Yiheng Capital Management, L.P. — AI-Powered 13F Analysis

CIK: 0001447228

High-turnover traderSector-focusedContrarian

Total reported value

$230.7M

Reporting period: 2026-03-31 · Number of holdings: 24

Yiheng Capital Management, L.P. disclosed 24 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $230.7M and a quarterly turnover rate of 97.0%.

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Personality snowflake

Concentration: 48.57
Portfolio Stability: 96.99
Momentum/Contrarian: 0
Sector conviction: 100
Diversification: 48
Sizing Uniformity: 85.87

Yiheng Capital Management, L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.121 — mathematically equivalent to about 8 equally-sized positions, well below its 24 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.

Position sizes vary widely across the portfolio (a coefficient of variation of 1.41), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Sector classification currently covers about 26% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.

Recent moves

Add NOAH
0.0%　-$940.4K
Add EDU
+10.5%　$2.6M
Add JD
-14.5%　-$2.4M
Add HTHT
-18.8%　-$2.5M
Add TAL
+145.5%　$5.3M
Add RERE
0.0%　-$1.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	NOAH	Noah Holdings Ltd-spon Ads	Stock-Other	28.83%	+15.19%	—
2	EDU	New Oriental Educatio-sp Adr	Stock-Consumer Staples	9.24%	+5.45%	+10.55%
3	JD	Jd.com Inc-adr	Stock-Consumer Disc	7.53%	+3.54%	-14.53%
4	BILI	Bilibili Inc-sponsored Adr	Stock-Other	7.24%	+1.52%	-35.60%
5	HTHT	H World Group Ltd-adr	Stock-Other	7.05%	+3.26%	-18.83%
6	RERE	Atrenew INC	Stock-Other	6.43%	+3.04%	—
7	HNGE	Hinge Health Inc-a	Stock-Other	4.96%	+4.96%	NEW
8	TAL	Tal Education Group- Adr	Stock-Consumer Staples	3.74%	+3.06%	+145.52%
9	BILL	Bill Holdings INC	Stock-Tech	3.70%	+3.70%	NEW
10	SVCO	Silvaco Group INC	Stock-Other	3.36%	+2.46%	—
11	PONY	Pony Ai INC	Stock-Other	2.67%	+0.75%	—
12	KYMR	Kymera Therapeutics INC	Stock-Other	2.65%	+1.49%	—
13	JOYY	Joyy Inc-adr	Stock-Other	2.17%	+2.17%	NEW
14	TCOM	Trip.com Group Ltd-adr	Stock-Consumer Disc	1.90%	+1.90%	NEW
15	YMM	Full Truck Alliance -spn Adr	Stock-Other	1.85%	+0.96%	+24.83%
16	VRDN	Viridian Therapeutics INC	Stock-Other	1.77%	+0.46%	—
17	DBVT	Dbv Technologies Sa-spon Adr	Stock-Other	1.54%	-0.94%	-73.41%
18	API	Agora Inc-adr	Stock-Other	1.11%	+0.67%	+36.03%
19	YSG	Yatsen Holding Ltd-adr	Stock-Other	1.07%	+0.78%	+116.61%
20	ZEPP	Zepp Health Corp-adr	Stock-Other	0.30%	+0.30%	NEW
21	PASG	Passage Bio INC	Stock-Other	0.29%	+0.21%	+151.00%
22	CLBT	Cellebrite DI Ltd.	Stock-Other	0.27%	+0.27%	NEW
23	BEAM	Beam Therapeutics INC	Stock-Other	0.22%	+0.10%	—
24	TOUR	Tuniu Corp-spon Adr	Stock-Other	0.10%	+0.06%	—

Portfolio Performance

Performance for Q3 2026

+40.4%

Performance Last 4 Quarters

+84.4%

Based on 71% of reported portfolio value with available pricing

Stdev: +52%
Beta: +1.89
Alpha: -1.1%
Max Drawdown: -26.8%
Annualized Perf: +24.9%
Batting Avg vs S&P: +47.2%
Sortino: +1.54
Stutzer: +0.2
Treynor: +0.18
Sterling: +0.75
Calmar: +0.93
Information Ratio: +0.32
Tracking Error: +47.3%
Stdev Down: +21.9%
Winning Months %: +58.3%
Losing Months %: +41.7%
Best 12 Months: +114.9%
Worst 12 Months: -22%
Efficiency Ratio: +0.26
Sharpe: +0.65
Stdev Sectors: +14.7%
Skewness: +1.63
Kurtosis: +2.85
Upside Potential: +3.49

