1y return−20.2%S&P 500 +20.9%
3y return+78.0%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2023: $178 against $168 in the S&P 500.2
First Beijing Investment LtdS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| YMMFull Truck Alliance Co Ltd | $745.3M | 30.5% | +2.0% |
| PDDPdd Holdings Inc | $715.3M | 29.3% | +15.1% |
| EDUNew Oriental Ed & Technology | $401.0M | 16.4% | −2.9% |
| SESea Ltd | $297.9M | 12.2% | +1387.9% |
| FUTUFutu Hldgs Ltd | $129.3M | 5.3% | New |
| RLXRlx Technology Inc | $113.7M | 4.7% | |
| KSPIKaspi Kz Jsc | $36.8M | 1.5% | −2.2% |
| ZHZhihu Inc | $1.7M | 0.1% | |
| BZUNBaozun Inc | $1.2M | 0.1% | −2.6% |
| DDLDingdong Cayman Ltd | $1.2M | 0.0% | −26.4% |
| NOAHNoah Hldgs Ltd | $386K | 0.0% | −71.6% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| RLXRlx Technology Inc | September 30, 2023 | +25.8% | $113.7M |
| BZUNBaozun Inc | March 31, 2026 | +18.4% | $1.2M |
| SESea Ltd | March 31, 2026 | +15.7% | $297.9M |
| KSPIKaspi Kz Jsc | December 31, 2025 | +10.9% | $36.8M |
| PDDPdd Holdings Inc | June 30, 2023 | +10.3% | $715.3M |
| ZHZhihu Inc | March 31, 2026 | +10.2% | $1.7M |
| YMMFull Truck Alliance Co Ltd | September 30, 2024 | −9.9% | $745.3M |
| NOAHNoah Hldgs Ltd | September 30, 2024 | −19.0% | $386K |
| DDLDingdong Cayman Ltd | March 31, 2026 | −24.9% | $1.2M |
| EDUNew Oriental Ed & Technology | December 31, 2024 | −28.5% | $401.0M |
Sold off last quarter
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −13.3% | +14.8% |
| March 31, 2026 | −10.6% | −4.6% |
| December 31, 2025 | −10.1% | +2.4% |
| September 30, 2025 | +14.6% | +7.8% |
| June 30, 2025 | +1.0% | +10.5% |
| March 31, 2025 | +16.0% | −4.6% |
| December 31, 2024 | −6.8% | +2.1% |
| September 30, 2024 | +20.8% | +5.4% |
| June 30, 2024 | +18.3% | +4.0% |
| March 31, 2024 | +2.4% | +10.0% |
| December 31, 2023 | +21.9% | +11.2% |
| September 30, 2023 | +14.5% | −3.6% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: First Beijing Investment Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1701717&type=13F-HR&dateb=&owner=include&count=40CIK 1701717
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1701717/000170171726000011/Filed August 12, 2026 · accession 0001701717-26-000011