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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
+16.88%
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
$678M
AUM Growth
-$433M
Cap. Flow
-$558M
Cap. Flow %
-82.22%
Top 10 Hldgs %
86.3%
Holding
29
New
4
Increased
–
Reduced
9
Closed
2

Top Buys

Rank Stock Value
1
RARE icon
Ultragenyx Pharmaceutical
RARE
+$6.77M
2
CLBT icon
Cellebrite
CLBT
+$3.63M
3
PONY
Pony AI Inc
PONY
+$3.05M

Top Sells

Rank Stock Value
1
BILI icon
Bilibili
BILI
+$12M
2
AKRO
Akero Therapeutics
AKRO
+$5.26M
3
EDU icon
New Oriental
EDU
+$3.76M
4
HTHT icon
Huazhu Hotels Group
HTHT
+$1.11M
5
NOAH
Noah Holdings
NOAH
+$28.3K

Sector Composition

Rank Sector Weight
1 Financials 11.48%
2 Healthcare 9.53%
3 Consumer Discretionary 8.89%
4 Communication Services 5.88%
5 Consumer Staples 4.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALAB icon
1
PUT
Astera Labs
ALAB
$52B
$280M 41.22%
+1,427,500
New +$235M
NOAH
2
Noah Holdings
NOAH
$610M
$77.9M 11.48%
6,717,351
-2,371
-0% -$28.3K
JD icon
3
CALL
JD.com
JD
$40B
$63.5M 9.36%
1,814,600
-14,364,300
-89% -$468M
BILI icon
4
Bilibili
BILI
$7.55B
$39.8M 5.88%
1,418,564
-500,000
-26% -$12M
EDU icon
5
New Oriental
EDU
$7.82B
$27.7M 4.08%
521,901
-76,179
-13% -$3.76M
JD icon
6
JD.com
JD
$40B
$27.5M 4.06%
787,413
– –
VSAT icon
7
PUT
Viasat
VSAT
$9.76B
$21.6M 3.18%
735,500
-748,000
-50% -$17.9M
HTHT icon
8
Huazhu Hotels Group
HTHT
$12.8B
$17.9M 2.64%
457,032
-31,932
-7% -$1.11M
IVA
9
Inventiva
IVA
$1.09B
$15.3M 2.26%
2,644,926
– –
RERE
10
ATRenew
RERE
$857M
$14.6M 2.15%
3,163,117
– –
BILI icon
11
CALL
Bilibili
BILI
$7.55B
$11.2M 1.66%
400,000
-8,644,300
-96% -$207M
ACMR icon
12
ACM Research
ACMR
$5.8B
$11M 1.62%
280,201
– –
VRDN icon
13
Viridian Therapeutics
VRDN
$1.99B
$10.8M 1.59%
500,261
– –
AKRO
14
DELISTED
Akero Therapeutics
AKRO
$9.07M 1.34%
191,076
-108,715
-36% -$5.26M
KYMR icon
15
Kymera Therapeutics
KYMR
$9.52B
$6.94M 1.02%
122,605
– –
DNLI icon
16
Denali Therapeutics
DNLI
$3.7B
$6.82M 1.01%
469,981
– –
RARE icon
17
Ultragenyx Pharmaceutical
RARE
$2.88B
$6.79M 1%
+225,758
New +$6.77M
DBVT
18
DBV Technologies
DBVT
$870M
$6.56M 0.97%
656,309
– –
SVCO
19
Silvaco Group
SVCO
$266M
$5.93M 0.87%
1,096,282
– –
PONY
20
Pony AI Inc
PONY
$2.89B
$4.5M 0.66%
+200,300
New +$3.05M
CLBT icon
21
Cellebrite
CLBT
$3.85B
$4.28M 0.63%
+231,031
New +$3.63M
TAL icon
22
TAL Education Group
TAL
$5.68B
$3.46M 0.51%
309,240
– –
API
23
Agora
API
$331M
$2.04M 0.3%
533,547
– –
BEAM icon
24
Beam Therapeutics
BEAM
$2.83B
$1.68M 0.25%
69,058
– –
YSG
25
Yatsen Holding
YSG
$335M
$873K 0.13%
96,328
– –
1
2

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ERFOTCOFW
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Yiheng Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Yiheng Capital Management held 29 positions worth $678M, down 39% from $1.11B the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Yiheng Capital Management withdrew a net $558M in Q3 2025, closing 2 positions and reducing 9 holdings. Its largest reduction was Bilibili, cutting an estimated $12M.

By sector, the portfolio is most concentrated in Financials at 11% of assets, up from 7.2% a quarter earlier, followed by Healthcare and Consumer Discretionary.

Against the trend, Yiheng Capital Management opened a new position in Ultragenyx Pharmaceutical worth $6.79M.

  • Yiheng Capital Management's largest Q3 2025 buy was Ultragenyx Pharmaceutical: 225,758 shares worth $6.79M.
  • Yiheng Capital Management's biggest Q3 2025 reduction was Bilibili, cutting an estimated $12M.
  • Yiheng Capital Management's ten largest holdings make up 86% of its $678M portfolio in Q3 2025.
  • Yiheng Capital Management opened 4 new positions and closed 2 in Q3 2025.
  • Yiheng Capital Management's portfolio value fell 39% quarter-over-quarter to $678M.

Based on Yiheng Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.