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	24	$230.7M	97	1NOAH 2EDU 3JD Top holdings2026-03-31 1.NOAH 2.EDU 3.JD 4.BILI 5.HTHT 6.RERE 7.HNGE 8.TAL 9.BILL 10.SVCO
2025-12-31	24	$494.3M	42	1ALAB 2NOAH 3BILI Top holdings2025-12-31 1.ALAB 2.NOAH 3.BILI 4.JD 5.EDU 6.HTHT 7.RERE 8.VSAT 9.DBVT 10.ULS
2025-09-30	27	$678.1M	100	1ALAB 2JD 3NOAH Top holdings2025-09-30 1.ALAB 2.JD 3.NOAH 4.BILI 5.EDU 6.VSAT 7.HTHT 8.IVA 9.RERE 10.ACMR
2025-06-30	25	$1.1B	0	1JD 2BILI 3NOAH Top holdings2025-06-30 1.JD 2.BILI 3.NOAH 4.ULS 5.EDU 6.PLNT 7.VSAT 8.HTHT 9.AKRO 10.RERE
2025-03-31	25	$1.1B	100	1JD 2BILI 3NOAH Top holdings2025-03-31 1.JD 2.BILI 3.NOAH 4.ALAB 5.AKRO 6.EDU 7.HTHT 8.RBLX 9.RERE 10.VRDN
2024-12-31	23	$2.6B	0	1JD 2BILI 3ALAB Top holdings2024-12-31 1.JD 2.BILI 3.ALAB 4.NOAH 5.HTHT 6.EDU 7.RBLX 8.SMCI 9.TAL 10.AKRO
2024-09-30	19	$1.9B	0	1JD 2BILI 3NOAH Top holdings2024-09-30 1.JD 2.BILI 3.NOAH 4.HTHT 5.EDU 6.TAL 7.RBLX 8.AKRO 9.VRDN 10.BEAM
2024-06-30	26	$1.2B	0	1BILI 2JD 3NOAH Top holdings2024-06-30 1.BILI 2.JD 3.NOAH 4.SMCIUSD 5.HTHT 6.EDU 7.RBLX 8.MBLY 9.AKRO 10.TDG
2024-03-31	25	$1.8B	0	1SMCIUSD 2JD 3BILI Top holdings2024-03-31 1.SMCIUSD 2.JD 3.BILI 4.NOAH 5.HTHT 6.EDU 7.RBLX 8.TDG 9.AKRO 10.BEAM
2023-12-31	23	$1.7B	0	1JD 2BILI 3RBLX Top holdings2023-12-31 1.JD 2.BILI 3.RBLX 4.EDU 5.HTHT 6.NOAH 7.TDG 8.AKRO 9.VRDN 10.DNLI
2023-09-30	35	$2.0B	0	1JD 2BILI 3RBLX Top holdings2023-09-30 1.JD 2.BILI 3.RBLX 4.EDU 5.HTHT 6.NOAH 7.G45667 8.AKRO 9.SABR 10.BIRD
2023-06-30	31	$1.8B	0	1JD 2BILI 3EDU Top holdings2023-06-30 1.JD 2.BILI 3.EDU 4.HTHT 5.NOAH 6.G45667 7.BIRD 8.TDG 9.AKRO 10.RBLX
2023-03-31	35	$2.5B	0	1JD 2BILI 3EDU Top holdings2023-03-31 1.JD 2.BILI 3.EDU 4.HTHT 5.NOAH 6.TDG 7.G45667 8.BIRD 9.OPHTEUR 10.AKRO
2022-12-31	33	$2.3B	0	1JD 2BILI 3EDU Top holdings2022-12-31 1.JD 2.BILI 3.EDU 4.NOAH 5.HTHT 6.AKRO 7.OPHTEUR 8.TDG 9.G45667 10.SABR
2022-09-30	36	$1.6B	0	1JD 2BILI 3HTHT Top holdings2022-09-30 1.JD 2.BILI 3.HTHT 4.EDU 5.NOAH 6.AKRO 7.G45667 8.OPHTEUR 9.TDG 10.SABR
2022-06-30	35	$1.7B	0	1BILI 2JD 3HTHT Top holdings2022-06-30 1.BILI 2.JD 3.HTHT 4.NOAH 5.ACMR 6.EDU 7.TDG 8.G45667 9.SABR 10.OPHTEUR
2022-03-31	37	$2.2B	0	1JD 2BILI 3NOAH Top holdings2022-03-31 1.JD 2.BILI 3.NOAH 4.HTHT 5.ACMR 6.OPHTEUR 7.HIMX 8.SIMO 9.BIRD 10.TDG
2021-12-31	32	$2.0B	0	1BILI 2NOAH 3SIMO Top holdings2021-12-31 1.BILI 2.NOAH 3.SIMO 4.JD 5.HIMX 6.ACMR 7.HTHT 8.BIRD 9.TDG 10.OPHTEUR
2021-09-30	30	$2.0B	0	1BILI 2NOAH 3JD Top holdings2021-09-30 1.BILI 2.NOAH 3.JD 4.HTHT 5.SIMO 6.SABR 7.HIMX 8.ACMR 9.TDG 10.OPHTEUR
2021-06-30	28	$2.5B	26	1BILI 2NOAH 3JD Top holdings2021-06-30 1.BILI 2.NOAH 3.JD 4.TDG 5.HTHT 6.HIMX 7.TAL 8.SABR 9.SIMO 10.ACMR
2021-03-31	26	$2.2B	22	1BILI 2NOAH 3TAL Top holdings2021-03-31 1.BILI 2.NOAH 3.TAL 4.JD 5.SABR 6.HTHT 7.TDG 8.HIMX 9.NIU 10.SIMO
