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13F filings

Hillhouse HHLR

Zhang Lei
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10>1%
YTD1Y5Y8YAll
CompoundFixed

Gains are reinvested — principal and returns grow together.

$100k$150k2021/082023/042024/112026/07$175k$92k
Backtest through 2026-07-28
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 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.

All metrics below are computed on the After-filing curve.
Return?
7.4%
Compound annual return over the sample.
Risk?
28.3%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.39
Return ÷ volatility; higher is better.
Beat SPX?
−8.6%
Annualized gain over the S&P.
Excess?
−1.4%
The strategy's own annual excess, apart from the market.
Significance?
t=−0.15 · very weak
t-value: how solid the excess is — higher is more reliable.
Max DD?
−57.8%
Largest peak-to-trough fall.
Leverage?
0.75×
How many times it rises and falls together with the market.
Longest recovery?
65 mo
Longest wait from a peak back to a new high.
About
Zhang Lei

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.

Holdings & changes
Replication modeTop 5Top 10>1%
Current holdingsPosition changes
2026-Q1 filing · filed 2026-05-15
>1% · filed weights
Others 7.8%
TickerNameWeightvs last filing
PDD
PDD Holdings Inc. American Depositary Shares
25.4%−13.7 ▼
BABA
Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares
18.4%−7.2 ▼
ONC
BeOne Medicines Ltd. American Depositary Shares
18.4%+8.2 ▲
FUTU
Futu Holdings Limited American Depositary Shares
11.6%+3.0 ▲
LEGN
Legend Biotech Corporation American Depositary Shares
6.5%+2.3 ▲
AVBP
ArriVent BioPharma, Inc. Common Stock
5.4%+2.9 ▲
BEKE
KE Holdings Inc. American Depositary Shares (each representing three Class A Ordinary Shares)
3.8%+1.6 ▲
CTKB
Cytek Biosciences, Inc. Common Stock
1.7%+0.7 ▲
MRVL
Marvell Technology Inc
1.0%New
Risk
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. Masterfolio is an information service / publisher, not an investment adviser.
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Hillhouse HHLR · Zhang Lei · Masterfolio