# Pinpoint Asset Management Ltd

> Institutional holdings reported to the SEC as of Q1 2025 on Form 13F. CIK 1803237. Source: https://holderbook.com/funds/1803237-pinpoint-asset-management-ltd/

- Reported value: $576.2M
- Positions: 88
- Weight of the ten largest: 76.4%
- Filed: 2025-05-12

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 |
|---|---|---|---|---|---|
| FULL TRUCK ALLIANCE CO LTD | [YMM](https://holderbook.com/stocks/YMM/) | $98.8M | 7,735,913 | 17.1% | 13 |
| PDD HOLDINGS INC | [PDD](https://holderbook.com/stocks/PDD/) | $76.1M | 610,585 | 13.2% | 13 |
| ISHARES BITCOIN TRUST ETF | [IBIT](https://holderbook.com/stocks/IBIT/) | $69.4M | 1,483,578 | 12.1% | 5 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $47.5M | 183,110 | 8.2% | 7 |
| KE HLDGS INC | [BEKE](https://holderbook.com/stocks/BEKE/) | $41.3M | 2,055,195 | 7.2% | 7 |
| TAL ED GROUP | [TAL](https://holderbook.com/stocks/TAL/) | $32.9M | 2,491,129 | 5.7% | 5 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $28.2M | 213,115 | 4.9% | 1 |
| CANADIAN SOLAR INC | - | $19.5M | 20,000,000 | 3.4% | 1 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $14.9M | 51,590 | 2.6% | 1 |
| ZTO EXPRESS CAYMAN INC | - | $11.9M | 11,830,000 | 2.1% | 2 |
| ICICI BANK LIMITED | [IBN](https://holderbook.com/stocks/IBN/) | $11.3M | 357,350 | 2.0% | 6 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $11.2M | 168,667 | 1.9% | 5 |
| H WORLD GROUP LTD | - | $11.2M | 10,000,000 | 1.9% | 2 |
| PDD HOLDINGS INC | - | $9.5M | 9,500,000 | 1.6% | 2 |
| WEIBO CORP | - | $9.2M | 8,400,000 | 1.6% | 1 |
| VNET GROUP INC | [VNET](https://holderbook.com/stocks/VNET/) | $5.9M | 724,348 | 1.0% | 1 |
| LUMENTUM HLDGS INC | - | $5.3M | 5,750,000 | 0.9% | 1 |
| DR REDDYS LABS LTD | [RDY](https://holderbook.com/stocks/RDY/) | $5.0M | 380,625 | 0.9% | 3 |
| DOCUSIGN INC | [DOCU](https://holderbook.com/stocks/DOCU/) | $4.6M | 56,985 | 0.8% | 2 |
| COINBASE GLOBAL INC | - | $4.6M | 5,000,000 | 0.8% | 1 |
| COINBASE GLOBAL INC | - | $4.4M | 4,500,000 | 0.8% | 1 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $4.3M | 1,647 | 0.7% | 4 |
| LI AUTO INC | [LI](https://holderbook.com/stocks/LI/) | $3.6M | 98,418 | 0.6% | 6 |
| CHINA YUCHAI INTL LTD | [CYD](https://holderbook.com/stocks/CYD/) | $3.4M | 199,056 | 0.6% | 1 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $3.3M | 33,170 | 0.6% | 5 |
| AMER SPORTS INC | [AS](https://holderbook.com/stocks/AS/) | $3.1M | 114,940 | 0.5% | 5 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $3.0M | 13,500 | 0.5% | 4 |
| ACM RESH INC | [ACMR](https://holderbook.com/stocks/ACMR/) | $2.9M | 122,428 | 0.5% | 5 |
| SANDISK CORP | [SNDK](https://holderbook.com/stocks/SNDK/) | $2.6M | 55,175 | 0.5% | 1 |
| TERADYNE INC | [TER](https://holderbook.com/stocks/TER/) | $2.3M | 27,330 | 0.4% | 2 |
| TOTALENERGIES SE | [TTE](https://holderbook.com/stocks/TTE/) | $2.0M | 30,885 | 0.3% | 5 |
