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 ($6.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.95. Options: 6 managers hold calls ($41.0m notional), 10 hold puts ($30.1m).
Trends to Q3 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 |
| Q3 2025 | 229 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q3 2025 | 119 | 124 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $73.8m | $16.4m | 0.22 |
| Q1 2025 | $37.4m | $46.1m | 1.23 |
| Q2 2025 | $26.2m | $33.2m | 1.26 |
| Q3 2025 | $41.0m | $30.1m | 0.73 |
Biggest buyers
| SCHRODER INVESTMENT MANAGEMENT GROUP | Added | +32.2m |
| First Beijing Investment Ltd | Added | +29.2m |
| Invesco Ltd. | Added | +21.6m |
| JPMORGAN CHASE & CO | Added | +15.7m |
| Capital International Investors | New | +14.5m |
| FIL Ltd | Added | +9.3m |
| SB INVESTMENT ADVISERS (UK) LTD | Added | +6.9m |
| Krane Funds Advisors LLC | Added | +5.9m |
| Mitsubishi UFJ Trust & Banking Corp | Added | +4.6m |
| HHLR ADVISORS, LTD. | New | +4.1m |
Biggest sellers
| BAILLIE GIFFORD & CO | Sold out | -14.5m |
| BlackRock, Inc. | Reduced | -12.0m |
| OLP CAPITAL MANAGEMENT Ltd | Reduced | -11.7m |
| Driehaus Capital Management LLC | Reduced | -5.7m |
| GOLDMAN SACHS GROUP INC | Reduced | -5.2m |
| Nuveen, LLC | Sold out | -4.7m |
| MORGAN STANLEY | Reduced | -4.3m |
| KEYWISE CAPITAL MANAGEMENT (HK) Ltd | Reduced | -4.2m |
| FMR LLC | Reduced | -3.6m |
| APG Asset Management N.V. | Sold out | -3.3m |
Biggest calls
| UBS Group AG | Added | $18.6m1.4m shares |
| JANE STREET GROUP, LLC | Added | $12.9m992.9k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $5.0m387.4k shares |
| GROUP ONE TRADING LLC | Added | $2.1m158.1k shares |
| CITADEL ADVISORS LLC | Added | $1.9m148.4k shares |
| SIMPLEX TRADING, LLC | Added | $540.0k41.7k shares |
Biggest puts
| PEAK6 LLC | Added | $11.7m899.2k shares |
| MILLENNIUM MANAGEMENT LLC | New | $3.9m300.0k shares |
| GROUP ONE TRADING LLC | Reduced | $3.9m298.2k shares |
| SIMPLEX TRADING, LLC | Added | $3.7m281.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.5m270.1k shares |
| JANE STREET GROUP, LLC | Reduced | $1.9m150.2k shares |
| IMC-Chicago, LLC | Added | $623.9k48.1k shares |
| WOLVERINE TRADING, LLC | Added | $351.9k26.9k shares |
| CITADEL ADVISORS LLC | Reduced | $294.4k22.7k shares |
| Point72 Asset Management, L.P. | Unchanged | $264.6k20.4k 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 Q3 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 Q3 2025.
Holders, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| First Beijing Investment Ltd 34.38% of their portfolio | 68.6m $890.3m | Added +29.2m |
| FIL Ltd 0.65% of their portfolio | 63.3m $821.5m | Added +9.3m |
| Invesco Ltd. 0.11% of their portfolio | 54.2m $703.3m | Added +21.6m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 46.0m $597.1m | Added +15.7m |
| FMR LLC 0.02% of their portfolio | 34.8m $451.0m | Reduced -3.6m |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.34% of their portfolio | 33.3m $432.3m | Added +32.2m |
| VANGUARD GROUP INC 0.01% of their portfolio | 32.5m $422.1m | Added +353.8k |
| Greenwoods Asset Management Hong Kong Ltd. 8.35% of their portfolio | 28.6m $370.9m | Reduced -196.6k |
| Krane Funds Advisors LLC 10.01% of their portfolio | 28.2m $352.1m | Added +5.9m |
| Aspex Management (HK) Ltd 6.59% of their portfolio | 23.8m $308.2m | Added +1.3m |
| MORGAN STANLEY 0.02% of their portfolio | 23.4m $303.2m | Reduced -4.3m |
| All-Stars Investment Ltd 87.59% of their portfolio | 22.1m $286.6m | Unchanged |
| WFM ASIA (BVI) Ltd 26.51% of their portfolio | 18.4m $239.0m | Reduced -379.6k |
