FULL TRUCK ALLIANCE CO LTD YMM
SPONSORED ADS · ADR · CUSIP 35969L108 · ISIN US35969L1089
- SectorTechnology
- IndustryServices-Prepackaged Software
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.1m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.80. Options: 9 managers hold calls ($26.2m notional), 10 hold puts ($33.2m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 105 |
| Q4 2022 | 127 |
| Q1 2023 | 134 |
| Q2 2023 | 119 |
| Q3 2023 | 122 |
| Q4 2023 | 150 |
| Q1 2024 | 148 |
| Q2 2024 | 178 |
| Q3 2024 | 171 |
| Q4 2024 | 196 |
| Q1 2025 | 249 |
| Q2 2025 | 231 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 58 | 62 |
| Q4 2023 | 76 | 59 |
| Q1 2024 | 82 | 70 |
| Q2 2024 | 103 | 68 |
| Q3 2024 | 86 | 93 |
| Q4 2024 | 100 | 92 |
| Q1 2025 | 158 | 74 |
| Q2 2025 | 125 | 133 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $63.5m | $4.6m | 0.07 |
| Q4 2024 | $73.8m | $16.4m | 0.22 |
| Q1 2025 | $37.4m | $46.1m | 1.23 |
| Q2 2025 | $26.2m | $33.2m | 1.26 |
Biggest buyers
| First Beijing Investment Ltd | Added | +9.8m |
| Kontiki Capital Management (HK) Ltd. | Added | +9.2m |
| Aspex Management (HK) Ltd | Added | +7.2m |
| Driehaus Capital Management LLC | New | +5.9m |
| FMR LLC | Added | +4.9m |
| Alpine Investment Management Ltd | New | +4.6m |
| Davis Selected Advisers | Added | +3.8m |
| Mitsubishi UFJ Trust & Banking Corp | Added | +3.7m |
| NORGES BANK | Added | +3.4m |
| BlackRock, Inc. | Added | +3.1m |
Biggest sellers
| FARALLON CAPITAL MANAGEMENT, L.L.C. | Reduced | -5.8m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -4.5m |
| Krane Funds Advisors LLC | Reduced | -3.9m |
| JPMORGAN CHASE & CO | Reduced | -3.9m |
| SB INVESTMENT ADVISERS (UK) LTD | Reduced | -3.8m |
| SANDS CAPITAL MANAGEMENT, LLC | Reduced | -3.3m |
| KEYSTONE INVESTORS PTE LTD | Sold out | -3.0m |
| Alberta Investment Management Corp | Sold out | -2.4m |
| Pictet Asset Management Holding SA | Reduced | -2.3m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -2.1m |
Biggest calls
| UBS Group AG | Added | $16.7m1.4m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.7m314.4k shares |
| JANE STREET GROUP, LLC | Reduced | $2.6m223.7k shares |
| GROUP ONE TRADING LLC | Reduced | $1.8m150.3k shares |
| CITADEL ADVISORS LLC | Added | $987.3k83.6k shares |
| PEAK6 LLC | Reduced | $318.9k27.0k shares |
| Walleye Capital LLC | Unchanged | $92.1k7.8k shares |
| SIMPLEX TRADING, LLC | Reduced | $47.0k4.0k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| JANE STREET GROUP, LLC | Reduced | $10.7m907.8k shares |
| PEAK6 LLC | Added | $10.4m883.2k shares |
| GROUP ONE TRADING LLC | Added | $4.9m414.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.8m238.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.7m225.0k shares |
| CITADEL ADVISORS LLC | Reduced | $966.1k81.8k shares |
| Point72 Asset Management, L.P. | New | $240.9k20.4k shares |
| IMC-Chicago, LLC | Reduced | $239.7k20.3k shares |
| WOLVERINE TRADING, LLC | Reduced | $198.4k16.8k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| First Beijing Investment Ltd 13G · passive investor +1.4 pts · filed 2026-05-13 | 9.6% |
| SB INVESTMENT ADVISERS (UK) LTD 13G · exempt (held before listing) -2.5 pts · filed 2025-11-14 | 7.4% |
| FIL Ltd 13G · institution +1.3 pts · filed 2025-11-05 | 6.8% |
| Invesco Ltd. 13G · institution new · filed 2025-11-06 | 5.8% |
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| FIL Ltd 0.55% of their portfolio | 54.1m $638.6m | Added +257.9k |
| First Beijing Investment Ltd 26.10% of their portfolio | 39.5m $466.4m | Added +9.8m |
| FMR LLC 0.03% of their portfolio | 38.4m $453.1m | Added +4.9m |
| Invesco Ltd. 0.07% of their portfolio | 32.6m $384.9m | Added +1.6m |
| VANGUARD GROUP INC 0.01% of their portfolio | 32.2m $380.2m | Added +2.8m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 30.4m $358.5m | Reduced -3.9m |
| Greenwoods Asset Management Hong Kong Ltd. 11.83% of their portfolio | 28.8m $340.1m | Added +2.8m |