2020-12-31	27	$2.2B	32	1BILI 2NOAH 3TAL Top holdings2020-12-31 1.BILI 2.NOAH 3.TAL 4.TDG 5.SABR 6.JD 7.HTHT 8.NIU 9.SIMO 10.HIMX
2020-09-30	23	$1.7B	34	1TAL 2BILI 3NOAH Top holdings2020-09-30 1.TAL 2.BILI 3.NOAH 4.JD 5.HTHT 6.TDG 7.SABR 8.SIMO 9.NIU 10.MTSI
2020-06-30	26	$2.0B	63	1BILI 2TAL 3GOTU Top holdings2020-06-30 1.BILI 2.TAL 3.GOTU 4.TDG 5.NOAH 6.JD 7.MTSI 8.HTHT 9.SIMO 10.SABR
2020-03-31	24	$1.3B	32	1TAL 2BILI 3NOAH Top holdings2020-03-31 1.TAL 2.BILI 3.NOAH 4.JD 5.HTHT 6.SIMO 7.LKNCY 8.MTSI 9.BIDU 10.ZM
2019-12-31	17	$1.1B	39	1TAL 2NOAH 3BILI Top holdings2019-12-31 1.TAL 2.NOAH 3.BILI 4.HTHT 5.JD 6.MTSI 7.BIDU 8.SIMO 9.68276W 10.MOMOUSD
2019-09-30	17	$817.0M	22	1TAL 2HTHT 3BILI Top holdings2019-09-30 1.TAL 2.HTHT 3.BILI 4.NOAH 5.MTSI 6.JD 7.MOMOUSD 8.BIDU 9.68276W 10.SIMO
2019-06-30	18	$848.2M	10	1TAL 2NOAH 3HTHT Top holdings2019-06-30 1.TAL 2.NOAH 3.HTHT 4.JD 5.BILI 6.MOMOUSD 7.MTSI 8.SIMO 9.68276W 10.JTUSD
2019-03-31	17	$854.1M	31	1TAL 2NOAH 3HTHT Top holdings2019-03-31 1.TAL 2.NOAH 3.HTHT 4.JD 5.MOMOUSD 6.MTSI 7.BILI 8.SIMO 9.JTUSD 10.68276W
2018-12-31	18	$677.9M	25	1TAL 2NOAH 3HTHT Top holdings2018-12-31 1.TAL 2.NOAH 3.HTHT 4.JD 5.MTSI 6.MOMOUSD 7.BILI 8.26853A 9.68276W 10.SIMO
2018-09-30	16	$592.2M	100	1TAL 2NOAH 3HTHT Top holdings2018-09-30 1.TAL 2.NOAH 3.HTHT 4.MOMOUSD 5.JD 6.MTSI 7.BIDU 8.26853A 9.TOUR 10.68276W
2018-06-30	14	$537.2M	0	1TAL 2NOAH 3JD Top holdings2018-06-30 1.TAL 2.NOAH 3.JD 4.MTSI 5.26853A 6.MOMOUSD 7.68276W 8.BIDU 9.TOUR 10.JTUSD
2018-03-31	16	$488.8M	31	1TAL 2NOAH 3HTHT Top holdings2018-03-31 1.TAL 2.NOAH 3.HTHT 4.JD 5.MOMOUSD 6.26853A 7.68276W 8.BIDU 9.SIMO 10.TOUR
2017-12-31	13	$388.3M	19	1NOAH 2TAL 3HTHT Top holdings2017-12-31 1.NOAH 2.TAL 3.HTHT 4.JD 5.26853A 6.SIMO 7.BIDU 8.MOMOUSD 9.TOUR 10.HIMX
2017-09-30	12	$365.5M	30	1TAL 2HTHT 3NOAH Top holdings2017-09-30 1.TAL 2.HTHT 3.NOAH 4.JD 5.BIDU 6.26853A 7.SIMO 8.MOMOUSD 9.TOUR 10.HIMX
2017-06-30	13	$286.1M	36	1TAL 2NOAH 3JD Top holdings2017-06-30 1.TAL 2.NOAH 3.JD 4.HTHT 5.26853A 6.BIDU 7.SIMO 8.MOMOUSD 9.TOUR 10.817323
2017-03-31	13	$239.0M	57	1TAL 2NOAH 3JD Top holdings2017-03-31 1.TAL 2.NOAH 3.JD 4.HTHT 5.26853A 6.BIDU 7.SIMO 8.JD 9.YYEUR 10.HIMX
2016-12-31	13	$269.9M	7	1JD 2HTHT 3NOAH Top holdings2016-12-31 1.JD 2.HTHT 3.NOAH 4.TAL 5.JD 6.26853A 7.SIMO 8.TOUR 9.HIVEEUR 10.HIMX
2016-09-30	13	$283.4M	19	1JD 2NOAH 3TAL Top holdings2016-09-30 1.JD 2.NOAH 3.TAL 4.HTHT 5.JD 6.26853A 7.SIMO 8.TOUR 9.46123D 10.HIMX
2016-06-30	13	$242.2M	20	1JD 2HTHT 3NOAH Top holdings2016-06-30 1.JD 2.HTHT 3.NOAH 4.TAL 5.26853A 6.JD 7.SIMO 8.TOUR 9.46123D 10.HIVEEUR
2016-03-31	13	$226.1M	34	1JD 2HTHT 3NOAH Top holdings2016-03-31 1.JD 2.HTHT 3.NOAH 4.26853A 5.TAL 6.JD 7.SIMO 8.46123D 9.TOUR 10.817323
2015-12-31	13	$169.5M	0	1HTHT 2NOAH326853A Top holdings2015-12-31 1.HTHT 2.NOAH 3.26853A 4.JD 5.JD 6.TAL 7.SIMO 8.46123D 9.817323 10.876108

