First Beijing Investment Ltd
CIK 1701717 · View on SEC EDGAR ↗
- Portfolio value
- $2.4B
- Positions
- 11
- As of
- June 30, 2026
Portfolio value QoQ: +5.4% 13F does not disclose cash
- Top 10 holdings weight
- 99.98%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 7
- Effective number of positions
- 4.4
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 2.37% Est. buys $515,419,840 · sells $56,428,666
Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 52.4% still held
- New positions
- 1
- Increased
- 3
- Decreased
- 6
- Closed
- 2
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: -3.1% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 100.0% · Options excluded: 0.0%
Sector breakdown
Full portfolio 11 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| YMM Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares) | $745,341,905 | 30.50% | 91,790,875 | $-1,665,524 | Up ×5 | ||
| PDD PDD Holdings Inc. - American Depositary Shares | $715,309,292 | 29.27% | 9,377,416 | $-117,372,081 | Up ×6 | ||
| EDU New Oriental Education & Technology Group, Inc. Sponsored ADR representing 10 Ordinary Share (Cayman Islands) | $400,976,976 | 16.41% | 8,733,979 | $-108,424,485 | Down ×2 | ||
| SE Sea Limited American Depositary Shares, each representing one Class A Ordinary Share | $297,941,891 | 12.19% | 3,109,067 | $280,637,665 | Up ×1 | ||
| FUTU Futu Holdings Limited - American Depositary Shares | $129,277,021 | 5.29% | 1,379,102 | Up ×1 | |||
| RLX RLX Technology Inc. American Depositary Shares, each representing the right to receive one (1) Class A ordinary share | $113,661,494 | 4.65% | 59,821,839 | $-18,623,782 | Down ×2 | ||
| KSPI Joint Stock Company Kaspi.kz - American Depository Shares | $36,788,470 | 1.51% | 424,613 | $4,616,165 | Down ×1 | ||
| ZH Zhihu Inc. American Depositary Shares, each representing three (3) Class A Ordinary Shares | $1,724,780 | 0.07% | 551,048 | $159,804 | |||
| BZUN Baozun Inc. - American Depositary Shares | $1,224,903 | 0.05% | 432,828 | $162,959 | Down ×1 | ||
| DDL Dingdong (Cayman) Limited American Depositary Shares (each two representing three Ordinary Shares) | $1,201,294 | 0.05% | 622,432 | $-972,803 | Down ×1 | ||
| NOAH Noah Holdings Limited American Depositary Shares | $385,564 | 0.02% | 38,595 | $-960,717 | Down ×2 | ||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| FUTU | $129,277,021 | 1,379,102 | 5.29% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| PDD | Bought more | +1.2M | -$117.4M |
| EDU | Trimmed | -261K | -$108.4M |
| RLX | Trimmed | -308K | -$18.6M |
| KSPI | Trimmed | -10K | +$4.6M |
| YMM | Bought more | +1.8M | -$1.7M |
| DDL | Trimmed | -224K | -$973K |
| NOAH | Trimmed | -97K | -$961K |
| BZUN | Trimmed | -12K | +$163K |
| ZH | Price move only | +0 | +$160K |
1 position hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| ATAT | March 31, 2026 | 5,811,104 | $228,957,498 | -6.6% |
| VIPS | March 31, 2025 | 9,837,776 | $132,514,843 | -8.6% |
| SE | June 30, 2025 | 957,702 | $124,970,534 | -27.0% |
| LEGN | June 30, 2026 | 2,296,335 | $41,540,700 | -24.6% |
| BILI | March 31, 2025 | 1,690,360 | $30,612,420 | -11.3% |
| LI | March 31, 2025 | 1,254,400 | $30,093,056 | -48.2% |
| MOMO | March 31, 2025 | 2,750,093 | $21,203,217 | -9.2% |
| LU | Sept. 30, 2025 | 6,464,988 | $18,037,317 | -64.9% |
| AXTI | Dec. 31, 2025 | 1,730,156 | $7,768,400 | 350.5% |
| LX | March 31, 2025 | 824,475 | $4,781,955 | -86.5% |
| API | June 30, 2026 | 7,700 | $27,258 | 7.0% |