Gains are reinvested — principal and returns grow together.
Hypothetical backtest — not a real trading record. Simulated on public data from 2019-02: 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.
Long-term growth investing spanning China and the U.S. Zhang Lei founded Hillhouse in 2005 with a piece of capital from Yale's endowment, took large early positions in companies like Tencent and held them for years, and became a leading figure in Chinese institutional investing—drawing some controversy in recent years. This is a growth-investing-style fund; investors interested in Chinese companies and growth stocks can track its filings over time.
| Ticker | Name | Weight | vs last filing |
|---|---|---|---|
| LEGN | Legend Biotech Corporation American Depositary Shares | 20.8% | +14.3 ▲ |
| FUTU | Futu Holdings Limited American Depositary Shares | 20.0% | +8.3 ▲ |
| AVBP | ArriVent BioPharma, Inc. Common Stock | 16.5% | +11.0 ▲ |
| MRVL | Marvell Technology Inc | 5.9% | +4.8 ▲ |
| VIPS | Vipshop Hldgs LTD | 5.6% | +5.4 ▲ |
| PDD | PDD Holdings Inc. American Depositary Shares | 4.6% | −20.9 ▼ |
| BEKE | KE Holdings Inc. American Depositary Shares (each representing three Class A Ordinary Shares) | 3.9% | — |
| CTKB | Cytek Biosciences, Inc. Common Stock | 3.6% | +1.8 ▲ |
| ALMR | ALMR | 3.1% | New |
| BABA | Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares | 2.1% | −16.3 ▼ |
| ODTX | ODTX | 1.9% | New |
| YSG | Yatsen Holding Limited American Depositary Shares, each representing twenty (20) Class A Ordinary Shares | 1.9% | +1.0 ▲ |
| NBP | Novabridge Biosciences | 1.4% | +0.5 ▲ |
| CTNM | CTNM | 1.3% | +0.8 ▲ |
| MAZE | MAZE | 1.3% | +0.7 ▲ |
| API | Agora Inc | 1.0% | +0.6 ▲ |
| TSM | Taiwan Semiconductor Manufacturing Company Ltd. | 0.9% | — |
| SGMT | SGMT | 0.7% | — |
| NTES | NetEase, inc. | 0.5% | — |
| GE | GE Aerospace | 0.5% | — |
| LITE | Lumentum Holdings Inc. Common Stock | 0.3% | — |
| NVDA | Nvidia Corp | 0.3% | — |
| TUYA | TUYA | 0.3% | — |
| GLW | Corning Incorporated | 0.3% | — |
| COHR | Coherent Corp. | 0.3% | — |
| BULL | BULL | 0.2% | — |
| INTC | Intel Corp | 0.2% | — |
| PACB | Pacific Biosciences Calif IN | 0.2% | — |
| TXN | Texas Instruments Incorporated | 0.2% | — |
| MOGU | MOGU | 0.2% | — |
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