| Kontiki Capital Management (HK) Ltd. 10.59% of their portfolio | 15.3m $199.1m | Reduced -199.6k |
| Davis Selected Advisers 1.01% of their portfolio | 15.0m $194.3m | Added +3.3m |
| Capital International Investors 0.03% of their portfolio | 14.5m $188.2m | New |
| ALKEON CAPITAL MANAGEMENT LLC 0.83% of their portfolio | 14.2m $184.2m | Reduced -500.0k |
| SC US (TTGP), LTD. 1.04% of their portfolio | 13.1m $169.4m | Unchanged |
| Mitsubishi UFJ Trust & Banking Corp 0.30% of their portfolio | 10.6m $138.1m | Added +4.6m |
| North of South Capital LLP 13.22% of their portfolio | 10.6m $137.6m | Added +2.7m |
| SB INVESTMENT ADVISERS (UK) LTD 0.99% of their portfolio | 10.1m $131.3m | Added +6.9m |
| EMPOWER HARVEST MANAGEMENT SERVICES, INC. 100.00% of their portfolio | 9.0m $116.3m | Unchanged |
| SANDS CAPITAL MANAGEMENT, LLC 0.24% of their portfolio | 6.8m $87.8m | Reduced -159.7k |
| BAMCO INC /NY/ 0.22% of their portfolio | 6.3m $81.9m | Reduced -1.7m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 6.1m $78.9m | Reduced -5.2m |
| OLP CAPITAL MANAGEMENT Ltd 11.50% of their portfolio | 5.0m $65.2m | Reduced -11.7m |
| SOFTBANK GROUP CORP. 0.22% of their portfolio | 4.4m $57.1m | Added +1.8m |
| Pinpoint Asset Management (Singapore) Pte. Ltd. 9.41% of their portfolio | 4.1m $52.7m | Reduced -3.1m |
| HHLR ADVISORS, LTD. 1.29% of their portfolio | 4.1m $52.7m | New |
| Alpine Investment Management Ltd 43.62% of their portfolio | 4.0m $51.9m | Reduced -598.0k |
| Capital International, Inc./CA/ 0.40% of their portfolio | 3.9m $50.1m | New |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 3.8m $49.7m | Reduced -968.9k |
| OAKTREE CAPITAL MANAGEMENT LP 0.82% of their portfolio | 3.8m $49.3m | Added +2.0m |
| AMERIPRISE FINANCIAL INC 0.01% of their portfolio | 3.2m $41.7m | Reduced -413.7k |
| Polunin Capital Partners Ltd 6.19% of their portfolio | 3.1m $42.1m | Reduced -101.8k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.10% of their portfolio | 3.0m $39.7m | Added +313.8k |
| NATIONAL BANK OF CANADA /FI/ 0.04% of their portfolio | 2.8m $35.8m | Added +1.5m |
| JANUS HENDERSON GROUP PLC 0.02% of their portfolio | 2.7m $35.2m | Reduced -248.0k |
| Carrhae Capital LLP 3.29% of their portfolio | 2.7m $34.7m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 2.6m $33.8m | Added +499.5k |
| BRIGHT VALLEY CAPITAL Ltd 26.37% of their portfolio | 2.6m $33.4m | New |
| Robeco Institutional Asset Management B.V. 0.05% of their portfolio | 2.5m $32.1m | Added +58.8k |
| Cederberg Capital Ltd 9.14% of their portfolio | 2.5m $32.0m | Added +782.7k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 2.3m $30.3m | Added +2.0m |
| D. E. Shaw & Co., Inc. 0.02% of their portfolio | 2.3m $30.0m | Added +978.9k |
| Russell Investments Group, Ltd. 0.03% of their portfolio | 2.3m $29.3m | Added +1.1m |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 2.2m $29.0m | Reduced -449.0k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio | 2.1m $27.7m | New |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 1.9m $24.7m | Reduced -686.9k |
| STATE STREET CORP 0.00% of their portfolio | 1.9m $24.4m | Reduced -359.5k |
| MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 5.59% of their portfolio | 1.9m $24.0m | Reduced -1.1m |
| NORDEA INVESTMENT MANAGEMENT AB 0.02% of their portfolio | 1.7m $22.2m | New |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 1.6m $21.3m | Added +1.5m |
| OVERSEA-CHINESE BANKING Corp Ltd 0.54% of their portfolio | 1.6m $20.9m | Added +829.3k |
| KEYSTONE INVESTORS PTE LTD 2.34% of their portfolio | 1.6m $20.2m | New |
| Blue Creek Capital Management Ltd 24.85% of their portfolio | 1.6m $20.2m | Added +96.0k |
