Vault-13

PDD HOLDINGS INC PDD

SPONSORED ADS · ADR · CUSIP 722304102 · ISIN US7223041028

575 institutional holders +15 vs Q3 2025
441,033,471441.0m shares reported held*
$50.0bnreported value*
70 new 232 added 172 reduced 72 sold out net bought ≈ $2.1bn (+18.6m 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 ($242.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $113.27. Options: 48 managers hold calls ($5.2bn notional), 49 hold puts ($6.2bn).

Trends to Q4 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: 539Q3 25: 560Q4 25: 575575Q3 22Q2 23Q1 24Q4 24Q4 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
Q3 2025560
Q4 2025575

Buyers vs sellers

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

Bought or addedCut or sold out
5000500Q1 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 25Q3 25: 305 bought or addedQ3 25: 241 cut or sold outQ4 25: 302 bought or addedQ4 25: 244 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 2024320299
Q2 2024426238
Q3 2024324362
Q4 2024273341
Q1 2025315281
Q2 2025271315
Q3 2025305241
Q4 2025302244

Calls vs puts

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

CallsPuts
$0$5bn$10bn$15bnQ1 25 calls: $7.0bnQ1 25 puts: $5.5bnQ1 25P/C 0.78Q2 25 calls: $5.0bnQ2 25 puts: $5.7bnQ2 25P/C 1.14Q3 25 calls: $10.7bnQ3 25 puts: $9.6bnQ3 25P/C 0.90Q4 25 calls: $5.2bnQ4 25 puts: $6.2bnQ4 25P/C 1.19
Numbers
QuarterCallsPutsP/C
Q1 2025$7.0bn$5.5bn0.78
Q2 2025$5.0bn$5.7bn1.14
Q3 2025$10.7bn$9.6bn0.90
Q4 2025$5.2bn$6.2bn1.19

Biggest buyers

Invesco Ltd. Added +15,887,349+15.9m
Assenagon Asset Management S.A. Added +5,070,827+5.1m
Dodge & Cox New +4,439,800+4.4m
BlackRock, Inc. Added +3,308,901+3.3m
H&H International Investment, LLC Added +2,962,500+3.0m
SG Americas Securities, LLC Added +2,936,676+2.9m
SCHRODER INVESTMENT MANAGEMENT GROUP Added +2,757,844+2.8m
MARSHALL WACE, LLP Added +2,158,500+2.2m
HHLR ADVISORS, LTD. Added +2,128,800+2.1m
UBS Group AG Added +1,682,746+1.7m

Biggest sellers

JPMORGAN CHASE & CO Reduced -6,094,916-6.1m
Orbis Allan Gray Ltd Reduced -5,774,012-5.8m
JANE STREET GROUP, LLC Reduced -4,620,563-4.6m
FMR LLC Reduced -2,721,955-2.7m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -2,572,633-2.6m
PRICE T ROWE ASSOCIATES INC /MD/ Reduced -2,107,418-2.1m
SRS Investment Management, LLC Reduced -1,637,535-1.6m
Altimeter Capital Management, LP Sold out -1,371,680-1.4m
GOLDMAN SACHS GROUP INC Reduced -1,224,528-1.2m
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Reduced -1,182,356-1.2m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $850.1m7.5m shares
JANE STREET GROUP, LLC Reduced $671.8m5.9m shares
CITADEL ADVISORS LLC Reduced $529.1m4.7m shares
IMC-Chicago, LLC Reduced $400.4m3.5m shares
UBS Group AG Added $310.7m2.7m shares
D. E. Shaw & Co., Inc. Reduced $250.3m2.2m shares
SIMPLEX TRADING, LLC Added $241.5m2.1m shares
GROUP ONE TRADING LLC Added $235.4m2.1m shares
Walleye Trading LLC Reduced $214.7m1.9m shares
Brevan Howard Capital Management LP Reduced $183.2m101.0k shares

Biggest puts

JANE STREET GROUP, LLC Reduced $934.7m8.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $871.5m7.7m shares
Walleye Trading LLC Reduced $389.2m3.4m shares
GOLDMAN SACHS GROUP INC Added $387.1m3.4m shares
CITADEL ADVISORS LLC Reduced $378.4m3.3m shares
IMC-Chicago, LLC Added $342.0m3.0m shares
PEAK6 LLC Added $333.5m2.9m shares
UBS Group AG Added $322.4m2.8m shares
Centiva Capital, LP Added $251.3m2.2m shares
D. E. Shaw & Co., Inc. Reduced $190.2m1.7m 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 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

