Vault-13

PDD HOLDINGS INC PDD

SPONSORED ADS · ADR · CUSIP 722304102 · ISIN US7223041028

587 institutional holders -1 vs Q4 2024
455,510,692455.5m shares reported held*
$49.1bnreported value*
90 new 225 added 188 reduced 93 sold out net bought ≈ $2.0bn (+56.4m shares)

* 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 ($56.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $107.72. Options: 57 managers hold calls ($7.0bn notional), 55 hold puts ($5.5bn).

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0250500750Q3 22: 413Q4 22: 453Q1 23: 472Q2 23: 455Q3 23: 475Q4 23: 587Q1 24: 579Q2 24: 648Q3 24: 603Q4 24: 588Q1 25: 587587Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 2022413
Q4 2022453
Q1 2023472
Q2 2023455
Q3 2023475
Q4 2023587
Q1 2024579
Q2 2024648
Q3 2024603
Q4 2024588
Q1 2025587

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
5000500Q2 23: 208 bought or addedQ2 23: 266 cut or sold outQ3 23: 296 bought or addedQ3 23: 187 cut or sold outQ3 23Q4 23: 350 bought or addedQ4 23: 194 cut or sold outQ1 24: 320 bought or addedQ1 24: 299 cut or sold outQ1 24Q2 24: 426 bought or addedQ2 24: 238 cut or sold outQ3 24: 324 bought or addedQ3 24: 362 cut or sold outQ3 24Q4 24: 273 bought or addedQ4 24: 341 cut or sold outQ1 25: 315 bought or addedQ1 25: 281 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023208266
Q3 2023296187
Q4 2023350194
Q1 2024320299
Q2 2024426238
Q3 2024324362
Q4 2024273341
Q1 2025315281

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5bn$10bn$15bnQ2 24 calls: $7.9bnQ2 24 puts: $6.3bnQ2 24P/C 0.79Q3 24 calls: $11.1bnQ3 24 puts: $7.4bnQ3 24P/C 0.66Q4 24 calls: $6.2bnQ4 24 puts: $4.8bnQ4 24P/C 0.78Q1 25 calls: $7.0bnQ1 25 puts: $5.5bnQ1 25P/C 0.78
Numbers
QuarterCallsPutsP/C
Q2 2024$7.9bn$6.3bn0.79
Q3 2024$11.1bn$7.4bn0.66
Q4 2024$6.2bn$4.8bn0.78
Q1 2025$7.0bn$5.5bn0.78

Biggest buyers

Mirae Asset Global Investments Co., Ltd. Added +39,263,851+39.3m
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +8,086,620+8.1m
HHLR ADVISORS, LTD. Added +3,832,301+3.8m
Orbis Allan Gray Ltd Added +2,299,659+2.3m
Krane Funds Advisors LLC Added +2,211,286+2.2m
FMR LLC Added +2,007,833+2.0m
BAILLIE GIFFORD & CO Added +1,987,935+2.0m
Sanders Capital, LLC Added +1,863,287+1.9m
TIGER GLOBAL MANAGEMENT LLC Added +1,787,000+1.8m
Invesco Ltd. Added +1,636,673+1.6m

Biggest sellers

MORGAN STANLEY Reduced -2,471,940-2.5m
UBS Group AG Reduced -1,948,759-1.9m
JPMORGAN CHASE & CO Reduced -1,190,925-1.2m
Whale Rock Capital Management LLC Reduced -1,171,250-1.2m
Dragoneer Investment Group, LLC Reduced -1,008,022-1.0m
APPALOOSA LP Reduced -986,132-986.1k
E Fund Management Co., Ltd. Reduced -802,310-802.3k
NATIONAL BANK OF CANADA /FI/ Reduced -785,676-785.7k
Tairen Capital Ltd Sold out -712,134-712.1k
BRILLIANCE ASSET MANAGEMENT LTD Sold out -646,212-646.2k

Biggest calls

JANE STREET GROUP, LLC Reduced $1.4bn12.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.2bn10.0m shares
CITADEL ADVISORS LLC Added $1.0bn8.6m shares
IMC-Chicago, LLC Added $557.9m4.7m shares
GOLDMAN SACHS GROUP INC Added $535.0m4.5m shares
SIMPLEX TRADING, LLC Reduced $240.8m2.0m shares
PEAK6 LLC Added $210.0m1.8m shares
UBS Group AG Added $196.7m1.7m shares
Walleye Trading LLC Added $190.0m1.6m shares
WOLVERINE TRADING, LLC Added $145.3m1.2m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $961.3m8.1m shares
GOLDMAN SACHS GROUP INC Reduced $827.7m7.0m shares
JANE STREET GROUP, LLC Added $750.6m6.3m shares
CITADEL ADVISORS LLC Reduced $435.5m3.7m shares
IMC-Chicago, LLC Reduced $304.6m2.6m shares
D. E. Shaw & Co., Inc. Reduced $226.1m1.9m shares
UBS Group AG Added $197.6m1.7m shares
SIMPLEX TRADING, LLC Added $189.7m1.6m shares
MILLENNIUM MANAGEMENT LLC Reduced $189.7m1.6m shares
PEAK6 LLC Reduced $174.3m1.5m 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.

