Yiheng Capital Management, L.P.
Long book
$230.7M
Q1 2026
Positions
24
Top-10 weight
82%
concentration
Last quarter
+2.4%
SPY +14.8%
Turnover
33%
of book per quarter
Strategy in plain words
auto-generated from filingsYiheng Capital Management, L.P. is a concentrated fundamental stock-picker, running a $230.7M US long book across 24 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: NOAH HOLDINGS LTD-SPON ADS, NEW ORIENTAL EDUCATIO-SP ADR, JD.COM INC-ADR, BILIBILI INC-SPONSORED ADR, H WORLD GROUP LTD-ADR.
Over the last 9 quarters its long book ran on average 1.7pp per quarter ahead of the S&P 500, beating the index in 5 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
+1.7%
Q2 2024
+36.9%
Q3 2024
-12.8%
Q4 2024
-0.4%
Q1 2025
+15.3%
Q2 2025
+17.3%
Q3 2025
-2.5%
Q4 2025
-2.2%
Q1 2026
+2.4%
Sector allocation
Technology 71%
Healthcare 29%
Long book by quarter
What does Yiheng Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| HNGE HINGE HEALTH INC-A | Technology | 296.9K | $11.4M | 5.0% | New |
| BILL BILL HOLDINGS INC | Technology | 222.8K | $8.5M | 3.7% | New |
| SVCO SILVACO GROUP INC | Technology | 1.1M | $7.8M | 3.4% | Held |
| KYMR KYMERA THERAPEUTICS INC | Healthcare | 73.4K | $6.1M | 2.7% | Held |
| VRDN VIRIDIAN THERAPEUTICS INC | Healthcare | 208.7K | $4.1M | 1.8% | Held |
| PASG PASSAGE BIO INC | Healthcare | 86.1K | $676K | 0.3% | +151.0% |
| CLBT CELLEBRITE DI LTD | Technology | 46.0K | $634K | 0.3% | New |
| BEAM BEAM THERAPEUTICS INC | Healthcare | 21.1K | $503K | 0.2% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 24 | $230.7M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 24 | $494.3M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 27 | $678.1M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 25 | $1.11B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR/ARESTATEMENT | May 16, 2025 | 25 | $1.08B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 25 | $1.53B | SEC ↗ | |
| Q4 2024 | 13F-HR | Feb 11, 2025 | 23 | $2.60B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 19 | $1.95B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 26 | $1.24B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 25 | $1.80B | canonical | SEC ↗ |
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