Altimeter Capital Management’s Pinduoduo PDD Stock Holding History

Altimeter Capital Management’s Portfolio PDD Stock Details PDD Fund Activity

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	1.47%	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	–	–	7.34%	6
2019 Q3	$280M	Buy	8,690,000 +2,618,099	+43%	+$69.9M	6.83%	6
2019 Q2	$125M	Buy	6,071,901 +3,585,613	+144%	+$77.6M	3.43%	6
2019 Q1	$61.7M	Hold	2,486,288	–	–	2.11%	7
2018 Q4	$55.8M	Buy	2,486,288 +70,929	+3%	+$1.5M	2.03%	6
2018 Q3	$63.5M	Buy	+2,415,359	New	+$52.1M	2.48%	8

Other funds holding PDD

BlackRock New York $6.73T AUM 46.02% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

Baillie Gifford & Co Edinburgh, United Kingdom $110B AUM 4.8% 1-Year Est. Return

Invesco Atlanta, Georgia $1.26T AUM 61.52% 1-Year Est. Return

Fidelity Investments Boston, Massachusetts $2.3T AUM 54.33% 1-Year Est. Return

State Street Boston, Massachusetts $3.37T AUM 44.26% 1-Year Est. Return

HHII

H&H International Investment Palo Alto, California $19.1B AUM 27.41% 1-Year Est. Return

HHLR Advisors Grand Cayman, Cayman Islands $832M AUM 32.38% 1-Year Est. Return

HSG Holding Na, Hong Kong $1.2B AUM 23.01% 1-Year Est. Return

Norges Bank Oslo, Norway $1T AUM

Altimeter Capital Management's PDD Position: Q4 2025 in Review

Altimeter Capital Management sold out of Pinduoduo (PDD) in Q4 2025, closing a stake of 1,371,680 shares — an estimated $181M sold.

Altimeter Capital Management first reported a position in PDD in Q3 2018 and held it in 21 quarters. The position peaked at $1.54B in Q4 2020. 574 funds tracked by Wall St. Rank hold PDD as of Q4 2025.

Altimeter Capital Management reported no remaining Pinduoduo position as of Q4 2025 after selling out during the quarter.
Altimeter Capital Management sold 1,371,680 Pinduoduo shares in Q4 2025, an estimated $181M.
Altimeter Capital Management first reported a position in Pinduoduo in Q3 2018 and held it in 21 quarters.
Altimeter Capital Management's Pinduoduo position peaked at $1.54B in Q4 2020.
574 funds tracked by Wall St. Rank held Pinduoduo as of Q4 2025.

Based on Altimeter Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.