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.08% of their portfolio New York, NY 39,152,15239.2m $4.4bn $4.4bn 0.08% Added +3.3m +3,308,901
2 VANGUARD GROUP INC 0.05% of their portfolio Valley Forge, PA 32,810,63032.8m $3.7bn $3.7bn 0.05% Added +425.9k +425,908
3 BAILLIE GIFFORD & CO 2.92% of their portfolio EDINBURGH, X0 31,032,32331.0m $3.5bn $3.5bn 2.92% Reduced -766.7k -766,680
4 Invesco Ltd. 0.23% of their portfolio ATLANTA, GA 21,165,37521.2m $2.4bn $2.4bn 0.23% Added +15.9m +15,887,349
5 FMR LLC 0.08% of their portfolio BOSTON, MA 14,597,75814.6m $1.7bn $1.7bn 0.08% Reduced -2.7m -2,721,955
6 STATE STREET CORP 0.05% of their portfolio BOSTON, MA 12,257,36012.3m $1.4bn $1.4bn 0.05% Added +153.9k +153,878
7 H&H International Investment, LLC 7.48% of their portfolio PALO ALTO, CA 11,536,69411.5m $1.3bn $1.3bn 7.48% Added +3.0m +2,962,500
8 HSG Holding Ltd 63.61% of their portfolio NA, K3 11,348,42611.3m $1.2bn $1.2bn 63.61% Unchanged
9 HHLR ADVISORS, LTD. 39.17% of their portfolio GRAND CAYMAN, E9 10,721,40010.7m $1.2bn $1.2bn 39.17% Added +2.1m +2,128,800
10 NORGES BANK 0.11% of their portfolio OSLO, Q8 9,396,2929.4m $1.1bn $1.1bn 0.11% Not comparable
11 HSBC HOLDINGS PLC 0.30% of their portfolio LONDON, X0 9,338,7049.3m $1.1bn $1.1bn 0.30% Added +931.0k +931,046
12 SC US (TTGP), LTD. 7.16% of their portfolio Menlo Park, CA 8,841,5768.8m $1.0bn $1.0bn 7.16% Unchanged
13 GOLDMAN SACHS GROUP INC 0.14% of their portfolio NEW YORK, NY 8,826,7518.8m $1.0bn $1.0bn 0.14% Reduced -1.2m -1,224,528
14 Sanders Capital, LLC 1.06% of their portfolio West Palm Beach, FL 8,112,3278.1m $919.9m $919.9m 1.06% Reduced -21.0k -20,963
15 First Beijing Investment Ltd 30.33% of their portfolio HONG KONG, K3 6,782,9556.8m $769.1m $769.1m 30.33% Added +614.2k +614,234
16 GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio BOSTON, MA 6,759,7806.8m $761.7m $761.7m 0.05% Added +359.9k +359,921
17 Assenagon Asset Management S.A. 1.15% of their portfolio SENNINGERBERG, N4 6,728,9096.7m $763.0m $763.0m 1.15% Added +5.1m +5,070,827
18 FIL Ltd 0.55% of their portfolio HAMILTON, D0 6,516,0426.5m $738.9m $738.9m 0.55% Reduced -696.3k -696,268
19 Krane Funds Advisors LLC 23.54% of their portfolio NEW YORK, NY 6,397,9606.4m $725.5m $725.5m 23.54% Added +258.9k +258,888
20 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 5,948,8465.9m $674.5m $674.5m 0.04% Reduced -1.1m -1,147,316
21 BNP PARIBAS FINANCIAL MARKETS 0.37% of their portfolio PARIS, I0 5,146,5735.1m $583.6m $583.6m 0.37% Added +103.8k +103,810
22 JPMORGAN CHASE & CO 0.04% of their portfolio NEW YORK, NY 5,068,7385.1m $574.7m $574.7m 0.04% Reduced -6.1m -6,094,916
23 Capital International Investors 0.08% of their portfolio Los Angeles, CA 4,698,6554.7m $532.8m $532.8m 0.08% Added +807.3k +807,336
24 Temasek Holdings (Private) Ltd 1.71% of their portfolio SINGAPORE, U0 4,682,8944.7m $531.0m $531.0m 1.71% Added +334.6k +334,647
25 Himalaya Capital Management LLC 14.64% of their portfolio SEATTLE, WA 4,608,0004.6m $522.5m $522.5m 14.64% Unchanged
26 MARSHALL WACE, LLP 0.49% of their portfolio LONDON, X0 4,512,6644.5m $511.7m $511.7m 0.49% Added +2.2m +2,158,500
