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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
-2.9%
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
$1.96B
AUM Growth
-$71.4M
Cap. Flow
+$156M
Cap. Flow %
7.94%
Top 10 Hldgs %
74.65%
Holding
36
New
6
Increased
11
Reduced
4
Closed
4

Top Buys

Rank Stock Value
1
BILI icon
Bilibili
BILI
+$116M
2
ACMR icon
ACM Research
ACMR
+$54.1M
3
ZH
Zhihu
ZH
+$29M
4
HOLI
Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island)
HOLI
+$16.4M
5
DNLI icon
Denali Therapeutics
DNLI
+$15.9M

Top Sells

Rank Stock Value
1
TAL icon
TAL Education Group
TAL
+$57.2M
2
VISN
Vistance Networks Inc
VISN
+$27.8M
3
NIU
Niu Technologies
NIU
+$22.4M
4
TOUR
Tuniu
TOUR
+$9.22M
5
SABR icon
Sabre
SABR
+$7.19M

Sector Composition

Rank Sector Weight
1 Technology 29.86%
2 Communication Services 19.16%
3 Consumer Discretionary 15.54%
4 Healthcare 12.66%
5 Financials 10.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BILI icon
1
Bilibili
BILI
$7.55B
$306M 15.59%
6,585,981
+1,729,519
+36% +$116M
NOAH
2
Noah Holdings
NOAH
$610M
$204M 10.41%
6,646,922
– –
SIMO icon
3
Silicon Motion
SIMO
$8.96B
$157M 8.03%
1,656,124
+104,600
+7% +$7.88M
JD icon
4
JD.com
JD
$40B
$143M 7.31%
2,043,732
– –
HIMX
5
Himax Technologies
HIMX
$2.23B
$142M 7.27%
8,907,222
+9,100
+0.1% +$99.6K
ACMR icon
6
ACM Research
ACMR
$5.8B
$121M 6.16%
4,245,300
+1,712,700
+68% +$54.1M
HTHT icon
7
Huazhu Hotels Group
HTHT
$12.8B
$115M 5.85%
3,070,910
– –
PENG
8
Penguin Solutions Inc
PENG
$3.1B
$96.6M 4.93%
2,722,092
– –
TDG icon
9
TransDigm Group
TDG
$67.9B
$94M 4.8%
147,711
– –
ISEE
10
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
$84.6M 4.32%
5,058,585
– –
EDU icon
11
New Oriental
EDU
$7.82B
$82.8M 4.22%
3,942,373
– –
SABR icon
12
Sabre
SABR
$684M
$62.7M 3.2%
7,294,058
-750,000
-9% -$7.19M
HOLI
13
DELISTED
Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island)
HOLI
$55.8M 2.85%
3,963,836
+989,431
+33% +$16.4M
JOYY
14
JOYY Inc
JOYY
$3.53B
$49.8M 2.54%
1,096,960
+20,100
+2% +$1.04M
GBT
15
DELISTED
Global Blood Therapeutics, Inc.
GBT
$37.3M 1.91%
1,275,800
– –
AKRO
16
DELISTED
Akero Therapeutics
AKRO
$32.8M 1.67%
1,551,090
+29,900
+2% +$663K
RERE
17
ATRenew
RERE
$857M
$24.9M 1.27%
4,194,064
+1,659,583
+65% +$12.9M
PETQ
18
DELISTED
PetIQ, Inc. Class A Common Stock
PETQ
$24.3M 1.24%
1,067,887
+380,900
+55% +$8.91M
IVA
19
Inventiva
IVA
$1.09B
$22.2M 1.13%
1,622,309
+118,655
+8% +$1.64M
ZH
20
Zhihu
ZH
$273M
$20.2M 1.03%
+607,370
New +$29M
NIU
21
Niu Technologies
NIU
$206M
$18.7M 0.96%
1,162,675
-1,017,722
-47% -$22.4M
ARNA
22
DELISTED
Arena Pharmaceuticals Inc
ARNA
$18M 0.92%
+193,195
New +$12.7M
DNLI icon
23
Denali Therapeutics
DNLI
$3.7B
$14.9M 0.76%
+335,184
New +$15.9M
GBIO
24
DELISTED
Generation Bio
GBIO
$14M 0.71%
197,515
+37,538
+23% +$6.55M
TAL icon
25
TAL Education Group
TAL
$5.68B
$6.68M 0.34%
1,699,400
-12,653,966
-88% -$57.2M
1
2

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MIM
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MWM
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Yiheng Capital Management's Q4 2021 Portfolio in Review

As of Q4 2021, Yiheng Capital Management held 36 positions worth $1.96B, down 3.5% from $2.03B the previous quarter. Its ten largest holdings account for 75% of the portfolio.

Yiheng Capital Management deployed $156M of net new capital in Q4 2021, opening 6 new positions and adding to 11 existing holdings. Its largest new stake was Zhihu: 607,370 shares worth $20.2M.

By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 24% a quarter earlier, followed by Communication Services and Consumer Discretionary.

On the sell side, the largest reduction was TAL Education Group, an estimated $57.2M trimmed.

  • Yiheng Capital Management's largest Q4 2021 buy was Zhihu: 607,370 shares worth $20.2M.
  • Yiheng Capital Management added most to Bilibili in Q4 2021, an estimated $116M increase.
  • Yiheng Capital Management's biggest Q4 2021 reduction was TAL Education Group, cutting an estimated $57.2M.
  • Yiheng Capital Management fully exited Vistance Networks Inc in Q4 2021, selling an estimated $27.8M.
  • Yiheng Capital Management's ten largest holdings make up 75% of its $1.96B portfolio in Q4 2021.
  • Yiheng Capital Management opened 6 new positions and closed 4 in Q4 2021.
  • Yiheng Capital Management's portfolio value fell 3.5% quarter-over-quarter to $1.96B.

Based on Yiheng Capital Management's 13F filing for Q4 2021, filed 14 Feb 2022.