IDG China Capital Fund III Associates L.P.
Long book
$868.3M
Q1 2026
Positions
2
Top-10 weight
100%
concentration
Last quarter
-32.2%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsIDG China Capital Fund III Associates L.P. is a diversified fundamental manager, specialised in financials (100% of the long book), running a $868.3M US long book across 2 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CIRCLE INTERNET GROUP INC, WATERDROP INC.
Over the last 6 quarters its long book ran on average 15.8pp per quarter behind the S&P 500, beating the index in 2 of 6 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q4 2024
-34.2%
Q1 2025
+42.2%
Q2 2025
-22.9%
Q3 2025
-39.6%
Q4 2025
+19.8%
Q1 2026
-32.2%
Sector allocation
Financials 100%
Long book by quarter
What does IDG China own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CRCL CIRCLE INTERNET GROUP INC | Financials | 9.0M | $859.0M | 98.9% | -9.7% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 1, 2026 | 2 | $868.3M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 2 | $801.2M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 5, 2025 | 3 | $1.58B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 12, 2025 | 3 | $2.21B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 2 | $66.1M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 6, 2025 | 2 | $100.5M | canonical | SEC ↗ |