First Beijing Investment Ltd

CIK

1701717

Location

HONG KONG, K3

Portfolio Value

Small $898,139,390

Diversification

Highly concentrated

Filing Date

Global Rank

#1,011 / 7,976 ▲ 205

Top Industry

Software - Application 34.4%

3Y Alpha vs SPY

+3.8%

Period ended 9 months ago

Filed Nov 14, 2025 · 7mo

10 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

+87.2%

SPY

+71.4%

Annualised alpha

+3.8%

Max drawdown

−30.3%

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

8 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

34.4%

+1.7 pts

Top 5

99.6%

+1.0 pts

Top 10

100.0%

0.0 pts

HHI

2,648

Highly concentrated+263

Portfolio Trend

10 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Consumer Cyclical	39.7%	$1,028,410,872	2
Technology	34.7%	$898,139,390	3
Consumer Defensive	25.5%	$661,352,243	2
Financial Services	0.1%	$2,032,051	1

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

3 positions

Ticker	Company	Δ Shares	Shares	Value
YMM	Full Truck Alliance Co. Ltd.	+29,150,926	68,645,580	$890,333,172
EDU	New Oriental Education & Technology Group Inc.	+2,231,169	9,346,501	$496,018,808
PDD	PDD Holdings Inc.	+590,869	6,168,721	$815,319,854
No positions match the current search.

Trimmed

Positions the filer reduced

1 positions

Ticker	Company	Δ Shares	Shares	Value	Open
ATAT	Atour Lifestyle Holdings Ltd	−181,140	5,668,822	$213,091,018
No positions match the current search.

New Positions

Positions the filer opened this quarter

No qualifying positions this quarter.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
LU	Lufax Holding Ltd	6,464,988	$18,037,316
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

3 positions · $898,139,390 total · Technology only · as of Sep 30, 2025

All sectors Consumer Cyclical Consumer Defensive Financial Services Technology

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
YMM	Full Truck Alliance Co. Ltd. Technology	Added	68,645,580	+29,150,926	$890,333,172	+90.9%	99.13%
AXTI	Axt Inc Technology	Held	1,730,156	0	$7,768,400	+114.8%	0.86%
API	Agora, Inc. Technology	Held	9,900	0	$37,818	+0.3%	0.00%