HSG Holding Ltd

CIK

1470766

Location

NA, K3

Portfolio Value

Mid $1,572,102,349

Diversification

Highly concentrated

Filing Date

Global Rank

#1,131 / 8,232 ▲ 64

Top Industry

Internet Retail 73.8%

3Y Alpha vs SPY

-31.0%

Period ended 2 months ago

Filed May 15, 2026 · 30d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

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

Cloned portfolio

-27.6%

SPY

+76.3%

Annualised alpha

-31.0%

Max drawdown

−45.6%

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

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

Top Position

73.8%

−4.0 pts

Top 5

90.9%

−1.6 pts

Top 10

97.8%

−0.6 pts

HHI

5,535

Highly concentrated−588

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	74.5%	$1,171,116,629	3
Financial Services	10.5%	$165,098,911	2
Technology	6.9%	$108,429,217	5
Healthcare	2.4%	$37,598,204	6
Consumer Defensive	2.3%	$35,391,304	2
Real Estate	1.8%	$29,027,084	1
Communication Services	1.6%	$25,441,000	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
CRCL	Circle Internet Group, Inc.	+357,000	669,200	$63,848,372
No positions match the current search.

Trimmed

Positions the filer reduced

No qualifying positions this quarter.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
PONY	Pony AI Inc.	7,538,358	$71,162,098
YMT	Yimutian Inc.	3,442,060	$592,034
No positions match the current search.

Sold Out

Positions the filer fully exited

No qualifying positions this quarter.

Portfolio Positions

Compact Export CSV View 13F filing

20 positions · $1,572,102,349 total · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
PDD	PDD Holdings Inc. Consumer Cyclical	Held	11,348,426	0	$1,159,582,168	−9.9%	73.76%
FUTU	Futu Holdings Ltd Financial Services	Held	740,352	0	$101,250,539	−16.7%	6.44%
PONY	Pony AI Inc. Technology	NEW	7,538,358	NEW	$71,162,098	NEW	4.53%
CRCL	Circle Internet Group, Inc. Financial Services	Added	669,200	+357,000	$63,848,372	+157.9%	4.06%
BULL	Webull Corp Technology	Held	7,053,639	0	$33,857,467	−38.2%	2.15%
BEKE	KE Holdings Inc. Real Estate	Held	1,939,017	0	$29,027,084	−5.0%	1.85%
DDL	Dingdong (Cayman) Ltd Consumer Defensive	Held	10,091,839	0	$25,936,026	+3.2%	1.65%
BZ	Kanzhun Ltd Communication Services	Held	1,900,000	0	$25,441,000	−34.3%	1.62%
AVBP	ArriVent BioPharma, Inc. Healthcare	Held	663,308	0	$15,302,515	+14.7%	0.97%
GPCR	Structure Therapeutics Inc. Healthcare	Held	266,062	0	$12,824,188	−30.7%	0.82%
COE	51Talk Online Education Group Consumer Defensive	Held	474,901	0	$9,455,278	−37.6%	0.60%
THCH	TH International Ltd Consumer Cyclical	Held	2,900,606	0	$5,975,248	−17.3%	0.38%
LOT	Lotus Technology Inc. Consumer Cyclical	Held	4,834,099	0	$5,559,213	−18.4%	0.35%
ADAG	Adagene Inc. Healthcare	Held	1,343,364	0	$5,265,986	+107.4%	0.33%
LYEL	Lyell Immunopharma, Inc. Healthcare	Held	152,299	0	$3,055,117	−34.8%	0.19%
BTDR	Bitdeer Technologies Group Technology	Held	293,732	0	$2,540,781	−22.8%	0.16%
BRNS	Barinthus Biotherapeutics plc. Healthcare	Held	1,420,473	0	$808,249	−18.7%	0.05%
YMT	Yimutian Inc. Technology	NEW	3,442,060	NEW	$592,034	NEW	0.04%
BNR	Burning Rock Biotech Ltd Healthcare	Held	21,212	0	$342,149	−20.0%	0.02%
SLAI	SOLAI Ltd Technology	Held	350,427	0	$276,837	+17.9%	0.02%