Insider purchases and sales in Q1 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 Q1 2025.

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BAILLIE GIFFORD & CO 4.14% of their portfolio EDINBURGH, X0 40,047,27840.0m $4.7bn $4.7bn 4.14% Added +2.0m +1,987,935
2 Mirae Asset Global Investments Co., Ltd. 0.11% of their portfolio SEOUL, M5 39,678,47939.7m $27.7m $27.7m 0.11% Added +39.3m +39,263,851
3 BlackRock, Inc. 0.08% of their portfolio New York, NY 33,400,30533.4m $4.0bn $4.0bn 0.08% Added +500.1k +500,126
4 VANGUARD GROUP INC 0.06% of their portfolio Valley Forge, PA 29,079,47629.1m $3.4bn $3.4bn 0.06% Added +416.9k +416,867
5 FMR LLC 0.21% of their portfolio BOSTON, MA 27,611,01627.6m $3.3bn $3.3bn 0.21% Added +2.0m +2,007,833
6 HSG Holding Ltd 80.18% of their portfolio NA, K3 13,595,99513.6m $1.4bn $1.4bn 80.18% Unchanged
7 STATE STREET CORP 0.06% of their portfolio BOSTON, MA 11,534,75511.5m $1.4bn $1.4bn 0.06% Added +6.8k +6,792
8 SC US (TTGP), LTD. 11.86% of their portfolio Menlo Park, CA 10,592,63510.6m $1.3bn $1.3bn 11.86% Unchanged
9 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.27% of their portfolio NEW YORK, NY 8,985,9699.0m $1.1bn $1.1bn 0.27% Added +8.1m +8,086,620
10 NORGES BANK 0.13% of their portfolio OSLO, Q8 8,091,0428.1m $957.6m $957.6m 0.13% Reduced -283.5k -283,490
11 H&H International Investment, LLC 7.64% of their portfolio PALO ALTO, CA 7,753,9007.8m $917.7m $917.7m 7.64% Added +525.2k +525,200
12 FIL Ltd 0.83% of their portfolio HAMILTON, D0 7,367,2417.4m $871.9m $871.9m 0.83% Reduced -611.4k -611,381
13 Sanders Capital, LLC 1.24% of their portfolio West Palm Beach, FL 7,018,1657.0m $830.6m $830.6m 1.24% Added +1.9m +1,863,287
14 PRICE T ROWE ASSOCIATES INC /MD/ 0.10% of their portfolio BALTIMORE, MD 6,911,6326.9m $818.0m $818.0m 0.10% Added +389.8k +389,775
15 JPMORGAN CHASE & CO 0.06% of their portfolio NEW YORK, NY 6,569,0786.6m $777.5m $777.5m 0.06% Reduced -1.2m -1,190,925
16 HHLR ADVISORS, LTD. 21.94% of their portfolio GRAND CAYMAN, E9 6,562,5766.6m $776.7m $776.7m 21.94% Added +3.8m +3,832,301
17 MORGAN STANLEY 0.05% of their portfolio NEW YORK, NY 6,166,7286.2m $729.8m $729.8m 0.05% Reduced -2.5m -2,471,940
18 GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio BOSTON, MA 5,985,9116.0m $704.1m $704.1m 0.06% Added +191.0k +191,016
19 GOLDMAN SACHS GROUP INC 0.13% of their portfolio NEW YORK, NY 5,921,2235.9m $700.8m $700.8m 0.13% Added +79.4k +79,445
20 BNP PARIBAS FINANCIAL MARKETS 0.48% of their portfolio PARIS, I0 5,340,6345.3m $632.1m $632.1m 0.48% First filing
21 Invesco Ltd. 0.12% of their portfolio ATLANTA, GA 5,301,3335.3m $627.4m $627.4m 0.12% Added +1.6m +1,636,673
22 Krane Funds Advisors LLC 17.13% of their portfolio NEW YORK, NY 5,036,3895.0m $596.1m $596.1m 17.13% Added +2.2m +2,211,286
23 Assenagon Asset Management S.A. 1.02% of their portfolio SENNINGERBERG, N4 4,821,1464.8m $570.6m $570.6m 1.02% Added +998.1k +998,132
24 Greenwoods Asset Management Hong Kong Ltd. 17.00% of their portfolio HONG KONG, K3 4,635,5194.6m $548.6m $548.6m 17.00% Unchanged
25 Dragoneer Investment Group, LLC 11.36% of their portfolio SAN FRANCISCO, CA 4,564,0724.6m $540.2m $540.2m 11.36% Reduced -1.0m -1,008,022
