PDD

PDD

PDD

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 24, 2025	Polen Capital – Emerging Markets Growth	12.6%	14.5%	8069 TT, BABA, DLO, PDD, TME, WIZZ LN	Compounding, earnings growth, emerging markets, Quality, secular growth	The letter emphasizes long-term secular growth in emerging markets driven by rising middle-class consumption, digital adoption, and high-quality companies gaining share in underpenetrated markets. Management argues that short-term macro volatility and geopolitics obscure durable earnings growth and return-on-capital advantages. The strategy focuses on a concentrated set of resilient compounders capable of sustaining above-average growth through cycles.	8069 TT PDD WIZZ LN DLO BABA TME	View
2024 Q1	Apr 19, 2024	Longriver Investment Partners	13.9%	13.9%	PDD, VTY LN	-			View
2023 Q1	Mar 31, 2023	Platinum Asia Fund	4.4%	4.4%	700 HK, PDD, SPALI TB	-			View
2024 Q4	Feb 8, 2024	Jackson Peak Capital	-	20.2%	COIN, NVDA. MU, PDD, TSLA	-			View
2023 Q4	Dec 31, 2023	Platinum International Fund	0.0%	4.2%	300750 CH, PDD, TM, TRU	-			View
2023 Q4	Dec 31, 2023	Platinum Asia Fund	-2.3%	-1.1%	000660 KS, INDIGO IN, PDD, TSM	-			View
2024 Q3	Oct 10, 2024	The Bristlemoon Global Fund	6.8%	7.4%	700 HK, APP, MAX, PDD	-			View
2025 Q4	Jan 15, 2026	Baillie Gifford – International Alpha	1.2%	19.6%	000333.SZ, 005930.KS, 0700.HK, 1299.HK, 1698.HK, 2318.HK, 2454.TW, 3064.T, 3656.T, 3690.HK, 3994.T, 4612.T, 600519.SS, 6098.T, 6273.T, 6758.T, 6861.T, 7309.T, 7733.T, 7974.T, 8035.T, 8113.T, 8729.T, ADYEN.AS, ASML, ATCO-A.ST, B3SA3.SA, BN.PA, BNTX, CFR.SW, CPA, CPNG, CRH, CSU.TO, DB1.DE, DEMANT.CO, DIM.PA, DSV.CO, DSY.L, EDEN.PA, EXPN.L, FBK.MI, G24.DE, GMKN.ME, HDB, ICICIGI.NS, IMCD.AS, KGP.L, KNEBV.HE, KSPI.L, LMN.TO, LUN.TO, MC.PA, MELI, MIPS.ST, MNDY, NEX.PA, NVO, NVZMY, PDD, RAT.DE, RIO, ROG.SW, RYA.L, SALM.OL, SAP, SDZ.SW, SE, SEB-A.ST, SHOP.TO, SIMO, SJ.TO, SPOT, TFII, TOI.TO, TPRO.MI, TSM, U11.SI, UL	E-Commerce, growth, international, Quality, semiconductors, technology, value	Samsung Electronics passed qualification with Nvidia for HBM3E chips and is in advanced discussions for next-generation products. The memory division reported record third-quarter sales driven by AI demand. Tokyo Electron was added as a new position, benefiting from increasing semiconductor complexity across various end markets. MercadoLibre faced share price volatility reflecting a tug-of-war between accelerating revenue growth and concerns over short-term margin pressure from defending market share in Brazil. Despite disappointing performance, the manager sees substantial growth runway and disciplined long-term management. DSV shares rebounded after geopolitical pressure on global trade. Third-quarter results exceeded expectations with margin improvement and upgraded guidance on DB Schenker acquisition synergies. Management accelerated integration timeline with most savings expected within two years. Lundin Mining was added as a new position, described as a high-quality copper-focused miner with low-cost assets and strong production growth potential. The manager sees an improving demand-supply balance in copper with current valuation not accounting for company quality.	2454 TT SALM NO 8035 JP LUN CN DSV 005930 KS TME	View
2025 Q4	Jan 15, 2026	Baillie Gifford -International Concentrated Growth	-6.7%	16.7%	0700.HK, 1211.HK, 1810.HK, 2413.T, 3690.HK, ADYEN.AS, ASML, ATCO-A.ST, BABA, BNTX, CPNG, DHER.DE, KER.PA, KINV-B.ST, MELI, MRNA, NU, NVDA, NVO, OCDO.L, OR.PA, PDD, RACE, RMS.PA, SAP, SE, SHOP, SPOT, TSLA, TSM, WISE.L	AI, concentrated, E-Commerce, growth, international, semiconductors, technology	Artificial intelligence continues to drive rapid operational progress across portfolio companies, with TSMC benefiting from AI-led demand and advanced nodes accounting for 74% of wafer revenue. ASML sees increasing lithography intensity driven by artificial intelligence. The managers view compute and generative AI as accelerating across