1y return+7.4%S&P 500 +20.9%
3y return+51.6%S&P 500 +68.5%
5y return−18.5%S&P 500 +74.5%
10y return+188.0%S&P 500 +256.5%
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, 2016: $288 against $357 in the S&P 500.2
Yiheng Capital Management, L.P.S&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 |
|---|---|---|---|
| NOAHNoah Hldgs Ltd | $67.1M | 28.6% | |
| BILIBilibili Inc | $25.4M | 10.8% | +101.3% |
| JDJd.com Inc | $15.0M | 6.4% | |
| HTHTH World Group Ltd | $13.5M | 5.8% | |
| HNGEHinge Health Inc | $13.0M | 5.5% | −47.4% |
| SVCOSilvaco Group Inc | $12.5M | 5.3% | −17.3% |
| REREAtrenew Inc | $12.2M | 5.2% | |
| BILLBill Holdings Inc | $8.1M | 3.4% | |
| EDUNew Oriental Ed & Technology | $7.5M | 3.2% | −99.6% |
| VRDNViridian Therapeutics Inc | $7.4M | 3.1% | +91.9% |
| KYMRKymera Therapeutics Inc | $7.3M | 3.1% | −13.6% |
| TALTal Ed Group | $7.3M | 3.1% | |
| JOYYJoyy Inc | $5.6M | 2.4% | |
| PSIXPower Solutions Intl Inc | $5.2M | 2.2% | New |
| PONYPony Ai Inc | $4.5M | 1.9% | |
| BIOABioage Labs Inc | $4.2M | 1.8% | New |
| YMMFull Truck Alliance Co Ltd | $4.2M | 1.8% | |
| TCOMTrip Com Group Ltd | $3.5M | 1.5% | |
| YSGYatsen Hldg Ltd | $3.0M | 1.3% | +18.6% |
| APIAgora Inc | $2.9M | 1.2% | |
| DBVTDbv Technologies S A | $2.8M | 1.2% | |
| ZEPPZepp Health Corporation | $1.1M | 0.5% | +281.9% |
| BEAMBeam Therapeutics Inc | $725K | 0.3% | |
| PASGPassage Bio Inc | $420K | 0.2% | |
| TOURTuniu Corp | $152K | 0.1% | 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 |
|---|---|---|---|
| DBVTDbv Technologies S A | December 31, 2024 | +430.7% | $2.8M |
| KYMRKymera Therapeutics Inc | March 31, 2025 | +319.0% | $7.3M |
| SVCOSilvaco Group Inc | March 31, 2025 | +202.4% | $12.5M |
| EDUNew Oriental Ed & Technology | June 30, 2022 | +125.5% | $7.5M |
| HNGEHinge Health Inc | March 31, 2026 | +115.2% | $13.0M |
| HTHTH World Group Ltd | June 30, 2020 | +19.0% | $13.5M |
| JOYYJoyy Inc | March 31, 2026 | +13.0% | $5.6M |
| APIAgora Inc | March 31, 2025 | −0.7% | $2.9M |
| BILLBill Holdings Inc | March 31, 2026 | −5.6% | $8.1M |
| VRDNViridian Therapeutics Inc | September 30, 2022 | −10.4% | $7.4M |
Sold off last quarter
- Cellebrite Di LtdCUSIP M2197Q107 was $634K
- Tuniu CorpCUSIP 89977P106 was $242K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +1.2% | +14.8% |
| March 31, 2026 | −2.2% | −4.6% |
| December 31, 2025 | −3.7% | +2.4% |
| September 30, 2025 | +12.7% | +7.8% |
| June 30, 2025 | +15.6% | +10.5% |
| March 31, 2025 | +1.5% | −4.6% |
| December 31, 2024 | −12.5% | +2.1% |
| September 30, 2024 | +32.2% | +5.4% |
| June 30, 2024 | +0.8% | +4.0% |
| March 31, 2024 | +0.2% | +10.0% |
| December 31, 2023 | +3.4% | +11.2% |
| September 30, 2023 | −0.5% | −3.6% |
| June 30, 2023 | −6.0% | +8.3% |
| March 31, 2023 | −0.2% | +7.0% |
| December 31, 2022 | +25.9% | +7.1% |
| September 30, 2022 | −11.6% | −5.3% |
| June 30, 2022 | −11.3% | −16.5% |
| March 31, 2022 | −22.1% | −4.9% |
| December 31, 2021 | −8.2% | +10.7% |
| September 30, 2021 | −18.7% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Yiheng Capital Management, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1447228&type=13F-HR&dateb=&owner=include&count=40CIK 1447228
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1447228/000142050626001804/Filed August 14, 2026 · accession 0001420506-26-001804