27 Dodge & Cox 0.27% of their portfolio San Francisco, CA 4,439,8004.4m $503.4m $503.4m 0.27% New
28 UBS Group AG 0.09% of their portfolio ZURICH, V8 4,148,1904.1m $470.4m $470.4m 0.09% Added +1.7m +1,682,746
29 Legal & General Group Plc 0.10% of their portfolio London, X0 4,147,4644.1m $470.3m $470.3m 0.10% Reduced -378.0k -378,036
30 SCHRODER INVESTMENT MANAGEMENT GROUP 0.36% of their portfolio London, X0 4,137,8574.1m $469.2m $469.2m 0.36% Added +2.8m +2,757,844
31 Greenwoods Asset Management Hong Kong Ltd. 11.12% of their portfolio HONG KONG, K3 3,968,2704.0m $450.0m $450.0m 11.12% Added +611.3k +611,306
32 NetEase, Inc. 93.24% of their portfolio KOWLOON, HONG KONG, F4 3,555,4883.6m $403.2m $403.2m 93.24% Unchanged
33 DIMENSIONAL FUND ADVISORS LP 0.08% of their portfolio AUSTIN, TX 3,484,6923.5m $395.1m $395.1m 0.08% Added +57.8k +57,813
34 PRICE T ROWE ASSOCIATES INC /MD/ 0.04% of their portfolio BALTIMORE, MD 3,262,9543.3m $370.0m $370.0m 0.04% Reduced -2.1m -2,107,418
35 SG Americas Securities, LLC 0.48% of their portfolio NEW YORK, NY 3,238,1263.2m $367.2m $367.2m 0.48% Added +2.9m +2,936,676
36 NORTHERN TRUST CORP 0.05% of their portfolio CHICAGO, IL 3,189,5993.2m $361.7m $361.7m 0.05% Reduced -23.7k -23,743
37 Mitsubishi UFJ Trust & Banking Corp 0.85% of their portfolio TOKYO, M0 3,167,8103.2m $359.2m $359.2m 0.85% Added +644.5k +644,544
38 Aspex Management (HK) Ltd 7.16% of their portfolio CENTRAL, K3 3,109,5253.1m $352.6m $352.6m 7.16% Reduced -62.8k -62,808
39 BANK OF AMERICA CORP /DE/ 0.03% of their portfolio CHARLOTTE, NC 3,057,7443.1m $346.7m $346.7m 0.03% Added +320.1k +320,102
40 DEUTSCHE BANK AG\ 0.10% of their portfolio FRANKFURT AM MAIN, 2M 2,776,0772.8m $314.8m $314.8m 0.10% Added +72.7k +72,731
41 BARCLAYS PLC 0.12% of their portfolio LONDON, X0 2,660,1152.7m $301.6m $301.6m 0.12% Added +974.4k +974,416
42 Triata Capital Ltd 35.15% of their portfolio HONG KONG, K3 2,557,7002.6m $290.0m $290.0m 35.15% Added +13.2k +13,222
43 Perseverance Asset Management International 32.60% of their portfolio GEORGE TOWN, E9 1,962,0922.0m $222.5m $222.5m 32.60% Added +628.9k +628,857
44 Dragoneer Investment Group, LLC 4.54% of their portfolio SAN FRANCISCO, CA 1,835,4281.8m $208.1m $208.1m 4.54% Unchanged
45 Robeco Institutional Asset Management B.V. 0.29% of their portfolio ROTTERDAM, P7 1,785,9361.8m $202.5m $202.5m 0.29% Added +173.1k +173,068
46 APPALOOSA LP 2.94% of their portfolio Short Hills, NJ 1,775,0001.8m $201.3m $201.3m 2.94% Reduced -25.0k -25,000
47 PRUDENTIAL PLC 1.59% of their portfolio LONDON, X0 1,751,0951.8m $198.6m $198.6m 1.59% Added +194.2k +194,192
48 IDG China Venture Capital Fund IV Associates L.P. 84.94% of their portfolio HONG KONG, K3 1,749,0291.7m $198.3m $198.3m 84.94% Reduced -249.0k -248,967
49 Nuveen, LLC 0.05% of their portfolio CHARLOTTE, NC 1,687,4031.7m $191.3m $191.3m 0.05% Reduced -63.5k -63,500
50 Sumitomo Mitsui Trust Group, Inc. 0.11% of their portfolio CHIYODA-KU, TOKYO, M0 1,682,1941.7m $190.7m $190.7m 0.11% Reduced -37.3k -37,341
51 Capital Today Evergreen Fund, L.P. 85.65% of their portfolio Grand Cayman, E9 1,634,0771.6m $185.3m $185.3m 85.65% Reduced -859.5k -859,509
