Alpine Investment Management Ltd In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Alpine Investment Management Ltd reported 9 stock positions worth $411.2 million . Its top holding was Full Truck Alliance -SPN ADR (YMM) at 34.0% of the portfolio, followed by PDD (PDD, 30.8% ) and Lumentum (LITE, 10.2% ). Compared with Q1 2026, it opened 3 new positions, sold out of 4 and added to 6. The biggest buy was PDD (PDD, shares +1661% ) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
Location HONG KONG, K3
CIK 0001964631
Portfolio Value $411.2M (Q2 2026) Holdings 9 stocks · $411.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 YMM Full Truck Alliance -SPN ADR 17,210,388 $139.7M Add +55.8% PDD PDD Holdings Inc. 1,661,600 $126.7M Add +1661.4% LITE Lumentum Holdings Inc. 48,745 $41.8M Add +5031.1% NVDA Nvidia Corp. 109,600 $21.9M Add +434.6% TME Tencent Music Entertainm-ADR 2,418,198 $20.2M New PDD HOLDINGS INC 2,500 $19.1M New LU Lufax Holding Ltd.-ADR 13,939,985 $18.4M Add +12.4% MOMO Hello Group Inc. -SPN ADR 2,466,700 $14.3M Add +957.6% QFIN Qfin Holdings Inc.-ADR 567,781 $9.0M New
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ BABA Alibaba Group Holding-SP ADR Sold out 0.00% −31.89 JOYY Joyy Inc.-ADR Sold out 0.00% −1.86 META Meta Platforms Inc. Class A Sold out 0.00% −1.78 MU Micron Technology Inc. Sold out 0.00% −1.26
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ PDD PDD Holdings Inc. Add +1661.4% 30.82% +26.14 LITE Lumentum Holdings Inc. Add +5031.1% 10.17% +9.85 TME Tencent Music Entertainm-ADR New 4.91% +4.91 PDD HOLDINGS INC New 4.64% +4.64 NVDA Nvidia Corp. Add +434.6% 5.33% +3.60 MOMO Hello Group Inc. -SPN ADR Add +957.6% 3.48% +2.83 QFIN Qfin Holdings Inc.-ADR New 2.18% +2.18 LU Lufax Holding Ltd.-ADR Add +12.4% 4.47% −6.79 YMM Full Truck Alliance -SPN ADR Add +55.8% 33.99% −10.56
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ PDD HOLDINGS INC call Sold out 7,500 $76.6Mbefore exit ALIBABA GROUP HLDG LTD put Sold out 5,250 $65.9Mbefore exit SANDISK CORP put Sold out 825 $52.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 9 $411.2M YMM, PDD, LITE, NVDA, TME Q1 2026 10 $205.9M YMM, BABA, LU, PDD, JOYY Q4 2025 7 $222.6M YMM, PDD, JOYY, NVDA, LU Q3 2025 4 $118.9M YMM, JOYY, LU, AGX Q2 2025 5 $209.0M PDD, YMM, JOYY, ZGN, DECK Q1 2025 5 $107.6M TSM, JOYY, ZGN, MOMO, WB Q4 2024 9 $156.2M PDD, TSM, MU, MOMO, CIEN Q3 2024 5 $150.7M ZTO, YMM, NXT, MOMO, MU Q2 2024 8 $260.3M PDD, BABA, EDU, MU, MOMO Q1 2024 12 $304.0M BABA, PDD, TSM, YMM, MOMO