First Beijing Investment portfolio
Concentrated managerInvestment firmPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 12, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
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.
First Beijing Investment reported a $2.4 bn portfolio of 11 positions to the SEC as of the end of Q2 2026. Its largest positions are YMM, PDD, EDU. During the quarter it opened Futu Holdings and exited Legend Biotech.
Sections with a free account
What changed this quarter
11 positions with a change (1 new, 3 added to, 5 trimmed, 2 sold). 5 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Sea+1,388%more sharesIncreased0.7% → 12.2%
- Futu Holdings+5.3 ppof portfolioNew— → 5.3%
- PDD Holdings+15%more sharesIncreased35.9% → 29.3%
- Legend Biotech−1.7 ppof portfolioSold out1.8% → —
- Full Truck Alliance+2.0%more sharesIncreased32.2% → 30.5%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- Full Truck AllianceYMM30.5%
- PDD HoldingsPDD29.3%
- New Oriental Education & Technology GroupEDU16.4%
- SeaSE12.2%
- Futu HoldingsFUTU5.3%
- RLX TechnologyRLX4.7%
- Joint Stock Company Kaspi.kzKSPI1.5%
- ZhihuZH0.1%
- BaozunBZUN0.1%
- Dingdong (Cayman)DDLunder 0.1%
- Noah HoldingsNOAHunder 0.1%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Consumer Discretionary 58%
- ● Information Technology 31%
- ● Financials 7%
- ● Consumer Staples 5%
How its portfolio changed (8 quarters)
Q2 2026: 11
Q2 2026: 100%
Q2 2026: 11.7%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
13F filings with amendments or confidential positions
- 13F Q3 2024 ↗filed Oct 31, 2024Amendment of Oct 31, 2024 (replaces the original) ↗
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Investment firm, per its Form ADV of Mar 31, 2026 (medium confidence).
The data, as reported: FIRST BEIJING (CRD 164293): Exempt reporting adviser to private funds, based in Hong Kong; 7.B private funds: 2 hedge (gross assets $1.9 bn)
The type comes from a rule applied to that data. If it looks wrong, tell us.
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