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HM
HCEP Management Portfolio holdings
AUM
$80.7M
1-Year Est. Return
1.24%
This Fund
S&P 500
This Quarter
Est. Return
+13.91%
1 Year Est. Return
-1.24%
3 Year Est. Return
+103.92%
5 Year Est. Return
+33.18%
10 Year Est. Return
–
AUM
$480M
AUM Growth
+$93.9M
(+24%)
Cap. Flow
+$59.6M
Cap. Flow
% of AUM
12.42%
Top 10 Holdings %
Top 10 Hldgs %
97.82%
Holding
18
New
3
Increased
5
Reduced
6
Closed
2
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TAL Education Group
TAL
|
+$42.5M |
| 2 |
Pinduoduo
PDD
|
+$30.3M |
| 3 |
Futu Holdings
FUTU
|
+$6.22M |
| 4 |
New Oriental
EDU
|
+$5.2M |
| 5 |
Gaotu Techedu
GOTU
|
+$2.81M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
KE Holdings
BEKE
|
+$14.3M |
| 2 |
Full Truck Alliance
YMM
|
+$9.56M |
| 3 |
RLX Technology
RLX
|
+$2.58M |
| 4 |
Coherent
COHR
|
+$1.88M |
| 5 |
API
Agora
API
|
+$1.44M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Real Estate | 30.33% |
| 2 | Consumer Discretionary | 17.42% |
| 3 | Communication Services | 16.23% |
| 4 | Consumer Staples | 15.53% |
| 5 | Technology | 13.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
KE Holdings
BEKE
$19.3B
| $145M | 30.33% |
8,972,649
-921,310
| -9% | -$14.3M |
|
2
iQIYI
IQ
$1.15B
| $73.2M | 15.26% |
15,000,000
| – | – |
|
|
3
Pinduoduo
PDD
$120B
| $73.2M | 15.25% |
500,000
+250,000
| +100% | +$30.3M |
|
|
4
TAL Education Group
TAL
$5.68B
| $63.1M | 13.17% |
5,000,000
+4,101,330
| +456% | +$42.5M |
|
|
5
Full Truck Alliance
YMM
$9.48B
| $60.6M | 12.64% |
8,644,810
-1,355,190
| -14% | -$9.56M |
|
|
6
Futu Holdings
FUTU
$13.3B
| $21.9M | 4.56% |
400,000
+109,499
| +38% | +$6.22M |
|
7
Direxion Daily FTSE China Bull 3X ETF
YINN
$632M
| $12.6M | 2.62% |
600,000
+100,000
| +20% | +$2.46M |
|
8
Trip.com Group
TCOM
$26.7B
| $9M | 1.88% |
250,000
| – | – |
|
|
9
New Oriental
EDU
$7.82B
| $5.5M | 1.15% |
+75,019
| New | +$5.2M |
|
10
NetEase
NTES
$84.1B
| $4.66M | 0.97% |
50,000
-4,100
| -8% | -$436K |
|
|
11
Gaotu Techedu
GOTU
$408M
| $3.62M | 0.75% |
+1,000,000
| New | +$2.81M |
|
|
12
RLX Technology
RLX
$2.51B
| $2.22M | 0.46% |
1,111,861
-1,388,139
| -56% | -$2.58M |
|
|
API
13
Agora
API
$331M
| $1.8M | 0.38% |
684,747
-515,253
| -43% | -$1.44M |
|
|
TOUR
14
Tuniu
TOUR
$55.2M
| $1.36M | 0.28% |
203,424
-46,576
| -19% | -$410K |
|
|
FINV
15
FinVolution Group
FINV
$1.12B
| $1.23M | 0.26% |
250,000
+213,242
| +580% | +$1.01M |
|
16
Qfin Holdings
QFIN
$1.55B
| $219K | 0.05% |
+13,823
| New | +$212K |
|
|
17
Coherent
COHR
$54.3B
| – | – |
-57,609
| Closed | -$1.88M |
|
|
DQ
18
Daqo New Energy
DQ
$821M
| – | – |
-20,000
| Closed | -$605K |
|
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HCEP Management's Q4 2023 Portfolio in Review
As of Q4 2023, HCEP Management held 18 positions worth $480M, up 24% from $386M the previous quarter. Its ten largest holdings account for 98% of the portfolio.
HCEP Management deployed $59.6M of net new capital in Q4 2023, opening 3 new positions and adding to 5 existing holdings. Its largest new stake was New Oriental: 75,019 shares worth $5.5M.
By sector, the portfolio is most concentrated in Real Estate at 30% of assets, down from 40% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was KE Holdings, an estimated $14.3M trimmed.
- HCEP Management's largest Q4 2023 buy was New Oriental: 75,019 shares worth $5.5M.
- HCEP Management added most to TAL Education Group in Q4 2023, an estimated $42.5M increase.
- HCEP Management's biggest Q4 2023 reduction was KE Holdings, cutting an estimated $14.3M.
- HCEP Management fully exited Coherent in Q4 2023, selling an estimated $1.88M.
- HCEP Management's ten largest holdings make up 98% of its $480M portfolio in Q4 2023.
- HCEP Management opened 3 new positions and closed 2 in Q4 2023.
- HCEP Management's portfolio value rose 24% quarter-over-quarter to $480M.
Based on HCEP Management's 13F filing for Q4 2023, filed 14 Feb 2024.