| VERTEX PHARMACEUTICALS INC | [VRTX](https://holderbook.com/stocks/VRTX/) | $1.7M | 3,532 | 0.3% | 5 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $1.6M | 2,733 | 0.3% | 1 |
| ANALOG DEVICES INC | [ADI](https://holderbook.com/stocks/ADI/) | $1.5M | 7,200 | 0.3% | 1 |
| HESAI GROUP | [HSAI](https://holderbook.com/stocks/HSAI/) | $1.4M | 97,493 | 0.3% | 9 |
| INTEL CORP | [INTC](https://holderbook.com/stocks/INTC/) | $1.4M | 58,740 | 0.2% | 1 |
| LAM RESEARCH CORP | [LRCX](https://holderbook.com/stocks/LRCX/) | $1.3M | 18,084 | 0.2% | 1 |
| ATOUR LIFESTYLE HLDGS LTD | [ATAT](https://holderbook.com/stocks/ATAT/) | $1.3M | 30,280 | 0.2% | 1 |
| CELESTICA INC | [CLS](https://holderbook.com/stocks/CLS/) | $1.3M | 15,946 | 0.2% | 4 |
| FUTU HLDGS LTD | [FUTU](https://holderbook.com/stocks/FUTU/) | $1.1M | 11,133 | 0.2% | 7 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $1.1M | 2,692 | 0.2% | 5 |
| KT CORP | [KT](https://holderbook.com/stocks/KT/) | $910.6K | 51,420 | 0.2% | 2 |
| GAOTU TECHEDU INC | [GOTU](https://holderbook.com/stocks/GOTU/) | $891.5K | 274,310 | 0.2% | 1 |
| GAMESTOP CORP | [GME](https://holderbook.com/stocks/GME/) | $708.7K | 31,754 | 0.1% | 3 |
| SIGMA LITHIUM CORPORATION | [SGML](https://holderbook.com/stocks/SGML/) | $686.7K | 66,029 | 0.1% | 2 |
| ERO COPPER CORP | [ERO](https://holderbook.com/stocks/ERO/) | $630.3K | 52,004 | 0.1% | 5 |
| NOAH HLDGS LTD | [NOAH](https://holderbook.com/stocks/NOAH/) | $604.1K | 63,929 | 0.1% | 7 |
| VIKING HOLDINGS LTD | [VIK](https://holderbook.com/stocks/VIK/) | $596.0K | 14,993 | 0.1% | 1 |
| CLEVELAND-CLIFFS INC NEW | [CLF](https://holderbook.com/stocks/CLF/) | $571.1K | 69,483 | 0.1% | 2 |
| SOUTHERN COPPER CORP | [SCCO](https://holderbook.com/stocks/SCCO/) | $563.8K | 6,032 | 0.1% | 1 |
| CAPRI HOLDINGS LIMITED | [CPRI](https://holderbook.com/stocks/CPRI/) | $530.4K | 26,881 | 0.1% | 1 |
| MELCO RESORTS AND ENTMNT LTD | [MLCO](https://holderbook.com/stocks/MLCO/) | $504.6K | 95,758 | 0.1% | 5 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $486.4K | 12,846 | 0.1% | 2 |
| BIRKENSTOCK HOLDING PLC | [BIRK](https://holderbook.com/stocks/BIRK/) | $302.1K | 6,589 | 0.1% | 1 |
| GAP INC | [GAP](https://holderbook.com/stocks/GAP/) | $298.4K | 14,478 | 0.1% | 1 |
| SHARKNINJA INC | [SN](https://holderbook.com/stocks/SN/) | $284.7K | 3,413 | 0.0% | 4 |
| SUPER HI INTL HLDG LTD | [HDL](https://holderbook.com/stocks/HDL/) | $186.1K | 8,030 | 0.0% | 4 |
| RLX TECHNOLOGY INC | [RLX](https://holderbook.com/stocks/RLX/) | $93.7K | 49,850 | 0.0% | 6 |
| INSTIL BIO INC | [TIL](https://holderbook.com/stocks/TIL/) | $88.4K | 5,094 | 0.0% | 1 |
| HELLO GROUP INC | - | $81.1K | 80,000 | 0.0% | 2 |
| SEA LTD | - | $81.0K | 55,000 | 0.0% | 2 |
| DELL TECHNOLOGIES INC | [DELL](https://holderbook.com/stocks/DELL/) | $76.1K | 835 | 0.0% | 2 |
| GE VERNOVA INC | [GEV](https://holderbook.com/stocks/GEV/) | $33.3K | 109 | 0.0% | 2 |
| HOWMET AEROSPACE INC | [HWM](https://holderbook.com/stocks/HWM/) | $30.7K | 237 | 0.0% | 2 |
