1y return−26.0%S&P 500 +20.9%
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 March 31, 2025: $68 against $133 in the S&P 500.2
HSG Holding 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 |
|---|---|---|---|
| PDDPdd Holdings Inc | $865.7M | 72.3% | |
| FUTUFutu Hldgs Ltd | $69.4M | 5.8% | |
| PONYPony Ai Inc | $52.4M | 4.4% | |
| CRCLCircle Internet Group Inc | $41.9M | 3.5% | |
| BEKEKe Hldgs Inc | $28.2M | 2.4% | |
| GYREGyre Therapeutics Inc | $24.7M | 2.1% | New |
| BZKanzhun Limited | $24.5M | 2.0% | |
| AVBPArrivent Biopharma Inc | $23.0M | 1.9% | |
| DDLDingdong Cayman Ltd | $19.5M | 1.6% | |
| GPCRStructure Therapeutics Inc | $14.3M | 1.2% | |
| COE51talk Online Education Grou | $7.6M | 0.6% | |
| LOTLotus Technology Inc | $5.7M | 0.5% | |
| ADAGAdagene Inc | $5.6M | 0.5% | |
| Th International LimitedCUSIP G8656L130 | $5.5M | 0.5% | |
| Bitdeer Technologies GroupCUSIP G11448100 | $4.7M | 0.4% | |
| LYELLyell Immunopharma Inc | $2.1M | 0.2% | |
| Solai LimitedCUSIP 055474209 | $1.1M | 0.1% | |
| Barinthus Biotherapeutics PlCUSIP 91864C107 | $938K | 0.1% | |
| BNRBurning Rock Biotech Ltd | $178K | 0.0% | |
| Yimutian IncCUSIP 985915206 | $122K | 0.0% | New |
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 |
|---|---|---|---|
| AVBPArrivent Biopharma Inc | March 31, 2024 | +94.5% | $23.0M |
| COE51talk Online Education Grou | June 30, 2023 | +79.2% | $7.6M |
| LYELLyell Immunopharma Inc | June 30, 2025 | +58.9% | $2.1M |
| Bitdeer Technologies GroupCUSIP G11448100 | June 30, 2023 | +41.7% | $4.7M |
| BNRBurning Rock Biotech Ltd | December 31, 2024 | +24.0% | $178K |
| GPCRStructure Therapeutics Inc | September 30, 2023 | +6.4% | $14.3M |
| PDDPdd Holdings Inc | June 30, 2020 | −11.1% | $865.7M |
| CRCLCircle Internet Group Inc | December 31, 2025 | −21.0% | $41.9M |
| PONYPony Ai Inc | March 31, 2026 | −26.4% | $52.4M |
| Th International LimitedCUSIP G8656L130 | June 30, 2025 | −35.6% | $5.5M |
Sold off last quarter
- Webull CorpCUSIP G9572D103 was $55.2M
- Yimutian IncCUSIP 985915107 was $544K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −22.5% | +14.8% |
| March 31, 2026 | −11.4% | −4.6% |
| December 31, 2025 | −15.3% | +2.4% |
| September 30, 2025 | +27.3% | +7.8% |
| June 30, 2025 | −8.2% | +10.5% |
| December 31, 2024 | −22.1% | +2.1% |
| September 30, 2024 | +4.1% | +5.4% |
| June 30, 2024 | +8.5% | +4.0% |
| March 31, 2024 | −6.3% | +10.0% |
| December 31, 2023 | +9.3% | +11.2% |
| September 30, 2023 | +5.1% | −3.6% |
| June 30, 2023 | −15.4% | +8.3% |
| March 31, 2023 | −0.5% | +7.0% |
| December 31, 2022 | +15.9% | +7.1% |
| September 30, 2022 | −21.8% | −5.3% |
| June 30, 2022 | +23.4% | −16.5% |
| March 31, 2022 | −31.6% | −4.9% |
| December 31, 2021 | −26.4% | +10.7% |
| September 30, 2021 | −37.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: HSG Holding Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1470766&type=13F-HR&dateb=&owner=include&count=40CIK 1470766
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1470766/000119312526348168/Filed August 13, 2026 · accession 0001193125-26-348168