Holding changes this quarter

Yiheng Capital Management, L.P.'s most significant position changes for 2026-03-31: Sold out: Astera Labs INC (ALAB); Sold out: Viasat INC (VSAT); Sold out: Ul Solutions INC - Class A (ULS); New buy: Hinge Health Inc-a (HNGE); New buy: Bill Holdings INC (BILL).

Position changes disclosed by Yiheng Capital Management, L.P. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	NOAH	Noah Holdings Ltd-spon Ads	+15.2%	—	Unchanged
2	EDU	New Oriental Educatio-sp Adr	+5.5%	+10.55%	Add
3	JD	Jd.com Inc-adr	+3.5%	-14.53%	Trim
4	HTHT	H World Group Ltd-adr	+3.3%	-18.83%	Trim
5	TAL	Tal Education Group- Adr	+3.1%	+145.52%	Add
6	RERE	Atrenew INC	+3%	—	Unchanged
7	SVCO	Silvaco Group INC	+2.5%	—	Unchanged
8	BILI	Bilibili Inc-sponsored Adr	+1.5%	-35.60%	Trim
9	KYMR	Kymera Therapeutics INC	+1.5%	—	Unchanged
10	YMM	Full Truck Alliance -spn Adr	+1%	+24.83%	Add
11	YSG	Yatsen Holding Ltd-adr	+0.8%	+116.61%	Add
12	PONY	Pony Ai INC	+0.8%	—	Unchanged
13	API	Agora Inc-adr	+0.7%	+36.03%	Add
14	VRDN	Viridian Therapeutics INC	+0.5%	—	Unchanged
15	PASG	Passage Bio INC	+0.2%	+151.00%	Add
16	BEAM	Beam Therapeutics INC	+0.1%	—	Unchanged
17	TOUR	Tuniu Corp-spon Adr	+0.1%	—	Unchanged
18	DBVT	Dbv Technologies Sa-spon Adr	-0.9%	-73.41%	Trim
19	ALAB	Astera Labs INC	—	EXIT	Sold out
20	VSAT	Viasat INC	—	EXIT	Sold out
21	ULS	Ul Solutions INC - Class A	—	EXIT	Sold out
22	HNGE	Hinge Health Inc-a	—	NEW	New buy
23	BILL	Bill Holdings INC	—	NEW	New buy
24	ACMR	Acm Research Inc-class A	—	EXIT	Sold out
25	JOYY	Joyy Inc-adr	—	NEW	New buy
26	TCOM	Trip.com Group Ltd-adr	—	NEW	New buy
27	IVA	Inventiva SA - Adr	—	EXIT	Sold out
28	ZEPP	Zepp Health Corp-adr	—	NEW	New buy
29	CLBT	Cellebrite DI Ltd.	—	NEW	New buy
30	✓		—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-16	Amendment	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-11	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-09-21	Amendment	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-15	Amendment	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR
2017-09-30	2017-11-14	13F-HR	View on EDGAR
2017-06-30	2017-08-14	13F-HR	View on EDGAR
2017-03-31	2017-05-15	13F-HR	View on EDGAR
2016-12-31	2017-02-14	13F-HR	View on EDGAR
2016-09-30	2016-11-14	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-05-10	Amendment	View on EDGAR
2015-12-31	2016-02-17	13F-HR	View on EDGAR

FAQ

What is Yiheng Capital Management, L.P. and what type of investor is it?

Yiheng Capital Management, L.P. is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $230.7M, spread across 24 disclosed positions.

What are Yiheng Capital Management, L.P.'s largest equity positions?

Based on the latest 13F filing, Yiheng Capital Management, L.P.'s top holdings by market value are: 1. Noah Holdings Ltd-spon Ads (NOAH) — $66.5M (28.8%) 2. New Oriental Educatio-sp Adr (EDU) — $21.3M (9.2%) 3. Jd.com Inc-adr (JD) — $17.4M (7.5%) 4. Bilibili Inc-sponsored Adr (BILI) — $16.7M (7.2%) 5. H World Group Ltd-adr (HTHT) — $16.3M (7.0%)

What changes did Yiheng Capital Management, L.P. make in its most recent portfolio filing?

In the latest reported quarter, Yiheng Capital Management, L.P. made 22 notable position adjustments: 6 new positions were initiated, 6 existing holdings were added to, 4 positions were partially reduced, and 6 were completely exited. The largest of these moves: Sold out: Astera Labs INC (ALAB); Sold out: Viasat INC (VSAT); Sold out: Ul Solutions INC - Class A (ULS); New buy: Hinge Health Inc-a (HNGE); New buy: Bill Holdings INC (BILL)

What sectors does Yiheng Capital Management, L.P. focus on?

Yiheng Capital Management, L.P. is concentrated in the following sectors based on its current disclosed equity portfolio: • Consumer Staples: 49.7% • Consumer Discretionary: 36.1% • Information Technology: 14.2%

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Yiheng Capital Management, L.P. — AI-Powered 13F Analysis

CIK: 0001447228

High-turnover traderSector-focusedContrarian

Total reported value

$230.7M

Reporting period: 2026-03-31 · Number of holdings: 24

Yiheng Capital Management, L.P. disclosed 24 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $230.7M and a quarterly turnover rate of 97.0%.