industries as a key structural change driving economies over the next decade. E-commerce continues to reshape retail through greater convenience and lower costs, with portfolio companies like MercadoLibre, Shopify, and Sea Limited representing dominant positions in their respective markets. Despite near-term margin pressures from investments in logistics and fulfillment, the managers remain confident in the long-term digitization trend and competitive positioning of these platforms. The semiconductor sector shows strong momentum with TSMC reporting over 40% year-on-year revenue growth and ASML seeing substantial EUV demand with expectations for 15% sales growth in 2025. The managers emphasize the irreplaceable technology leadership and competitive moats of these companies as compute intensity rises globally. Digital media consumption continues progressing with Spotify demonstrating strong operating leverage, reaching 713 million users and 281 million subscribers while expanding operating margins to mid-teens levels. The platform's ecosystem depth and innovation strengthen its competitive position as media digitization advances.		View
2025 Q4	Jan 14, 2026	Longriver Investment Partners	5.8%	17.8%	0700.HK, 3639.HK, 9435.T, ALAB.L, AMD, AMZN, CSU.TO, FUTU, GAW.L, META, NVDA, PDD, RELY, STRP, TCOM, TSM, WISE.L	Asia, Concentration, gaming, global, long-term, payments, semiconductors, value	Wise represents the most asymmetric investment in the portfolio, taking market share from legacy correspondent banking through cheaper, faster, and more transparent infrastructure. The company is evolving from a remittance app into a global financial services platform with three reinforcing routes to market: Consumer, Business and Platform. TSMC was highlighted as both a top contributor in 2025 and the largest positive contribution since inception at ~16ppt of gross returns. The company exemplifies the fund's approach of finding businesses that can reinvest well over the long term. Games Workshop was identified as a largest contributor in 2025 and also contributed meaningfully in 2024, demonstrating that patience pays when a business is delivering consistent results over multiple years.	WISE LN	View
2024 Q3	Sep 30, 2024	Baron Emerging Markets Fund	9.0%	16.2%	000660 KS, 005930 KS, 095340, 207940 KS, 300750 CH, 8069 TT, MPNGY, PDD, TRENT IN	-			View
2024 Q2	Aug 27, 2024	Hayden Capital	13.9%	37.6%	AMZN, APP, PDD	-			View
2023 Q2	Aug 25, 2023	Hayden Capital	13.9%	37.6%	EDU, META, PDD, SE, TCEHY	-			View
2024 Q2	Jul 30, 2024	Meditation Capital	-	-	CABP LN, PDD, WISE LN	-			View
2024 Q2	Jul 16, 2024	Tidefall Capital Management	2.4%	6.9%	PDD	-			View
2023 Q1	May 25, 2023	Hayden Capital	13.9%	37.6%	CVNA, PDD	-			View
2023 Q4	Mar 2, 2024	GreenWood Investors	0.0%	16.6%	BOL FP, CTT SS, LDO IM, MEIP, NXE, PDD, RTO	-			View
2022 Q4	Feb 24, 2023	Hayden Capital	13.9%	37.6%	PDD	-			View
2023 Q4	Jan 27, 2024	Baron Emerging Markets Fund	9.0%	16.2%	005930 KS, KAYNES IN, PDD, TRENT IN, TSM, YUMC	-			View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Feb 18, 2026	Substack	Uzo Capital	Pinduoduo	E-commerce	Online Retail	Bull	NASDAQ Stock Market	AI, buybacks, e-commerce, Financial disclosures, geopolitical risks, international expansion, Pinduoduo, profitability, spin-off, undervaluation	View Pitch
Jan 22, 2026	Twitter / X	@TechFundies	PDD Holdings Inc.	Consumer Discretionary	Broadline Retail	Bear	NASDAQ	Chinese, Logistics, marketplace, Maybe, Merchant, Merchants, Payments, Pdd	View Pitch
Jan 8, 2026	Fund Letters	Damian Bird	PDD Holdings Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	China, discount, ecommerce, Temu, valuation	View Pitch
Sep 16, 2025	Short Thesis	Grizzly research	PDD Holdings Inc	Consumer Discretionary	Internet & Direct Marketing Retail	Bear	NASDAQ	e-commerce, Margins, Regulation, Subsidies, Temu	View Pitch

BSD Shareholders of PDD

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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