Investors / HHLR AI Portfolio

Lei Zhang / HHLR Advisors

HHLR Concentrated BookCIK 0001762304·Q1 2026

AI value

$336.1M

20.1% of total AUM

AI positions

Q1 2026 13F-HR

Total AUM

$1.7B

38 tickers

13F

38 positions · Q1 2026

AI holdings · 9 tickers

$336.1M

#	Ticker	Company	Layer	Value	Shares	% of AUM	Entry quarter
1	BABA	Alibaba Group Holding (ADR)	InfraModel	$307.8M	2.5M shares	18.4%	before Q4 2018
2	MRVL	MARVELL TECHNOLOGY INC	—	$16.9M	171K shares	1.0%	Q1 2024
3	TSM	Taiwan Semiconductor (ADR)	Chip	$5.2M	15.5K shares	0.3%	Q2 2020
4	INTC	Intel Corp	ChipEnabler	$1.3M	29K shares	0.1%	Q1 2026
5	NVDA	NVIDIA Corp	Chip	$1.2M	6.6K shares	0.1%	Q1 2020
6	LITE	Lumentum Holdings	InfraEnabler	$1.1M	1.5K shares	0.1%	Q1 2026
7	GLW	Corning Inc	Enabler	$1M	7.7K shares	0.1%	Q1 2026
8	COHR	Coherent Corp	Infra	$1M	4.3K shares	0.1%	Q1 2026
9	VNET	VNET GROUP INC-ADR	—	$546K	65.1K shares	0.0%	Q4 2025

Other holdings · 29 tickers

$1.34B · non-AI

#	Ticker	Company	Value	Shares	% of AUM	Entry quarter
10	PDD	PDD HOLDINGS INC	$425.6M	4.2M shares	25.4%	before Q4 2018
11	ONC	BEONE MEDICINES LTD-ADR	$307.2M	1M shares	18.4%	before Q4 2018
12	FUTU	FUTU HOLDINGS LTD-ADR	$194.1M	1.4M shares	11.6%	Q3 2020
13	LEGN	LEGEND BIOTECH CORP-ADR	$108.3M	6M shares	6.5%	Q2 2020
14	AVBP	ARRIVENT BIOPHARMA INC	$90.6M	3.9M shares	5.4%	Q1 2024
15	BEKE	KE HOLDINGS INC-ADR	$63.4M	4.2M shares	3.8%	Q3 2020
16	CUSIP:185123106	CLEARWATER ANALYTICS HLDGS I	$32.3M	1.4M shares	1.9%	Q2 2025
17	CTKB	CYTEK BIOSCIENCES INC	$29.1M	6.7M shares	1.7%	Q3 2021
18	YSG	YATSEN HOLDING LTD-ADR	$15M	4.9M shares	0.9%	Q1 2024
19	NBP	NOVABRIDGE BIOSCIENCES	$14.7M	6M shares	0.9%	Q3 2020
20	MAZE	MAZE THERAPEUTICS INC	$10.9M	366K shares	0.7%	Q1 2025
21	CTNM	CONTINEUM THERAPEUTICS INC-A	$8.7M	669.3K shares	0.5%	Q2 2024
22	API	AGORA INC-ADR	$7.4M	2.1M shares	0.4%	Q2 2020
23	BULL	WEBULL CORP	$7.2M	1.5M shares	0.4%	Q2 2025
24	SGMT	SAGIMET BIOSCIENCES INC-A	$3.8M	724.8K shares	0.2%	Q3 2023
25	TUYA	TUYA INC	$3.6M	1.6M shares	0.2%	Q1 2021
26	GE	GENERAL ELECTRIC	$2.8M	10K shares	0.2%	Q1 2024
27	VIPS	VIPSHOP HOLDINGS LTD - ADR	$2M	124.7K shares	0.1%	Q1 2020
28	MOGU	MOGU INC-ADR	$1.9M	847.5K shares	0.1%	Q1 2022
29	GOSS	GOSSAMER BIO INC	$1.6M	5M shares	0.1%	Q1 2019
30	PACB	PACIFIC BIOSCIENCES OF CALIF	$1.2M	918.9K shares	0.1%	Q3 2021
31	EQX	EQUINOX GOLD CORP	$1.2M	80.5K shares	0.1%	Q3 2025
32	B	BARRICK MINING CORP	$1M	25.4K shares	0.1%	Q3 2025
33	DDL	DINGDONG CAYMAN LTD -SPN ADR	$911K	354.5K shares	0.1%	Q1 2026
34	AXIA	AXIA ENERGIA-ADR	$712K	63.1K shares	0.0%	Q4 2025
35	EWW	ISHARES MSCI MEXICO ETF	$662K	8.8K shares	0.0%	Q1 2026
36	ALGS	ALIGOS THERAPEUTICS INC	$567K	76.2K shares	0.0%	Q3 2024
37	UXIN	UXIN LTD - ADR	$59K	19.2K shares	0.0%	Q1 2024
38	RDGT	RIDGETECH INC	$657	20.2K shares	0.0%	Q1 2024

13G/13D

0 active stakes · SEC ≥5% filings

No active major stakes since latest 13F.