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Personality snowflake

Concentration: 48.57
Portfolio Stability: 96.99
Momentum/Contrarian: 0
Sector conviction: 100
Diversification: 48
Sizing Uniformity: 85.87

Position sizes vary widely across the portfolio (a coefficient of variation of 1.41), with a handful of outsized bets alongside many smaller positions.

No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.

Recent moves

Add NOAH
0.0%　-$940.4K
Add EDU
+10.5%　$2.6M
Add JD
-14.5%　-$2.4M
Add HTHT
-18.8%　-$2.5M
Add TAL
+145.5%　$5.3M
Add RERE
0.0%　-$1.9M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
1	NOAH	Noah Holdings Ltd-spon Ads	Stock-Other	28.83%	+15.19%	—
2	EDU	New Oriental Educatio-sp Adr	Stock-Consumer Staples	9.24%	+5.45%	+10.55%
3	JD	Jd.com Inc-adr	Stock-Consumer Disc	7.53%	+3.54%	-14.53%
4	BILI	Bilibili Inc-sponsored Adr	Stock-Other	7.24%	+1.52%	-35.60%
5	HTHT	H World Group Ltd-adr	Stock-Other	7.05%	+3.26%	-18.83%
6	RERE	Atrenew INC	Stock-Other	6.43%	+3.04%	—
7	HNGE	Hinge Health Inc-a	Stock-Other	4.96%	+4.96%	NEW
8	TAL	Tal Education Group- Adr	Stock-Consumer Staples	3.74%	+3.06%	+145.52%
9	BILL	Bill Holdings INC	Stock-Tech	3.70%	+3.70%	NEW
10	SVCO	Silvaco Group INC	Stock-Other	3.36%	+2.46%	—
11	PONY	Pony Ai INC	Stock-Other	2.67%	+0.75%	—
12	KYMR	Kymera Therapeutics INC	Stock-Other	2.65%	+1.49%	—
13	JOYY	Joyy Inc-adr	Stock-Other	2.17%	+2.17%	NEW
14	TCOM	Trip.com Group Ltd-adr	Stock-Consumer Disc	1.90%	+1.90%	NEW
15	YMM	Full Truck Alliance -spn Adr	Stock-Other	1.85%	+0.96%	+24.83%
16	VRDN	Viridian Therapeutics INC	Stock-Other	1.77%	+0.46%	—
17	DBVT	Dbv Technologies Sa-spon Adr	Stock-Other	1.54%	-0.94%	-73.41%
18	API	Agora Inc-adr	Stock-Other	1.11%	+0.67%	+36.03%
19	YSG	Yatsen Holding Ltd-adr	Stock-Other	1.07%	+0.78%	+116.61%
20	ZEPP	Zepp Health Corp-adr	Stock-Other	0.30%	+0.30%	NEW
21	PASG	Passage Bio INC	Stock-Other	0.29%	+0.21%	+151.00%
22	CLBT	Cellebrite DI Ltd.	Stock-Other	0.27%	+0.27%	NEW
23	BEAM	Beam Therapeutics INC	Stock-Other	0.22%	+0.10%	—
24	TOUR	Tuniu Corp-spon Adr	Stock-Other	0.10%	+0.06%	—

Portfolio Performance

Performance for Q3 2026

+40.4%

Performance Last 4 Quarters

+84.4%

Based on 71% of reported portfolio value with available pricing

Stdev: +52%
Beta: +1.89
Alpha: -1.1%
Max Drawdown: -26.8%
Annualized Perf: +24.9%
Batting Avg vs S&P: +47.2%
Sortino: +1.54
Stutzer: +0.2
Treynor: +0.18
Sterling: +0.75
Calmar: +0.93
Information Ratio: +0.32
Tracking Error: +47.3%
Stdev Down: +21.9%
Winning Months %: +58.3%
Losing Months %: +41.7%
Best 12 Months: +114.9%
Worst 12 Months: -22%
Efficiency Ratio: +0.26
Sharpe: +0.65
Stdev Sectors: +14.7%
Skewness: +1.63
Kurtosis: +2.85
Upside Potential: +3.49

