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YCM
Yiheng Capital Management Portfolio holdings
AUM
$291M
Turnover
20.69%
1-Year Est. Return
19.43%
This Fund
S&P 500
This Quarter
Est. Return
-3.21%
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
$231M
AUM Growth
-$264M
(-53%)
Cap. Flow
+$8.97M
Cap. Flow
% of AUM
3.89%
Top 10 Holdings %
Top 10 Hldgs %
82.08%
Holding
30
New
6
Increased
6
Reduced
4
Closed
6
Avg Time Held Equity + Options
3.1
years
Top 10 Avg Time Held Equity + Options
4.2
years
Top 20 Avg Time Held Equity + Options
2.6
years
Avg Time Held Equity only
3.1
years
Top 10 Avg Time Held Equity only
4.3
years
Top 20 Avg Time Held Equity only
2.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Hinge Health
HNGE
|
+$12.3M |
| 2 |
BILL Holdings
BILL
|
+$9.97M |
| 3 |
JOYY Inc
JOYY
|
+$5.41M |
| 4 |
Trip.com Group
TCOM
|
+$5.14M |
| 5 |
TAL Education Group
TAL
|
+$5.06M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Bilibili
BILI
|
+$11.8M |
| 2 |
DBV Technologies S.A. American Depositary Shares
DBVT
|
+$9.81M |
| 3 |
ACM Research
ACMR
|
+$6.88M |
| 4 |
Huazhu Hotels Group
HTHT
|
+$3.82M |
| 5 |
JD.com
JD
|
+$2.82M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 28.83% |
| 2 | Consumer Discretionary | 23.02% |
| 3 | Consumer Staples | 14.05% |
| 4 | Technology | 13.27% |
| 5 | Healthcare | 11.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Noah Holdings
NOAH
$496M
| $66.5M | 28.83% |
6,717,351
| – | – |
2015 Q4
41 quarters
|
|
2
New Oriental
EDU
$9.43B
| $21.3M | 9.24% |
376,551
+35,922
| +11% | +$2.05M |
2021 Q3
18 quarters
|
|
|
3
JD.com
JD
$36.4B
| $17.4M | 7.53% |
587,513
-99,900
| -15% | -$2.82M |
2015 Q4
41 quarters
|
|
|
4
Bilibili
BILI
$5.79B
| $16.7M | 7.24% |
739,915
-408,983
| -36% | -$11.8M |
2018 Q3
30 quarters
|
|
|
5
Huazhu Hotels Group
HTHT
$14.7B
| $16.3M | 7.05% |
323,371
-75,000
| -19% | -$3.82M |
2015 Q4
41 quarters
|
|
6
ATRenew
RERE
$866M
| $14.8M | 6.43% |
3,163,117
| – | – |
2021 Q2
19 quarters
|
|
|
7
Hinge Health
HNGE
$7.99B
| $11.4M | 4.96% |
+296,853
| New | +$12.3M |
2026 Q1
0 quarters
|
|
|
8
TAL Education Group
TAL
$6.63B
| $8.63M | 3.74% |
759,240
+450,000
| +146% | +$5.06M |
2015 Q4
41 quarters
|
|
|
9
BILL Holdings
BILL
$3.89B
| $8.53M | 3.7% |
+222,820
| New | +$9.97M |
2026 Q1
0 quarters
|
|
10
Silvaco Group
SVCO
$209M
| $7.76M | 3.36% |
1,096,282
| – | – |
2025 Q1
4 quarters
|
|
11
Pony AI Inc
PONY
$2.14B
| $6.17M | 2.67% |
653,215
| – | – |
2025 Q3
2 quarters
|
|
12
Kymera Therapeutics
KYMR
$8.71B
| $6.12M | 2.65% |
73,440
| – | – |
2025 Q1
4 quarters
|
|
|
13
JOYY Inc
JOYY
$4.06B
| $5M | 2.17% |
+85,583
| New | +$5.41M |
2026 Q1
0 quarters
|
|
|
14
Trip.com Group
TCOM
$25.2B
| $4.39M | 1.9% |
+88,112
| New | +$5.14M |
2026 Q1
0 quarters
|
|
15
Full Truck Alliance
YMM
$9.1B
| $4.26M | 1.85% |
513,248
+102,105
| +25% | +$971K |
2025 Q4
1 quarter
|
|
16
Viridian Therapeutics
VRDN
$2.16B
| $4.08M | 1.77% |
208,735
| – | – |
2022 Q3
14 quarters
|
|
|
17
DBV Technologies S.A. American Depositary Shares
DBVT
$567M
| $3.55M | 1.54% |
170,142
-469,627
| -73% | -$9.81M |
2023 Q3
10 quarters
|
|
18
Agora
API
$367M
| $2.57M | 1.11% |
725,795
+192,248
| +36% | +$815K |
2025 Q1
4 quarters
|
|
19
Yatsen Holding
YSG
$241M
| $2.46M | 1.07% |
797,866
+429,519
| +117% | +$1.73M |
2024 Q4
5 quarters
|
|
20
Zepp Health
ZEPP
$44M
| $690K | 0.3% |
+57,731
| New | +$1.18M |
2026 Q1
0 quarters
|
|
21
Passage Bio
PASG
$11.1M
| $676K | 0.29% |
86,097
+51,796
| +151% | +$536K |
2025 Q4
1 quarter
|
|
22
Cellebrite
CLBT
$2.77B
| $634K | 0.27% |
+46,000
| New | +$693K |
2026 Q1
0 quarters
|
|
23
Beam Therapeutics
BEAM
$2.42B
| $503K | 0.22% |
21,126
| – | – |
2022 Q1
16 quarters
|
|
24
Tuniu
TOUR
$54.3M
| $242K | 0.1% |
31,444
| – | – |
2024 Q2
7 quarters
|
|
|
25
ACM Research
ACMR
$3.7B
| – | – |
-174,447
| Closed | -$6.88M | – |
|
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Yiheng Capital Management's Q1 2026 Portfolio in Review
As of Q1 2026, Yiheng Capital Management held 30 positions worth $231M, down 53% from $494M the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Yiheng Capital Management deployed $8.97M of net new capital in Q1 2026, opening 6 new positions and adding to 6 existing holdings. Its largest new stake was Hinge Health: 296,853 shares worth $11.4M.
By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 14% a quarter earlier, followed by Consumer Discretionary and Consumer Staples.
On the sell side, the largest reduction was Bilibili, an estimated $11.8M trimmed.
- Yiheng Capital Management's largest Q1 2026 buy was Hinge Health: 296,853 shares worth $11.4M.
- Yiheng Capital Management added most to TAL Education Group in Q1 2026, an estimated $5.06M increase.
- Yiheng Capital Management's biggest Q1 2026 reduction was Bilibili, cutting an estimated $11.8M.
- Yiheng Capital Management fully exited ACM Research in Q1 2026, selling an estimated $6.88M.
- Yiheng Capital Management's ten largest holdings make up 82% of its $231M portfolio in Q1 2026.
- Yiheng Capital Management opened 6 new positions and closed 6 in Q1 2026.
- Yiheng Capital Management's portfolio value fell 53% quarter-over-quarter to $231M.
Based on Yiheng Capital Management's 13F filing for Q1 2026, filed 15 May 2026.