HSG Holding Ltd
Long book
$1.62B
Q1 2026
Positions
20
Top-10 weight
98%
concentration
Last quarter
-15.6%
SPY +14.8%
Turnover
14%
of book per quarter
Strategy in plain words
auto-generated from filingsHSG Holding Ltd is a concentrated fundamental stock-picker, specialised in services_media (71% of the long book), running a $1.62B US long book across 20 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: PDD HOLDINGS INC, KE HOLDINGS INC-ADR, PONY AI INC, FUTU HOLDINGS LTD-ADR, WEBULL CORP.
Over the last 9 quarters its long book ran on average 6pp per quarter behind the S&P 500, beating the index in 3 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
+9.6%
Q2 2024
+4.6%
Q3 2024
-21.6%
Q4 2024
+19.4%
Q1 2025
-8.1%
Q2 2025
+27.5%
Q3 2025
-15.2%
Q4 2025
-14.0%
Q1 2026
-15.6%
Sector allocation
Financials 83%
Healthcare 11%
Consumer discretionary 6%
Technology 0%
Long book by quarter
What does HSG Holding own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BULL WEBULL CORP | Financials | 7.1M | $55.2M | 3.4% | Held |
| CRCL CIRCLE INTERNET GROUP INC | Financials | 669.2K | $48.7M | 3.0% | +114.3% |
| AVBP ARRIVENT BIOPHARMA INC | Healthcare | 663.3K | $14.0M | 0.9% | Held |
| THCH TH INTERNATIONAL LTD/CAYMAN | Consumer discretionary | 2.9M | $7.5M | 0.5% | Held |
| BTDR BITDEER TECHNOLOGIES GROUP-A | Financials | 293.7K | $2.9M | 0.2% | Held |
| YMT YIMUTIAN INC | Technology | 3.4M | $544K | 0.0% | New |
| LYEL LYELL IMMUNOPHARMA INC | Healthcare | 152.3K | $73K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 26 | $1.62B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 25 | $902.0M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 26 | $1.92B | confidential canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 23 | $1.94B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 23 | $1.70B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 25 | $2.42B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 26 | $2.58B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 25 | $2.71B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 26 | $1.08B | canonical | SEC ↗ |
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