| PHILLIPS 66 | [PSX](https://holderbook.com/stocks/PSX/) | $29.4K | 238 | 0.0% | 1 |
| YATSEN HLDG LTD | [YSG](https://holderbook.com/stocks/YSG/) | $23.3K | 4,834 | 0.0% | 1 |
| SEAGATE TECHNOLOGY HLDNGS PL | [STX](https://holderbook.com/stocks/STX/) | $22.8K | 268 | 0.0% | 1 |
| GDS HLDGS LTD | [GDS](https://holderbook.com/stocks/GDS/) | $20.2K | 96 | 0.0% | 1 |
| CENTURY ALUM CO | [CENX](https://holderbook.com/stocks/CENX/) | $19.0K | 1,026 | 0.0% | 1 |
| NUCOR CORP | [NUE](https://holderbook.com/stocks/NUE/) | $18.3K | 152 | 0.0% | 1 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $16.0K | 0 | 0.0% | 3 |
| GE AEROSPACE | [GE](https://holderbook.com/stocks/GE/) | $15.2K | 76 | 0.0% | 1 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $14.7K | 86 | 0.0% | 2 |
| ALPHA & OMEGA SEMICONDUCTOR | [AOSL](https://holderbook.com/stocks/AOSL/) | $13.2K | 529 | 0.0% | 2 |
| CREDO TECHNOLOGY GROUP HOLDI | [CRDO](https://holderbook.com/stocks/CRDO/) | $10.8K | 269 | 0.0% | 2 |
| QORVO INC | [QRVO](https://holderbook.com/stocks/QRVO/) | $5.7K | 79 | 0.0% | 2 |
| APPLIED OPTOELECTRONICS INC | [AAOI](https://holderbook.com/stocks/AAOI/) | $5.4K | 354 | 0.0% | 3 |
| BOEING CO | [BA](https://holderbook.com/stocks/BA/) | $2.0K | 0 | 0.0% | 2 |
| QUALCOMM INC | [QCOM](https://holderbook.com/stocks/QCOM/) | $154 | 1 | 0.0% | 1 |
| APPLIED MATLS INC | [AMAT](https://holderbook.com/stocks/AMAT/) | $145 | 1 | 0.0% | 1 |
| MACOM TECH SOLUTIONS HLDGS I | [MTSI](https://holderbook.com/stocks/MTSI/) | $100 | 1 | 0.0% | 5 |
| RAMBUS INC DEL | [RMBS](https://holderbook.com/stocks/RMBS/) | $52 | 1 | 0.0% | 3 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $40 | 1 | 0.0% | 1 |
| KULICKE & SOFFA INDS INC | [KLIC](https://holderbook.com/stocks/KLIC/) | $33 | 1 | 0.0% | 3 |
| NAVITAS SEMICONDUCTOR CORP | [NVTS](https://holderbook.com/stocks/NVTS/) | $23 | 11 | 0.0% | 2 |
| IONQ INC | [IONQ](https://holderbook.com/stocks/IONQ/) | $22 | 1 | 0.0% | 2 |
| HIMAX TECHNOLOGIES INC | [HIMX](https://holderbook.com/stocks/HIMX/) | $7 | 1 | 0.0% | 1 |
| AXT INC | [AXTI](https://holderbook.com/stocks/AXTI/) | $1 | 1 | 0.0% | 3 |

## 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 |
|---|---|---|---|---|
| Q1 2025 | -3.4% | -4.6% | +1.2% | 88% |
| Q4 2024 | +2.9% | +2.1% | +0.7% | 98% |
| Q3 2024 | +6.6% | +5.4% | +1.2% | 83% |
| Q2 2024 | +5.8% | +4.0% | +1.7% | 81% |
| Q1 2024 | -3.9% | +10.0% | -13.9% | 77% |
| Q4 2023 | +10.9% | +11.2% | -0.3% | 74% |
| Q2 2023 | -6.1% | +8.3% | -14.3% | 65% |
| Q1 2023 | +4.4% | +7.0% | -2.7% | 64% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q1 2025 | $576.2M | 88 |
| Q4 2024 | $564.2M | 94 |
| Q3 2024 | $466.0M | 90 |
| Q2 2024 | $709.7M | 105 |
| Q1 2024 | $623.0M | 106 |
| Q4 2023 | $451.9M | 73 |
| Q3 2023 | $427.1M | 59 |
| Q2 2023 | $178.8B | 50 |
| Q1 2023 | $373.4M | 73 |
| Q4 2022 | $416.1M | 37 |
| Q3 2022 | $301.8M | 34 |
| Q2 2022 | $251.6M | 32 |