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 ($5.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $10.73. Options: 5 managers hold calls ($13.5m notional), 5 hold puts ($2.8m).
Trends to Q4 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 |
| Q4 2025 | 211 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 103 | 120 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $37.4m | $46.1m | 1.23 |
| Q2 2025 | $26.2m | $33.2m | 1.26 |
| Q3 2025 | $41.0m | $30.1m | 0.73 |
| Q4 2025 | $13.5m | $2.8m | 0.21 |
Biggest buyers
| SCHRODER INVESTMENT MANAGEMENT GROUP | Added | +14.5m |
| OLP CAPITAL MANAGEMENT Ltd | Added | +10.0m |
| UBS Group AG | Added | +8.2m |
| WELLINGTON MANAGEMENT GROUP LLP | New | +8.2m |
| First Beijing Investment Ltd | Added | +8.0m |
| Mitsubishi UFJ Trust & Banking Corp | Added | +7.0m |
| Mondrian Investment Partners LTD | New | +5.5m |
| Kontiki Capital Management (HK) Ltd. | Added | +5.0m |
| Invesco Ltd. | Added | +4.0m |
| Krane Funds Advisors LLC | Added | +3.9m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -27.9m |
| FMR LLC | Reduced | -13.0m |
| MORGAN STANLEY | Reduced | -8.6m |
| SB INVESTMENT ADVISERS (UK) LTD | Reduced | -4.9m |
| HHLR ADVISORS, LTD. | Sold out | -4.1m |
| WFM ASIA (BVI) Ltd | Reduced | -3.8m |
| NATIONAL BANK OF CANADA /FI/ | Sold out | -2.8m |
| AMERIPRISE FINANCIAL INC | Reduced | -2.5m |
| BANK OF AMERICA CORP /DE/ | Reduced | -2.2m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -2.1m |
Biggest calls
| JANE STREET GROUP, LLC | Reduced | $10.5m978.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.3m122.4k shares |
| GROUP ONE TRADING LLC | Reduced | $1.2m115.2k shares |
| CITADEL ADVISORS LLC | Reduced | $417.4k38.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $44.0k4.1k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $1.4m130.0k shares |
| GROUP ONE TRADING LLC | Reduced | $561.2k52.3k shares |
| SIMPLEX TRADING, LLC | Reduced | $402.4k37.5k shares |
| PEAK6 LLC | Reduced | $270.4k25.2k shares |
| CITADEL ADVISORS LLC | Reduced | $181.3k16.9k 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 Q4 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 Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| First Beijing Investment Ltd 32.42% of their portfolio | 76.6m $822.1m | Added +8.0m |
| FIL Ltd 0.52% of their portfolio | 64.4m $690.8m | Added +1.0m |
| Invesco Ltd. 0.06% of their portfolio | 58.3m $625.3m | Added +4.0m |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.39% of their portfolio | 47.9m $513.5m | Added +14.5m |
| VANGUARD GROUP INC 0.01% of their portfolio | 33.0m $354.1m | Added +461.1k |
| Krane Funds Advisors LLC 11.18% of their portfolio | 32.1m $344.4m | Added +3.9m |
| Greenwoods Asset Management Hong Kong Ltd. 7.59% of their portfolio | 28.6m $306.9m | Unchanged |
| Aspex Management (HK) Ltd 5.18% of their portfolio | 23.8m $255.0m | Unchanged |
| All-Stars Investment Ltd 88.62% of their portfolio | 22.1m $237.1m | Unchanged |
| FMR LLC 0.01% of their portfolio | 21.7m $233.3m | Reduced -13.0m |
| Kontiki Capital Management (HK) Ltd. 12.71% of their portfolio | 20.4m $218.7m | Added +5.0m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 18.1m $194.5m | Reduced -27.9m |
| Mitsubishi UFJ Trust & Banking Corp 0.45% of their portfolio | 17.6m $189.1m | Added +7.0m |
| Davis Selected Advisers 0.85% of their portfolio | 17.5m $188.2m | Added +2.6m |
| Capital International Investors 0.03% of their portfolio | 16.5m $177.4m | Added +2.0m |
| OLP CAPITAL MANAGEMENT Ltd 31.38% of their portfolio | 15.0m $161.0m | Added +10.0m |