| Allianz Asset Management GmbH 0.02% of their portfolio | 1.5m $19.8m | Added +741.6k |
| Legal & General Group Plc 0.00% of their portfolio | 1.5m $19.4m | Added +6.1k |
| CITIGROUP INC 0.01% of their portfolio | 1.4m $18.1m | Added +303.6k |
| C WorldWide Group Holding A/S 0.27% of their portfolio | 1.4m $17.7m | New |
| Pictet Asset Management Holding SA 0.02% of their portfolio | 1.2m $16.2m | Added +1.2m |
| Highlander Partners, L.P. 5.56% of their portfolio | 1.2m $15.9m | Reduced -260.0k |
| UBS Group AG 0.00% of their portfolio | 1.2m $15.4m | Reduced -163.6k |
| Perpetual Ltd 0.18% of their portfolio | 1.1m $14.3m | Reduced -127.1k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 1.1m $14.2m | Added +12.7k |
| California Public Employees Retirement System 0.01% of their portfolio | 1.0m $13.5m | Reduced -91.2k |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.52% of their portfolio | 1.0m $13.4m | Added +438.7k |
| Triata Capital Ltd 1.53% of their portfolio | 1.0m $13.1m | Added +522.8k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 977.0k $12.7m | Reduced -17.6k |
| HarbourVest Partners LLC 6.06% of their portfolio | 957.6k $12.4m | Unchanged |
| Liontrust Investment Partners LLP 0.17% of their portfolio | 918.8k $11.9m | Added +30.4k |
| PINEBRIDGE INVESTMENTS, L.P. 0.08% of their portfolio | 869.3k $11.3m | Reduced -3.1k |
| GF FUND MANAGEMENT CO. LTD. 0.19% of their portfolio | 810.8k $10.5m | Reduced -53.8k |
| Harvest Fund Management Co., Ltd 0.40% of their portfolio | 799.4k $9.5m | Reduced -25.9k |
| BlackRock, Inc. 0.00% of their portfolio | 719.9k $9.3m | Reduced -12.0m |
| Working Capital Advisors (UK) Ltd. 10.94% of their portfolio | 705.5k $9.2m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 697.7k $9.0m | Unchanged |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 683.6k $8.9m | Reduced -13.5k |
| GAM Holding AG 0.51% of their portfolio | 640.4k $8.3m | Reduced -123.6k |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 613.5k $8.0m | Reduced -43.5k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 593.6k $7.7m | Reduced -202.1k |
| BARCLAYS PLC 0.00% of their portfolio | 573.6k $7.4m | Added +175.8k |
| TB Alternative Assets Ltd. 1.00% of their portfolio | 515.1k $6.7m | Reduced -15.4k |
| OPTIMAS CAPITAL Ltd 4.08% of their portfolio | 497.9k $6.5m | New |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 479.1k $6.2m | Reduced -674.5k |
| AIA Group Ltd 0.11% of their portfolio | 460.3k $6.0m | Added +202.1k |
| BEACONLIGHT CAPITAL, LLC 2.93% of their portfolio | 458.3k $5.9m | Added +53.4k |
| AMIRAL GESTION 2.14% of their portfolio | 455.0k $5.9m | Added +235.0k |
| Octahedron Capital Management L.P. 3.33% of their portfolio | 452.0k $5.9m | Reduced -30.0k |
| Mawer Investment Management Ltd. 0.03% of their portfolio | 431.1k $5.6m | Unchanged |
| Burgundy Asset Management Ltd. 0.05% of their portfolio | 408.7k $5.3m | Reduced -644.8k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 407.6k $5.3m | Reduced -243.4k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 383.0k $5.0m | Reduced -612.5k |
| State of New Jersey Common Pension Fund D 0.02% of their portfolio | 343.5k $4.5m | New |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 328.0k $4.3m | Reduced -418.6k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio | 305.8k $4.0m | Reduced -8.0k |
| Squarepoint Ops LLC 0.01% of their portfolio | 293.1k $3.8m | Added +161.3k |
| Driehaus Capital Management LLC 0.03% of their portfolio | 286.3k $3.7m | Reduced -5.7m |
| NOMURA HOLDINGS INC 0.02% of their portfolio | 285.7k $3.7m | Reduced -629.2k |
| AI-Squared Management Ltd 3.76% of their portfolio | 278.7k $3.6m | New |