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Full Truck Alliance
YMM

229 hedge funds and large institutions have $7.93B invested in Full Truck Alliance in 2025 Q2 according to their latest regulatory filings, with 36 funds opening new positions, 93 increasing their positions, 81 reducing their positions, and 52 closing their positions.

New
Increased
Maintained
Reduced
Closed

15% more repeat investments, than reductions

Existing positions increased: 93 | Existing positions reduced: 81

9% more ownership

Funds ownership: 62.52% → 71.52% (+9%)

3% more funds holding in top 10

Funds holding in top 10: 29 → 30 (+1)

7% less call options, than puts

Call options by funds: $26.1M | Put options by funds: $27.9M

5% less capital invested

Capital invested by funds: $8.38B → $7.93B (-$449M)

8% less funds holding

Funds holding: 248 → 229 (-19)

31% less first-time investments, than exits

New positions opened: 36 | Existing positions closed: 52

Holders
229
Holders Change
-19
Holders Change %
-7.66%
% of All Funds
3.02%
Holding in Top 10
30
Holding in Top 10 Change
+1
Holding in Top 10 Change %
+3.45%
% of All Funds
0.39%
New
36
Increased
93
Reduced
81
Closed
52
Calls
$26.1M
Puts
$27.9M
Net Calls
-$1.86M
Net Calls Change
+$6.82M

Top Buyers

Rank Fund Capital Flow
1
FBIL
First Beijing Investment Ltd
Hong Kong
+$114M
2
KCMH
Kontiki Capital Management (HK)
Hong Kong
+$107M
3
AMH
Aspex Management (HK)
Hong Kong
+$84.3M
4
DCM
Driehaus Capital Management
Illinois
+$69.2M
5
Fidelity Investments
Fidelity Investments
Massachusetts
+$56.5M

Top Sellers

Rank Fund Capital Flow
1
FCM
Farallon Capital Management
California
-$67.6M
2
Voloridge Investment Management
Voloridge Investment Management
Florida
-$57.3M
3
TIM
Thornburg Investment Management
New Mexico
-$55.7M
4
KFA
Krane Funds Advisors
New York
-$45.6M
5
JP Morgan Chase
JP Morgan Chase
New York
-$45.3M
Name Holding Trade Value Shares
Change 		Change in
Stake
HWP
226
Highline Wealth Partners
California
$1.13K +$1.12K +96 New
SS
227
Sunbelt Securities
Texas
$1.08K – – –
CIAM
228
Caitong International Asset Management
Hong Kong
$992 -$128K -11,006 -99%
SO
229
Sierra Ocean
California
$614 +$326 +28 +117%
Voloridge Investment Management
230
Voloridge Investment Management
Florida
– -$57.3M -4,484,587 Closed
KI
231
Keystone Investors
Singapore
– -$38.3M -3,000,123 Closed
AIMCA
232
Alberta Investment Management Corp (AIMCo)
Alberta, Canada
– -$30.4M -2,381,411 Closed
NP
233
NS Partners
United Kingdom
– -$18.1M -1,413,600 Closed
YC
234
Yunqi Capital
Hong Kong
– -$13.8M -1,084,500 Closed
Point72 Asset Management
235
Point72 Asset Management
Connecticut
– -$12M -1,035,457 Closed
WP
236
Woodline Partners
California
– -$10.1M -791,903 Closed
Two Sigma Investments
237
Two Sigma Investments
New York
– -$6.83M -534,601 Closed
SSA
238
Schonfeld Strategic Advisors
New York
– -$6.4M -501,242 Closed
TIM
239
Thornburg Investment Management
New Mexico
– -$55.7M -436,514 Closed
QT
240
Quantbot Technologies
New York
– -$4.94M -386,941 Closed
Swedbank
241
Swedbank
Sweden
– -$4.47M -350,000 Closed
CWP
242
Capital Wealth Planning
Florida
– -$4.38M -343,239 Closed
LA
243
LBP AM
France
– -$4.21M -330,000 Closed
MME
244
Meag Munich Ergo
Germany
– -$3.48M -272,643 Closed
OC
245
Optimas Capital
Hong Kong
– -$2.93M -229,591 Closed
PCM
246
Penserra Capital Management
California
– -$2.55M -199,729 Closed
MAMU
247
Myriad Asset Management US
Florida
– -$2.5M -195,444 Closed
SP
248
SIH Partners
Delaware
– -$2.24M -175,700 Closed
RBI
249
Raiffeisen Bank International
Austria
– -$2.24M -173,900 Closed
Marshall Wace
250
Marshall Wace
United Kingdom
– -$1.06M -83,158 Closed
8 9
10
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YMM Hedge Fund Activity: Q2 2025 in Review

229 of the 7,595 institutional investors tracked by Wall St. Rank reported a position in Full Truck Alliance (YMM) for Q2 2025, worth a combined $7.93B — down 5.4% from $8.38B a quarter earlier.

Sellers outnumbered buyers: 52 funds closed out of YMM and 36 opened new positions — a net loss of 16 holders — while 81 trimmed existing stakes and 93 added.

The largest buyer was First Beijing Investment Ltd, adding an estimated $114M. The largest seller was Farallon Capital Management, cutting an estimated $67.6M.

  • 229 institutional investors held Full Truck Alliance (YMM) as of Q2 2025, down from 248 in Q1 2025.
  • Funds reported $7.93B of Full Truck Alliance stock for Q2 2025, down 5.4% quarter-over-quarter.
  • 36 funds opened new Full Truck Alliance positions in Q2 2025 and 52 closed out, a net change of -16 holders.
  • The largest Full Truck Alliance buyer in Q2 2025 was First Beijing Investment Ltd, an estimated $114M added.
  • The largest Full Truck Alliance seller in Q2 2025 was Farallon Capital Management, an estimated $67.6M sold.

Based on aggregated 13F filings for Q2 2025.