Greenwoods Asset Management Hong Kong Ltd.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 18 quarters, returned +5.5% per quarter — versus +2.3% per quarter from simply owning every 13F stock. It beat that baseline in only 61.1% of quarters (excess t = 0.50, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 25 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GOOGL | $840M | | ADD |
| PDD | $522M | | ADD |
| NTES | $357M | | HOLD |
| YMM | $340M | | ADD |
| META | $310M | | TRIM |
| INTC | $306M | | ADD |
| AMZN | $209M | | NEW |
| FUTU | $136M | | TRIM |
| NVDA | $133M | | TRIM |
| TCOM | $130M | | NEW |
| ATAT | $95M | | ADD |
| BABA | $88M | | TRIM |
| EDU | $75M | | HOLD |
| AAPL | $63M | | ADD |
| HTHT | $53M | | ADD |
| QFIN | $43M | | HOLD |
| SE | $40M | | ADD |
| UNH | $35M | | HOLD |
| TSM | $28M | | TRIM |
| TAL | $28M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.