Yiheng Capital Management, L.P.

CIK

1447228

Location

SAN FRANCISCO, CA

Portfolio Value

Small $232,878,830

Diversification

Diversified

Filing Date

Global Rank

#3,907 / 8,605 ▼ 1226 · as of Mar 2026

Top Industry

Asset Management 28.6%

3Y Alpha vs SPY

+0.8%

Period ended 3 months ago

Filed May 15, 2026 · 55d

25 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+78.6%

SPY

+76.5%

Annualised alpha

+0.5%

Max drawdown

−37.2%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

28.6%

−19.4 pts

Top 5

59.3%

−15.7 pts

Top 10

81.3%

−8.9 pts

HHI

1,193

Diversified−1,411

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Financial Services	28.6%	$66,501,774	1
Consumer Cyclical	23.7%	$55,278,364	5
Consumer Defensive	13.9%	$32,414,068	3
Technology	13.1%	$30,615,068	7
Healthcare	11.3%	$26,379,883	6
Communication Services	9.3%	$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 positions · $232,878,830 total · 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%	28.56%
EDU	New Oriental Education & Technology Group Inc. Consumer Defensive	Added	376,551	+35,922	$21,324,083	+13.8%	9.16%
JD	JD.com, Inc. Consumer Cyclical	Reduced	587,513	-99,900	$17,372,759	−11.9%	7.46%
BILI	Bilibili Inc. Communication Services	Reduced	739,915	-408,983	$16,692,482	−40.9%	7.17%
HTHT	H World Group Ltd Consumer Cyclical	Reduced	323,371	-75,000	$16,262,327	−13.2%	6.98%
RERE	ATRenew Inc. Consumer Cyclical	Held	3,163,117	0	$14,835,018	−11.5%	6.37%
HNGE	Hinge Health, Inc. Healthcare	NEW	296,853	NEW	$11,446,651	NEW	4.92%
TAL	TAL Education Group Consumer Defensive	Added	759,240	+450,000	$8,632,558	+155.9%	3.71%
BILL	BILL Holdings, Inc. Technology	NEW	222,820	NEW	$8,534,006	NEW	3.66%
SVCO	Silvaco Group, Inc. Technology	Held	1,096,282	0	$7,761,676	+74.8%	3.33%
PONY	Pony AI Inc. Technology	Held	653,215	0	$6,166,349	−34.9%	2.65%
KYMR	Kymera Therapeutics, Inc. Healthcare	Held	73,440	0	$6,116,817	+7.0%	2.63%
JOYY	JOYY Inc. Communication Services	NEW	85,583	NEW	$4,997,191	NEW	2.15%
TCOM	Trip.com Group Ltd Consumer Cyclical	NEW	88,112	NEW	$4,387,096	NEW	1.88%
YMM	Full Truck Alliance Co. Ltd. Technology	Added	513,248	+102,105	$4,259,958	−3.4%	1.83%
VRDN	Viridian Therapeutics, Inc.DE Healthcare	Held	208,735	0	$4,082,856	−37.1%	1.75%
DBVT	DBV Technologies S.A. Healthcare	Reduced	170,142	-469,627	$3,554,266	−71.0%	1.53%
API	Agora, Inc. Technology	Added	725,795	+192,248	$2,569,314	+18.3%	1.10%
YSG	Yatsen Holding Ltd Consumer Defensive	Added	797,866	+429,519	$2,457,427	+71.5%	1.06%
TOUR	Tuniu Corp Consumer Cyclical	Held	314,437	0	$2,421,164	+24.2%	1.04%
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%