First Beijing Investment Ltd
Long book
$2.32B
Q1 2026
Positions
12
Top-10 weight
100%
concentration
Last quarter
-8.6%
SPY +14.8%
Turnover
46%
of book per quarter
Strategy in plain words
auto-generated from filingsFirst Beijing Investment Ltd is a concentrated fundamental stock-picker, specialised in services_media (60% of the long book), running a $2.32B US long book across 12 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: PDD HOLDINGS INC, FULL TRUCK ALLIANCE -SPN ADR, NEW ORIENTAL EDUCATIO-SP ADR, RLX TECHNOLOGY INC-ADR, LEGEND BIOTECH CORP-ADR.
Over the last 9 quarters its long book ran on average 0.4pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+18.6%
Q2 2024
+21.1%
Q3 2024
-6.8%
Q4 2024
+16.0%
Q1 2025
+1.4%
Q2 2025
+14.6%
Q3 2025
-9.2%
Q4 2025
-10.6%
Q1 2026
-8.6%
Sector allocation
Technology 100%
Long book by quarter
What does First Beijing own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 13, 2026 | 12 | $2.32B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 8 | $2.54B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 8 | $2.59B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 15, 2025 | 9 | $1.79B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 19, 2025 | 8 | $1.46B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 12 | $1.41B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ARESTATEMENT | Oct 31, 2024 | 13 | $1.36B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 31, 2024 | 13 | $1.40B | SEC ↗ | |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 9 | $924.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 7 | $519.5M | canonical | SEC ↗ |
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