According to a 13F filing submitted to the U.S. Securities and Exchange Commission (SEC), HHLR Advisors, the independent, secondary market-focused fund management platform under Hillhouse Capital, reported its portfolio holdings as of March 31, 2026. Statistics indicate HHLR's total portfolio value for the first quarter was $1.67 billion, down from $3.10 billion in the previous quarter. During the quarter, HHLR added 9 new stocks, increased its position in 2 stocks, reduced its stake in 6 stocks, and liquidated holdings in 4 stocks. The top ten holdings accounted for 94.17% of the total portfolio value.
The top five holdings were as follows: PDD Holdings Inc (PDD.US) ranked first, with approximately 4.165 million shares held, valued at about $426 million, representing 25.44% of the portfolio. Alibaba (BABA.US) ranked second, with roughly 2.4536 million shares held, valued at around $307 million, accounting for 18.40% of the portfolio. BeiGene (BGNE.US) ranked third, with about 1.0343 million shares held, valued at approximately $307 million, making up 18.36% of the portfolio. Futu Holdings (FUTU.US) ranked fourth, with 1.4194 million shares held, valued at about $194 million, representing 11.60% of the portfolio. Legend Biotech (LEGN.US) ranked fifth, with 5.9845 million shares held, valued at around $108 million, accounting for 6.47% of the portfolio.
This closely watched filing reveals Hillhouse's new investment moves at the beginning of the year, showing a defensive strategy of consolidating core Chinese stock assets while significantly rotating capital into hard technology sectors such as semiconductors and artificial intelligence infrastructure. Looking at the overall portfolio structure, Hillhouse substantially increased its holdings in chip giant NVIDIA (NVDA.US), global foundry leader Taiwan Semiconductor Manufacturing (TSM.US), and Intel (INTC.US) during the quarter. It also precisely increased its positions in AI industry chain-related companies, including optical communications leader Lumentum (LITE.US), smart optics company COHERENT (COHR.US), and Corning (GLW.US).
Simultaneously, Hillhouse established entirely new positions in networking chip technology company Marvell Technology (MRVL.US) and Chinese e-grocery firm Dingdong (Cayman) Limited (DDL.US), indicating its continued willingness to explore digital technology and new consumption sectors. Behind this series of active purchases, Hillhouse implemented a strategy of selling into strength and locking in profits on some existing holdings. Positions in PDD Holdings Inc, Alibaba, and Alphabet (GOOGL.US) were reduced to a certain extent during the quarter. The Bitcoin Spot ETF, which was first purchased just last quarter, was also on the list of reduced holdings.
However, despite the decline in share counts, PDD Holdings Inc and Alibaba remained the cornerstone holdings at the top of Hillhouse's U.S. stock portfolio. Furthermore, the stocks that contributed the most to the increase in Hillhouse's portfolio value in the first quarter were still concentrated in technology and consumption leaders such as Marvell Technology, Vipshop (VIPS.US), Taiwan Semiconductor Manufacturing, Intel, and NVIDIA.
In terms of changes in portfolio weight, the top five buys were: Marvell Technology, Taiwan Semiconductor Manufacturing, Vipshop, Intel, and NVIDIA. The top five sells were: PDD Holdings Inc, Alibaba, Webull Corp (BULL.US), Alphabet, and iShares Bitcoin ETF (IBIT.US).
To fully understand Hillhouse's portfolio adjustment logic in Q1 2026, it must be examined against the backdrop of its historical operations from the previous quarter. Data shows that in Q4 2025, Hillhouse adopted an extremely focused strategy of concentrating on core holdings and reducing peripheral ones, which led to a reduction in its total U.S. stock portfolio value to $3.104 billion at the time. In that operation, Hillhouse heavily increased its stakes in PDD Holdings Inc and Alibaba, concentrating its holdings heavily towards e-commerce giants, and made its first foray into Bitcoin Spot ETFs.
Moving into Q1 2026, due to the previously excessive proportion of Chinese e-commerce stocks in the asset portfolio, Hillhouse evidently made a hedging consideration to balance risk. It chose to take phased profits by selling into strength on its e-commerce assets and rapidly redeployed the released capital into the global, highly-valued, and upward-trending AI and semiconductor hardware industry chain. This completed a skillful rotation from pure consumer internet to AI infrastructure.
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