To The Moon

Under SEC rules, fund managers with more than $100m in assets under management must publish a document called "Form 13F" to disclose their positions in stocks and bonds within 45 days of the end of each quarter. Recently, the major institutions have disclosed the position data, from the position changes of Hillhouse and Greenwoods, a Chinese stock has been mercilessly abandoned, or indicates the coming of a big change! First, let's take a look at Hillhouse's positions. Among the top 10 holdings by market capitalization, Hillhouse increased its holdings in Pinduoduo $Pinduoduo Inc.(PDD)$ , Beike $KE Holdings Inc.(BEKE)$ $KE Holdings Inc.(02423)$ , Alibaba $Alibaba(BABA)$ $Alibaba(09988)$ and Huazhu $HUAZHU-S(01179)$ , while reduced its holdings in DASH $DoorDash, Inc.(DASH)$ , Legend Biotech $Legend Biotech(LEGN)$ and JD.com $JD.com(JD)$ $JD-SW(09618)$ in the first quarter : Hillhouse built 14 stocks in the first quarter, of which Baidu $Baidu(BIDU)$ $BIDU-SW(09888)$ bought the largest amount. The other stocks had a small market capitalization, and they had little significance to investors: The stocks that increased their holdings, the largest proportion was Huazhu, which reached 992%: Among the stocks with a market capitalization of more than $50 million, Hillhouse cut its holdings the most by 63% in JD.com. JD.com was once a favorite stock of Hillhouse, and it is rumored that it has helped JD.com become the second largest e-commerce group in China. However, since the third quarter of 2022, Hillhouse has once again made a big reduction in its stake in JD.com: If only Hillhouse reduced its holdings, it would be unexpectedly. Greenwoods, another top investment institution, also chose to abandon JD.com and liquidated its positions directly in the first quarter: You know, JD.com was the second largest position in Greenwoods before! Among the market capitalization of the top 10 holdings, Pinduoduo, Meta $Meta Platforms, Inc.(META)$ , BOSS $BOSS ZHIPIN-W(02076)$ and Qifu Technology $Qifu Technology(QFIN)$ were also reduced: Greenwoods newly built five stocks in the first quarter, with large amounts of Nvidia $NVIDIA Corp(NVDA)$ and Google $Alphabet(GOOG)$ $Alphabet(GOOGL)$ : Among the stocks reduced, it is worth paying attention to the liquidation of Futu $Futu Holdings Limited(FUTU)$ , JD.com and TSMC $Taiwan Semiconductor Manufacturing(TSM)$ , as well as large-scale reduction of Pinduoduo, Beike and other companies: In the first quarter, Greenwoods's top three overweight stocks were New Oriental $New Oriental Education & Technology(EDU)$ , Alibaba and Microsoft $Microsoft(MSFT)$ : Large-scale increase in Alibaba, but reduced holdings of Pinduoduo, clearance JD.com, it seems that e-commerce stocks, Greenwoods is more optimistic about Alibaba. Generally speaking, the positions of institutions are unpredictable. In many cases, one institution will increase its positions in a large way while another will reduce its holdings, which is of little reference significance to investors. However, if several large institutions reduce or increase their holdings in a certain stock at the same time, investors should pay attention to it. For example, both Greenwoods and Hillhouse have greatly reduced their holdings of JD.com, and JD.com has just promoted CFO to CEO, leaving an accountant in charge of management. I wonder whether the future development of JD.com is entering the conservative stage?