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YCM

Yiheng Capital Management Portfolio holdings

AUM $231M
1-Year Est. Return 29.07%
This Fund
S&P 500
This Quarter Est. Return
+0.53%
1 Year Est. Return
+29.07%
3 Year Est. Return
+63.69%
5 Year Est. Return
+56.64%
10 Year Est. Return
+851.36%
AUM
$494M
AUM Growth
-$184M
Cap. Flow
-$136M
Cap. Flow %
-27.46%
Top 10 Hldgs %
90.42%
Holding
30
New
3
Increased
2
Reduced
11
Closed
6

Top Buys

Rank Stock Value
1
PONY
Pony AI Inc
PONY
+$7.53M
2
YMM icon
Full Truck Alliance
YMM
+$4.93M
3
YSG
Yatsen Holding
YSG
+$1.73M
4
PASG icon
Passage Bio
PASG
+$296K

Top Sells

Rank Stock Value
1
IVA
Inventiva
IVA
+$11.1M
2
EDU icon
New Oriental
EDU
+$9.94M
3
AKRO
Akero Therapeutics
AKRO
+$9.07M
4
VRDN icon
Viridian Therapeutics
VRDN
+$8M
5
BILI icon
Bilibili
BILI
+$7.26M

Sector Composition

Rank Sector Weight
1 Financials 13.64%
2 Consumer Discretionary 11.21%
3 Communication Services 5.72%
4 Technology 5.54%
5 Healthcare 5.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BILI icon
26
CALL
Bilibili
BILI
$7.84B
– –
-400,000
Closed -$11.2M
CLBT icon
27
Cellebrite
CLBT
$3.99B
– –
-231,031
Closed -$4.28M
DNLI icon
28
Denali Therapeutics
DNLI
$3.94B
– –
-469,981
Closed -$6.82M
JD icon
29
CALL
JD.com
JD
$44.5B
– –
-1,814,600
Closed -$63.5M
RARE icon
30
Ultragenyx Pharmaceutical
RARE
$2.55B
– –
-225,758
Closed -$6.79M
1
2

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MIM
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RF
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CBOA
Commonwealth Bank of Australia Sydney, NSW, Australia $231M AUM
WF
Wayfinding Financial Lynnwood, Washington $230M AUM 17.64% 1-Year Est. Return
SM
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TRIA
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SCM
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Yiheng Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Yiheng Capital Management held 30 positions worth $494M, down 27% from $678M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Yiheng Capital Management withdrew a net $136M in Q4 2025, closing 6 positions and reducing 11 holdings. Its most notable exit was Akero Therapeutics, an estimated $9.07M position sold in full.

By sector, the portfolio is most concentrated in Financials at 14% of assets, up from 11% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Yiheng Capital Management opened a new position in Full Truck Alliance worth $4.41M.

  • Yiheng Capital Management's largest Q4 2025 buy was Full Truck Alliance: 411,143 shares worth $4.41M.
  • Yiheng Capital Management added most to Pony AI Inc in Q4 2025, an estimated $7.53M increase.
  • Yiheng Capital Management's biggest Q4 2025 reduction was Inventiva, cutting an estimated $11.1M.
  • Yiheng Capital Management fully exited Akero Therapeutics in Q4 2025, selling an estimated $9.07M.
  • Yiheng Capital Management's ten largest holdings make up 90% of its $494M portfolio in Q4 2025.
  • Yiheng Capital Management opened 3 new positions and closed 6 in Q4 2025.
  • Yiheng Capital Management's portfolio value fell 27% quarter-over-quarter to $494M.

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