Pinpoint Asset Management Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Pinpoint Asset Management Ltd reported 86 stock positions worth $576.2 million. Its top holding was Full Truck Alliance -SPN ADR (YMM) at 17.1% of the portfolio, followed by PDD (PDD, 13.2%) and iShares Bitcoin Trust ETF (IBIT, 12.1%). Compared with Q4 2024, it opened 33 new positions, sold out of 35, added to 18 and reduced 20. The biggest buy was Ke Holdings Inc.-ADR (BEKE, shares +246%) and the biggest sale an exit from New Oriental Educatio-SP ADR (EDU).
- Most Recent 13F
- Q1 2025
- Location
- HONG KONG, K3
- CIK
- 0001803237
- Portfolio Value
- $576.2M (Q1 2025)
- SEC Filing
- 0001803237-25-000002 ↗ filed May 12, 2025
Holdings Value
Holdings 86 stocks · $576.2M
| YMM Full Truck Alliance -SPN ADR | 17.14% | 7,735,913 | $98.8M | Add +23.0% |
| PDD PDD Holdings Inc. | 13.20% | 610,585 | $76.1M | Add +28.9% |
| IBIT iShares Bitcoin Trust ETF | 12.05% | 1,483,578 | $69.4M | No change |
| TSLA Tesla Inc. | 8.24% | 183,110 | $47.5M | Add +42.7% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 7.17% | 2,055,195 | $41.3M | Add +246.1% |
| TAL Tal Education Group- ADR | 5.71% | 2,491,129 | $32.9M | Add +18.3% |
| BABA Alibaba Group Holding-SP ADR | 4.89% | 213,115 | $28.2M | New |
| CANADIAN SOLAR INC (CSIQ 2.5 10/01/25) | 3.39% | 20,000,000 | $19.5M | New |
| GLD SPDR Gold Shares | 2.58% | 51,590 | $14.9M | New |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | 2.07% | 11,830,000 | $11.9M | Reduce -17.4% |
| IBN Icici Bank Ltd.-Spon ADR | 1.95% | 357,350 | $11.3M | Add +99.4% |
| HDB HDFC Bank Ltd.-ADR | 1.94% | 168,667 | $11.2M | Add +37.7% |
| H WORLD GROUP LTD (HTHT 3 05/01/26) | 1.94% | 10,000,000 | $11.2M | No change |
| PDD HOLDINGS INC (PDD 0 12/01/25) | 1.64% | 9,500,000 | $9.5M | No change |
| WEIBO CORP (WB 1.375 12/01/30) | 1.60% | 8,400,000 | $9.2M | New |
| VNET Vnet Group Inc.-ADR | 1.03% | 724,348 | $5.9M | New |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | 0.92% | 5,750,000 | $5.3M | New |
| RDY Dr. Reddy's Laboratories-ADR | 0.87% | 380,625 | $5.0M | Reduce -20.2% |
| DOCU Docusign Inc. | 0.81% | 56,985 | $4.6M | Add +54.3% |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | 0.80% | 5,000,000 | $4.6M | New |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | 0.76% | 4,500,000 | $4.4M | New |
| TSM Taiwan Semiconductor-SP ADR | 0.74% | 1,647 | $4.3M | Reduce -98.3% |
| LI Li Auto Inc. - ADR | 0.62% | 98,418 | $3.6M | Reduce -25.2% |
| CYD China Yuchai Intl Ltd. | 0.59% | 199,056 | $3.4M | New |
| BSX Boston Scientific Corp. | 0.58% | 33,170 | $3.3M | Reduce -43.6% |
| AS Amer Sports Inc. | 0.53% | 114,940 | $3.1M | Reduce -74.8% |
| AAPL Apple Inc. | 0.52% | 13,500 | $3.0M | Reduce -12.4% |
| ACMR Acm Research Inc. Class A | 0.50% | 122,428 | $2.9M | Add +14.4% |
| SNDK Sandisk Corp. | 0.46% | 55,175 | $2.6M | New |
| TER Teradyne Inc. | 0.39% | 27,330 | $2.3M | Reduce -27.1% |
| TTE Totalenergies SE -Spon ADR | 0.35% | 30,885 | $2.0M | No change |
| VRTX Vertex Pharmaceuticals Inc. | 0.30% | 3,532 | $1.7M | Reduce -52.6% |
| META Meta Platforms Inc. Class A | 0.27% | 2,733 | $1.6M | New |
| ADI Analog Devices Inc. | 0.25% | 7,200 | $1.5M | New |
| HSAI Hesai Group | 0.25% | 97,493 | $1.4M | Add +22312.2% |
| INTC Intel Corp. | 0.24% | 58,740 | $1.4M | New |
| LRCX Lam Research Corp. | 0.23% | 18,084 | $1.3M | New |
| ATAT Atour Lifestyle Holdings-ADR | 0.22% | 30,280 | $1.3M | New |
| CLS Celestica Inc. | 0.22% | 15,946 | $1.3M | Add +4482.2% |
| FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD | 0.20% | 11,133 | $1.1M | Reduce -92.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.19% | 2,692 | $1.1M | Reduce -70.9% |
| KT KT Corp.-SP ADR | 0.16% | 51,420 | $911K | No change |
| GOTU Gaotu Techedu Inc. | 0.15% | 274,310 | $892K | New |
| GME Gamestop Corp. Class A | 0.12% | 31,754 | $709K | No change |
| SGML Sigma Lithium Corp. | 0.12% | 66,029 | $687K | Add +0.0% |
| ERO Ero Copper Corp. | 0.11% | 52,004 | $630K | Reduce -30.0% |
| NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD | 0.10% | 63,929 | $604K | Reduce -78.8% |
