FB
First Beijing Investment Ltd
Concentrated strategySector-focusedMomentum follower
Total reported value
$2.3B
Reporting period: 2026-03-31 · Number of holdings: 12
First Beijing Investment Ltd disclosed 12 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.3B and a quarterly turnover rate of 21.3%.
Personality snowflake
- Concentration
- 100
- Portfolio Stability
- 21.35
- Momentum/Contrarian
- 100
- Sector conviction
- 100
- Diversification
- 24
- Sizing Uniformity
- 83.76
Recent moves
Add PDD
+20.1% $63.6M
Add KSPI
+286.5% $23.4M
Trim YMM
+17.5% -$75.1M
Trim NOAH
-65.4% -$2.6M
Trim RLX
-4.4% -$14.2M
Add EDU
-11.0% -$46.7M
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 | PDD | Pdd Holdings INC | Stock-Consumer Disc | 35.91% | +5.58% | +20.14% | |
| 2 | YMM | Full Truck Alliance -spn Adr | Stock-Other | 32.22% | -0.20% | +17.47% | |
| 3 | EDU | New Oriental Educatio-sp Adr | Stock-Consumer Staples | 21.97% | +0.04% | -10.99% | |
| 4 | RLX | Rlx Technology Inc-adr | Stock-Other | 5.71% | -0.07% | -4.35% | |
| 5 | LEGN | Legend Biotech Corp-adr | Stock-Other | 1.79% | +1.79% | NEW | |
| 6 | KSPI | Jsc Kaspi.kz Adr | Stock-Other | 1.39% | +1.04% | +286.47% | |
| 7 | SE | Sea Ltd-adr | Stock-Comm Services | 0.75% | +0.75% | NEW | |
| 8 | DDL | Dingdong Cayman LTD -spn Adr | Stock-Other | 0.09% | +0.09% | NEW | |
| 9 | ZH | Zhihu INC - Adr | Stock-Other | 0.07% | +0.07% | NEW | |
| 10 | NOAH | Noah Holdings Ltd-spon Ads | Stock-Other | 0.06% | -0.10% | -65.36% | |
| 11 | BZUN | Baozun Inc-spn Adr | Stock-Other | 0.05% | +0.05% | NEW | |
| 12 | API | Agora Inc-adr | Stock-Other | — | — | -22.22% |
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 12 | $2.3B | 21 | |
| 2025-12-31 | 8 | $2.5B | 9 | |
| 2025-09-30 | 8 | $2.6B | 64 | |
| 2025-06-30 | 9 | $1.8B | 0 | |
| 2025-03-31 | 8 | $1.5B | 0 | |
| 2024-12-31 | 12 | $1.4B | 0 | |
| 2024-09-30 | 13 | $1.4B | 0 | |
| 2024-06-30 | 9 | $924.3M | 0 | |
| 2024-03-31 | 7 | $519.5M | 0 | |
| 2023-12-31 | 26 | $604.4M | 0 | |
| 2023-09-30 | 11 | $519.3M | 0 | |
| 2023-06-30 | 8 | $331.3M | 0 |
Holding changes this quarter
First Beijing Investment Ltd's most significant position changes for 2026-03-31: Sold out: Atour Lifestyle Holdings-adr (ATAT); New buy: Legend Biotech Corp-adr (LEGN); New buy: Sea Ltd-adr (SE); New buy: Dingdong Cayman LTD -spn Adr (DDL); New buy: Zhihu INC - Adr (ZH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PDD | Pdd Holdings INC | +5.6% | +20.14% | Add |
| 2 | KSPI | Jsc Kaspi.kz Adr | +1% | +286.47% | Add |
| 3 | EDU | New Oriental Educatio-sp Adr | 0% | -10.99% | Trim |
| 4 | API | Agora Inc-adr | — | -22.22% | Trim |
| 5 | RLX | Rlx Technology Inc-adr | -0.1% | -4.35% | Trim |
| 6 | NOAH | Noah Holdings Ltd-spon Ads | -0.1% | -65.36% | Trim |
| 7 | YMM | Full Truck Alliance -spn Adr | -0.2% | +17.47% | Add |
| 8 | ATAT | Atour Lifestyle Holdings-adr | — | EXIT | Sold out |
| 9 | LEGN | Legend Biotech Corp-adr | — | NEW | New buy |
| 10 | SE | Sea Ltd-adr | — | NEW | New buy |
| 11 | DDL | Dingdong Cayman LTD -spn Adr | — | NEW | New buy |
| 12 | ZH | Zhihu INC - Adr | — | NEW | New buy |
| 13 | BZUN | Baozun Inc-spn Adr | — | NEW | New buy |
FAQ
What is First Beijing Investment Ltd and what type of investor is it?
First Beijing Investment Ltd 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 $2.3B, spread across 12 disclosed positions.
What are First Beijing Investment Ltd's largest equity positions?
Based on the latest 13F filing, First Beijing Investment Ltd's top holdings by market value are:
1. Pdd Holdings INC (PDD) — $832.7M (35.9%)
2. Full Truck Alliance -spn Adr (YMM) — $747.0M (32.2%)
3. New Oriental Educatio-sp Adr (EDU) — $509.4M (22.0%)
4. Rlx Technology Inc-adr (RLX) — $132.3M (5.7%)
5. Legend Biotech Corp-adr (LEGN) — $41.5M (1.8%)
What changes did First Beijing Investment Ltd make in its most recent portfolio filing?
In the latest reported quarter, First Beijing Investment Ltd made 13 notable position adjustments: 5 new positions were initiated, 3 existing holdings were added to, 4 positions were partially reduced, and 1 were completely exited. The largest of these moves: Sold out: Atour Lifestyle Holdings-adr (ATAT); New buy: Legend Biotech Corp-adr (LEGN); New buy: Sea Ltd-adr (SE); New buy: Dingdong Cayman LTD -spn Adr (DDL); New buy: Zhihu INC - Adr (ZH)
What sectors does First Beijing Investment Ltd focus on?
First Beijing Investment Ltd is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 61.3%
• Consumer Staples: 37.5%
• Communication Services: 1.3%