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YCM

Yiheng Capital Management Portfolio holdings

AUM $291M
1-Year Est. Return 19.43%
This Fund
S&P 500
This Quarter Est. Return
+0.53%
1 Year Est. Return
+19.43%
3 Year Est. Return
+81.96%
5 Year Est. Return
+61.91%
10 Year Est. Return
+930.57%
AUM
$494M
AUM Growth
-$184M
Cap. Flow
-$63.2M
Cap. Flow %
-12.78%
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 Miscellaneous 53.61%
2 Financials 13.64%
3 Consumer Discretionary 11.21%
4 Communication Services 5.72%
5 Technology 5.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALAB icon
1
PUT
Astera Labs
ALAB
$53.8B
$237M 48.04%
1,427,500
– –
NOAH
2
Noah Holdings
NOAH
$579M
$67.4M 13.64%
6,717,351
– –
BILI icon
3
Bilibili
BILI
$6.37B
$28.3M 5.72%
1,148,898
-269,666
-19% -$7.26M
JD icon
4
JD.com
JD
$38.2B
$19.7M 3.99%
687,413
-100,000
-13% -$3.13M
EDU icon
5
New Oriental
EDU
$9.47B
$18.7M 3.79%
340,629
-181,272
-35% -$9.94M
HTHT icon
6
Huazhu Hotels Group
HTHT
$14.1B
$18.7M 3.79%
398,371
-58,661
-13% -$2.53M
RERE
7
ATRenew
RERE
$926M
$16.8M 3.39%
3,163,117
– –
VSAT icon
8
PUT
Viasat
VSAT
$10.4B
$15.7M 3.18%
455,600
-279,900
-38% -$9.88M
DBVT
9
DBV Technologies
DBVT
$847M
$12.3M 2.48%
639,769
-16,540
-3% -$258K
ULS icon
10
PUT
UL Solutions
ULS
$14.9B
$11.8M 2.39%
+150,000
New +$12M
PONY
11
Pony AI Inc
PONY
$3.19B
$9.47M 1.92%
653,215
+452,915
+226% +$7.53M
ACMR icon
12
ACM Research
ACMR
$5.18B
$6.88M 1.39%
174,447
-105,754
-38% -$3.94M
VRDN icon
13
Viridian Therapeutics
VRDN
$2.6B
$6.5M 1.31%
208,735
-291,526
-58% -$8M
KYMR icon
14
Kymera Therapeutics
KYMR
$9.76B
$5.71M 1.16%
73,440
-49,165
-40% -$3.32M
SVCO
15
Silvaco Group
SVCO
$222M
$4.44M 0.9%
1,096,282
– –
YMM icon
16
Full Truck Alliance
YMM
$8.97B
$4.41M 0.89%
+411,143
New +$4.93M
TAL icon
17
TAL Education Group
TAL
$6.88B
$3.37M 0.68%
309,240
– –
API
18
Agora
API
$358M
$2.17M 0.44%
533,547
– –
YSG
19
Yatsen Holding
YSG
$250M
$1.43M 0.29%
368,347
+272,019
+282% +$1.73M
IVA
20
Inventiva
IVA
$1.13B
$1.19M 0.24%
255,915
-2,389,011
-90% -$11.1M
GBIO
21
DELISTED
Generation Bio
GBIO
$599K 0.12%
105,524
– –
BEAM icon
22
Beam Therapeutics
BEAM
$3.06B
$586K 0.12%
21,126
-47,932
-69% -$1.22M
PASG icon
23
Passage Bio
PASG
$15M
$405K 0.08%
+34,301
New +$296K
TOUR
24
Tuniu
TOUR
$54.8M
$195K 0.04%
31,444
– –
AKRO
25
DELISTED
Akero Therapeutics
AKRO
– –
-191,076
Closed -$9.07M
1
2

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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 $63.2M 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 Miscellaneous at 54% of assets, down from 55% a quarter earlier, followed by Financials and Consumer Discretionary.

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.