Institutional Manager · CIK 0001447228
Yiheng Capital Management, L.P.
San Francisco, CA · File #028-17375
Latest AUM
$494.3M
Positions
24
Top-10 Concentration
90.4%
Filings
10
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | JD.COM INC | JDCMF | -1,127,187 | -$32.4M | -$11.4M |
| ADD | BILIBILI INC | BLBLF | +748,898 | +$18.4M | -$1.4M |
| NEW | UL SOLUTIONS INC | ULS | +150,000 | +$11.8M | $0 |
| REDUCE | INVENTIVA SA | IVEVF | -2,389,011 | -$11.1M | -$3.0M |
| REDUCE | NEW ORIENTAL ED & TECHNOLOGY | 647581206 | -181,272 | -$10.0M | +$1.0M |
| REDUCE | VIASAT INC | VSAT | -279,900 | -$9.6M | +$3.8M |
| REDUCE | VIRIDIAN THERAPEUTICS INC | VRDN | -291,526 | -$9.1M | +$4.8M |
| EXITED | AKERO THERAPEUTICS INC | 00973Y108 | -191,076 | -$9.1M | $0 |
| EXITED | DENALI THERAPEUTICS INC | 24823R105 | -469,981 | -$6.8M | $0 |
| EXITED | ULTRAGENYX PHARMACEUTICAL IN | 90400D108 | -225,758 | -$6.8M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202524 pos · $494.3M
- 13F HOLDINGS REPORTQ/E Sep 202527 pos · $678.1M
- 13F HOLDINGS REPORTQ/E Jun 202525 pos · $1.11B
- 13F HOLDINGS REPORT (Amended)Q/E Mar 202525 pos · $1.08B
- 13F HOLDINGS REPORTQ/E Mar 202525 pos · $1.53B
- 13F HOLDINGS REPORTQ/E Dec 202423 pos · $2.60B
- 13F HOLDINGS REPORTQ/E Sep 202419 pos · $1.95B
- 13F HOLDINGS REPORTQ/E Jun 202426 pos · $1.24B
- 13F HOLDINGS REPORTQ/E Mar 202425 pos · $1.80B
- 13F HOLDINGS REPORTQ/E Dec 202335 pos · $1.96B
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | ASTERA LABS INC | ALAB | 1,427,500 | $237.5M | 48.04% |
| 2 | NOAH HLDGS LTD | NOAH | 6,717,351 | $67.4M | 13.64% |
| 3 | BILIBILI INC | BLBLF | 1,148,898 | $28.3M | 5.72% |
| 4 | JD.COM INC | JDCMF | 687,413 | $19.7M | 3.99% |
| 5 | NEW ORIENTAL ED & TECHNOLOGY | 647581206 | 340,629 | $18.7M | 3.79% |
| 6 | H WORLD GROUP LTD | HWLDF | 398,371 | $18.7M | 3.79% |
| 7 | ATRENEW INC | RERE | 3,163,117 | $16.8M | 3.39% |
| 8 | VIASAT INC | VSAT | 455,600 | $15.7M | 3.18% |
| 9 | DBV TECHNOLOGIES S A | DBVTF | 639,769 | $12.3M | 2.48% |
| 10 | UL SOLUTIONS INC | ULS | 150,000 | $11.8M | 2.39% |
| 11 | PONY AI INC | PYAIF | 653,215 | $9.5M | 1.92% |
| 12 | ACM RESH INC | 00108J109 | 174,447 | $6.9M | 1.39% |
| 13 | VIRIDIAN THERAPEUTICS INC | VRDN | 208,735 | $6.5M | 1.31% |
| 14 | KYMERA THERAPEUTICS INC | KYMR | 73,440 | $5.7M | 1.16% |
| 15 | SILVACO GROUP INC | SVCO | 1,096,282 | $4.4M | 0.90% |
| 16 | FULL TRUCK ALLIANCE CO LTD | YMM | 411,143 | $4.4M | 0.89% |
| 17 | TAL EDUCATION GROUP | TAL | 309,240 | $3.4M | 0.68% |
| 18 | AGORA INC | API | 533,547 | $2.2M | 0.44% |
| 19 | YATSEN HLDG LTD | YSG | 368,347 | $1.4M | 0.29% |
| 20 | INVENTIVA SA | IVEVF | 255,915 | $1.2M | 0.24% |