Alpine Investment Management Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Alpine Investment Management Ltd reported 5 stock positions worth $209.0 million. Its top holding was PDD (PDD) at 45.1% of the portfolio, followed by Full Truck Alliance -SPN ADR (YMM, 26.0%) and Joyy Inc.-ADR (JOYY, 22.3%). Compared with Q1 2025, it opened 3 new positions, sold out of 3 and reduced 2. The biggest buy was a new position in PDD (PDD) and the biggest sale an exit from Taiwan Semiconductor-SP ADR (TSM).
- Most Recent 13F
- Q2 2026
- Location
- HONG KONG, K3
- CIK
- 0001964631
- Portfolio Value
- $209.0M (Q2 2025)
- SEC Filing
- 0001964631-25-000006 ↗ filed Aug 13, 2025
Holdings Value
Holdings 5 stocks · $209.0M
| PDD PDD Holdings Inc. | 45.07% | 900,000 | $94.2M | New |
| YMM Full Truck Alliance -SPN ADR | 25.98% | 4,598,038 | $54.3M | New |
| JOYY Joyy Inc.-ADR | 22.27% | 914,153 | $46.5M | Reduce -8.6% |
| ZGN Ermenegildo Zegna NV | 3.48% | 850,000 | $7.3M | Reduce -38.2% |
| DECK Deckers Outdoor Corp. | 3.21% | 65,000 | $6.7M | New |
Options reported separately and not counted above: MICRON TECHNOLOGY INC calls ($61.6M), PDD HOLDINGS INC calls ($35.1M), ENPHASE ENERGY INC puts ($25.8M).
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
Options Activity Q1 2025 → Q2 2025
| TAIWAN SEMICONDUCTOR MANUFAC | call | Sold out | 9,500 | $157.7Mbefore exit |
| MICRON TECHNOLOGY INC | call | New | 5,000 | $61.6M |
| PDD HOLDINGS INC | call | Reduce -69.5% | 3,350 | $35.1M |
| ALIBABA GROUP HLDG LTD | call | Sold out | 2,000 | $26.4Mbefore exit |
| ENPHASE ENERGY INC | put | New | 6,500 | $25.8M |
| STRATEGY INC | put | Sold out | 600 | $17.3Mbefore exit |
| TAIWAN SEMICONDUCTOR MANUFAC | put | Sold out | 1,000 | $16.6Mbefore 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 |