从披露的13F文件来看，HHLR Advisors持仓数量从二季度的78只下降到48只，清仓和减持了多只美国科技股，但是持仓总市值从二季度的40.54亿美元增加到45.55亿美元，这可能说明三季度HHLR Advisors持仓的股票收获了不错的涨幅。1. The total market cap of HHLR Advisors' holdings in US stocks increased by over 10% in the third quarter, with 9 out of the top ten holdings being Chinese concept stocks; 2. HHLR Advisors continued to heavily invest in Chinese concept stocks in the third quarter, with the market cap proportion of these stocks increasing from 85% in the second quarter to 93% in the third quarter.
According to a report from the Financial Associated Press on November 15 (Editor: Huang Junzhi), on Friday morning Beijing time, the website of the US Securities and Exchange Commission (SEC) indicated that HHLR Advisors, a fund manager focusing on secondary market investments under Hillhouse Capital, announced its US stock holdings data as of the end of the third quarter of 2024.
Overall, HHLR Advisors' total market cap for holdings increased by over 10% in the third quarter, while continuing to increase allocation to Chinese assets.
From the disclosed Form 13F documents, HHLR Advisors' number of holdings decreased from 78 in the second quarter to 48, liquidating and reducing positions in several US technology stocks, yet the total market cap of holdings increased from $4.054 billion in the second quarter to $4.555 billion, which may indicate that the stocks held by HHLR Advisors saw considerable appreciation in the third quarter.
Taking several of HHLR Advisors' major holdings as an example, the largest holding Beigene rose by 57.36% in the third quarter, and the second largest holding Alibaba increased by 47.39%.
According to Whalewisdom's statistics, the top ten holdings of this fund accounted for 89.62% in the third quarter of this year. In HHLR Advisors' Q3 overseas investment holdings, the fund increased positions in 7 stocks, reduced positions in 13 stocks, initiated 4 new stocks, and completely liquidated 34 stocks.
In terms of increasing positions, HHLR Advisors added to 7 stocks in the third quarter, all of which are Chinese concept stocks, including Alibaba, jd.com, vipshop, netease, Trip.com, zto express, and futu holdings ltd. Since the third quarter, futu holdings ltd has risen by 45.8%, while Trip.com, zto express, and vipshop have all increased by over 20%.
It should be noted that Form 13F only requires funds to disclose long positions in US stocks, so it cannot fully reflect the complete picture of the fund's operations.
Heavily invested in chinese concept stocks.
In the third quarter of this year, HHLR Advisors continued to show a clear trend of heavily investing in chinese concept stocks.
Data shows that in the second quarter of this year, the proportion of market cap held by HHLR Advisors in chinese concept stocks was 85%, which increased to 93% in the third quarter, already occupying an absolute dominant position.
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.
Focusing on technology and e-commerce.
The third quarter form 13f data further shows that HHLR Advisors' holdings are mainly focused on technology and e-commerce.
For e-commerce stocks, a significant increase in shareholding of alibaba occurred in the third quarter, while shareholding in pdd holdings was reduced. Pdd holdings first entered HHLR Advisors' top ten holdings in the third quarter of 2022, and by this third quarter, the average price increase of pdd holdings reached 118%. This reduction by HHLR Advisors may be to lock in profits and avoid risks.
At the end of August this year, the 'bearish' comments from pdd holdings executives caused the company's stock price to drop by around 40% in the short term.