26 TIGER GLOBAL MANAGEMENT LLC 1.97% of their portfolio New York, NY 4,415,6814.4m $522.6m $522.6m 1.97% Added +1.8m +1,787,000
27 APPALOOSA LP 9.29% of their portfolio Short Hills, NJ 4,370,0004.4m $517.2m $517.2m 9.29% Reduced -986.1k -986,132
28 Legal & General Group Plc 0.14% of their portfolio London, X0 4,255,0694.3m $503.6m $503.6m 0.14% Added +52.4k +52,398
29 SRS Investment Management, LLC 6.45% of their portfolio New York, NY 4,064,3814.1m $481.0m $481.0m 6.45% Unchanged
30 First Beijing Investment Ltd 31.34% of their portfolio HONG KONG, K3 3,857,2233.9m $456.5m $456.5m 31.34% Added +91.4k +91,414
31 HSBC HOLDINGS PLC 0.30% of their portfolio LONDON, X0 3,848,4233.8m $455.5m $455.5m 0.30% Reduced -439.0k -438,985
32 E Fund Management Co., Ltd. 19.65% of their portfolio GUANGZHOU, F4 3,474,5513.5m $411.2m $411.2m 19.65% Reduced -802.3k -802,310
33 NORTHERN TRUST CORP 0.06% of their portfolio CHICAGO, IL 3,205,6043.2m $379.4m $379.4m 0.06% Reduced -31.1k -31,082
34 UBS Group AG 0.08% of their portfolio ZURICH, V8 3,076,0503.1m $364.1m $364.1m 0.08% Reduced -1.9m -1,948,759
35 DEUTSCHE BANK AG\ 0.14% of their portfolio FRANKFURT AM MAIN, 2M 2,964,9093.0m $350.9m $350.9m 0.14% Added +742.9k +742,925
36 DIMENSIONAL FUND ADVISORS LP 0.08% of their portfolio AUSTIN, TX 2,884,9422.9m $341.5m $341.5m 0.08% Added +212.0k +212,040
37 Capital International Investors 0.06% of their portfolio Los Angeles, CA 2,747,0632.7m $325.1m $325.1m 0.06% Added +202.2k +202,230
38 IDG China Venture Capital Fund IV Associates L.P. 77.25% of their portfolio HONG KONG, K3 2,630,9822.6m $311.4m $311.4m 77.25% Reduced -279.4k -279,448
39 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 2,569,9592.6m $304.2m $304.2m 0.03% Added +366.0k +365,986
40 Capital Today Evergreen Fund, L.P. 89.82% of their portfolio Grand Cayman, E9 2,493,5862.5m $295.1m $295.1m 89.82% Unchanged
41 Orbis Allan Gray Ltd 1.62% of their portfolio HamiltoN, D0 2,397,3122.4m $283.7m $283.7m 1.62% Added +2.3m +2,299,659
42 Robeco Institutional Asset Management B.V. 0.54% of their portfolio ROTTERDAM, P7 2,369,3812.4m $280.4m $280.4m 0.54% Added +219.9k +219,865
43 SCHRODER INVESTMENT MANAGEMENT GROUP 0.23% of their portfolio London, X0 1,923,8051.9m $227.7m $227.7m 0.23% Reduced -117.2k -117,245
44 Triata Capital Ltd 49.49% of their portfolio HONG KONG, K3 1,848,3631.8m $218.8m $218.8m 49.49% Added +1.2m +1,179,424
45 Bridgewater Associates, LP 0.96% of their portfolio Westport, CT 1,742,7171.7m $206.3m $206.3m 0.96% Added +495.8k +495,819
46 PUBLIC INVESTMENT FUND 1.03% of their portfolio AL AQIQ DISTRICT, RIYADH, T0 1,703,2751.7m $201.6m $201.6m 1.03% Unchanged
47 Sumitomo Mitsui Trust Group, Inc. 0.14% of their portfolio CHIYODA-KU, TOKYO, M0 1,701,5891.7m $201.4m $201.4m 0.14% Added +39.2k +39,242
48 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,689,4981.7m $200.0m $200.0m 0.04% Reduced -140.3k -140,288
49 Swiss National Bank 0.13% of their portfolio ZURICH, V8 1,577,2441.6m $186.7m $186.7m 0.13% Added +5.0k +5,000
50 BARCLAYS PLC 0.08% of their portfolio LONDON, X0 1,560,2891.6m $184.7m $184.7m 0.08% Reduced -313.8k -313,836