52 Swiss National Bank 0.10% of their portfolio ZURICH, V8 1,552,6441.6m $176.1m $176.1m 0.10% Reduced -47.8k -47,800
53 CITIGROUP INC 0.12% of their portfolio NEW YORK, NY 1,543,8161.5m $175.1m $175.1m 0.12% Reduced -619.6k -619,567
54 Bank of New York Mellon Corp 0.03% of their portfolio NEW YORK, NY 1,488,0741.5m $168.7m $168.7m 0.03% Reduced -250.4k -250,404
55 NATIONAL BANK OF CANADA /FI/ 0.17% of their portfolio MONTREAL, A8 1,428,5931.4m $162.0m $162.0m 0.17% Added +822.9k +822,903
56 ACADIAN ASSET MANAGEMENT LLC 0.26% of their portfolio Boston, MA 1,411,5141.4m $160.0m $160.0m 0.26% Added +306.4k +306,443
57 Boundless Plain Holdings Ltd 46.82% of their portfolio HONG KONG, K3 1,294,7531.3m $146.8m $146.8m 46.82% First filing
58 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.05% of their portfolio Boston, MA 1,259,9121.3m $142.9m $142.9m 0.05% Added +15.3k +15,341
59 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio SAN FRANCISCO, CA 1,249,3131.2m $141.7m $141.7m 0.02% Added +56.1k +56,108
60 Pictet Asset Management Holding SA 0.14% of their portfolio CAROUGE, V8 1,231,8321.2m $139.7m $139.7m 0.14% Reduced -31.5k -31,512
61 AMERICAN CENTURY COMPANIES INC 0.07% of their portfolio KANSAS CITY, MO 1,222,6481.2m $138.6m $138.6m 0.07% Added +270.3k +270,346
62 California Public Employees Retirement System 0.08% of their portfolio Sacramento, CA 1,195,8221.2m $135.6m $135.6m 0.08% Added +1.6k +1,593
63 Orbis Allan Gray Ltd 0.56% of their portfolio HamiltoN, D0 1,168,3271.2m $132.5m $132.5m 0.56% Reduced -5.8m -5,774,012
64 FIRST TRUST ADVISORS LP 0.10% of their portfolio Wheaton, IL 1,158,9321.2m $131.4m $131.4m 0.10% Added +399.2k +399,195
65 Russell Investments Group, Ltd. 0.13% of their portfolio Seattle, WA 1,074,6351.1m $122.0m $122.0m 0.13% Added +248.8k +248,751
66 ProShare Advisors LLC 0.21% of their portfolio BETHESDA, MD 1,056,0041.1m $119.7m $119.7m 0.21% Added +309.9k +309,939
67 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.18% of their portfolio PHILADELPHIA, PA 1,049,8941.0m $119.0m $119.0m 0.18% First filing
68 GF FUND MANAGEMENT CO. LTD. 1.98% of their portfolio GUANGZHOU, F4 1,019,0691.0m $115.6m $115.6m 1.98% Added +226.0k +226,027
69 SRS Investment Management, LLC 1.21% of their portfolio New York, NY 1,016,8591.0m $115.3m $115.3m 1.21% Reduced -1.6m -1,637,535
70 Aberdeen Group plc 0.18% of their portfolio EDINBURGH, X0 1,013,8781.0m $115.0m $115.0m 0.18% Reduced -214.3k -214,315
71 IvyRock Asset Management (HK) Ltd 59.30% of their portfolio SHEUNG WAN, K3 991,509991.5k $112.4m $112.4m 59.30% Reduced -43.7k -43,740
72 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 927,794927.8k $105.2m $105.2m 0.03% Reduced -65.9k -65,896
73 Walleye Trading LLC 1.62% of their portfolio NEW YORK, NY 885,812885.8k $100.4m $100.4m 1.62% New
74 PEAK6 LLC 1.35% of their portfolio AUSTIN, TX 870,084870.1k $98.7m $98.7m 1.35% Added +819.0k +819,030
75 Evergreen Quality Fund GP, Ltd. 1.93% of their portfolio GRAND CAYMAN, E9 863,016863.0k $97.9m $97.9m 1.93% Added +59.0k +58,962
