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Primavera Capital Management Ltd Holdings Report (Q2 2026) — 13F Stock Portfolio
Primavera Capital Management LtdCIK: 0001686305
Concentrated strategySector-focusedContrarian
Total reported value
$565.1M
Reporting period: 2026-06-30 · Number of holdings: 5
Primavera Capital Management Ltd disclosed 5 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $565.1M and a quarterly turnover rate of 22.7%.
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Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 22.66
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 10
- Sizing Uniformity
- 81.2
Primavera Capital Management Ltd's disclosed holdings carry a Herfindahl concentration index of 0.765 — mathematically equivalent to about 1 equally-sized positions, well below its 5 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 1.88), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 2.4 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy 233369107
Trim YUMC
0.0% -$95.2M
New buy STG
Trim XPEV
0.0% -$12.8M
Trim 9C0A
0.0% -$2.1M
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | YUMC | Yum China Holdings Inc | Stock-Consumer Disc | 87.05% | -3.56% | — | |
| 2 | XPEV | Xpeng Inc - Adr | Stock-Other | 7.75% | -0.98% | — | |
| 3 | ✓ | Stock-Other | 3.68% | +3.68% | NEW | ||
| 4 | STG | Sunlands Technology- Sp Adr | Stock-Other | 1.15% | +1.15% | NEW | |
| 5 | 9C0A | Cango Inc/ky - Adr | Stock-Other | 0.37% | -0.28% | — |
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Portfolio Performance
Performance for Q3 2026
+3%
Performance Last 4 Quarters
-3.2%
- Stdev
- +38.1%
- Beta
- +0.2
- Alpha
- +7.8%
- Max Drawdown
- -34.7%
- Annualized Perf
- +5.1%
- Batting Avg vs S&P
- +39.4%
- Sortino
- +0.56
- Stutzer
- +0.09
- Treynor
- +0.58
- Sterling
- +0.17
- Calmar
- +0.15
- Information Ratio
- -0.19
- Tracking Error
- +39.5%
- Stdev Down
- +20.8%
- Winning Months %
- +48.5%
- Losing Months %
- +51.5%
- Best 12 Months
- +66.7%
- Worst 12 Months
- -9.3%
- Efficiency Ratio
- +0.06
- Sharpe
- +0.31
- Stdev Sectors
- 0%
- Skewness
- +0.91
- Kurtosis
- +0.93
- Upside Potential
- +2.55
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 5 | $565.1M | 23 | ||
| 2026 Q1 | 3 | $647.9M | 5 | ||
| 2025 Q4 | 3 | $657.1M | 12 | ||
| 2025 Q3 | 3 | $615.9M | 20 | ||
| 2025 Q2 | 3 | $622.2M | 0 | ||
| 2025 Q1 | 3 | $714.6M | 100 | ||
| 2024 Q4 | 3 | $641.5M | 0 | ||
| 2024 Q3 | 3 | $591.3M | 0 | ||
| 2024 Q2 | 4 | $517.6M | 0 | ||
| 2024 Q1 | 4 | $615.3M | 0 | ||
| 2023 Q4 | 4 | $641.1M | 0 | ||
| 2023 Q3 | 4 | $809.2M | 0 | ||
| 2023 Q2 | 4 | $887.9M | 0 | ||
| 2023 Q1 | 4 | $1.0B | 0 | ||
| 2022 Q4 | 4 | $881.6M | 0 | ||
| 2022 Q3 | 4 | $976.4M | 0 | ||
| 2022 Q2 | 4 | $1.2B | 0 | ||
| 2022 Q1 | 5 | $1.1B | 0 | ||
| 2021 Q4 | 5 | $1.5B | 0 | ||
| 2021 Q3 | 5 | $1.8B | 0 | ||
| 2021 Q2 | 5 | $2.1B | 95 | ||
| 2021 Q1 | 5 | $1.9B | 62 | ||
| 2020 Q4 | 4 | $982.3M | 31 | ||
| 2020 Q3 | 4 | $1.3B | 15 | ||
| 2020 Q2 | 4 | $1.2B | 50 | ||
| 2020 Q1 | 6 | $1.6B | 13 | ||
| 2019 Q4 | 6 | $1.9B | 19 | ||
| 2019 Q3 | 6 | $2.1B | 3 | ||
| 2019 Q2 | 6 | $2.1B | 6 | ||
| 2019 Q1 | 6 | $2.1B | 28 | ||
| 2018 Q4 | 6 | $1.6B | 12 | ||
| 2018 Q3 | 6 | $1.9B | 18 | ||
| 2018 Q2 | 4 | $2.0B | 6 | ||
| 2018 Q1 | 4 | $2.1B | 29 | ||
| 2017 Q4 | 3 | $2.2B | 1 | ||
| 2017 Q3 | 2 | $2.2B | 5 | ||
| 2017 Q2 | 2 | $2.3B | 27 | ||
| 2017 Q1 | 2 | $1.8B | 11 | ||
| 2016 Q4 | 2 | $1.6B | 79 | ||
| 2016 Q3 | 1 | $902.4M | 0 |
Holding changes this quarter
Primavera Capital Management Ltd's most significant position changes for 2026-06-30: New buy: ; New buy: Sunlands Technology- Sp Adr (STG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ✓ | +3.7% | NEW | New buy | |
| 2 | STG | Sunlands Technology- Sp Adr | +1.2% | NEW | New buy |
| 3 | 9C0A | Cango Inc/ky - Adr | -0.3% | — | Unchanged |
| 4 | XPEV | Xpeng Inc - Adr | -1% | — | Unchanged |
| 5 | YUMC | Yum China Holdings Inc | -3.6% | — | Unchanged |
Filing History
FAQ
What is Primavera Capital Management Ltd and what type of investor is it?
Primavera Capital Management Ltd is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $565.1M, spread across 5 disclosed positions.
What are Primavera Capital Management Ltd's largest equity positions?
Based on the latest 13F filing, Primavera Capital Management Ltd's top holdings by market value are:
1. Yum China Holdings Inc (YUMC) — $491.9M (87.0%)
2. Xpeng Inc - Adr (XPEV) — $43.8M (7.8%)
3. — $20.8M (3.7%)
4. Sunlands Technology- Sp Adr (STG) — $6.5M (1.1%)
5. Cango Inc/ky - Adr (9C0A) — $2.1M (0.4%)
What changes did Primavera Capital Management Ltd make in its most recent portfolio filing?
In the latest quarter, Primavera Capital Management Ltd was primarily adding exposure — initiating 2 new positions and adding to 0 existing holdings. The largest of these moves: New buy: ; New buy: Sunlands Technology- Sp Adr (STG)
What sectors does Primavera Capital Management Ltd focus on?
Primavera Capital Management Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 100.0%
Investment Profile
Primavera Capital Management Ltd returned an annualized 5.1% over the trailing 33 months — outperforming the S&P 500 by 7.8 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.20 (less volatile than the market) and a 39% quarterly batting average against the index.
Its portfolio is concentrated and moderately active, with 100.0% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 23 over the past 4 quarters — a shift toward more active trading.
It has trimmed its XPEV position for two straight quarters, cutting it by $23.3M while still holding $43.8M.
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Developer Access
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REST API
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