# Yiheng Capital Management, L.P.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1447228. Source: https://holderbook.com/funds/1447228-yiheng-capital-management-l-p/

- Reported value: $291.3M
- Positions: 25
- Weight of the ten largest: 81.8%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| NOAH HLDGS LTD | [NOAH](https://holderbook.com/stocks/NOAH/) | $67.1M | 6,717,351 | 23.0% | 31 |
| JD.COM INC | [JD](https://holderbook.com/stocks/JD/) | $36.6M | 590,513 | 12.6% | 31 |
| BILIBILI INC | [BILI](https://holderbook.com/stocks/BILI/) | $36.0M | 1,489,815 | 12.4% | 31 |
| NEW ORIENTAL ED & TECHNOLOGY | [EDU](https://holderbook.com/stocks/EDU/) | $32.1M | 1,636 | 11.0% | 17 |
| H WORLD GROUP LTD | [HTHT](https://holderbook.com/stocks/HTHT/) | $13.5M | 323,371 | 4.6% | 31 |
| HINGE HEALTH INC | [HNGE](https://holderbook.com/stocks/HNGE/) | $13.0M | 156,190 | 4.5% | 2 |
| SILVACO GROUP INC | [SVCO](https://holderbook.com/stocks/SVCO/) | $12.5M | 906,381 | 4.3% | 6 |
| ATRENEW INC | [RERE](https://holderbook.com/stocks/RERE/) | $12.2M | 3,163,117 | 4.2% | 21 |
| BILL HOLDINGS INC | [BILL](https://holderbook.com/stocks/BILL/) | $8.1M | 222,820 | 2.8% | 2 |
| VIRIDIAN THERAPEUTICS INC | [VRDN](https://holderbook.com/stocks/VRDN/) | $7.4M | 400,464 | 2.5% | 16 |
| KYMERA THERAPEUTICS INC | [KYMR](https://holderbook.com/stocks/KYMR/) | $7.3M | 63,440 | 2.5% | 6 |
| TAL ED GROUP | [TAL](https://holderbook.com/stocks/TAL/) | $7.3M | 759,240 | 2.5% | 31 |
| JOYY INC | [JOYY](https://holderbook.com/stocks/JOYY/) | $5.6M | 85,583 | 1.9% | 2 |
| POWER SOLUTIONS INTL INC | [PSIX](https://holderbook.com/stocks/PSIX/) | $5.2M | 133,500 | 1.8% | 1 |
| PONY AI INC | [PONY](https://holderbook.com/stocks/PONY/) | $4.5M | 653,215 | 1.6% | 4 |
| BIOAGE LABS INC | [BIOA](https://holderbook.com/stocks/BIOA/) | $4.2M | 170,532 | 1.4% | 1 |
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $4.2M | 513,248 | 1.4% | 3 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $3.5M | 88,112 | 1.2% | 2 |
| YATSEN HLDG LTD | [YSG](https://holderbook.com/stocks/YSG/) | $3.0M | 946,193 | 1.0% | 7 |
| AGORA INC | [API](https://holderbook.com/stocks/API/) | $2.9M | 725,795 | 1.0% | 6 |
| DBV TECHNOLOGIES S A | [DBVT](https://holderbook.com/stocks/DBVT/) | $2.8M | 170,142 | 1.0% | 7 |
| ZEPP HEALTH CORPORATION | [ZEPP](https://holderbook.com/stocks/ZEPP/) | $1.1M | 220,501 | 0.4% | 2 |
| BEAM THERAPEUTICS INC | [BEAM](https://holderbook.com/stocks/BEAM/) | $725.0K | 21,126 | 0.2% | 18 |
| PASSAGE BIO INC | [PASG](https://holderbook.com/stocks/PASG/) | $420.2K | 86,097 | 0.1% | 3 |
| TUNIU CORP | - | $151.9K | 31,443 | 0.1% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +1.2% | +14.8% | -13.6% | 100% |
| Q1 2026 | -2.2% | -4.6% | +2.4% | 100% |
| Q4 2025 | -2.5% | +2.4% | -4.8% | 78% |
| Q3 2024 | +32.7% | +5.4% | +27.3% | 64% |
| Q3 2023 | -0.6% | -3.6% | +3.0% | 62% |
| Q4 2022 | +25.9% | +7.1% | +18.8% | 66% |
| Q3 2022 | -8.1% | -5.3% | -2.8% | 80% |
| Q2 2022 | +37.4% | -16.5% | +53.9% | 71% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $291.3M | 25 |
| Q1 2026 | $230.7M | 24 |
| Q4 2025 | $494.3M | 24 |
| Q3 2025 | $678.1M | 25 |
| Q2 2025 | $1.1B | 23 |
| Q1 2025 | $1.1B | 22 |
| Q4 2024 | $2.6B | 21 |
| Q3 2024 | $1.9B | 17 |
| Q2 2024 | $1.2B | 24 |
| Q1 2024 | $1.8B | 22 |
| Q4 2023 | $1.7B | 20 |
| Q3 2023 | $2.0B | 31 |