Altimeter Capital Management’s Pinduoduo PDD Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-1,371,680	Closed	-$181M	–	22
2025 Q3	$181M	Buy	+1,371,680	New	+$162M	2.39%	12
2024 Q3	–	Sell	-1,714,185	Closed	-$228M	–	27
2024 Q2	$228M	Sell	1,714,185 -53,746	-3%	-$7.28M	3.39%	8
2024 Q1	$206M	Sell	1,767,931 -114,839	-6%	-$15M	3.16%	8
2023 Q4	$275M	Buy	1,882,770 +1,236,490	+191%	+$150M	4.57%	7
2023 Q3	$63.4M	Buy	+646,280	New	+$55.7M	1.2%	8
2022 Q4	–	Sell	-1,100,000	Closed	-$68.8M	–	15
2022 Q3	$68.8M	Buy	+1,100,000	New	+$63.9M	1.48%	7
2022 Q2	–	Sell	-500,000	Closed	-$20.1M	–	19
2022 Q1	$20.1M	Buy	500,000 +300,000	+150%	+$15.4M	0.29%	16
2021 Q4	$11.7M	Sell	200,000 -372,000	-65%	-$29.3M	0.11%	21
2021 Q3	$51.9M	Hold	572,000	–	–	0.42%	21
2021 Q2	$72.7M	Hold	572,000	–	–	0.57%	20
2021 Q1	$76.6M	Sell	572,000 -8,118,000	-93%	-$1.37B	0.55%	20
2020 Q4	$1.54B	Hold	8,690,000	–	–	14.29%	2
2020 Q3	$644M	Hold	8,690,000	–	–	10.88%	4
2020 Q2	$746M	Hold	8,690,000	–	–	15.78%	3
2020 Q1	$313M	Hold	8,690,000	–	–	9.39%	5
2019 Q4	$329M	Hold	8,690,000	–	–	7.36%	6
2019 Q3	$280M	Buy	8,690,000 +2,618,099	+43%	+$69.9M	6.85%	6
2019 Q2	$125M	Buy	6,071,901 +3,585,613	+144%	+$77.6M	3.44%	6
2019 Q1	$61.7M	Hold	2,486,288	–	–	2.12%	7
2018 Q4	$55.8M	Buy	2,486,288 +70,929	+3%	+$1.5M	2.04%	6
2018 Q3	$63.5M	Buy	+2,415,359	New	+$52.1M	2.48%	8