PDD Holdings (PDD): which funds own it
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Sections with a free account
22 concentrated managers hold it (−3 vs last quarter); combined they have held more shares for 3 quarters in a row (6 added, 9 trimmed). Its median weight in those portfolios is 4.5%.
Who owns PDD Holdings?
PDD Holdings trades in the U.S. through ADRs, certificates that represent shares of a non-U.S. company. Form 13F counts ADRs while the company reports ordinary shares, so we do not compute percentages. As of Jun 30, 2026, the largest ADR holders reported on Form 13F were BlackRock (32.0 million ADRs), Baillie Gifford (26.6 million ADRs) and H&H International Investment (25.0 million ADRs).
Which institutions hold the most PDD Holdings shares?
Per Form 13F filings as of Jun 30, 2026, in ADRs:
- 1. BlackRock: 32.0 million ADRs
- 2. Baillie Gifford: 26.6 million ADRs
- 3. H&H International Investment: 25.0 million ADRs
- 4. Vanguard Capital Management: 24.6 million ADRs
- 5. Invesco: 22.2 million ADRs
- 6. Goldman Sachs Group: 14.0 million ADRs
- 7. HSG Holding: 11.3 million ADRs
- 8. Himalaya Capital Management: 10.8 million ADRs
- 9. State Street: 10.3 million ADRs
- 10. NetEase: 9.6 million ADRs
Sources:All of the company's proxy statements on EDGAR ↗
We hold 13D and 13G filings made since December 2024: a holder above 5% that has not filed since then does not appear here.
PDD Holdings revenue
PDD Holdings reported annual revenue of $61.75 billion for fiscal year 2025 (year ended December 31, 2025), according to its Form 20-F filed with the SEC (XBRL data).
Well-known investors holding it
Quarter flow (concentrated managers)
Change in managers (25 → 22): 2 opened · 5 exited = −3
Net flow in the quarter: +$696M (+9.1 M shares) · bought $1.2 bn and sold $496MShares concentrated managers added minus those they cut, valued at the 13F quarter-end implied price, not each trade's price. It is a different measure from the change in managers: the two can have opposite signs.
Accumulation: combined they have held more shares for 3 quarters in a row (6 added, 9 trimmed). It is the combined share count of those still holding it: one large buyer can outweigh many who trimmed.
The set of concentrated managers changed between quarters: with the set as it was then, 23 held it last quarter (the chart point); with today's set, 25 (the base for the change).
Concentrated managers holding it
- H&H International InvestmentIncreased$1.9 bn10.0%+2.0 pp
- Himalaya Capital ManagementIncreased$821M22.2%+12.7 pp
- First Beijing InvestmentIncreased$715M29.3%+3.8 pp
- Greenwoods Asset Management Hong KongReduced$365M16.7%−0.6 pp
- Perseverance Asset Management International$165M16.9%
- Alpine Investment ManagementIncreased$127M32.3%+30.5 pp
- Brilliance Asset ManagementIncreased$119M35.1%+19.3 pp
- Keywise Capital Management (hk)New$40.3M5.8%+5.8 pp
- Hhlr AdvisorsReduced$38.1M4.6%−16.7 pp
- Kora Management$37.4M4.4%
- Punch Card Management$31.7M12.4%
- Serenity Capital Management Pte$27.5M8.3%
- TB Alternative AssetsReduced$17.6M2.8%−1.3 pp
- Matthews International Capital ManagementReduced$10.0M3.4%−1.8 pp
- Parus Finance (uk)Reduced$7.1M1.8%−0.0 pp
Up to 15, sorted by position value. The percentage is the weight in each manager's portfolio.
Other relevant holders
Filers with $100M or more in the stock that do not count as concentrated managers because of their type: they are left out of the counts, the consensus and the accumulation.
