Jinglin Asset Management, a leading Chinese investment firm, recently disclosed its U.S. stock holdings, revealing significant adjustments in its portfolio. As of September 2024, Jinglin's overseas platform held U.S. equities valued at $3.151 billion, equivalent to approximately 22.6 billion RMB. The top five holdings include Pinduoduo (PDD), Facebook (META), NetEase (NTES), TSMC, and Full Truck Alliance (YMM).
The portfolio's market value saw a 17% decrease compared to the end of June 2024. The investment team, led by renowned investor Jiang Jinshi, focuses on a concentrated strategy, with the top ten stocks accounting for 86% of the portfolio's net asset value. Pinduoduo remains the largest holding, occupying 19.33% of the portfolio.
In recent moves, Jinglin increased its stake in Apple (AAPL, Financial), despite famed investor Warren Buffett (Trades, Portfolio) reducing his Apple holdings significantly over the past year. This divergence highlights contrasting views on Apple’s prospects. Additionally, Jinglin boosted its investment in ZTO Express and other Chinese stocks such as Tencent Music, Alibaba, and TAL Education.
Conversely, Jinglin fully exited several notable positions in the third quarter, selling its shares in Amazon, Tesla, Li Auto, ASML, and the Chinese social networking company, Hello Group. Crucially, Jinglin also reduced its holdings in semiconductor companies like NVIDIA, and significantly decreased its stake in Microsoft, cutting its position by 87% during the same period.