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	24	$230.7M	97	1NOAH 2EDU 3JD Top holdings2026-03-31 1.NOAH 2.EDU 3.JD 4.BILI 5.HTHT 6.RERE 7.HNGE 8.TAL 9.BILL 10.SVCO
2025-12-31	24	$494.3M	42	1ALAB 2NOAH 3BILI Top holdings2025-12-31 1.ALAB 2.NOAH 3.BILI 4.JD 5.EDU 6.HTHT 7.RERE 8.VSAT 9.DBVT 10.ULS
2025-09-30	27	$678.1M	100	1ALAB 2JD 3NOAH Top holdings2025-09-30 1.ALAB 2.JD 3.NOAH 4.BILI 5.EDU 6.VSAT 7.HTHT 8.IVA 9.RERE 10.ACMR
2025-06-30	25	$1.1B	0	1JD 2BILI 3NOAH Top holdings2025-06-30 1.JD 2.BILI 3.NOAH 4.ULS 5.EDU 6.PLNT 7.VSAT 8.HTHT 9.AKRO 10.RERE
2025-03-31	25	$1.1B	100	1JD 2BILI 3NOAH Top holdings2025-03-31 1.JD 2.BILI 3.NOAH 4.ALAB 5.AKRO 6.EDU 7.HTHT 8.RBLX 9.RERE 10.VRDN
2024-12-31	23	$2.6B	0	1JD 2BILI 3ALAB Top holdings2024-12-31 1.JD 2.BILI 3.ALAB 4.NOAH 5.HTHT 6.EDU 7.RBLX 8.SMCI 9.TAL 10.AKRO
2024-09-30	19	$1.9B	0	1JD 2BILI 3NOAH Top holdings2024-09-30 1.JD 2.BILI 3.NOAH 4.HTHT 5.EDU 6.TAL 7.RBLX 8.AKRO 9.VRDN 10.BEAM
2024-06-30	26	$1.2B	0	1BILI 2JD 3NOAH Top holdings2024-06-30 1.BILI 2.JD 3.NOAH 4.SMCIUSD 5.HTHT 6.EDU 7.RBLX 8.MBLY 9.AKRO 10.TDG
2024-03-31	25	$1.8B	0	1SMCIUSD 2JD 3BILI Top holdings2024-03-31 1.SMCIUSD 2.JD 3.BILI 4.NOAH 5.HTHT 6.EDU 7.RBLX 8.TDG 9.AKRO 10.BEAM
2023-12-31	23	$1.7B	0	1JD 2BILI 3RBLX Top holdings2023-12-31 1.JD 2.BILI 3.RBLX 4.EDU 5.HTHT 6.NOAH 7.TDG 8.AKRO 9.VRDN 10.DNLI
2023-09-30	35	$2.0B	0	1JD 2BILI 3RBLX Top holdings2023-09-30 1.JD 2.BILI 3.RBLX 4.EDU 5.HTHT 6.NOAH 7.G45667 8.AKRO 9.SABR 10.BIRD
2023-06-30	31	$1.8B	0	1JD 2BILI 3EDU Top holdings2023-06-30 1.JD 2.BILI 3.EDU 4.HTHT 5.NOAH 6.G45667 7.BIRD 8.TDG 9.AKRO 10.RBLX
2023-03-31	35	$2.5B	0	1JD 2BILI 3EDU Top holdings2023-03-31 1.JD 2.BILI 3.EDU 4.HTHT 5.NOAH 6.TDG 7.G45667 8.BIRD 9.OPHTEUR 10.AKRO
2022-12-31	33	$2.3B	0	1JD 2BILI 3EDU Top holdings2022-12-31 1.JD 2.BILI 3.EDU 4.NOAH 5.HTHT 6.AKRO 7.OPHTEUR 8.TDG 9.G45667 10.SABR
2022-09-30	36	$1.6B	0	1JD 2BILI 3HTHT Top holdings2022-09-30 1.JD 2.BILI 3.HTHT 4.EDU 5.NOAH 6.AKRO 7.G45667 8.OPHTEUR 9.TDG 10.SABR
2022-06-30	35	$1.7B	0	1BILI 2JD 3HTHT Top holdings2022-06-30 1.BILI 2.JD 3.HTHT 4.NOAH 5.ACMR 6.EDU 7.TDG 8.G45667 9.SABR 10.OPHTEUR
2022-03-31	37	$2.2B	0	1JD 2BILI 3NOAH Top holdings2022-03-31 1.JD 2.BILI 3.NOAH 4.HTHT 5.ACMR 6.OPHTEUR 7.HIMX 8.SIMO 9.BIRD 10.TDG
2021-12-31	32	$2.0B	0	1BILI 2NOAH 3SIMO Top holdings2021-12-31 1.BILI 2.NOAH 3.SIMO 4.JD 5.HIMX 6.ACMR 7.HTHT 8.BIRD 9.TDG 10.OPHTEUR
2021-09-30	30	$2.0B	0	1BILI 2NOAH 3JD Top holdings2021-09-30 1.BILI 2.NOAH 3.JD 4.HTHT 5.SIMO 6.SABR 7.HIMX 8.ACMR 9.TDG 10.OPHTEUR
2021-06-30	28	$2.5B	26	1BILI 2NOAH 3JD Top holdings2021-06-30 1.BILI 2.NOAH 3.JD 4.TDG 5.HTHT 6.HIMX 7.TAL 8.SABR 9.SIMO 10.ACMR
2021-03-31	26	$2.2B	22	1BILI 2NOAH 3TAL Top holdings2021-03-31 1.BILI 2.NOAH 3.TAL 4.JD 5.SABR 6.HTHT 7.TDG 8.HIMX 9.NIU 10.SIMO