51 Perseverance Asset Management International 23.40% of their portfolio GEORGE TOWN, E9 1,513,7631.5m $179.2m $179.2m 23.40% Reduced -132.7k -132,662
52 Nuveen, LLC 0.05% of their portfolio CHARLOTTE, NC 1,428,2611.4m $169.0m $169.0m 0.05% First filing
53 PRUDENTIAL PLC 0.83% of their portfolio LONDON, X0 1,396,2481.4m $165.2m $165.2m 0.83% Added +90.4k +90,439
54 Trivest Advisors Ltd 13.38% of their portfolio Hong Kong, K3 1,332,7001.3m $157.7m $157.7m 13.38% Added +872.7k +872,700
55 MACQUARIE GROUP LTD 0.19% of their portfolio Sydney, NSW 2000, C3 1,286,3361.3m $152.2m $152.2m 0.19% Reduced -162.6k -162,623
56 Aberdeen Group plc 0.29% of their portfolio EDINBURGH, X0 1,250,6331.3m $148.6m $148.6m 0.29% Reduced -146.7k -146,686
57 Squarepoint Ops LLC 0.35% of their portfolio NEW YORK, NY 1,196,2641.2m $141.6m $141.6m 0.35% Reduced -137.6k -137,630
58 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.23% of their portfolio BALA CYNWYD, PA 1,196,2121.2m $141.6m $141.6m 0.23% Added +1.1m +1,058,825
59 CITIGROUP INC 0.11% of their portfolio NEW YORK, NY 1,182,9231.2m $140.0m $140.0m 0.11% Reduced -338.2k -338,217
60 KEYWISE CAPITAL MANAGEMENT (HK) Ltd 15.02% of their portfolio HONG KONG, K3 1,152,3601.2m $136.4m $136.4m 15.02% Added +4.6k +4,600
61 MARSHALL WACE, LLP 0.18% of their portfolio LONDON, X0 1,136,1171.1m $134.5m $134.5m 0.18% Added +306.5k +306,456
62 Temasek Holdings (Private) Ltd 0.54% of their portfolio SINGAPORE, U0 1,132,9851.1m $134.1m $134.1m 0.54% Added +86.2k +86,183
63 Pictet Asset Management Holding SA 0.14% of their portfolio CAROUGE, V8 1,096,5651.1m $129.8m $129.8m 0.14% Reduced -19.8k -19,759
64 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.04% of their portfolio Boston, MA 1,084,9791.1m $128.4m $128.4m 0.04% Added +506.8k +506,818
65 CANADA LIFE ASSURANCE Co 0.21% of their portfolio WINNIPEG, A2 1,023,8501.0m $121.3m $121.3m 0.21% Added +123.5k +123,550
66 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 997,419997.4k $118.0m $118.0m 0.02% Added +69.6k +69,631
67 GF FUND MANAGEMENT CO. LTD. 2.73% of their portfolio GUANGZHOU, F4 981,853981.9k $116.2m $116.2m 2.73% Reduced -342.9k -342,950
68 California Public Employees Retirement System 0.08% of their portfolio Sacramento, CA 976,097976.1k $115.5m $115.5m 0.08% Reduced -17.5k -17,494
69 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 950,922950.9k $112.5m $112.5m 0.02% Added +162.4k +162,412
70 ProShare Advisors LLC 0.25% of their portfolio BETHESDA, MD 922,328922.3k $109.2m $109.2m 0.25% Added +114.0k +113,953
71 Artisan Partners Limited Partnership 0.17% of their portfolio Milwaukee, WI 875,038875.0k $103.6m $103.6m 0.17% Reduced -166.4k -166,406
72 AQR CAPITAL MANAGEMENT LLC 0.11% of their portfolio Greenwich, CT 864,498864.5k $102.3m $102.3m 0.11% Reduced -19.6k -19,584
73 IvyRock Asset Management (HK) Ltd 48.08% of their portfolio SHEUNG WAN, K3 864,349864.3k $102.3m $102.3m 48.08% Reduced -66.0k -65,987
74 FIRST TRUST ADVISORS LP 0.09% of their portfolio Wheaton, IL 821,987822.0k $97.3m $97.3m 0.09% Reduced -283.5k -283,536
75 AMERIPRISE FINANCIAL INC 0.03% of their portfolio MINNEAPOLIS, MN 810,983811.0k $96.0m $96.0m 0.03% Reduced -79.9k -79,910
76 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.21% of their portfolio TORONTO, A6 784,762784.8k $92.9m $92.9m 0.21% Added +97.5k +97,480
77 LAZARD ASSET MANAGEMENT LLC 0.13% of their portfolio NEW YORK, NY 728,956729.0k $86.3m $86.3m 0.13% Added +1.8k +1,832
78 Mitsubishi UFJ Asset Management Co., Ltd. 0.08% of their portfolio TOKYO, M0 708,218708.2k $83.8m $83.8m 0.08% Added +64.4k +64,427
79 ROYAL LONDON ASSET MANAGEMENT LTD 0.19% of their portfolio UNITED KINGDOM, X0 690,772690.8k $81.8m $81.8m 0.19% Added +59.1k +59,106
80 CAT ROCK CAPITAL MANAGEMENT LP 10.61% of their portfolio GREENWICH, CT 675,414675.4k $79.9m $79.9m 10.61% Reduced -147.3k -147,300
81 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.17% of their portfolio CAUSEWAY BAY, K3 657,954658.0k $77.9m $77.9m 0.17% Added +36.9k +36,862
82 Man Group plc 0.23% of their portfolio LONDON, X0 656,850656.9k $77.7m $77.7m 0.23% Added +210.7k +210,666
83 Fisher Asset Management, LLC 0.03% of their portfolio PLANO, TX 636,814636.8k $75.4m $75.4m 0.03% Reduced -45.9k -45,879
84 MATTHEWS INTERNATIONAL CAPITAL MANAGEMENT LLC 15.45% of their portfolio SAN FRANCISCO, CA 632,426632.4k $74.8m $74.8m 15.45% Reduced -35.5k -35,528
85 Russell Investments Group, Ltd. 0.10% of their portfolio Seattle, WA 621,829621.8k $73.8m $73.8m 0.10% Reduced -69.7k -69,691
86 CITADEL ADVISORS LLC 0.07% of their portfolio MIAMI, FL 615,601615.6k $72.9m $72.9m 0.07% Reduced -225.8k -225,785
87 Pinpoint Asset Management Ltd 13.20% of their portfolio HONG KONG, K3 610,585610.6k $76.1m $76.1m 13.20% Added +137.0k +137,027
88 AVIVA PLC 0.17% of their portfolio LONDON, X0 609,698609.7k $72.2m $72.2m 0.17% Reduced -6.3k -6,335
89 Allianz Asset Management GmbH 0.11% of their portfolio MUNICH, 2M 607,168607.2k $71.9m $71.9m 0.11% Reduced -13.7k -13,730
90 AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio KANSAS CITY, MO 603,184603.2k $71.4m $71.4m 0.04% Added +59.0k +59,025
91 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 600,356600.4k $71.1m $71.1m 0.02% Added +131.3k +131,265
92 IMC-Chicago, LLC 2.75% of their portfolio CHICAGO, IL 598,324598.3k $70.8m $70.8m 2.75% Added +366.4k +366,450
93 APG Asset Management N.V. 0.20% of their portfolio Amsterdam, P7 590,128590.1k $64.7m $64.7m 0.20% Reduced -199.4k -199,400
94 RENAISSANCE TECHNOLOGIES LLC 0.11% of their portfolio NEW YORK, NY 589,900589.9k $69.8m $69.8m 0.11% Reduced -357.6k -357,600
95 Polar Capital Holdings Plc 0.42% of their portfolio London, X0 587,984588.0k $69.6m $69.6m 0.42% Added +18.4k +18,372
96 Maple Rock Capital Partners Inc. 5.03% of their portfolio Toronto, A6 582,424582.4k $68.9m $68.9m 5.03% Added +128.4k +128,424
97 Mitsubishi UFJ Trust & Banking Corp 0.18% of their portfolio TOKYO, M0 579,652579.7k $68.6m $68.6m 0.18% Reduced -7.7k -7,650
98 Korea Investment CORP 0.16% of their portfolio SEOUL, M5 564,487564.5k $66.8m $66.8m 0.16% Added +33.7k +33,700
99 Cederberg Capital Ltd 24.17% of their portfolio LONDON, X0 528,700528.7k $62.6m $62.6m 24.17% Reduced -39.6k -39,600
100 Franchise Capital Ltd 36.30% of their portfolio GRAND CAYMAN, E9 514,820514.8k $60.9m $60.9m 36.30% Reduced -121.4k -121,404