Yiheng Capital Management, L.P.

CIK

1447228

Location

SAN FRANCISCO, CA

Portfolio Value

Small $230,699,782

Diversification

Diversified

Filing Date

Global Rank

#3,910 / 8,623 ▼ 1228 · as of Mar 2026

Top Industry

Asset Management 28.8%

3Y Alpha vs SPY

-3.4%

Period ended 4 months ago

Filed May 15, 2026 · 3mo

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Not a measure of this manager's performance. Most of Yiheng Capital Management, L.P.'s reported book is option positions, which a stock-only clone cannot replicate. The figures below are the return of the 46% that is ordinary stock — as little as 17% in one quarter — so a manager whose options thesis lost money can still show a large gain here.

Cloned portfolio

+51.3%

SPY

+65.3%

Annualised alpha

-3.4%

Max drawdown

−37.2%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 46% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

24 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

28.8%

−19.3 pts

Top 5

59.9%

−15.4 pts

Top 10

82.1%

−8.4 pts

HHI

1,214

Diversified−1,408

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	28.8%	$66,501,774	1
Consumer Cyclical	23.0%	$53,099,316	5
Consumer Defensive	14.1%	$32,414,068	3
Technology	13.3%	$30,615,068	7
Healthcare	11.4%	$26,379,883	6
Communication Services	9.4%	$21,689,673	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

6 positions

Ticker	Company	Δ Shares	Shares	Value
TAL	TAL Education Group	+450,000	759,240	$8,632,558
YSG	Yatsen Holding Ltd	+429,519	797,866	$2,457,427
API	Agora, Inc.	+192,248	725,795	$2,569,314
YMM	Full Truck Alliance Co. Ltd.	+102,105	513,248	$4,259,958
PASG	Passage BIO, Inc.	+51,796	86,097	$675,861
EDU	New Oriental Education & Technology Group Inc.	+35,922	376,551	$21,324,083
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
DBVT	DBV Technologies S.A.	−469,627	170,142	$3,554,266
BILI	Bilibili Inc.	−408,983	739,915	$16,692,482
JD	JD.com, Inc.	−99,900	587,513	$17,372,759
HTHT	H World Group Ltd	−75,000	323,371	$16,262,327
No positions match the current search.

New Positions

Positions the filer opened this quarter

6 positions

Ticker	Company	Shares	Value
HNGE	Hinge Health, Inc.	296,853	$11,446,651
BILL	BILL Holdings, Inc.	222,820	$8,534,006
JOYY	JOYY Inc.	85,583	$4,997,191
TCOM	Trip.com Group Ltd	88,112	$4,387,096
ZEPP	Zepp Health Corp	57,731	$689,885
CLBT	Cellebrite DI Ltd.	46,000	$633,880
No positions match the current search.

Sold Out

Positions the filer fully exited

5 positions

Ticker	Company	Shares	Value
ALAB	Astera Labs, Inc.	1,427,500	$237,478,900
VSAT	Viasat Inc	455,600	$15,699,976
ULS	UL Solutions Inc.	150,000	$11,829,000
ACMR	ACM Research, Inc.	174,447	$6,881,934
IVA	Inventiva S.A.	255,915	$1,190,004
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

24 tracked positions · $230,699,782 total · filing declares 24 positions · $230,699,792 · as of Mar 31, 2026

All sectors Communication Services Consumer Cyclical Consumer Defensive Financial Services Healthcare Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
NOAH	Noah Holdings Ltd Financial Services	Held	6,717,351	0	$66,501,774	−1.4%	28.83%
EDU	New Oriental Education & Technology Group Inc. Consumer Defensive	Added	376,551	+35,922	$21,324,083	+13.8%	9.24%
JD	JD.com, Inc. Consumer Cyclical	Reduced	587,513	-99,900	$17,372,759	−11.9%	7.53%
BILI	Bilibili Inc. Communication Services	Reduced	739,915	-408,983	$16,692,482	−40.9%	7.24%
HTHT	H World Group Ltd Consumer Cyclical	Reduced	323,371	-75,000	$16,262,327	−13.2%	7.05%
RERE	ATRenew Inc. Consumer Cyclical	Held	3,163,117	0	$14,835,018	−11.5%	6.43%
HNGE	Hinge Health, Inc. Healthcare	NEW	296,853	NEW	$11,446,651	NEW	4.96%
TAL	TAL Education Group Consumer Defensive	Added	759,240	+450,000	$8,632,558	+155.9%	3.74%
BILL	BILL Holdings, Inc. Technology	NEW	222,820	NEW	$8,534,006	NEW	3.70%
SVCO	Silvaco Group, Inc. Technology	Held	1,096,282	0	$7,761,676	+74.8%	3.36%
PONY	Pony AI Inc. Technology	Held	653,215	0	$6,166,349	−34.9%	2.67%
KYMR	Kymera Therapeutics, Inc. Healthcare	Held	73,440	0	$6,116,817	+7.0%	2.65%
JOYY	JOYY Inc. Communication Services	NEW	85,583	NEW	$4,997,191	NEW	2.17%
TCOM	Trip.com Group Ltd Consumer Cyclical	NEW	88,112	NEW	$4,387,096	NEW	1.90%
YMM	Full Truck Alliance Co. Ltd. Technology	Added	513,248	+102,105	$4,259,958	−3.4%	1.85%
VRDN	Viridian Therapeutics, Inc.\DE Healthcare	Held	208,735	0	$4,082,856	−37.1%	1.77%
DBVT	DBV Technologies S.A. Healthcare	Reduced	170,142	-469,627	$3,554,266	−71.0%	1.54%
API	Agora, Inc. Technology	Added	725,795	+192,248	$2,569,314	+18.3%	1.11%
YSG	Yatsen Holding Ltd Consumer Defensive	Added	797,866	+429,519	$2,457,427	+71.5%	1.07%
ZEPP	Zepp Health Corp Technology	NEW	57,731	NEW	$689,885	NEW	0.30%
PASG	Passage BIO, Inc. Healthcare	Added	86,097	+51,796	$675,861	+67.0%	0.29%
CLBT	Cellebrite DI Ltd. Technology	NEW	46,000	NEW	$633,880	NEW	0.27%
BEAM	Beam Therapeutics Inc. Healthcare	Held	21,126	0	$503,432	−14.0%	0.22%
TOUR	Tuniu Corp Consumer Cyclical	Held	314,437	0	$242,116	+24.2%	0.10%

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.