Pinduoduo
PDD
574 hedge funds and large institutions have $49.6B invested in Pinduoduo in 2025 Q4 according to their latest regulatory filings, with 101 funds opening new positions, 230 increasing their positions, 173 reducing their positions, and 73 closing their positions.
38% more first-time investments, than exits
New positions opened: 101 | Existing positions closed: 73
33% more repeat investments, than reductions
Existing positions increased: 230 | Existing positions reduced: 173
3% more funds holding
Funds holding: 559 → 574 (+15)
2.09% more ownership
Funds ownership: 28.77% → 30.86% (+2.1%)
5% less funds holding in top 10
Funds holding in top 10: 65 → 62 (-3)
8% less capital invested
Capital invested by funds: $53.9B → $49.6B (-$4.3B)
15% less call options, than puts
Call options by funds: $5.08B | Put options by funds: $5.95B
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Invesco
Atlanta,
Georgia
|
+$1.97B |
| 2 |
Assenagon Asset Management
Senningerberg,
Luxembourg
|
+$630M |
| 3 |
Dodge & Cox
San Francisco,
California
|
+$551M |
| 4 |
BlackRock
New York
|
+$411M |
| 5 |
HHII
H&H International Investment
Palo Alto,
California
|
+$368M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
OAG
Orbis Allan Gray
Hamilton,
Bermuda
|
-$717M |
| 2 |
Jane Street
New York
|
-$574M |
| 3 |
HSBC Holdings
London,
United Kingdom
|
-$464M |
| 4 |
Fidelity Investments
Boston,
Massachusetts
|
-$338M |
| 5 |
Susquehanna International Group
Bala Cynwyd,
Pennsylvania
|
-$319M |
PDD Hedge Fund Activity: Q4 2025 in Review
574 of the 8,266 institutional investors tracked by Wall St. Rank reported a position in Pinduoduo (PDD) for Q4 2025, worth a combined $49.6B — down 8% from $53.9B a quarter earlier.
Buyers outnumbered sellers: 101 funds opened new PDD positions and 73 closed out — a net gain of 28 holders — while 230 added to existing stakes and 173 trimmed.
The largest buyer was Invesco, adding an estimated $1.97B. The largest seller was Orbis Allan Gray, cutting an estimated $717M.
- 574 institutional investors held Pinduoduo (PDD) as of Q4 2025, up from 559 in Q3 2025.
- Funds reported $49.6B of Pinduoduo stock for Q4 2025, down 8% quarter-over-quarter.
- 101 funds opened new Pinduoduo positions in Q4 2025 and 73 closed out, a net change of +28 holders.
- The largest Pinduoduo buyer in Q4 2025 was Invesco, an estimated $1.97B added.
- The largest Pinduoduo seller in Q4 2025 was Orbis Allan Gray, an estimated $717M sold.
Based on aggregated 13F filings for Q4 2025.