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13F filings 13F is partial

Greenwoods

Jiang Jinzhi
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10Main holdings
YTD1Y5Y8YAll
CompoundFixed

Gains are reinvested — principal and returns grow together.

$100k$200k$300k$400k2015/102019/062023/012026/09$435k$338k
Backtest through 2026-09-10
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.

Hypothetical backtest — not a real trading record. Simulated on public data from 2015-10: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.

All metrics below are computed on the After-filing curve.
Return?
12.1%
Compound annual return over the sample.
Risk?
32.7%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.51
Return ÷ volatility; higher is better.
Beat SPX?
−2.4%
Annualized gain over the S&P.
Excess?
+0.2%
The strategy's own annual excess, apart from the market.
Significance?
t=0.03 · very weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−67.9%
Largest peak-to-trough fall.
Leverage?
1.09×
How many times it rises and falls together with the market.
Longest recovery?
54 mo
Longest wait from a peak back to a new high.
About
Jiang Jinzhi

Deep fundamental research on leading Chinese companies listed at home and abroad, held long and concentrated. Jiang Jinzhi founded Greenwoods in 2004, and it is one of the larger and longer-running China-focused funds. This is a China-themed fundamental style; investors interested in Chinese companies can track its filings over time.

Holdings & changes
Replication modeTop 5Top 10Main holdings
Current holdingsPosition changes
2026-Q2 filing · filed 2026-08-07
Main holdings · filed weights
TickerNameWeightvs last filing
GOOGL
Alphabet Inc. Class A Common Stock
29.6%+7.9 ▲
INTC
Intel Corp
17.6%+9.7 ▲
PDD
PDD Holdings Inc. American Depositary Shares
16.7%+3.3 ▲
YMM
Full Truck Alliance Co. Ltd. American Depositary Shares (each representing 20 Class A Ordinary Shares)
14.7%+5.9 ▲
FUTU
Futu Holdings Limited American Depositary Shares
4.7%+1.2 ▲
NTES
NetEase, inc.
3.5%−5.7 ▼
ATAT
Atour Lifestyle Holdings Limited American Depositary Shares
2.6%—
QFIN
Qfin Holdings, Inc. American Depositary Shares
2.2%+1.1 ▲
AAPL
Apple Inc.
1.9%+0.3 ▲
TSM
Taiwan Semiconductor Manufacturing Company Ltd.
1.8%+1.1 ▲
SE
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share
1.0%—
MMYT
MMYT
1.0%—
ASML
ASML
0.6%—
HTHT
H World Grou-adr
0.6%−0.8 ▼
WRD
WRD
0.6%—
AAOI
Applied Optoelectronics, Inc.
0.4%—
VNET
VNET
0.2%—
HDL
HDL
0.2%—
RERE
RERE
0.1%—
AMAT
Applied Materials Inc
0.1%—
TCOM
TCOM
0.0%−3.3 ▼
Risk
13F is partial — Greenwoods runs long/short; the 13F shows longs only, not the matching shorts and hedges.
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Data and calculations may contain errors; we correct them when found. Masterfolio is an information service / publisher, not an investment adviser. Fund and manager names refer to their public filings only; no affiliation or endorsement.
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Jiang Jinzhi Portfolio & 13F Holdings 2026 — Replication Backtest · Masterfolio