Yiheng Capital Management, L.P.
SAN FRANCISCO, CA
$235m in 25 US stocks at the end of 30 June 2026. The top 10 are 77.4% of the money. It changed about 12.8% of the portfolio this quarter.
Value
$235m
Stocks
25
Top 10 share
77.4%
Turnover
12.8%
What changed this quarter
New
Bought for the first time this quarter.
- Power Solutions InternationalPSIX2.2% of the fund
- BioAge LabsBIOA1.8% of the fund
- TuniuTOUR<0.1% of the fund
Added
Bought more of a stock they already held.
- BilibiliBILI10.8% of the fund+101%
- Viridian TherapeuticsVRDN3.1% of the fund+92%
- Yatsen HldgYSG1.3% of the fund+19%
- Zepp HealthZEPP0.5% of the fund+282%
Cut
Sold some of their stake.
- Hinge HealthHNGE5.5% of the fund-47%
- Silvaco GroupSVCO5.3% of the fund-17%
- New Oriental Education & Technology GroupEDU3.2% of the fund-100%
- Kymera TherapeuticsKYMR3.1% of the fund-14%
Sold out
Sold their entire stake.
- Cellebrite DICLBT-100%
- TuniuTOUR-100%
Holdings
- Noah HldgsNOAH
- Share
- 28.6%
- Value
- $67m
- Shares
- 6,717,351
Held
- BilibiliBILI
- Share
- 10.8%
- Value
- $25m
- Shares
- 1,489,815
+101%
- Jd.comJD
- Share
- 6.4%
- Value
- $15m
- Shares
- 590,513
Held
- H World GroupHTHT
- Share
- 5.8%
- Value
- $13m
- Shares
- 323,371
Held
- AtrenewRERE
- Share
- 5.2%
- Value
- $12m
- Shares
- 3,163,117
Held
- TAL ED GroupTAL
- Share
- 3.1%
- Value
- $7m
- Shares
- 759,240
Held
- JoyyJOYY
- Share
- 2.4%
- Value
- $6m
- Shares
- 85,583
Held
- Pony AIPONY
- Share
- 1.9%
- Value
- $5m
- Shares
- 653,215
Held
- Full Truck AllianceYMM
- Share
- 1.8%
- Value
- $4m
- Shares
- 513,248
Held
- Trip COM GroupTCOM
- Share
- 1.5%
- Value
- $4m
- Shares
- 88,112
Held
- Yatsen HldgYSG
- Share
- 1.3%
- Value
- $3m
- Shares
- 946,193
+19%
- DBV Technologies S ADBVT
- Share
- 1.2%
- Value
- $3m
- Shares
- 170,142
Held
- Zepp HealthZEPP
- Share
- 0.5%
- Value
- $1m
- Shares
- 220,501
+282%
- TuniuTOUR
- Share
- <0.1%
- Value
- $151,870
- Shares
- 31,443
New
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Noah HldgsNOAH | 28.6% | $67m | 6,717,351 | Held |
| BilibiliBILI | 10.8% | $25m | 1,489,815 | +101% |
| Jd.comJD | 6.4% | $15m | 590,513 | Held |
| H World GroupHTHT | 5.8% | $13m | 323,371 | Held |
| Hinge HealthHNGE | 5.5% | $13m | 156,190 | -47% |
| Silvaco GroupSVCO | 5.3% | $12m | 906,381 | -17% |
| AtrenewRERE | 5.2% | $12m | 3,163,117 | Held |
| BILL HoldingsBILL | 3.4% | $8m | 222,820 | Held |
| New Oriental Education & Technology GroupEDU | 3.2% | $8m | 1,636 | -100% |
| Viridian TherapeuticsVRDN | 3.1% | $7m | 400,464 | +92% |
| Kymera TherapeuticsKYMR | 3.1% | $7m | 63,440 | -14% |
| TAL ED GroupTAL | 3.1% | $7m | 759,240 | Held |
| JoyyJOYY | 2.4% | $6m | 85,583 | Held |
| Power Solutions InternationalPSIX | 2.2% | $5m | 133,500 | New |
| Pony AIPONY | 1.9% | $5m | 653,215 | Held |
| BioAge LabsBIOA | 1.8% | $4m | 170,532 | New |
| Full Truck AllianceYMM | 1.8% | $4m | 513,248 | Held |
| Trip COM GroupTCOM | 1.5% | $4m | 88,112 | Held |
| Yatsen HldgYSG | 1.3% | $3m | 946,193 | +19% |
| AgoraAPI | 1.2% | $3m | 725,795 | Held |
| DBV Technologies S ADBVT | 1.2% | $3m | 170,142 | Held |
| Zepp HealthZEPP | 0.5% | $1m | 220,501 | +282% |
| Beam TherapeuticsBEAM | 0.3% | $725,044 | 21,126 | Held |
| Passage BIOPASG | 0.2% | $420,153 | 86,097 | Held |
| TuniuTOUR | <0.1% | $151,870 | 31,443 | New |
Options (3)
- New Oriental Education & Technology GroupEDU
- Type
- Call
- Value
- $25m
- Contracts
- 536,351
- Jd.comJD
- Type
- Call
- Value
- $22m
- Contracts
- 8,443
- BilibiliBILI
- Type
- Call
- Value
- $11m
- Contracts
- 6,230
| Company | Type | Value | Contracts |
|---|---|---|---|
| New Oriental Education & Technology GroupEDU | Call | $25m | 536,351 |
| Jd.comJD | Call | $22m | 8,443 |
| BilibiliBILI | Call | $11m | 6,230 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 15.0% since 30 June 2025.
Where the money is
Technology15.5%
Health care8.5%
Retail & consumer3.2%
Industrials2.2%
Other70.6%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.