76 Mitsubishi UFJ Asset Management Co., Ltd. 0.07% of their portfolio TOKYO, M0 860,912860.9k $99.7m $99.7m 0.07% Added +43.0k +42,973
77 Green Court Capital Management Ltd 38.25% of their portfolio HONG KONG, K3 856,958857.0k $99.5m $99.5m 38.25% Reduced -203.8k -203,842
78 Anatole Investment Management Ltd 15.83% of their portfolio CENTRAL, K3 837,433837.4k $95.0m $95.0m 15.83% New
79 WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio Boston, MA 810,863810.9k $91.9m $91.9m 0.02% Reduced -83.7k -83,688
80 FRANKLIN RESOURCES INC 0.02% of their portfolio San Mateo, CA 802,538802.5k $91.0m $91.0m 0.02% Added +121.2k +121,206
81 LAZARD ASSET MANAGEMENT LLC 0.15% of their portfolio NEW YORK, NY 784,898784.9k $89.0m $89.0m 0.15% Added +66.9k +66,942
82 Cederberg Capital Ltd 27.83% of their portfolio LONDON, X0 755,900755.9k $85.7m $85.7m 27.83% Unchanged
83 LMR Partners LLP 0.80% of their portfolio LONDON, X0 733,647733.6k $83.2m $83.2m 0.80% Added +616.6k +616,565
84 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.14% of their portfolio TORONTO, A6 710,731710.7k $80.6m $80.6m 0.14% Added +189.8k +189,755
85 ROYAL LONDON ASSET MANAGEMENT LTD 0.17% of their portfolio UNITED KINGDOM, X0 696,172696.2k $78.9m $78.9m 0.17% Added +7.8k +7,800
86 Allianz Asset Management GmbH 0.09% of their portfolio MUNICH, 2M 691,141691.1k $78.4m $78.4m 0.09% Added +148.3k +148,342
87 ROYAL BANK OF CANADA 0.01% of their portfolio TORONTO, A6 672,008672.0k $76.2m $76.2m 0.01% Reduced -213.8k -213,784
88 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.10% of their portfolio BALA CYNWYD, PA 666,594666.6k $75.6m $75.6m 0.10% Reduced -2.6m -2,572,633
89 BARINGS LLC 1.37% of their portfolio CHARLOTTE, NC 654,567654.6k $74.2m $74.2m 1.37% Added +115.6k +115,567
90 AVIVA PLC 0.12% of their portfolio LONDON, X0 641,018641.0k $72.7m $72.7m 0.12% Reduced -11.4k -11,431
91 Pinpoint Asset Management (Singapore) Pte. Ltd. 14.79% of their portfolio SINGAPORE, U0 625,807625.8k $71.0m $71.0m 14.79% Added +6.7k +6,694
92 True Light Capital Pte. Ltd. 30.82% of their portfolio SINGAPORE, U0 602,262602.3k $68.3m $68.3m 30.82% First filing
93 BRILLIANCE ASSET MANAGEMENT LTD 26.49% of their portfolio ADMIRALTY, HONG KONG, K3 595,174595.2k $67.5m $67.5m 26.49% New
94 Polar Capital Holdings Plc 0.30% of their portfolio London, X0 577,391577.4k $65.5m $65.5m 0.30% Added +21.5k +21,493
95 Fisher Asset Management, LLC 0.02% of their portfolio PLANO, TX 573,184573.2k $65.0m $65.0m 0.02% Reduced -2.8k -2,760
96 Allspring Global Investments Holdings, LLC 0.10% of their portfolio CHARLOTTE, NC 556,693556.7k $64.4m $64.4m 0.10% Added +545.1k +545,088
97 Korea Investment CORP 0.12% of their portfolio SEOUL, M5 554,687554.7k $62.9m $62.9m 0.12% Added +8.8k +8,800
98 CANADA LIFE ASSURANCE Co 0.11% of their portfolio WINNIPEG, A2 548,649548.6k $62.2m $62.2m 0.11% Reduced -360.0k -360,024
99 Man Group plc 0.12% of their portfolio LONDON, X0 533,660533.7k $60.5m $60.5m 0.12% Added +518.9k +518,879
100 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.09% of their portfolio CAUSEWAY BAY, K3 526,998527.0k $59.8m $59.8m 0.09% Reduced -35.4k -35,417