2020-12-31	27	$2.2B	32	1BILI 2NOAH 3TAL Top holdings2020-12-31 1.BILI 2.NOAH 3.TAL 4.TDG 5.SABR 6.JD 7.HTHT 8.NIU 9.SIMO 10.HIMX
2020-09-30	23	$1.7B	34	1TAL 2BILI 3NOAH Top holdings2020-09-30 1.TAL 2.BILI 3.NOAH 4.JD 5.HTHT 6.TDG 7.SABR 8.SIMO 9.NIU 10.MTSI
2020-06-30	26	$2.0B	63	1BILI 2TAL 3GOTU Top holdings2020-06-30 1.BILI 2.TAL 3.GOTU 4.TDG 5.NOAH 6.JD 7.MTSI 8.HTHT 9.SIMO 10.SABR
2020-03-31	24	$1.3B	32	1TAL 2BILI 3NOAH Top holdings2020-03-31 1.TAL 2.BILI 3.NOAH 4.JD 5.HTHT 6.SIMO 7.LKNCY 8.MTSI 9.BIDU 10.ZM
2019-12-31	17	$1.1B	39	1TAL 2NOAH 3BILI Top holdings2019-12-31 1.TAL 2.NOAH 3.BILI 4.HTHT 5.JD 6.MTSI 7.BIDU 8.SIMO 9.68276W 10.MOMOUSD
2019-09-30	17	$817.0M	22	1TAL 2HTHT 3BILI Top holdings2019-09-30 1.TAL 2.HTHT 3.BILI 4.NOAH 5.MTSI 6.JD 7.MOMOUSD 8.BIDU 9.68276W 10.SIMO
2019-06-30	18	$848.2M	10	1TAL 2NOAH 3HTHT Top holdings2019-06-30 1.TAL 2.NOAH 3.HTHT 4.JD 5.BILI 6.MOMOUSD 7.MTSI 8.SIMO 9.68276W 10.JTUSD
2019-03-31	17	$854.1M	31	1TAL 2NOAH 3HTHT Top holdings2019-03-31 1.TAL 2.NOAH 3.HTHT 4.JD 5.MOMOUSD 6.MTSI 7.BILI 8.SIMO 9.JTUSD 10.68276W
2018-12-31	18	$677.9M	25	1TAL 2NOAH 3HTHT Top holdings2018-12-31 1.TAL 2.NOAH 3.HTHT 4.JD 5.MTSI 6.MOMOUSD 7.BILI 8.26853A 9.68276W 10.SIMO
2018-09-30	16	$592.2M	100	1TAL 2NOAH 3HTHT Top holdings2018-09-30 1.TAL 2.NOAH 3.HTHT 4.MOMOUSD 5.JD 6.MTSI 7.BIDU 8.26853A 9.TOUR 10.68276W
2018-06-30	14	$537.2M	0	1TAL 2NOAH 3JD Top holdings2018-06-30 1.TAL 2.NOAH 3.JD 4.MTSI 5.26853A 6.MOMOUSD 7.68276W 8.BIDU 9.TOUR 10.JTUSD
2018-03-31	16	$488.8M	31	1TAL 2NOAH 3HTHT Top holdings2018-03-31 1.TAL 2.NOAH 3.HTHT 4.JD 5.MOMOUSD 6.26853A 7.68276W 8.BIDU 9.SIMO 10.TOUR
2017-12-31	13	$388.3M	19	1NOAH 2TAL 3HTHT Top holdings2017-12-31 1.NOAH 2.TAL 3.HTHT 4.JD 5.26853A 6.SIMO 7.BIDU 8.MOMOUSD 9.TOUR 10.HIMX
2017-09-30	12	$365.5M	30	1TAL 2HTHT 3NOAH Top holdings2017-09-30 1.TAL 2.HTHT 3.NOAH 4.JD 5.BIDU 6.26853A 7.SIMO 8.MOMOUSD 9.TOUR 10.HIMX
2017-06-30	13	$286.1M	36	1TAL 2NOAH 3JD Top holdings2017-06-30 1.TAL 2.NOAH 3.JD 4.HTHT 5.26853A 6.BIDU 7.SIMO 8.MOMOUSD 9.TOUR 10.817323
2017-03-31	13	$239.0M	57	1TAL 2NOAH 3JD Top holdings2017-03-31 1.TAL 2.NOAH 3.JD 4.HTHT 5.26853A 6.BIDU 7.SIMO 8.JD 9.YYEUR 10.HIMX
2016-12-31	13	$269.9M	7	1JD 2HTHT 3NOAH Top holdings2016-12-31 1.JD 2.HTHT 3.NOAH 4.TAL 5.JD 6.26853A 7.SIMO 8.TOUR 9.HIVEEUR 10.HIMX
2016-09-30	13	$283.4M	19	1JD 2NOAH 3TAL Top holdings2016-09-30 1.JD 2.NOAH 3.TAL 4.HTHT 5.JD 6.26853A 7.SIMO 8.TOUR 9.46123D 10.HIMX
2016-06-30	13	$242.2M	20	1JD 2HTHT 3NOAH Top holdings2016-06-30 1.JD 2.HTHT 3.NOAH 4.TAL 5.26853A 6.JD 7.SIMO 8.TOUR 9.46123D 10.HIVEEUR
2016-03-31	13	$226.1M	34	1JD 2HTHT 3NOAH Top holdings2016-03-31 1.JD 2.HTHT 3.NOAH 4.26853A 5.TAL 6.JD 7.SIMO 8.46123D 9.TOUR 10.817323
2015-12-31	13	$169.5M	0	1HTHT 2NOAH326853A Top holdings2015-12-31 1.HTHT 2.NOAH 3.26853A 4.JD 5.JD 6.TAL 7.SIMO 8.46123D 9.817323 10.876108