| MORGAN STANLEY 0.02% of their portfolio | 27.7m $327.1m | Added +829.7k |
| Aspex Management (HK) Ltd 5.77% of their portfolio | 22.5m $265.2m | Added +7.2m |
| Krane Funds Advisors LLC 10.35% of their portfolio | 22.3m $263.2m | Reduced -3.9m |
| All-Stars Investment Ltd 87.58% of their portfolio | 22.1m $260.9m | Reduced -591.4k |
| WFM ASIA (BVI) Ltd 23.90% of their portfolio | 18.8m $222.1m | Unchanged |
| OLP CAPITAL MANAGEMENT Ltd 25.59% of their portfolio | 16.8m $197.9m | Added +1.1m |
| Kontiki Capital Management (HK) Ltd. 10.48% of their portfolio | 15.5m $183.6m | Added +9.2m |
| ALKEON CAPITAL MANAGEMENT LLC 0.84% of their portfolio | 14.7m $173.6m | Added +790.0k |
| BAILLIE GIFFORD & CO 0.13% of their portfolio | 14.5m $171.1m | Reduced -242.7k |
| SC US (TTGP), LTD. 1.09% of their portfolio | 13.1m $154.2m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 12.7m $150.5m | Added +3.1m |
| Davis Selected Advisers 0.73% of their portfolio | 11.6m $137.4m | Added +3.8m |
| NORGES BANK 0.02% of their portfolio | 11.4m $134.6m | Added +3.4m |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 11.3m $132.9m | Added +494.0k |
| EMPOWER HARVEST MANAGEMENT SERVICES, INC. 100.00% of their portfolio | 9.0m $105.9m | Unchanged |
| BAMCO INC /NY/ 0.26% of their portfolio | 8.0m $94.5m | Reduced -1.2m |
| North of South Capital LLP 9.84% of their portfolio | 7.9m $93.6m | Added +1.8m |
| Pinpoint Asset Management (Singapore) Pte. Ltd. 14.76% of their portfolio | 7.1m $84.4m | First filing |
| SANDS CAPITAL MANAGEMENT, LLC 0.23% of their portfolio | 6.9m $81.8m | Reduced -3.3m |
| Mitsubishi UFJ Trust & Banking Corp 0.17% of their portfolio | 6.0m $71.3m | Added +3.7m |
| Driehaus Capital Management LLC 0.56% of their portfolio | 5.9m $70.2m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 4.8m $56.7m | Added +392.9k |
| Nuveen, LLC 0.02% of their portfolio | 4.7m $55.2m | Reduced -17.9k |
| Alpine Investment Management Ltd 25.98% of their portfolio | 4.6m $54.3m | New |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd 4.60% of their portfolio | 4.3m $50.5m | Added +45.0k |
| E Fund Management Co., Ltd. 2.15% of their portfolio | 3.8m $45.0m | Reduced -237.9k |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 3.6m $42.8m | Reduced -394.2k |
| APG Asset Management N.V. 0.10% of their portfolio | 3.3m $33.5m | Reduced -1.4m |
| Polunin Capital Partners Ltd 6.74% of their portfolio | 3.2m $41.2m | Reduced -8.6k |
| SB INVESTMENT ADVISERS (UK) LTD 0.30% of their portfolio | 3.2m $37.8m | Reduced -3.8m |
| MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 8.09% of their portfolio | 3.0m $35.2m | Reduced -593.7k |
| JANUS HENDERSON GROUP PLC 0.02% of their portfolio | 3.0m $35.0m | Added +10.9k |
| BRILLIANCE ASSET MANAGEMENT LTD 21.89% of their portfolio | 2.8m $33.6m | Reduced -170.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio | 2.7m $32.3m | New |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.08% of their portfolio | 2.7m $32.2m | Added +694.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.03% of their portfolio | 2.7m $31.7m | Added +1.2m |
| SOFTBANK GROUP CORP. 0.12% of their portfolio | 2.6m $30.9m | Reduced -507.0k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 2.6m $30.6m | Reduced -137.0k |
| Robeco Institutional Asset Management B.V. 0.05% of their portfolio | 2.4m $28.6m | Reduced -839.3k |
| SG Americas Securities, LLC 0.12% of their portfolio | 2.4m $28.4m | Reduced -55.2k |
| SYLEBRA CAPITAL LLC 1.08% of their portfolio | 2.2m $26.6m | Reduced -1.9m |
| STATE STREET CORP 0.00% of their portfolio | 2.2m $26.5m | Reduced -262.6k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 2.1m $24.9m | Reduced -31.8k |
| KADENSA CAPITAL Ltd 3.72% of their portfolio | 2.0m $23.4m | Added +692.2k |
| OAKTREE CAPITAL MANAGEMENT LP 0.43% of their portfolio | 1.8m $21.8m | New |
| Cederberg Capital Ltd 7.30% of their portfolio | 1.7m $19.9m | Reduced -300.2k |
