February 13th, US time.

The most famous Chinese fund, Hillhouse Capital, submitted a position report to the SEC as of the end of Q4 (fourth quarter) of 2020.

Since the changes have been huge, I decided to insert it into the article on the third day of the Lunar New Year.

Let me tell you about Zhang Lei, China’s stock god, and his company’s investment direction.

Let me also talk about my personal views and opinions.

1 Introduction to Hillhouse Capital Maybe many friends are not familiar with Hillhouse Capital, so I will give a brief introduction.

Gaoling Capital was founded by Zhang Lei in 2005.

It has now grown into one of the largest investment funds in Asia.

A very popular investment book last year, "Value", was written by Zhang Lei from Hillhouse.

To summarize, the changes in his Q4 positions: The fund has reduced its positions to a certain extent.

The overall position size decreased from US$13.2 billion in Q3 to US$12.5 billion in Q4.

From the holdings, the general manager increased his holdings of 9 stocks and reduced his holdings of 15 stocks.

19 new stocks were purchased and 13 stocks were cleared.

2 Top 10 holding stocks From the perspective of holdings, Hillhouse continues to be optimistic about Pinduoduo.

Due to the sharp rise in stock prices, Pinduoduo has become Hillhouse’s largest holding.

Together with BeiGene, they have become the only two stocks with a holding ratio of more than 10%.

It can be seen from the entire position that Hillhouse’s investment is basically focused on two areas: Internet + biomedicine.

And the Internet is dominated by Chinese concept stocks.

In terms of quantity, Hillhouse 1*** holds stocks in 95 companies.

Among them, Chinese concept stocks account for 30%. From the perspective of market value, Chinese concept stocks account for more than 60%.

3. Liquidation and reduction of positions. Check this section to see if there are any heavy positions.

The five stocks with the largest reduction and liquidation actions.

1) ZOOM This is an American Internet company that provides online offices.

You can simply understand that the Tencent Conference we use is modeled after him (chao).

The first time I saw this company appear in Hillhouse’s holdings was probably in Q4 of 2019.

At that time, the stock price was 70-80 yuan.

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I was going to buy it, but I didn’t keep up.

Then it kept rising, and I never dared to buy it.

When I reached 150, I still hesitated.

In the end, it went up by 450 yuan.

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My intestines will turn green.

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This company's performance has surged due to the impact of the epidemic in the United States.