Per SEC rules, investors must disclose ≥5% positions within 5-10 days of crossing the threshold; this section reflects filings since the latest 13F.

Holdings Timeline

Include non-AI changes (231)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

BABA

TRIM−1M

ADD+5M

ADD+3M

TRIM−4M

TRIM−980K

TRIM−3M

ADD+2M

TRIM−3M

MRVL

NEW+60K

DROP

—

ADD+171K

TSM

—

TRIM−31K

TRIM−47K

ADD+23K

TRIM−10K

DROP

—

ADD+11K

ADD+4K

INTC

—

NEW+29K

NVDA

—

ADD+64K

DROP

—

ADD+7K

LITE

—

NEW+2K

GLW

—

NEW+8K

COHR

—

NEW+4K

VNET

—

NEW+53K

ADD+12K

GOOGL

—

NEW+1K

DROP

—

ADD+7K

DROP

BIDU

—

DROP

ADD+300K

DROP

ADD+170K

DROP

ADD+2M

DROP

—

META

ADD+6K

ADD+38K

TRIM−40K

DROP

—

ANET

NEW+4K

ADD+6K

DROP

—

AMZN

ADD+11K

TRIM−781K

DROP

—

APP

NEW+131K

ADD+88K

DROP

—

MSFT

TRIM−37K

TRIM−671K

DROP

—

CRM

TRIM−285K

TRIM−366K

DROP

—

NEW+171K

DROP

—

CDNS

—

NEW+4K

DROP

—

NEW+72K

ADD+304

DROP

—

AVGO

—

TRIM−750

DROP

—

AMAT

—

NEW+9K

DROP

—

ASML

—

ADD+2K

DROP

—

QCOM

—

ADD+12K

DROP

—

GOOG

ADD+59K

ADD+11K

DROP

—

AAPL

ADD+12K

ADD+29K

DROP

—

VRT

NEW+38K

DROP

—

AMD

—

DROP

—

NEW

ADD

HOLD

TRIM (light → heavy)