- HSG HoldingPrivate equity or venture capital$866M69.6%
- NetEaseOperating company$730M95.3%
- Norges BankPension or sovereign fund$712M0.1%
- SC US (ttgp)Private equity or venture capital$674M2.1%
- Temasek Holdings (Private)Pension or sovereign fund$207M0.6%
- Healthcare of Ontario Pension Plan Trust FundPension or sovereign fund$190M0.3%
- IDG China Venture Capital Fund IV AssociatesSingle-position portfolio$115M78.4%
- Capital Today Evergreen FundSingle-position portfolio$108M80.4%
Largest holders of PDD (all 13F filers)
- BlackRock32.0 MIndex manager · 0.56% of the company−7.4 M
- Baillie Gifford26.6 MInvestment firm · 0.47% of the company−1.8 M
- H&H International Investmentconcentrated25.0 MFamily office · 0.44% of the company+5.3 M
- Vanguard Capital Management24.6 MIndex manager · 0.43% of the company+521 K
- Invesco22.2 MInvestment firm · 0.39% of the company+1.7 M
- Goldman Sachs Group14.0 MBank or trading desk · 0.25% of the company+4.3 M
- HSG Holding11.3 MPrivate equity or venture capital · 0.20% of the company0
- Himalaya Capital Managementconcentrated10.8 MInvestment firm · 0.19% of the company+6.2 M
- State Street10.3 MIndex manager · 0.18% of the company−1.7 M
- NetEase9.6 MOperating company · 0.17% of the company+700 K
- Shares
- 32.0 M
- Change
- −7.4 M
- % of the company
- 0.56%
See more
- Type
- Index manager
- Value
- $2.4 bn
- Shares
- 26.6 M
- Change
- −1.8 M
- % of the company
- 0.47%
See more
- Type
- Investment firm
- Value
- $2.0 bn
- H&H International Investmentconcentrated
- Shares
- 25.0 M
- Change
- +5.3 M
- % of the company
- 0.44%
See more
- Type
- Family office
- Value
- $1.9 bn
- Shares
- 24.6 M
- Change
- +521 K
- % of the company
- 0.43%
See more
- Type
- Index manager
- Value
- $1.9 bn
- Shares
- 22.2 M
- Change
- +1.7 M
- % of the company
- 0.39%
See more
- Type
- Investment firm
- Value
- $1.7 bn
- Shares
- 14.0 M
- Change
- +4.3 M
- % of the company
- 0.25%
See more
- Type
- Bank or trading desk
- Value
- $1.1 bn
- Shares
- 11.3 M
- Change
- 0
- % of the company
- 0.20%
See more
- Type
- Private equity or venture capital
- Value
- $866M
- Himalaya Capital Managementconcentrated
- Shares
- 10.8 M
- Change
- +6.2 M
- % of the company
- 0.19%
See more
- Type
- Investment firm
- Value
- $821M
- Shares
- 10.3 M
- Change
- −1.7 M
- % of the company
- 0.18%
See more
- Type
- Index manager
- Value
- $786M
- NetEase
- Shares
- 9.6 M
- Change
- +700 K
- % of the company
- 0.17%
See more
- Type
- Operating company
- Value
- $730M
The 10 13F filers with the most shares as of Jun 30, 2026, whatever their type (index firms usually come first). “Change”: shares added or cut versus the previous quarter, split-adjusted; “no data” = there is no comparable portfolio for the previous quarter (no filing, or a filing with its holdings under confidential treatment). “% of the company” only where shares outstanding are up to date. Entities of the same group file separately and some 13F filings include other managers: there may be double counting. With a free account: the top 25, the largest buyers and the largest sellers.
Fundamentals
12-month figures to Dec 31, 2025 · balance sheet as of Dec 31, 2025.
- Operating margin
- 21.6%
- Net margin
- 22.7%
- ROE
- 23.7%
- Revenue (TTM)
- $61.8 bn
- Revenue growth
- 14.5%
- Net income (TTM)
- $14.0 bn
- Net debt / EBITDA
- —
- Free cash flow (TTM)
- —
- Quality vs sector
- 68/100
Figures from the statements the company filed with the SEC (10-K, 10-Q). Free cash flow = operating cash flow − capital expenditures; empty if the company does not report capex. “Quality vs sector”: 0 to 100, the average of its percentiles in ROE, operating margin, free-cash-flow margin, revenue and earnings growth and net debt / EBITDA (at least 3 needed) against companies in its sector above $300M. How each figure is calculated
Shares outstanding: buybacks and dilution
2025: 5.93 bn
There is a jump that may be an undetected split: we do not show the changes.
- Buybacks (FY 2025)
- no data
- Share issuance
- no data
- Stock-based compensation
- $1.1 bn1.8% of revenue
- Dividends paid
- no data
From the statements the company filed with the SEC (10-K). The change compares average diluted shares of each fiscal year, on today's basis: negative = it bought back more than it issued; positive = dilution. “No data” = the company does not report that item under a tag we can read; it does not mean zero.
Earnings quality and debt
- Operating cash flow ÷ net income (12 months)
- 1.09
- Debt due within 12 months
- no data
From the figures the company filed with the SEC. Cash flow over net income near or above 1 means earnings are collected in cash; far below, that part is accounting. Coverage says how many times operating income pays the latest fiscal year's interest. Maturities come from the debt note of the latest annual report, counted from its closing date. “No data” never means zero.
Insiders (Form 4)
10% owners who bought (6 m): 0
Open-market purchases, excluding 10b5-1 plans. Officers and directors only; joint filers of the same purchase count as one. 10% owners with no role are shown separately. 0 = nobody bought; “no data” = we do not have its Form 4 filings.
Each of the company's Form 4 filings, on EDGAR ↗Latest trades, with date and filing →
Above 5% (13D/13G)
This list may be incomplete: we hold 13D and 13G filings made since December 2024. A holder above 5% that has not filed anything since then is not shown here.
No recent filings.
This company filed no 8-K forms in the last year. Foreign companies listed in the US (ADRs) report material events on forms 6-K and 20-F, and ETFs and funds do not file 8-Ks. If it is a foreign company listed in the US through ADRs (American Depositary Receipts), what trades are bank-issued certificates that represent shares from its home market. See its filings on EDGAR ↗
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Same sector and a similar number of concentrated managers holding them. It is a list to keep exploring, not a recommendation.
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