| FARALLON CAPITAL MANAGEMENT, L.L.C. 0.08% of their portfolio | 1.6m $18.3m | Reduced -5.8m |
| Legal & General Group Plc 0.00% of their portfolio | 1.5m $17.6m | Added +40.0k |
| Highlander Partners, L.P. 6.75% of their portfolio | 1.5m $17.6m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 1.5m $17.5m | New |
| Blue Creek Capital Management Ltd 24.14% of their portfolio | 1.5m $17.3m | Reduced -115.0k |
| UBS Group AG 0.00% of their portfolio | 1.4m $16.0m | Reduced -1.5m |
| D. E. Shaw & Co., Inc. 0.02% of their portfolio | 1.3m $15.8m | Added +1.3m |
| Perpetual Ltd 0.17% of their portfolio | 1.2m $14.5m | Reduced -732.4k |
| Taikang Asset Management (Hong Kong) Co Ltd 1.84% of their portfolio | 1.2m $14.3m | Reduced -336.6k |
| NATIONAL BANK OF CANADA /FI/ 0.02% of their portfolio | 1.2m $14.3m | Added +1.2m |
| ACADIAN ASSET MANAGEMENT LLC 0.03% of their portfolio | 1.2m $13.6m | Added +942.8k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 1.2m $13.6m | Reduced -347.8k |
| California Public Employees Retirement System 0.01% of their portfolio | 1.1m $13.4m | Added +83.4k |
| Russell Investments Group, Ltd. 0.02% of their portfolio | 1.1m $13.1m | Added +738.8k |
| CITIGROUP INC 0.01% of their portfolio | 1.1m $12.9m | Added +11.8k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 1.1m $12.8m | Added +376.9k |
| Burgundy Asset Management Ltd. 0.12% of their portfolio | 1.1m $12.4m | Added +62.4k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 995.5k $11.8m | Reduced -2.1m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 994.5k $11.7m | Added +87.1k |
| HarbourVest Partners LLC 12.39% of their portfolio | 957.6k $11.3m | Unchanged |
| Man Group plc 0.02% of their portfolio | 957.0k $11.3m | Added +161.4k |
| NOMURA ASSET MANAGEMENT CO LTD 0.03% of their portfolio | 944.9k $11.2m | Reduced -2.0m |
| NOMURA HOLDINGS INC 0.09% of their portfolio | 915.0k $10.8m | Added +686.8k |
| Liontrust Investment Partners LLP 0.15% of their portfolio | 888.4k $10.5m | Reduced -51.0k |
| PINEBRIDGE INVESTMENTS, L.P. 0.08% of their portfolio | 872.4k $10.3m | Reduced -1.3m |
| GF FUND MANAGEMENT CO. LTD. 0.21% of their portfolio | 864.6k $10.2m | Reduced -82.6k |
| Harvest Fund Management Co., Ltd 0.45% of their portfolio | 825.3k $9.6m | Added +197.3k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 795.8k $9.4m | Reduced -427.7k |
| Twenty Acre Capital LP 6.63% of their portfolio | 786.1k $9.3m | Reduced -25.1k |
| Allianz Asset Management GmbH 0.01% of their portfolio | 784.9k $9.3m | Added +542.4k |
| OVERSEA-CHINESE BANKING Corp Ltd 0.26% of their portfolio | 781.4k $9.2m | Added +68.4k |
| GAM Holding AG 0.63% of their portfolio | 763.9k $9.0m | Added +358.1k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 746.6k $8.8m | Reduced -1.6m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 697.7k $8.2m | Unchanged |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 697.1k $8.2m | Added +107.7k |
| Trexquant Investment LP 0.09% of their portfolio | 677.2k $8.0m | New |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 657.0k $7.8m | Reduced -154.4k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 650.9k $7.7m | Reduced -135.6k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.19% of their portfolio | 595.4k $7.0m | Reduced -288.9k |
| WT Asset Management Ltd 0.48% of their portfolio | 576.2k $6.8m | Reduced -122.7k |
| TB Alternative Assets Ltd. 1.16% of their portfolio | 530.5k $6.3m | Unchanged |
| ABS Direct Equity Fund LLC 9.32% of their portfolio | 496.5k $5.9m | Added +395.5k |
| Triata Capital Ltd 1.12% of their portfolio | 486.4k $5.7m | Added +86.4k |
| Octahedron Capital Management L.P. 4.30% of their portfolio | 482.0k $5.7m | Added +233.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 473.2k $5.6m | Reduced -59.7k |
| Mawer Investment Management Ltd. 0.03% of their portfolio | 431.1k $5.1m | Added +128.6k |
| OLD MISSION CAPITAL LLC 0.13% of their portfolio | 420.8k $5.0m | New |