Not held

Hover any cell for share + value delta

Period	Action	Ticker	Δ Shares	Δ Value
Q1 2026	TRIM	BABA	-2,976,689	$-488.1M
Q1 2026	ADD	MRVL	+171,033	+$16.9M
Q1 2026	DROP	GOOGL	-7,300	$-2.3M
Q1 2026	ADD	TSM	+4,220	+$1.8M
Q1 2026	NEW	INTC	+28,970	+$1.3M
Q1 2026	ADD	NVDA	+6,610	+$1.2M
Q1 2026	NEW	LITE	+1,500	+$1.1M
Q1 2026	NEW	GLW	+7,700	+$1M
Q1 2026	NEW	COHR	+4,275	+$1M
Q1 2026	ADD	VNET	+12,000	+$97K
Q4 2025	DROP	BIDU	-1,641,000	$-216.2M
Q4 2025	ADD	BABA	+2,140,680	+$208M
Q4 2025	ADD	TSM	+11,300	+$3.4M
Q4 2025	ADD	GOOGL	+7,300	+$2.3M
Q4 2025	NEW	VNET	+53,100	+$449K
Q3 2025	ADD	BABA	+2,139,966	+$457.6M
Q3 2025	ADD	BIDU	+1,641,000	+$216.2M
Q2 2025	TRIM	BABA	-2,758,055	$-386.3M
Q2 2025	DROP	BIDU	-170,000	$-15.6M
Q2 2025	DROP	TSM	-33,000	$-5.5M
Q1 2025	TRIM	BABA	-979,545	+$102.3M
Q1 2025	ADD	BIDU	+170,000	+$15.6M
Q1 2025	TRIM	TSM	-9,588	$-2.9M
Q4 2024	TRIM	BABA	-3,940,300	$-522.4M
Q4 2024	DROP	BIDU	-300,000	$-31.6M
Q4 2024	ADD	TSM	+23,193	+$5M
Q4 2024	DROP	META	-4,000	$-2.3M
Q3 2024	ADD	BABA	+3,448,152	+$549.5M
Q3 2024	ADD	BIDU	+300,000	+$31.6M
Q3 2024	DROP	CRM	-96,358	$-24.8M
Q3 2024	TRIM	META	-40,476	$-20.1M
Q3 2024	DROP	APP	-218,400	$-18.2M
Q3 2024	DROP	GOOG	-69,724	$-12.8M
Q3 2024	DROP	NVDA	-77,700	$-9.6M
Q3 2024	DROP	MU	-72,404	$-9.5M
Q3 2024	DROP	MSFT	-20,837	$-9.3M
Q3 2024	DROP	AAPL	-40,500	$-8.5M
Q3 2024	TRIM	TSM	-47,405	$-8.2M
Q3 2024	DROP	AMZN	-41,700	$-8.1M
Q3 2024	DROP	ASML	-5,271	$-5.4M
Q3 2024	DROP	S	-170,507	$-3.6M
Q3 2024	DROP	ANET	-9,800	$-3.4M
Q3 2024	DROP	QCOM	-15,100	$-3M
Q3 2024	DROP	AVGO	-1,350	$-2.2M
Q3 2024	DROP	AMAT	-9,074	$-2.1M
Q3 2024	DROP	CDNS	-3,774	$-1.2M
Q3 2024	DROP	GOOGL	-1,409	$-257K
Q2 2024	ADD	BABA	+5,235,548	+$376.9M
Q2 2024	TRIM	MSFT	-671,263	$-281.9M
Q2 2024	DROP	AMD	-912,400	$-164.7M
Q2 2024	TRIM	AMZN	-781,200	$-140.4M
Q2 2024	TRIM	CRM	-365,779	$-114.4M
Q2 2024	ADD	META	+38,476	+$19.5M
Q2 2024	DROP	BIDU	-150,600	$-15.9M
Q2 2024	ADD	APP	+87,600	+$9.1M
Q2 2024	ADD	AAPL	+28,800	+$6.5M
Q2 2024	DROP	MRVL	-59,500	$-4.2M
Q2 2024	ADD	GOOG	+10,824	+$3.8M
Q2 2024	NEW	S	+170,507	+$3.6M
Q2 2024	DROP	VRT	-38,200	$-3.1M
Q2 2024	ADD	NVDA	+64,100	$-2.7M
Q2 2024	ADD	QCOM	+12,100	+$2.5M
Q2 2024	ADD	ANET	+6,200	+$2.4M
Q2 2024	ADD	ASML	+1,971	+$2.2M
Q2 2024	NEW	AMAT	+9,074	+$2.1M
Q2 2024	TRIM	TSM	-31,300	$-1.7M
Q2 2024	NEW	CDNS	+3,774	+$1.2M
Q2 2024	ADD	MU	+304	+$1M
Q2 2024	TRIM	AVGO	-750	$-616K
Q2 2024	NEW	GOOGL	+1,409	+$257K
Q1 2024	TRIM	BABA	-1,076,718	$-84.2M
Q1 2024	TRIM	CRM	-285,400	$-57.5M
Q1 2024	ADD	AMZN	+11,000	+$25.1M
Q1 2024	TRIM	MSFT	-37,300	+$16.9M
Q1 2024	NEW	APP	+130,800	+$9.1M
Q1 2024	ADD	GOOG	+58,900	+$9M
Q1 2024	NEW	MU	+72,100	+$8.5M
Q1 2024	NEW	MRVL	+59,500	+$4.2M
Q1 2024	NEW	VRT	+38,200	+$3.1M
Q1 2024	ADD	META	+6,000	+$2.9M
Q1 2024	ADD	AAPL	+11,700	+$2M
Q1 2024	NEW	ANET	+3,600	+$1M

About

HHLR Advisors, Ltd. is a Hong Kong-based investment manager and the U.S.-reporting arm of Hillhouse Group, the investment firm founded by Zhang Lei in 2005. Originally registered with the SEC as Hillhouse Capital Advisors, Ltd. in 2012, the entity adopted the HHLR Advisors name in 2021 as part of Hillhouse Group's broader restructuring. Hillhouse's launch capital notably included a $20 million anchor investment from the Yale University endowment, committed by David Swensen — Yale's Chief Investment Officer at the time and Zhang Lei's academic mentor. HHLR's 2026-Q1 13F reported approximately $1.7 billion across 38 U.S.-listed positions, with a portfolio tilted toward concentrated technology growth holdings spanning both U.S. and Asia-linked names.

HHLR operates at the intersection of U.S. and Chinese technology ecosystems, giving its disclosed U.S. holdings a cross-market perspective less common among purely domestic institutional filers. Its positions tend to reflect long-horizon growth conviction rather than event-driven or macro-tactical rotation, making the 13F a useful data point for tracking how globally oriented growth investors are sizing and adjusting AI exposure over time.