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Asset Manager ← All Institutions

Yiheng Capital Management, L.P.

Q4 2025 · Filed 2026-02-17
Market Value
$215M
-26.9%
Holdings
22
+2
New Purchases
2
Added To
1
Closed
4
Reduced
9
Top 10 Concentration
92.0%
Turnover
27.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
NOAH 31.31% 26.43% +4.88% $67M
PONY 4.40% 1.53% +2.87% $9M
RERE 7.78% 4.94% +2.84% $17M
HTHT 8.70% 6.07% +2.63% $19M
YMM 2.05% 0.00% +2.05% $4M
TAL 1.57% 1.18% +0.39% $3M
API 1.01% 0.69% +0.32% $2M
KYMR 2.65% 2.36% +0.30% $6M
PASG 0.19% 0.00% +0.19% $405K
GBIO 0.28% 0.22% +0.06% $599K
SVCO 2.06% 2.01% +0.05% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IVA 0.55% 5.20% -4.65% $1M
AKRO 0.00% 3.08% -3.08% $0
DNLI 0.00% 2.32% -2.32% $0
RARE 0.00% 2.31% -2.31% $0
CLBT 0.00% 1.45% -1.45% $0
EDU 8.70% 9.40% -0.70% $19M
VRDN 3.02% 3.66% -0.65% $6M
ACMR 3.19% 3.72% -0.53% $7M
BILI 13.11% 13.53% -0.41% $28M
BEAM 0.27% 0.57% -0.30% $586K
JD 9.16% 9.35% -0.19% $20M

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Large Cap 2 $38M 17.9%
Mid Cap 12 $77M 35.9%
Small Cap 5 $97M 45.2%
Micro Cap 3 $2M 1.0%

Portfolio Analytics

Avg Market Cap
$5.5B
Median Market Cap
$3.1B
Avg P/E
24.6
Median P/E
20.0
Avg Dividend Yield
0.01%
Avg Beta
1.00
# Stocks
22
# ETFs / Funds
0

Top Holdings (22 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 NOAH 31.31% 6,717,351 $67M $10.04 -$10M
2 BILI 13.11% 1,148,898 $28M $24.59 -$12M -269,666 -19.0%
3 JD 9.16% 687,413 $20M $28.70 -$8M -100,000 -12.7%
4 EDU 8.70% 340,629 $19M $55.03 -$9M -181,272 -34.7%
5 HTHT 8.70% 398,371 $19M $47.05 $869K -58,661 -12.8%
6 RERE 7.78% 3,163,117 $17M $5.30 $2M
7 PONY 4.40% 653,215 $9M $14.50 $5M +452,915 +226.1%
8 ACMR 3.19% 174,447 $7M $39.45 -$4M -105,754 -37.7%
9 VRDN 3.02% 208,735 $6M $31.12 -$4M -291,526 -58.3%
10 KYMR 2.65% 73,440 $6M $77.81 -$1M -49,165 -40.1%
11 SVCO 2.06% 1,096,282 $4M $4.05 -$1M
12 YMM 2.05% 411,143 $4M $10.73 +411,143 NEW
13 TAL 1.57% 309,240 $3M $10.91 -$90K
14 API 1.01% 533,547 $2M $4.07 $133K
15 IVA 0.55% 255,915 $1M $4.65 -$14M -2,389,011 -90.3%
16 GBIO 0.28% 105,524 $599K $5.68 -$46K
17 BEAM 0.27% 21,126 $586K $27.72 -$1M -47,932 -69.4%
18 PASG 0.19% 34,301 $405K $11.80 +34,301 NEW
19 CLBT —% -$4M -231,031 -100.0% SOLD
20 DNLI —% -$7M -469,981 -100.0% SOLD
21 RARE —% -$7M -225,758 -100.0% SOLD
22 AKRO —% -$9M -191,076 -100.0% SOLD

Options Breakdown

2 Calls $0 Call Value 3 Puts $265M Put Value

Top Calls

SymbolSharesValueStatus
JD $0 SOLD
BILI $0 SOLD

Top Puts

SymbolSharesValueStatus
ALAB 1,427,500 $237M
VSAT 455,600 $16M
ULS 150,000 $12M NEW

New Positions

SymbolValue% Port
YMM $4M 2.05%
PASG $405K 0.19%

Sold Out Positions

SymbolValue% Port
CLBT —%
DNLI —%
RARE —%
AKRO —%
View SEC EDGAR Filings for Yiheng Capital Management, L.P. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms