Vault-13

PDD HOLDINGS INC PDD

SPONSORED ADS · ADR · CUSIP 722304102 · ISIN US7223041028

539 institutional holders -48 vs Q1 2025
409,247,839409.2m shares reported held*
$42.8bnreported value*
68 new 203 added 203 reduced 112 sold out net sold ≈ $627.4m (-45.3m 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 ($164.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $104.63. Options: 58 managers hold calls ($5.0bn notional), 54 hold puts ($5.7bn).

Trends to Q2 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: 587Q2 25: 539539Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 2025539

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q3 23: 296 bought or addedQ3 23: 187 cut or sold outQ4 23: 350 bought or addedQ4 23: 194 cut or sold outQ4 23Q1 24: 320 bought or addedQ1 24: 299 cut or sold outQ2 24: 426 bought or addedQ2 24: 238 cut or sold outQ2 24Q3 24: 324 bought or addedQ3 24: 362 cut or sold outQ4 24: 273 bought or addedQ4 24: 341 cut or sold outQ4 24Q1 25: 315 bought or addedQ1 25: 281 cut or sold outQ2 25: 271 bought or addedQ2 25: 315 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 2023296187
Q4 2023350194
Q1 2024320299
Q2 2024426238
Q3 2024324362
Q4 2024273341
Q1 2025315281
Q2 2025271315

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ3 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 0.78Q2 25 calls: $5.0bnQ2 25 puts: $5.7bnQ2 25P/C 1.14
Numbers
QuarterCallsPutsP/C
Q3 2024$11.1bn$7.4bn0.66
Q4 2024$6.2bn$4.8bn0.78
Q1 2025$7.0bn$5.5bn0.78
Q2 2025$5.0bn$5.7bn1.14

Biggest buyers

Himalaya Capital Management LLC New +4,608,000+4.6m
GOLDMAN SACHS GROUP INC Added +4,210,553+4.2m
NetEase, Inc. New +3,555,488+3.6m
Orbis Allan Gray Ltd Added +3,250,416+3.3m
VANGUARD GROUP INC Added +2,956,249+3.0m
Assenagon Asset Management S.A. Added +2,573,065+2.6m
MORGAN STANLEY Added +1,969,081+2.0m
First Beijing Investment Ltd Added +1,720,629+1.7m
NATIONAL BANK OF CANADA /FI/ Added +1,526,695+1.5m
Sanders Capital, LLC Added +1,508,445+1.5m

Biggest sellers

Mirae Asset Global Investments Co., Ltd. Reduced -39,330,154-39.3m
FMR LLC Reduced -12,677,951-12.7m
BAILLIE GIFFORD & CO Reduced -5,674,566-5.7m
TIGER GLOBAL MANAGEMENT LLC Sold out -4,415,681-4.4m
FIL Ltd Reduced -3,808,833-3.8m
APPALOOSA LP Reduced -2,370,000-2.4m
PRICE T ROWE ASSOCIATES INC /MD/ Reduced -1,874,107-1.9m
JPMORGAN CHASE & CO Reduced -1,818,514-1.8m
Bridgewater Associates, LP Sold out -1,742,717-1.7m
PUBLIC INVESTMENT FUND Reduced -1,541,076-1.5m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.1bn10.2m shares
JANE STREET GROUP, LLC Reduced $745.2m7.1m shares
CITADEL ADVISORS LLC Reduced $611.4m5.8m shares
D. E. Shaw & Co., Inc. Added $302.7m2.9m shares
UBS Group AG Added $247.0m2.4m shares
IMC-Chicago, LLC Reduced $236.2m2.3m shares
SIMPLEX TRADING, LLC Reduced $197.3m1.9m shares
GOLDMAN SACHS GROUP INC Reduced $185.2m1.8m shares
PEAK6 LLC Reduced $172.9m1.7m shares
GROUP ONE TRADING LLC Added $149.7m1.4m shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.2bn11.7m shares
JANE STREET GROUP, LLC Added $959.4m9.2m shares
GOLDMAN SACHS GROUP INC Reduced $443.3m4.2m shares
Walleye Trading LLC Added $379.6m3.6m shares
CITADEL ADVISORS LLC Reduced $375.8m3.6m shares
IMC-Chicago, LLC Added $327.3m3.1m shares
PEAK6 LLC Added $268.6m2.6m shares
D. E. Shaw & Co., Inc. Added $222.6m2.1m shares
UBS Group AG Added $218.0m2.1m shares
BNP PARIBAS FINANCIAL MARKETS Added $154.2m14.7k 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 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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BAILLIE GIFFORD & CO 2.69% of their portfolio EDINBURGH, X0 34,372,71234.4m $3.6bn $3.6bn 2.69% Reduced -5.7m -5,674,566
2 BlackRock, Inc. 0.07% of their portfolio New York, NY 33,298,74133.3m $3.5bn $3.5bn 0.07% Reduced -101.6k -101,564
3 VANGUARD GROUP INC 0.05% of their portfolio Valley Forge, PA 32,035,72532.0m $3.4bn $3.4bn 0.05% Added +3.0m +2,956,249
4 FMR LLC 0.09% of their portfolio BOSTON, MA 14,933,06514.9m $1.6bn $1.6bn 0.09% Reduced -12.7m -12,677,951
5 HSG Holding Ltd 73.32% of their portfolio NA, K3 13,595,99513.6m $1.4bn $1.4bn 73.32% Unchanged
6 STATE STREET CORP 0.05% of their portfolio BOSTON, MA 11,728,57311.7m $1.2bn $1.2bn 0.05% Added +193.8k +193,818
7 SC US (TTGP), LTD. 7.84% of their portfolio Menlo Park, CA 10,592,63510.6m $1.1bn $1.1bn 7.84% Unchanged
8 GOLDMAN SACHS GROUP INC 0.17% of their portfolio NEW YORK, NY 10,131,77610.1m $1.1bn $1.1bn 0.17% Added +4.2m +4,210,553
9 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.20% of their portfolio NEW YORK, NY 9,239,4419.2m $967.0m $967.0m 0.20% Added +253.5k +253,472
10 NORGES BANK 0.12% of their portfolio OSLO, Q8 9,199,1729.2m $962.8m $962.8m 0.12% Added +1.1m +1,108,130
11 H&H International Investment, LLC 7.86% of their portfolio PALO ALTO, CA 8,662,6948.7m $906.6m $906.6m 7.86% Added +908.8k +908,794
12 Sanders Capital, LLC 1.20% of their portfolio West Palm Beach, FL 8,526,6108.5m $892.4m $892.4m 1.20% Added +1.5m +1,508,445
13 MORGAN STANLEY 0.06% of their portfolio NEW YORK, NY 8,135,8098.1m $851.5m $851.5m 0.06% Added +2.0m +1,969,081
14 Assenagon Asset Management S.A. 1.23% of their portfolio SENNINGERBERG, N4 7,394,2117.4m $773.9m $773.9m 1.23% Added +2.6m +2,573,065
15 HHLR ADVISORS, LTD. 23.52% of their portfolio GRAND CAYMAN, E9 6,976,8047.0m $730.2m $730.2m 23.52% Added +414.2k +414,228
16 GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio BOSTON, MA 6,226,5386.2m $646.8m $646.8m 0.05% Added +240.6k +240,627
17 Orbis Allan Gray Ltd 2.87% of their portfolio HamiltoN, D0 5,647,7285.6m $591.1m $591.1m 2.87% Added +3.3m +3,250,416
18 First Beijing Investment Ltd 32.67% of their portfolio HONG KONG, K3 5,577,8525.6m $583.8m $583.8m 32.67% Added +1.7m +1,720,629
19 BNP PARIBAS FINANCIAL MARKETS 0.44% of their portfolio PARIS, I0 5,464,0915.5m $571.9m $571.9m 0.44% Added +123.5k +123,457
20 PRICE T ROWE ASSOCIATES INC /MD/ 0.06% of their portfolio BALTIMORE, MD 5,037,5255.0m $527.2m $527.2m 0.06% Reduced -1.9m -1,874,107
21 Krane Funds Advisors LLC 20.12% of their portfolio NEW YORK, NY 4,891,4384.9m $511.9m $511.9m 20.12% Reduced -145.0k -144,951
22 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 4,750,5644.8m $497.2m $497.2m 0.03% Reduced -1.8m -1,818,514
23 Himalaya Capital Management LLC 17.93% of their portfolio SEATTLE, WA 4,608,0004.6m $482.3m $482.3m 17.93% New
24 Legal & General Group Plc 0.12% of their portfolio London, X0 4,469,9794.5m $467.8m $467.8m 0.12% Added +214.9k +214,910
25 HSBC HOLDINGS PLC 0.29% of their portfolio LONDON, X0 4,325,0134.3m $452.8m $452.8m 0.29% Added +476.6k +476,590
26 SRS Investment Management, LLC 4.41% of their portfolio New York, NY 4,064,3814.1m $425.4m $425.4m 4.41% Unchanged
27 Invesco Ltd. 0.07% of their portfolio ATLANTA, GA 3,962,6444.0m $414.7m $414.7m 0.07% Reduced -1.3m -1,338,689
28 UBS Group AG 0.08% of their portfolio ZURICH, V8 3,809,7923.8m $398.7m $398.7m 0.08% Added +733.7k +733,742
29 Capital International Investors 0.07% of their portfolio Los Angeles, CA 3,625,9113.6m $379.5m $379.5m 0.07% Added +878.8k +878,848
30 FIL Ltd 0.32% of their portfolio HAMILTON, D0 3,558,4083.6m $372.4m $372.4m 0.32% Reduced -3.8m -3,808,833
31 NetEase, Inc. 93.72% of their portfolio KOWLOON, HONG KONG, F4 3,555,4883.6m $372.1m $372.1m 93.72% New
32 Dragoneer Investment Group, LLC 7.55% of their portfolio SAN FRANCISCO, CA 3,535,6083.5m $370.0m $370.0m 7.55% Reduced -1.0m -1,028,464
33 E Fund Management Co., Ltd. 16.98% of their portfolio GUANGZHOU, F4 3,403,7213.4m $356.2m $356.2m 16.98% Reduced -70.8k -70,830
34 DIMENSIONAL FUND ADVISORS LP 0.08% of their portfolio AUSTIN, TX 3,307,1413.3m $346.2m $346.2m 0.08% Added +422.2k +422,199
35 Greenwoods Asset Management Hong Kong Ltd. 11.73% of their portfolio HONG KONG, K3 3,219,8393.2m $337.0m $337.0m 11.73% Reduced -1.4m -1,415,680
36 NORTHERN TRUST CORP 0.05% of their portfolio CHICAGO, IL 3,147,3413.1m $329.4m $329.4m 0.05% Reduced -58.3k -58,263
37 DEUTSCHE BANK AG\ 0.11% of their portfolio FRANKFURT AM MAIN, 2M 2,950,4143.0m $308.8m $308.8m 0.11% Reduced -14.5k -14,495
38 BANK OF AMERICA CORP /DE/ 0.02% of their portfolio CHARLOTTE, NC 2,841,5812.8m $297.4m $297.4m 0.02% Added +271.6k +271,622
39 IDG China Venture Capital Fund IV Associates L.P. 67.48% of their portfolio HONG KONG, K3 2,630,9822.6m $275.4m $275.4m 67.48% Unchanged
40 Capital Today Evergreen Fund, L.P. 91.17% of their portfolio Grand Cayman, E9 2,493,5862.5m $261.0m $261.0m 91.17% Unchanged
41 SCHRODER INVESTMENT MANAGEMENT GROUP 0.21% of their portfolio London, X0 2,317,9532.3m $242.6m $242.6m 0.21% Added +394.1k +394,148
42 APPALOOSA LP 3.25% of their portfolio Short Hills, NJ 2,000,0002.0m $209.3m $209.3m 3.25% Reduced -2.4m -2,370,000
43 Mitsubishi UFJ Trust & Banking Corp 0.45% of their portfolio TOKYO, M0 1,873,7421.9m $196.1m $196.1m 0.45% Added +1.3m +1,294,090
44 Bank of New York Mellon Corp 0.04% of their portfolio NEW YORK, NY 1,860,5311.9m $194.7m $194.7m 0.04% Added +171.0k +171,033
45 NATIONAL BANK OF CANADA /FI/ 0.20% of their portfolio MONTREAL, A8 1,811,1371.8m $189.6m $189.6m 0.20% Added +1.5m +1,526,695
46 JANE STREET GROUP, LLC 0.29% of their portfolio NEW YORK, NY 1,740,8061.7m $182.2m $182.2m 0.29% Added +1.4m +1,367,065
47 CITIGROUP INC 0.12% of their portfolio NEW YORK, NY 1,681,9321.7m $176.0m $176.0m 0.12% Added +499.0k +499,009
48 BARCLAYS PLC 0.07% of their portfolio LONDON, X0 1,659,3811.7m $173.7m $173.7m 0.07% Added +99.1k +99,092
49 Sumitomo Mitsui Trust Group, Inc. 0.11% of their portfolio CHIYODA-KU, TOKYO, M0 1,645,3101.6m $172.2m $172.2m 0.11% Reduced -56.3k -56,279
50 Triata Capital Ltd 33.39% of their portfolio HONG KONG, K3 1,634,3281.6m $171.0m $171.0m 33.39% Reduced -214.0k -214,035
51 PRUDENTIAL PLC 1.03% of their portfolio LONDON, X0 1,618,0531.6m $169.3m $169.3m 1.03% Added +221.8k +221,805
52 Swiss National Bank 0.10% of their portfolio ZURICH, V8 1,573,8441.6m $164.7m $164.7m 0.10% Reduced -3.4k -3,400
53 Temasek Holdings (Private) Ltd 0.59% of their portfolio SINGAPORE, U0 1,451,9541.5m $152.0m $152.0m 0.59% Added +319.0k +318,969
54 MARSHALL WACE, LLP 0.17% of their portfolio LONDON, X0 1,401,5411.4m $146.7m $146.7m 0.17% Added +265.4k +265,424
55 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio Boston, MA 1,381,2991.4m $144.6m $144.6m 0.05% Added +296.3k +296,320
56 Nuveen, LLC 0.04% of their portfolio CHARLOTTE, NC 1,330,6121.3m $139.3m $139.3m 0.04% Reduced -97.6k -97,649
57 KEYWISE CAPITAL MANAGEMENT (HK) Ltd 12.63% of their portfolio HONG KONG, K3 1,325,0501.3m $138.7m $138.7m 12.63% Added +172.7k +172,690
58 Perseverance Asset Management International 34.57% of their portfolio GEORGE TOWN, E9 1,312,6631.3m $137.4m $137.4m 34.57% Reduced -201.1k -201,100
59 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 1,300,5281.3m $136.1m $136.1m 0.01% Added +903.0k +903,027
60 MACQUARIE GROUP LTD 0.16% of their portfolio Sydney, NSW 2000, C3 1,284,9201.3m $134.5m $134.5m 0.16% Reduced -1.4k -1,416
61 Aberdeen Group plc 0.23% of their portfolio EDINBURGH, X0 1,278,6661.3m $133.5m $133.5m 0.23% Added +28.0k +28,033
62 Robeco Institutional Asset Management B.V. 0.21% of their portfolio ROTTERDAM, P7 1,232,7271.2m $129.0m $129.0m 0.21% Reduced -1.1m -1,136,654
63 FIRST TRUST ADVISORS LP 0.10% of their portfolio Wheaton, IL 1,183,1631.2m $123.8m $123.8m 0.10% Added +361.2k +361,176
64 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 1,122,7751.1m $117.5m $117.5m 0.02% Added +125.4k +125,356
65 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.18% of their portfolio BALA CYNWYD, PA 1,120,7601.1m $117.3m $117.3m 0.18% Reduced -75.5k -75,452
66 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.23% of their portfolio TORONTO, A6 1,088,7151.1m $113.9m $113.9m 0.23% Added +304.0k +303,953
67 IvyRock Asset Management (HK) Ltd 52.49% of their portfolio SHEUNG WAN, K3 1,086,8491.1m $113.7m $113.7m 52.49% Added +222.5k +222,500
68 IMC-Chicago, LLC 2.84% of their portfolio CHICAGO, IL 1,085,5361.1m $113.6m $113.6m 2.84% Added +487.2k +487,212
69 California Public Employees Retirement System 0.07% of their portfolio Sacramento, CA 1,061,4401.1m $111.1m $111.1m 0.07% Added +85.3k +85,343
70 Walleye Trading LLC 2.65% of their portfolio NEW YORK, NY 1,033,3501.0m $108.2m $108.2m 2.65% Added +796.1k +796,066
71 ProShare Advisors LLC 0.20% of their portfolio BETHESDA, MD 944,483944.5k $98.8m $98.8m 0.20% Added +22.2k +22,155
72 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 919,675919.7k $96.3m $96.3m 0.02% Reduced -31.2k -31,247
73 GF FUND MANAGEMENT CO. LTD. 1.92% of their portfolio GUANGZHOU, F4 911,086911.1k $95.4m $95.4m 1.92% Reduced -70.8k -70,767
74 Pictet Asset Management Holding SA 0.10% of their portfolio CAROUGE, V8 900,240900.2k $94.2m $94.2m 0.10% Reduced -196.3k -196,325
75 Alpine Investment Management Ltd 45.07% of their portfolio HONG KONG, K3 900,000900.0k $94.2m $94.2m 45.07% New
76 AQR CAPITAL MANAGEMENT LLC 0.07% of their portfolio Greenwich, CT 880,417880.4k $90.5m $90.5m 0.07% Added +15.9k +15,919
77 CANADA LIFE ASSURANCE Co 0.15% of their portfolio WINNIPEG, A2 873,615873.6k $91.5m $91.5m 0.15% Reduced -150.2k -150,235
78 SUSQUEHANNA ADVISORS GROUP, INC. 3.54% of their portfolio BALA CYNWYD, PA 850,000850.0k $89.0m $89.0m 3.54% New
79 Evergreen Quality Fund GP, Ltd. 2.53% of their portfolio GRAND CAYMAN, E9 781,800781.8k $81.8m $81.8m 2.53% New
80 Maple Rock Capital Partners Inc. 3.99% of their portfolio Toronto, A6 762,541762.5k $79.8m $79.8m 3.99% Added +180.1k +180,117
81 Mitsubishi UFJ Asset Management Co., Ltd. 0.06% of their portfolio TOKYO, M0 756,387756.4k $79.2m $79.2m 0.06% Added +48.2k +48,169
82 AMERICAN CENTURY COMPANIES INC 0.04% of their portfolio KANSAS CITY, MO 754,123754.1k $78.9m $78.9m 0.04% Added +150.9k +150,939
83 Green Court Capital Management Ltd 52.01% of their portfolio HONG KONG, K3 745,600745.6k $78.7m $78.7m 52.01% New
84 RENAISSANCE TECHNOLOGIES LLC 0.10% of their portfolio NEW YORK, NY 742,000742.0k $77.7m $77.7m 0.10% Added +152.1k +152,100
85 PEAK6 LLC 1.27% of their portfolio AUSTIN, TX 673,220673.2k $70.5m $70.5m 1.27% New
86 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 670,635670.6k $70.2m $70.2m 0.02% Added +70.3k +70,279
87 Russell Investments Group, Ltd. 0.09% of their portfolio Seattle, WA 665,745665.7k $69.7m $69.7m 0.09% Added +43.9k +43,916
88 LAZARD ASSET MANAGEMENT LLC 0.09% of their portfolio NEW YORK, NY 650,151650.2k $68.0m $68.0m 0.09% Reduced -78.8k -78,805
89 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 634,772634.8k $66.4m $66.4m 0.02% Reduced -176.2k -176,211
90 AVIVA PLC 0.13% of their portfolio LONDON, X0 618,819618.8k $64.8m $64.8m 0.13% Added +9.1k +9,121
91 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.12% of their portfolio CAUSEWAY BAY, K3 616,109616.1k $64.5m $64.5m 0.12% Reduced -41.8k -41,845
92 Pinpoint Asset Management (Singapore) Pte. Ltd. 11.50% of their portfolio SINGAPORE, U0 615,136615.1k $65.8m $65.8m 11.50% First filing
93 Polar Capital Holdings Plc 0.32% of their portfolio London, X0 574,820574.8k $60.2m $60.2m 0.32% Reduced -13.2k -13,164
94 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 564,144564.1k $59.0m $59.0m 0.02% Reduced -72.7k -72,670
95 Korea Investment CORP 0.13% of their portfolio SEOUL, M5 555,387555.4k $58.1m $58.1m 0.13% Reduced -9.1k -9,100
96 ROYAL LONDON ASSET MANAGEMENT LTD 0.13% of their portfolio UNITED KINGDOM, X0 553,972554.0k $58.0m $58.0m 0.13% Reduced -136.8k -136,800
97 Cederberg Capital Ltd 19.68% of their portfolio LONDON, X0 512,000512.0k $53.6m $53.6m 19.68% Reduced -16.7k -16,700
98 Carrhae Capital LLP 5.04% of their portfolio London, X0 503,595503.6k $52.7m $52.7m 5.04% Added +307.2k +307,158
99 Allianz Asset Management GmbH 0.07% of their portfolio MUNICH, 2M 503,503503.5k $52.7m $52.7m 0.07% Reduced -103.7k -103,665
100 Franchise Capital Ltd 27.40% of their portfolio GRAND CAYMAN, E9 502,050502.1k $52.5m $52.5m 27.40% Reduced -12.8k -12,770