13F
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HHLR ADVISORS, LTD.

13F equity value
$1.7B
Positions
38
Top 10 concentration
94.2%
Quarters / total new picks
27 / 154
13F equity value over time
$0M$7B$13B201820192020202120222023202420252026

"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.

Not significant Verdict

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 27 quarters, returned +6.6% per quarter — versus +3.1% per quarter from simply owning every 13F stock. It beat that baseline in only 51.9% of quarters (excess t = 1.29, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+8.1%
t-stat
1.29
Quarterly win rate
52%
Annualized excess
+8.1%
$1 → follow vs universe
$3.27 vs $2.04
Cumulative return: $1 invested in new picks vs universe
1.00 20190331: universe 0.98320190630: universe 1.05620190930: universe 1.13620191231: universe 0.91620200331: universe 1.10520200630: universe 1.22020200930: universe 1.49720201231: universe 1.56520210331: universe 1.57920210630: universe 1.70520210930: universe 1.53120211231: universe 1.30320220331: universe 1.39920220630: universe 1.29620220930: universe 1.39220221231: universe 1.29320230331: universe 1.36220230630: universe 1.31320230930: universe 1.49120231231: universe 1.55720240331: universe 1.59220240630: universe 1.73720240930: universe 1.72220241231: universe 1.60720250331: universe 1.75220250930: universe 1.97020251231: universe 2.038 20190331: follow 1.16020190630: follow 1.33920190930: follow 1.79620191231: follow 1.99920200331: follow 2.89020200630: follow 2.92420200930: follow 4.24920201231: follow 3.63420210331: follow 3.65620210630: follow 5.08220210930: follow 3.48620211231: follow 2.36120220331: follow 3.35320220630: follow 2.97820220930: follow 2.83020221231: follow 2.31120230331: follow 2.34220230630: follow 2.40220230930: follow 2.16620231231: follow 2.42920240331: follow 2.52920240630: follow 2.90220240930: follow 3.29420241231: follow 2.70620250331: follow 2.84620250930: follow 3.16020251231: follow 3.274 0.84 3.17 5.49 2019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 38 · 2026 Q1

Ticker Value Weight QoQ
PDD $426M
25.4%
TRIM
BABA $308M
18.4%
TRIM
ONC $307M
18.4%
HOLD
FUTU $194M
11.6%
TRIM
LEGN $108M
6.5%
HOLD
AVBP $91M
5.4%
HOLD
BEKE $63M
3.8%
HOLD
CWAN $32M
1.9%
HOLD
CTKB $29M
1.7%
HOLD
MRVL $17M
1.0%
NEW
YSG $15M
0.9%
HOLD
NBP $15M
0.9%
HOLD
MAZE $11M
0.7%
TRIM
CTNM $9M
0.5%
HOLD
API $7M
0.4%
HOLD
BULL $7M
0.4%
TRIM
TSM $5M
0.3%
ADD
SGMT $4M
0.2%
HOLD
TUYA $4M
0.2%
HOLD
GE $3M
0.2%
HOLD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

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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.