| MORGAN STANLEY 0.01% of their portfolio | 14.8m $158.5m | Reduced -8.6m |
| WFM ASIA (BVI) Ltd 19.52% of their portfolio | 14.7m $157.2m | Reduced -3.8m |
| ALKEON CAPITAL MANAGEMENT LLC 0.67% of their portfolio | 14.2m $152.4m | Unchanged |
| SC US (TTGP), LTD. 1.00% of their portfolio | 13.1m $140.1m | Unchanged |
| North of South Capital LLP 10.46% of their portfolio | 10.8m $116.4m | Added +240.4k |
| UBS Group AG 0.02% of their portfolio | 9.4m $101.0m | Added +8.2m |
| EMPOWER HARVEST MANAGEMENT SERVICES, INC. 100.00% of their portfolio | 9.0m $96.3m | Unchanged |
| NORGES BANK 0.01% of their portfolio | 8.6m $92.5m | Not comparable |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 8.2m $87.9m | New |
| Alpine Investment Management Ltd 35.88% of their portfolio | 7.4m $79.9m | Added +3.4m |
| SANDS CAPITAL MANAGEMENT, LLC 0.20% of their portfolio | 6.1m $65.7m | Reduced -643.1k |
| BAMCO INC /NY/ 0.17% of their portfolio | 5.8m $61.9m | Reduced -542.2k |
| Mondrian Investment Partners LTD 0.98% of their portfolio | 5.5m $59.5m | New |
| SB INVESTMENT ADVISERS (UK) LTD 0.57% of their portfolio | 5.3m $56.6m | Reduced -4.9m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 5.1m $54.2m | Reduced -1.0m |
| Capital International, Inc./CA/ 0.33% of their portfolio | 3.9m $41.9m | Added +40.6k |
| SOFTBANK GROUP CORP. 0.27% of their portfolio | 3.9m $41.7m | Reduced -521.8k |
| Carrhae Capital LLP 2.72% of their portfolio | 3.8m $40.9m | Added +1.1m |
| OAKTREE CAPITAL MANAGEMENT LP 0.61% of their portfolio | 3.5m $37.8m | Reduced -277.9k |
| Polunin Capital Partners Ltd 4.79% of their portfolio | 3.2m $31.1m | Added +6.8k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.04% of their portfolio | 3.1m $33.3m | Added +65.7k |
| Robeco Institutional Asset Management B.V. 0.04% of their portfolio | 2.8m $30.2m | Added +334.1k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 2.4m $26.2m | Added +96.1k |
| NORDEA INVESTMENT MANAGEMENT AB 0.02% of their portfolio | 2.3m $25.1m | Added +627.1k |
| Russell Investments Group, Ltd. 0.03% of their portfolio | 2.3m $24.9m | Added +60.4k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 2.2m $23.9m | Added +590.8k |
| JANUS HENDERSON GROUP PLC 0.01% of their portfolio | 2.2m $23.8m | Reduced -495.8k |
| Pinpoint Asset Management (Singapore) Pte. Ltd. 4.76% of their portfolio | 2.1m $22.9m | Reduced -1.9m |
| MARSHALL WACE, LLP 0.02% of their portfolio | 2.1m $22.3m | New |
| Triata Capital Ltd 2.61% of their portfolio | 2.0m $21.5m | Added +995.5k |
| STATE STREET CORP 0.00% of their portfolio | 1.9m $20.0m | Reduced -13.7k |
| Cederberg Capital Ltd 6.37% of their portfolio | 1.8m $19.6m | Reduced -638.1k |
| SERENITY CAPITAL MANAGEMENT PTE. LTD. 5.15% of their portfolio | 1.8m $19.4m | New |
| Legal & General Group Plc 0.00% of their portfolio | 1.8m $19.0m | Added +278.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 1.6m $17.5m | Reduced -606.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.6m $17.1m | Reduced -2.2m |
| Working Capital Advisors (UK) Ltd. 22.66% of their portfolio | 1.6m $17.0m | Added +877.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 1.6m $16.7m | Reduced -1.1m |
| OVERSEA-CHINESE BANKING Corp Ltd 0.46% of their portfolio | 1.5m $16.5m | Reduced -69.5k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 1.3m $14.5m | Added +251.9k |
| CITIGROUP INC 0.01% of their portfolio | 1.3m $14.3m | Reduced -63.7k |
| MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 4.22% of their portfolio | 1.3m $13.9m | Reduced -555.2k |