Holding changes this quarter

Position changes disclosed by Yiheng Capital Management, L.P. for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	Ticker	Issuer	Weight Change	Shares Change	Action
1	NOAH	Noah Holdings Ltd-spon Ads	+15.2%	—	Unchanged
2	EDU	New Oriental Educatio-sp Adr	+5.5%	+10.55%	Add
3	JD	Jd.com Inc-adr	+3.5%	-14.53%	Trim
4	HTHT	H World Group Ltd-adr	+3.3%	-18.83%	Trim
5	TAL	Tal Education Group- Adr	+3.1%	+145.52%	Add
6	RERE	Atrenew INC	+3%	—	Unchanged
7	SVCO	Silvaco Group INC	+2.5%	—	Unchanged
8	BILI	Bilibili Inc-sponsored Adr	+1.5%	-35.60%	Trim
9	KYMR	Kymera Therapeutics INC	+1.5%	—	Unchanged
10	YMM	Full Truck Alliance -spn Adr	+1%	+24.83%	Add
11	YSG	Yatsen Holding Ltd-adr	+0.8%	+116.61%	Add
12	PONY	Pony Ai INC	+0.8%	—	Unchanged
13	API	Agora Inc-adr	+0.7%	+36.03%	Add
14	VRDN	Viridian Therapeutics INC	+0.5%	—	Unchanged
15	PASG	Passage Bio INC	+0.2%	+151.00%	Add
16	BEAM	Beam Therapeutics INC	+0.1%	—	Unchanged
17	TOUR	Tuniu Corp-spon Adr	+0.1%	—	Unchanged
18	DBVT	Dbv Technologies Sa-spon Adr	-0.9%	-73.41%	Trim
19	ALAB	Astera Labs INC	—	EXIT	Sold out
20	VSAT	Viasat INC	—	EXIT	Sold out
21	ULS	Ul Solutions INC - Class A	—	EXIT	Sold out
22	HNGE	Hinge Health Inc-a	—	NEW	New buy
23	BILL	Bill Holdings INC	—	NEW	New buy
24	ACMR	Acm Research Inc-class A	—	EXIT	Sold out
25	JOYY	Joyy Inc-adr	—	NEW	New buy
26	TCOM	Trip.com Group Ltd-adr	—	NEW	New buy
27	IVA	Inventiva SA - Adr	—	EXIT	Sold out
28	ZEPP	Zepp Health Corp-adr	—	NEW	New buy
29	CLBT	Cellebrite DI Ltd.	—	NEW	New buy
30	✓		—	EXIT	Sold out

Filing History

Period	Filed	Type	EDGAR
2026-03-31	2026-05-15	13F-HR	View on EDGAR
2025-12-31	2026-02-17	13F-HR	View on EDGAR
2025-09-30	2025-11-14	13F-HR	View on EDGAR
2025-06-30	2025-08-14	13F-HR	View on EDGAR
2025-03-31	2025-05-16	Amendment	View on EDGAR
2025-03-31	2025-05-15	13F-HR	View on EDGAR
2024-12-31	2025-02-11	13F-HR	View on EDGAR
2024-09-30	2024-11-12	13F-HR	View on EDGAR
2024-06-30	2024-08-14	13F-HR	View on EDGAR
2024-03-31	2024-05-15	13F-HR	View on EDGAR
2023-12-31	2024-02-14	13F-HR	View on EDGAR
2023-09-30	2023-11-14	13F-HR	View on EDGAR
2023-06-30	2023-08-14	13F-HR	View on EDGAR
2023-03-31	2023-05-15	13F-HR	View on EDGAR
2022-12-31	2023-02-14	13F-HR	View on EDGAR
2022-09-30	2022-11-14	13F-HR	View on EDGAR
2022-06-30	2022-08-15	13F-HR	View on EDGAR
2022-03-31	2022-05-16	13F-HR	View on EDGAR
2021-12-31	2022-02-14	13F-HR	View on EDGAR
2021-09-30	2021-11-15	13F-HR	View on EDGAR
2021-06-30	2021-09-21	Amendment	View on EDGAR
2021-06-30	2021-08-16	13F-HR	View on EDGAR
2021-03-31	2021-05-17	13F-HR	View on EDGAR
2020-12-31	2021-02-16	13F-HR	View on EDGAR
2020-09-30	2020-11-16	13F-HR	View on EDGAR
2020-06-30	2020-08-14	13F-HR	View on EDGAR
2020-03-31	2020-05-15	13F-HR	View on EDGAR
2019-12-31	2020-02-14	13F-HR	View on EDGAR
2019-09-30	2019-11-14	13F-HR	View on EDGAR
2019-06-30	2019-08-14	13F-HR	View on EDGAR
2019-03-31	2019-05-15	13F-HR	View on EDGAR
2018-12-31	2019-02-14	13F-HR	View on EDGAR
2018-09-30	2018-11-14	13F-HR	View on EDGAR
2018-06-30	2018-08-15	Amendment	View on EDGAR
2018-06-30	2018-08-14	13F-HR	View on EDGAR
2018-03-31	2018-05-15	13F-HR	View on EDGAR
2017-12-31	2018-02-14	13F-HR	View on EDGAR
2017-09-30	2017-11-14	13F-HR	View on EDGAR
2017-06-30	2017-08-14	13F-HR	View on EDGAR
2017-03-31	2017-05-15	13F-HR	View on EDGAR
2016-12-31	2017-02-14	13F-HR	View on EDGAR
2016-09-30	2016-11-14	13F-HR	View on EDGAR
2016-06-30	2016-08-15	13F-HR	View on EDGAR
2016-03-31	2016-05-13	13F-HR	View on EDGAR
2015-12-31	2016-05-10	Amendment	View on EDGAR
2015-12-31	2016-02-17	13F-HR	View on EDGAR