YC

Yiheng Capital Management, L.P.

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%.

Personality snowflake

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

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

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1NOAHNoah Holdings Ltd-spon AdsStock-Other28.83%+15.19%—
2EDUNew Oriental Educatio-sp AdrStock-Consumer Staples9.24%+5.45%+10.55%
3JDJd.com Inc-adrStock-Consumer Disc7.53%+3.54%-14.53%
4BILIBilibili Inc-sponsored AdrStock-Other7.24%+1.52%-35.60%
5HTHTH World Group Ltd-adrStock-Other7.05%+3.26%-18.83%
6REREAtrenew INCStock-Other6.43%+3.04%—
7HNGEHinge Health Inc-aStock-Other4.96%+4.96%NEW
8TALTal Education Group- AdrStock-Consumer Staples3.74%+3.06%+145.52%
9BILLBill Holdings INCStock-Tech3.70%+3.70%NEW
10SVCOSilvaco Group INCStock-Other3.36%+2.46%—
11PONYPony Ai INCStock-Other2.67%+0.75%—
12KYMRKymera Therapeutics INCStock-Other2.65%+1.49%—
13JOYYJoyy Inc-adrStock-Other2.17%+2.17%NEW
14TCOMTrip.com Group Ltd-adrStock-Consumer Disc1.90%+1.90%NEW
15YMMFull Truck Alliance -spn AdrStock-Other1.85%+0.96%+24.83%
16VRDNViridian Therapeutics INCStock-Other1.77%+0.46%—
17DBVTDbv Technologies Sa-spon AdrStock-Other1.54%-0.94%-73.41%
18APIAgora Inc-adrStock-Other1.11%+0.67%+36.03%
19YSGYatsen Holding Ltd-adrStock-Other1.07%+0.78%+116.61%
20ZEPPZepp Health Corp-adrStock-Other0.30%+0.30%NEW
21PASGPassage Bio INCStock-Other0.29%+0.21%+151.00%
22CLBTCellebrite DI Ltd.Stock-Other0.27%+0.27%NEW
23BEAMBeam Therapeutics INCStock-Other0.22%+0.10%—
24TOURTuniu Corp-spon AdrStock-Other0.10%+0.06%—

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
#TickerIssuerWeight ChangeShares ChangeAction
1NOAHNoah Holdings Ltd-spon Ads+15.2%—Unchanged
2EDUNew Oriental Educatio-sp Adr+5.5%+10.55%Add
3JDJd.com Inc-adr+3.5%-14.53%Trim
4HTHTH World Group Ltd-adr+3.3%-18.83%Trim
5TALTal Education Group- Adr+3.1%+145.52%Add
6REREAtrenew INC+3%—Unchanged
7SVCOSilvaco Group INC+2.5%—Unchanged
8BILIBilibili Inc-sponsored Adr+1.5%-35.60%Trim
9KYMRKymera Therapeutics INC+1.5%—Unchanged
10YMMFull Truck Alliance -spn Adr+1%+24.83%Add
11YSGYatsen Holding Ltd-adr+0.8%+116.61%Add
12PONYPony Ai INC+0.8%—Unchanged
13APIAgora Inc-adr+0.7%+36.03%Add
14VRDNViridian Therapeutics INC+0.5%—Unchanged
15PASGPassage Bio INC+0.2%+151.00%Add
16BEAMBeam Therapeutics INC+0.1%—Unchanged
17TOURTuniu Corp-spon Adr+0.1%—Unchanged
18DBVTDbv Technologies Sa-spon Adr-0.9%-73.41%Trim
19ALABAstera Labs INC—EXITSold out
20VSATViasat INC—EXITSold out
21ULSUl Solutions INC - Class A—EXITSold out
22HNGEHinge Health Inc-a—NEWNew buy
23BILLBill Holdings INC—NEWNew buy
24ACMRAcm Research Inc-class A—EXITSold out
25JOYYJoyy Inc-adr—NEWNew buy
26TCOMTrip.com Group Ltd-adr—NEWNew buy
27IVAInventiva SA - Adr—EXITSold out
28ZEPPZepp Health Corp-adr—NEWNew buy
29CLBTCellebrite DI Ltd.—NEWNew buy
30✓ —EXITSold out

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%