| Highlander Partners, L.P. 4.73% of their portfolio | 1.2m $13.2m | Unchanged |
| C WorldWide Group Holding A/S 0.22% of their portfolio | 1.2m $12.7m | Reduced -180.6k |
| Capitolis Liquid Global Markets LLC 0.07% of their portfolio | 1.2m $12.5m | New |
| SG Americas Securities, LLC 0.02% of their portfolio | 1.1m $12.3m | Added +965.6k |
| BlackRock, Inc. 0.00% of their portfolio | 1.0m $11.2m | Added +324.1k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 1.0m $10.8m | Reduced -1.3m |
| Harvest Fund Management Co., Ltd 0.43% of their portfolio | 986.5k $11.5m | Added +187.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 978.4k $10.5m | Added +1.4k |
| HarbourVest Partners LLC 5.90% of their portfolio | 957.6k $10.3m | Unchanged |
| HRT FINANCIAL LP 0.04% of their portfolio | 941.3k $10.1m | Added +895.4k |
| Perpetual Ltd 0.13% of their portfolio | 854.0k $9.2m | Reduced -247.9k |
| GF FUND MANAGEMENT CO. LTD. 0.15% of their portfolio | 817.4k $8.8m | Added +6.6k |
| NOTABLE CAPITAL MANAGEMENT, L.L.C. 11.86% of their portfolio | 810.4k $8.7m | New |
| BRIGHT VALLEY CAPITAL Ltd 5.50% of their portfolio | 755.9k $8.1m | Reduced -1.8m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 697.7k $7.5m | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 678.1k $7.3m | Added +104.5k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 675.1k $7.2m | Reduced -2.5m |
| California Public Employees Retirement System 0.00% of their portfolio | 661.8k $7.1m | Reduced -381.7k |
| LAZARD ASSET MANAGEMENT LLC 0.01% of their portfolio | 635.7k $6.8m | Reduced -47.8k |
| LMR Partners LLP 0.06% of their portfolio | 630.2k $6.8m | New |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 567.8k $6.1m | Reduced -679.3k |
| Liontrust Investment Partners LLP 0.09% of their portfolio | 545.7k $5.9m | Reduced -373.2k |
| 1832 Asset Management L.P. 0.01% of their portfolio | 516.2k $5.5m | New |
| Boundless Plain Holdings Ltd 1.75% of their portfolio | 510.4k $5.5m | First filing |
| AIA Group Ltd 0.08% of their portfolio | 510.1k $5.5m | Added +49.8k |
| State of New Jersey Common Pension Fund D 0.02% of their portfolio | 498.8k $5.4m | Added +155.3k |
| BLI - Banque de Luxembourg Investments 0.15% of their portfolio | 482.0k $5.3m | Added +220.0k |
| TB Alternative Assets Ltd. 0.82% of their portfolio | 468.4k $5.0m | Reduced -46.6k |
| Schonfeld Strategic Advisors LLC 0.03% of their portfolio | 466.3k $5.0m | Added +341.0k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 462.9k $5.0m | Reduced -150.6k |
| PINEBRIDGE INVESTMENTS ASIA LTD 1.42% of their portfolio | 459.2k $4.9m | First filing |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 439.8k $4.7m | Added +111.9k |
| Yiheng Capital Management, L.P. 1.92% of their portfolio | 411.1k $4.4m | New |
| Fideuram Asset Management (Ireland) dac 0.32% of their portfolio | 344.2k $4.0m | First filing |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 308.5k $3.3m | Added +55.7k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio | 305.8k $3.3m | Unchanged |
| GAM Holding AG 0.21% of their portfolio | 303.7k $3.3m | Reduced -336.7k |
| B. Metzler seel. Sohn & Co. AG 0.03% of their portfolio | 299.4k $3.2m | Added +96.0k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 292.7k $3.1m | Reduced -300.9k |
| ABS Direct Equity Fund LLC 3.48% of their portfolio | 272.6k $2.9m | Unchanged |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 267.7k $2.9m | Reduced -1.6m |
| CAPITAL INTERNATIONAL SARL 0.05% of their portfolio | 266.5k $2.9m | Added +2.0k |