Primavera Capital Management Ltd
Long book
$647.9M
Q1 2026
Positions
3
Top-10 weight
100%
concentration
Last quarter
-14.8%
SPY +14.8%
Turnover
0%
of book per quarter
Strategy in plain words
auto-generated from filingsPrimavera Capital Management Ltd is a diversified fundamental manager, specialised in consumer_discretionary (91% of the long book), running a $647.9M US long book across 3 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: YUM CHINA HOLDINGS INC, XPENG INC - ADR, CANGO INC/KY - ADR.
Over the last 9 quarters its long book ran on average 1.5pp per quarter ahead of the S&P 500, beating the index in 6 of 9 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
Q1 2024
+7.2%
Q2 2024
+47.6%
Q3 2024
+6.6%
Q4 2024
+12.8%
Q1 2025
-13.6%
Q2 2025
-0.5%
Q3 2025
+8.0%
Q4 2025
+0.8%
Q1 2026
-14.8%
Sector allocation
Consumer discretionary 100%
Long book by quarter
What does Primavera Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| YUMC YUM CHINA HOLDINGS INC | Consumer discretionary | 12.0M | $587.1M | 90.6% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 3 | $647.9M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 3 | $657.1M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 3 | $615.9M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 3 | $622.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 3 | $714.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 3 | $641.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 13, 2024 | 3 | $591.3M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 4 | $517.6M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 4 | $615.3M | canonical | SEC ↗ |