US-listed equities only — shorts, non-US listings and most derivatives don’t appear. Values as reported by the filer. “Our call” is TENK/calls’s independent SEC-grounded verdict, not the fund’s view.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.