First Beijing Investment Ltd

CIK

1701717

Location

HONG KONG, K3

Portfolio Value

Small $643,860,832

Diversification

Highly concentrated

Filing Date

Global Rank

#1,103 / 8,586 ▼ 47

Top Industry

Internet Retail 36.7%

3Y Alpha vs SPY

+2.5%

Period ended 3 months ago

Filed May 13, 2026 · 34d

12 quarters · since Jun 2023

Clone Performance

Aug 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

+85.2%

SPY

+74.7%

Annualised alpha

+2.5%

Max drawdown

−31.3%

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

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

Top Position

35.9%

+3.5 pts

Top 5

97.6%

−1.9 pts

Top 10

100.0%

−0.0 pts

HHI

2,849

Highly concentrated+281

Portfolio Trend

12 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Consumer Cyclical	36.7%	$851,047,542	3
Technology	33.6%	$779,206,990	3
Consumer Defensive	27.8%	$643,860,832	3
Healthcare	1.8%	$41,540,700	1
Communication Services	0.1%	$1,564,976	1
Financial Services	0.1%	$1,346,281	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
YMM	Full Truck Alliance Co. Ltd.	+13,384,327	90,000,895	$747,007,428
PDD	PDD Holdings Inc.	+1,366,207	8,149,162	$832,681,373
KSPI	Joint Stock Co Kaspi.kz	+321,962	434,350	$32,172,304
No positions match the current search.

Trimmed

Positions the filer reduced

4 positions

Ticker	Company	Δ Shares	Shares	Value
RLX	RLX Technology Inc.	−2,734,753	60,129,671	$132,285,276
EDU	New Oriental Education & Technology Group Inc.	−1,110,707	8,995,258	$509,401,460
NOAH	Noah Holdings Ltd	−256,539	135,988	$1,346,281
API	Agora, Inc.	−2,200	7,700	$27,258
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
LEGN	Legend Biotech Corp	2,296,335	$41,540,700
SE	Sea Ltd	208,963	$17,304,226
DDL	Dingdong (Cayman) Ltd	845,952	$2,174,096
ZH	Zhihu Inc.	551,048	$1,564,976
BZUN	Baozun Inc.	444,328	$1,061,943
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
ATAT	Atour Lifestyle Holdings Ltd	5,811,104	$228,957,497
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

3 positions · $643,860,832 total · Consumer Defensive only · 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
EDU	New Oriental Education & Technology Group Inc. Consumer Defensive	Reduced	8,995,258	-1,110,707	$509,401,460	−8.4%	79.12%
RLX	RLX Technology Inc. Consumer Defensive	Reduced	60,129,671	-2,734,753	$132,285,276	−9.7%	20.55%
DDL	Dingdong (Cayman) Ltd Consumer Defensive	NEW	845,952	NEW	$2,174,096	NEW	0.34%