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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
+4.54%
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
$1.73B
AUM Growth
-$227M
(-12%)
Cap. Flow
-$268M
Cap. Flow
% of AUM
-15.47%
Top 10 Holdings %
Top 10 Hldgs %
88.94%
Holding
36
New
1
Increased
6
Reduced
5
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bilibili
BILI
|
+$25.8M |
| 2 |
AKRO
Akero Therapeutics
AKRO
|
+$13.8M |
| 3 |
Beam Therapeutics
BEAM
|
+$7.08M |
| 4 |
DBVT
DBV Technologies
DBVT
|
+$4.95M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HOLI
Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island)
HOLI
|
+$78.6M |
| 2 |
New Oriental
EDU
|
+$54.6M |
| 3 |
Sabre
SABR
|
+$53.1M |
| 4 |
JD.com
JD
|
+$51.1M |
| 5 |
PENG
Penguin Solutions Inc
PENG
|
+$36M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 12.33% |
| 2 | Consumer Discretionary | 10.53% |
| 3 | Healthcare | 7.86% |
| 4 | Consumer Staples | 6.81% |
| 5 | Financials | 5.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
CALL
JD.com
JD
$40B
| $514M | 29.62% |
17,784,000
+2,799,100
| +19% | +$75.8M |
|
2
CALL
Roblox
RBLX
$37B
| $227M | 13.08% |
4,964,700
+1,718,300
| +53% | +$63.5M |
|
|
3
Bilibili
BILI
$7.55B
| $168M | 9.67% |
13,782,098
+1,976,000
| +17% | +$25.8M |
|
|
4
CALL
Bilibili
BILI
$7.55B
| $167M | 9.63% |
13,732,900
-5,108,400
| -27% | -$66.7M |
|
|
5
New Oriental
EDU
$7.82B
| $93.7M | 5.4% |
1,279,096
-787,328
| -38% | -$54.6M |
|
6
Huazhu Hotels Group
HTHT
$12.8B
| $93.1M | 5.37% |
2,783,620
| – | – |
|
|
NOAH
7
Noah Holdings
NOAH
$610M
| $92.8M | 5.35% |
6,719,722
| – | – |
|
|
8
JD.com
JD
$40B
| $89.3M | 5.15% |
3,089,861
-1,885,849
| -38% | -$51.1M |
|
9
TransDigm Group
TDG
$67.9B
| $52.3M | 3.01% |
51,690
-9,352
| -15% | -$8.63M |
|
|
10
Roblox
RBLX
$37B
| $46.1M | 2.66% |
1,008,274
| – | – |
|
|
AKRO
11
DELISTED
Akero Therapeutics
AKRO
| $44.9M | 2.59% |
1,923,674
+702,000
| +57% | +$13.8M |
|
12
Viridian Therapeutics
VRDN
$1.99B
| $26.8M | 1.54% |
1,228,534
| – | – |
|
13
Denali Therapeutics
DNLI
$3.7B
| $24.7M | 1.42% |
1,150,684
| – | – |
|
14
TAL Education Group
TAL
$5.68B
| $24.5M | 1.41% |
1,938,146
-12,641
| -0.6% | -$131K |
|
|
15
Beam Therapeutics
BEAM
$2.83B
| $23M | 1.33% |
845,500
+285,000
| +51% | +$7.08M |
|
16
PUT
CRISPR Therapeutics
CRSP
$4.71B
| $17.2M | 0.99% |
+274,100
| New | +$15.2M |
|
|
IVA
17
Inventiva
IVA
$1.09B
| $11.9M | 0.69% |
2,644,926
| – | – |
|
18
ACM Research
ACMR
$5.8B
| $10M | 0.58% |
512,700
| – | – |
|
|
DBVT
19
DBV Technologies
DBVT
$870M
| $4.99M | 0.29% |
524,156
+510,837
| +3,835% | +$4.95M |
|
|
VISN
20
Vistance Networks Inc
VISN
$2.74B
| $2.06M | 0.12% |
730,877
| – | – |
|
|
PENG
21
CALL
Penguin Solutions Inc
PENG
$3.1B
| $1.5M | 0.09% |
79,300
| – | – |
|
|
RERE
22
ATRenew
RERE
$857M
| $314K | 0.02% |
163,476
| – | – |
|
|
JT
23
DELISTED
Jianpu Technology Inc. American Depositary Shares, each representing twenty Class A Ordinary Shares
JT
| $25.2K | ﹤0.01% |
25,702
| – | – |
|
24
PUT
Asbury Automotive
ABG
$4.1B
| – | – |
-76,000
| Closed | -$17.5M |
|
|
GBIO
25
DELISTED
Generation Bio
GBIO
| – | – |
-166,618
| Closed | -$6.31M |
|
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Yiheng Capital Management's Q4 2023 Portfolio in Review
As of Q4 2023, Yiheng Capital Management held 36 positions worth $1.73B, down 12% from $1.96B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Yiheng Capital Management withdrew a net $268M in Q4 2023, closing 13 positions and reducing 5 holdings. Its most notable exit was Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island), an estimated $78.6M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 12% of assets, up from 10% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Yiheng Capital Management added an estimated $25.8M to Bilibili.
- Yiheng Capital Management added most to Bilibili in Q4 2023, an estimated $25.8M increase.
- Yiheng Capital Management's biggest Q4 2023 reduction was New Oriental, cutting an estimated $54.6M.
- Yiheng Capital Management fully exited Hollsys Automation Technologies INTERNATIONAL, LTD. COMMON (British Virgin Island) in Q4 2023, selling an estimated $78.6M.
- Yiheng Capital Management's ten largest holdings make up 89% of its $1.73B portfolio in Q4 2023.
- Yiheng Capital Management opened 1 new position and closed 13 in Q4 2023.
- Yiheng Capital Management's portfolio value fell 12% quarter-over-quarter to $1.73B.
Based on Yiheng Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.