HSG Holding Ltd

CIK

1470766

Location

NA, K3

Portfolio Value

Mid $1,571,865,060

Diversification

Highly concentrated

Filing Date

Global Rank

#1,363 / 8,623 ▼ 8 · as of Mar 2026

Top Industry

Internet Retail 73.8%

3Y Alpha vs SPY

-30.1%

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.

Cloned portfolio

-32.4%

SPY

+67.9%

Annualised alpha

-31.1%

Max drawdown

−50.6%

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 100% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

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

Top Position

73.8%

−4.0 pts

Top 5

91.0%

−1.6 pts

Top 10

97.9%

−0.6 pts

HHI

5,536

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%	$108,191,928	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 tracked positions · $1,571,865,060 total · filing declares 26 positions · $1,620,053,452 · 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%	73.77%
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%	0.34%
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	$39,548	+17.9%	0.00%

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.