1y return−13.1%S&P 500 +20.9%
3y return+14.6%S&P 500 +68.5%
5y return−18.0%S&P 500 +74.5%
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 September 30, 2016: $198 against $345 in the S&P 500.2
Primavera Capital Management 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 |
|---|---|---|---|
| YUMCYum China Hldgs Inc. | $491.9M | 87.0% | |
| XPEVXpeng Inc. | $43.8M | 7.7% | |
| DSCDsc Holdings Ltd | $20.8M | 3.7% | New |
| STGSunlands Technology Group | $6.5M | 1.1% | New |
| Cango Inc.CUSIP 137586103 | $2.1M | 0.4% |
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 |
|---|---|---|---|
| YUMCYum China Hldgs Inc. | June 30, 2024 | +32.5% | $491.9M |
| XPEVXpeng Inc. | March 31, 2021 | −63.7% | $43.8M |
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −17.0% | +14.8% |
| March 31, 2026 | +0.3% | −4.6% |
| December 31, 2025 | +5.4% | +2.4% |
| September 30, 2025 | −1.0% | +7.8% |
| June 30, 2025 | −12.9% | +10.5% |
| March 31, 2025 | +11.4% | −4.6% |
| December 31, 2024 | +8.5% | +2.1% |
| September 30, 2024 | +46.5% | +5.4% |
| June 30, 2024 | +7.3% | +4.0% |
| March 31, 2024 | −4.0% | +10.0% |
| December 31, 2023 | −20.8% | +11.2% |
| September 30, 2023 | +4.8% | −3.6% |
| June 30, 2023 | −0.7% | +8.3% |
| March 31, 2023 | +16.3% | +7.0% |
| December 31, 2022 | +8.2% | +7.1% |
| September 30, 2022 | −18.6% | −5.3% |
| June 30, 2022 | +10.3% | −16.5% |
| March 31, 2022 | −27.0% | −4.9% |
| December 31, 2021 | +2.7% | +10.7% |
| September 30, 2021 | −14.9% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Primavera Capital Management Ltd Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1686305&type=13F-HR&dateb=&owner=include&count=40CIK 1686305
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1686305/000094562126001040/Filed August 13, 2026 · accession 0000945621-26-001040