Capital Today Evergreen Fund, L.P.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Capital Today Evergreen Fund, L.P. reported 3 stock positions worth $216.3 million. Its top holding was PDD (PDD) at 85.7% of the portfolio, followed by Dingdong Cayman Ltd. -SPN ADR (DDL, 13.7%) and Kanzhun Ltd. - ADR (BZ, 0.7%). Compared with Q3 2025, it reduced 1. The biggest sale was PDD (PDD, shares −34%).

Most Recent 13F
Q2 2026
Location
Grand Cayman, E9
CIK
0001625502
Portfolio Value
$216.3M (Q4 2025)
SEC Filing
0001193125-26-044052 ↗ filed Feb 10, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $184.8M Q1 2024 Q2 2024: $218.3M Q2 2024 Q3 2024: $253.4M Q3 2024 Q4 2024: $281.8M Q4 2024 Q1 2025: $328.6M Q1 2025 Q2 2025: $286.3M Q2 2025 Q3 2025: $355.8M Q3 2025 Q4 2025: $216.3M $216.3M Q4 2025 Q1 2026: $173.0M Q1 2026 Q2 2026: $129.5M Q2 2026

Holdings 3 stocks · $216.3M
PDD PDD Holdings Inc. 85.65% 1,634,077 $185.3M Reduce -34.5%
DDL Dingdong Cayman Ltd. -SPN ADR 13.67% 11,879,332 $29.6M No change
BZ Kanzhun Ltd. - ADR 0.68% 71,767 $1.5M No change

Portfolio Sells Q3 2025 → Q4 2025
PDD PDD Holdings Inc. Reduce -34.5% 85.65% −6.97

Portfolio Buys Q3 2025 → Q4 2025
None this quarter.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 3$129.5MPDD, DDL, BZ
Q1 2026 3$173.0MPDD, DDL, BZ
Q4 2025 3$216.3MPDD, DDL, BZ
Q3 2025 3$355.8MPDD, DDL, BZ
Q2 2025 3$286.3MPDD, DDL, BZ
Q1 2025 3$328.6MPDD, DDL, BZ
Q4 2024 3$281.8MPDD, DDL, BZ
Q3 2024 3$253.4MPDD, DDL, BZ
Q2 2024 3$218.3MPDD, DDL, BZ
Q1 2024 3$184.8MPDD, DDL, BZ