The latest US stock holdings of billions of private equity assets in Jinglin have been announced!
On May 11th, Beijing time, Jinglin Asset submitted its 13F US stock holdings report to the US Securities and Exchange Commission (SEC) as of the end of the first quarter. In the first quarter, Jinglin conducted an intensive round of position adjustment and stock exchange. Among them, TSMC and NVIDIA increased their holdings significantly, and both rose to the top ten holdings in Jinglin; Reduce holdings in 8 stocks including Pinduoduo and Microsoft, clear positions in 4 stocks including Google and iQiyi, and purchase 13 new stocks including Uber, AMD, and Asma.
It is worth noting that due to heavy bets on companies such as Pinduoduo, Microsoft, and META, Jinglin has gained a lot in the past year. Jinglin Asset has recently stated that the current market risk appetite has returned to normal, investing in some high-quality Chinese companies at current prices. Its long-term risk return is attractive and it remains optimistic about the market.
Large scale increase in holdings of TSMC and NVIDIA
As of the end of the first quarter, the total market value of Jinglin's US stock holdings reached 3.226 billion US dollars (approximately RMB 23.3 billion), an increase of 15% compared to 2.8 billion US dollars at the end of last year. The top ten heavily held stocks are META, Pinduoduo, Microsoft, NetEase, Doordash, TSMC, NVIDIA, New Oriental, Futu, and Manbang.
In the first quarter, Jinglin significantly increased its holdings in TSMC and NVIDIA, and continued to expand its position in technology sectors such as AI. Among them, TSMC added 1.4683 million shares, with a holding increase of 1741.77%. At the end of the period, the number of shares held increased to 1.5526 million, with a market value of 211 million US dollars, rising to the sixth largest position in Jinglin; Double the holdings of NVIDIA, add 100000 shares, and increase the number of shares held at the end of the period to 186500 shares, with a market value of 168 million US dollars at the end of the period. It is worth noting that in the first quarter, TSMC's stock price surged by 31.34%, while NVIDIA surged by 82.74%.
Meanwhile, Jinglin also slightly increased its holdings of 18300 shares in META. It is worth noting that due to a 37% surge in META's stock price in the first quarter, Jinglin's shareholding in META's market value has surged from $440 million at the end of the fourth quarter of last year to $613 million, and has now become Jinglin's top heavy holdings.
In addition, Jinglin also increased its holdings in Doordash, adding 438500 shares and increasing its holdings to 1617100 shares, with a market value of 223 million US dollars at the end of the period; At the same time, we have increased our holdings to a certain extent in New Oriental, Futu, and Manbang.
Reduce holdings in Pinduoduo and Microsoft
On the other hand, Jinglin slightly reduced its holdings in Pinduoduo in the first quarter, reducing its holdings by 1.1 million shares. Currently, it still holds 3.6347 million shares, with a market value of 423 million US dollars at the end of the period. Its shareholding ranking has dropped from the top heavy holdings to the second largest heavy holdings. At the end of last year, Jinglin's shareholding in Pinduoduo reached a maximum market value of 692 million US dollars, accounting for nearly 25% of the investment portfolio at one point.
In addition to reducing its holdings in Pinduoduo, Jinglin also made a similar reduction in its holdings in the heavily held Microsoft stock. In the first quarter, Jinglin reduced its holdings of 275800 shares in Microsoft, dropping its holdings to 904800 shares. At the end of the period, its market value was 380 million US dollars, still ranking as its third largest holdings.
In addition, Jinglin also slightly reduced its holdings of 218000 shares in NetEase, with a market value of 266 million US dollars at the end of the period; Reduce holdings of 1.85 million shares in Zhongtong Express, with a market value of 108 million US dollars at the end of the period.
It is worth noting that according to Whalewisdom data, META, Pinduoduo, Microsoft, and NetEase all built positions in Jinglin in the first quarter of 2021 (note: Jinglin's disclosure criteria have been adjusted in 2021). Among them, META and Pinduoduo, as the top two heavy holdings, have an average cost of building positions of about $201 and $69, respectively, which means they have already doubled their floating profits.
New Uber, AMD, clearance Google
It is worth noting that Jinglin built a batch of new companies in the first quarter, including 13 stocks such as Uber, AMD, and Asma.
Among them, 873200 shares of Uber were newly purchased, with a market value of 67227700 US dollars at the end of the period; Newly purchased 140000 shares of AMD, with a market value of 25.3588 million US dollars at the end of the period; Jiancang Asma has 22400 shares and invested 21.7744 million US dollars.
In addition, Jinglin cleared Google's position in the first quarter. At the end of last year, Jinglin held 887800 shares of Google, with a stock market value of $124 million at the end of the period, ranking sixth in heavy holdings. Google's stock price rose by 8% in the first quarter of this year, reaching a historic high; In the second quarter, due to its performance exceeding expectations, Google continued to soar and its market value exceeded the $2 trillion mark.
Jinglin also cleared three stocks including iQiyi, Zaiding Pharmaceutical, and Miniso in the first quarter.
Actively layout high-quality Chinese companies
According to a Chinese journalist from a securities firm, Jinglin Asset believes that the current market risk appetite has returned to normal, and investing in some high-quality Chinese companies at current prices still has attractive long-term risk returns. Based on the following factors, continue to maintain optimism and select individual stocks.
Firstly, the buying of the national team has set a short-term bottom for the market and boosted investor confidence, leading to a return to normal risk appetite.
Secondly, the economic fundamentals are better than expected: Based on recent economic data, the May Day tourism consumption data has performed well, and export data is expected to perform well in the near future. The PMI has been above 50% of the boom and bust line for two consecutive months, and the key is when the price data will return to normal.
Thirdly, the real estate industry, which the market is most concerned about, has seen some incremental changes in policies: attention has been paid to the Politburo meeting's proposal to "actively resolve existing stocks", and various regions have relaxed purchase restrictions and "trade in old for new" policies.
Fourthly, after significantly reducing China's allocation, pay attention to the rebalancing of overseas institutional positions. According to data from Damo, the global mutual fund's allocation to China has narrowed recently after being undervalued by 4-5 points, and it is still undervalued by 3-4 points.
Fifthly, Chinese stocks have shown a significant rebound in recent times, but the valuation discount compared to emerging markets still exceeds 20%, which still has good attractiveness.