Billion-dollar private equity firm Jinglin's Q2 major portfolio adjustment: significantly increasing holdings in TSMC and Pinduoduo, reducing holdings in Nvidia, and newly entering Apple

The latest US stock holding report shows that the billion-dollar private equity fund, Jinglin Asset, made significant adjustments to its holdings of technology stocks in the second quarter, heavily increasing its bets on TSMC and Pinduoduo, while reducing its holdings of NVIDIA, the "darling" of Wall Street's artificial intelligence (AI) sector for the past two years, and also initiating a position in Apple.

On Friday, August 8th, Eastern Time, Jinglin's asset management company in Hong Kong, Greenwoods Asset Management Hong Kong Ltd., submitted a 13F filing to the US Securities and Exchange Commission (SEC), disclosing changes in the top holdings compared to the first quarter. In the second quarter of this year, TSMC (stock code: TSM), Pinduoduo (PDD), and Full Truck Alliance (YMM) were the top three stocks that Jinglin increased its holdings in.

In the second quarter, Jinglin bought over 1.16 million shares of TSMC in the US stock market, with a market value of approximately $202 million. The proportion of TSMC in Jinglin's investment portfolio increased to 12.45%, a 5.9 percentage point increase from the first quarter. This is the second consecutive quarter that Jinglin has increased its holdings in TSMC since initiating a position in the fourth quarter of last year. TSMC's weighting in Jinglin's portfolio has risen sharply this year, ranking 22nd in the fourth quarter of last year, moving up to 6th in the first quarter, and becoming the third largest holding in the second quarter, with a total of 2.7176 million shares at the end of the quarter, a 75% increase from the first quarter.

In the second quarter, Jinglin bought over 1.57 million shares of Pinduoduo, with a market value of approximately $209 million. The proportion of Pinduoduo in Jinglin's investment portfolio increased by 5.15 percentage points to 18.24% compared to the previous quarter, holding 5.207 million shares at the end of the quarter, a 43.3% increase. Pinduoduo has become Jinglin's top holding, surpassing Meta which held the top position in the first quarter.

In the second quarter, Jinglin bought nearly 11.39 million shares of Full Truck Alliance, with a market value of approximately $91.6 million. The number of shares held increased by 73%, and the proportion in Jinglin's investment portfolio increased by 2.2 percentage points to 5.7%, ranking among the top ten holdings in the portfolio, at sixth place.

Among the Chinese concept stocks that Jinglin increased its holdings in the second quarter, NetEase (NTES) was one of them. Jinglin bought 1.25 million shares during the quarter, with a market value of approximately $120 million. The number of shares held increased by nearly 48.8%, and the proportion in Jinglin's investment portfolio increased by 1.38 percentage points to 9.62%. However, the ranking of NetEase in the holdings dropped from fourth place in the first quarter to fifth place.

Regardless of the change in market value or percentage, Apple (AAPL) was one of the top five stocks that Jinglin bought in the second quarter. Jinglin initiated a position in Apple with 165,600 shares, with a market value of approximately $34.88 million. However, Apple's holdings did not enter the top ten, ranking 13th.

In terms of Chinese concept stocks, Jinglin also increased its holdings in Alibaba (BABA), which it initiated a position in the first quarter. Jinglin bought 184,000 shares in the second quarter, totaling approximately 240,000 shares, with the number of shares held increasing by 322.7%. However, the proportion of holdings at the end of the second quarter was only 0.46%, ranking 19th.

Although Jinglin significantly increased its holdings in TSMC, it reduced its holdings of NVIDIA (NVDA), an important AI chip customer of TSMC, by nearly 775,000 shares in the second quarter. The market value was approximately $95.7 million, with the number of shares held decreasing by 41.5%. NVIDIA's ranking in the holdings dropped to tenth place, a decrease of three places from the first quarter. In terms of the market value of the reduced shares, NVIDIA was the stock that Jinglin sold the most in the second quarter In terms of changes in portfolio allocation, in the second quarter, Jinglin reduced its holdings of Meta (META) the most, selling 102,000 shares, with a market value of approximately $51.6 million. The proportion in the portfolio decreased by 3.59 percentage points to 15.44%, with a quarter-on-quarter decrease of 8.1% in the number of shares held. The total position ranking dropped from first place in the first quarter to second.

In the second quarter, Jinglin also reduced its holdings of DoorDash (DASH) and Uber (UBER) significantly. Jinglin sold 351,000 shares of DoorDash and 570,000 shares of Uber, with holdings decreasing by 21.7% and 65.3% respectively. The market values were approximately $38.2 million and $41.4 million.

By the end of the second quarter, DoorDash's position in Jinglin's portfolio dropped from fifth place in the first quarter to ninth, while Uber was ranked 17th.

In addition to the significant changes mentioned above, among Jinglin's top ten holdings in the second quarter, Jinglin also increased its holdings of New Oriental (EDU) and Futu Holdings (FUTU) by purchasing approximately 128,000 shares and 110,000 shares respectively, with a quarter-on-quarter increase of about 6.8% and 5%. These two stocks ranked seventh and eighth in terms of holdings. Jinglin slightly increased its holdings of Microsoft (MSFT) by 1,084 shares, with the position ranking dropping one place from the first quarter to fourth