| VIK Viking Holdings Ltd. | 0.10% | 14,993 | $596K | New |
| CLF Cleveland-Cliffs Inc. | 0.10% | 69,483 | $571K | Add +2553.0% |
| SCCO Southern Copper Corp. | 0.10% | 6,032 | $564K | New |
| CPRI Capri Holdings Ltd. | 0.09% | 26,881 | $530K | New |
| MLCO Melco Resorts & Entert-ADR | 0.09% | 95,758 | $505K | Add +6.4% |
| FCX Freeport-McMoran Inc. | 0.08% | 12,846 | $486K | Add +355.7% |
| BIRK Birkenstock Holding PLC | 0.05% | 6,589 | $302K | New |
| GAP The Gap Inc. | 0.05% | 14,478 | $298K | New |
| SN Sharkninja Inc. | 0.05% | 3,413 | $285K | Reduce -80.1% |
| HDL Super Hi International Holdi | 0.03% | 8,030 | $186K | No change |
| RLX RLX Technology Inc.-ADR | 0.02% | 49,850 | $94K | Reduce -72.0% |
| TIL Instil Bio Inc. | 0.02% | 5,094 | $88K | New |
| HELLO GROUP INC (MOMO 1.25 07/01/25) | 0.01% | 80,000 | $81K | No change |
| SEA LTD (SEALTD 2.375 12/01/25) | 0.01% | 55,000 | $81K | No change |
| DELL Dell Technologies -C | 0.01% | 835 | $76K | Add +83400.0% |
| GEV GE Vernova Inc. | 0.01% | 109 | $33K | Add +19.8% |
| HWM Howmet Aerospace Inc. | 0.01% | 237 | $31K | Add +42.8% |
| PSX Phillips 66 | 0.01% | 238 | $29K | New |
| YSG Yatsen Holding Ltd.-ADR | 0.00% | 4,834 | $23K | New |
| STX Seagate Technology Holdings | 0.00% | 268 | $23K | New |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.00% | 96 | $20K | New |
| CENX Century Aluminum Company | 0.00% | 1,026 | $19K | New |
| NUE Nucor Corp. | 0.00% | 152 | $18K | New |
| GE General Electric filed as GE AEROSPACE | 0.00% | 76 | $15K | New |
| BA The Boeing Co. | 0.00% | 86 | $15K | Reduce -21.1% |
| AOSL Alpha & Omega Semiconductor | 0.00% | 529 | $13K | Reduce -95.9% |
| CRDO Credo Technology Group Holdi | 0.00% | 269 | $11K | Reduce -92.6% |
| QRVO Qorvo Inc. | 0.00% | 79 | $6K | No change |
| AAOI Applied Optoelectronics Inc. | 0.00% | 354 | $5K | Reduce -77.3% |
| QCOM Qualcomm Inc. | 0.00% | 1 | $154 | New |
| AMAT Applied Materials Inc. | 0.00% | 1 | $145 | New |
| MTSI Macom Technology Solutions H | 0.00% | 1 | $100 | No change |
| RMBS Rambus Inc. | 0.00% | 1 | $52 | No change |
| WDC Western Digital Corp. | 0.00% | 1 | $40 | New |
| KLIC Kulicke & Soffa Industries | 0.00% | 1 | $33 | No change |
| NVTS Navitas Semiconductor Corp. | 0.00% | 11 | $23 | Reduce -97.4% |
| IONQ Ionq Inc. | 0.00% | 1 | $22 | No change |
| HIMX Himax Technologies Inc.-ADR | 0.00% | 1 | $7 | New |
| AXTI Axt Inc. | 0.00% | 1 | $1 | No change |
Options reported separately and not counted above: FREEPORT MCMORAN INC puts ($16K), BOEING CO calls ($2K).
Portfolio Sells Q4 2024 → Q1 2025
| EDU New Oriental Educatio-SP ADR | Sold out | 0.00% | −7.63 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −5.89 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −5.51 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -98.3% | 0.74% | −2.75 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −2.00 |
| FUTU Futu Holdings Ltd.-ADR | Reduce -92.7% | 0.20% | −1.98 |
| MICROSTRATEGY INC (MSTR 0 02/15/27) | Sold out | 0.00% | −1.83 |
| AS Amer Sports Inc. | Reduce -74.8% | 0.53% | −1.73 |
| TME Tencent Music Entertainm-ADR | Sold out | 0.00% | −0.85 |
| ABBV Abbvie Inc. | Sold out | 0.00% | −0.58 |
| NOAH Noah Holdings Ltd.-Spon ADS | Reduce -78.8% | 0.10% | −0.52 |
| RDY Dr. Reddy's Laboratories-ADR | Reduce -20.2% | 0.87% | −0.46 |
| ZTO EXPRESS KY INC (ZTO 1.5 09/01/27) | Reduce -17.4% | 2.07% | −0.45 |
| TER Teradyne Inc. | Reduce -27.1% | 0.39% | −0.45 |
| BSX Boston Scientific Corp. | Reduce -43.6% | 0.58% | −0.35 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.34 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.31 |
| SN Sharkninja Inc. | Reduce -80.1% | 0.05% | −0.25 |
| REGN Regeneron Pharmaceuticals | Sold out | 0.00% | −0.24 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -52.6% | 0.30% | −0.24 |
| AAPL Apple Inc. | Reduce -12.4% | 0.52% | −0.16 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.14 |
| RCL Royal Caribbean Cruises Ltd. | Sold out | 0.00% | −0.11 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.11 |
| ASX Ase Technology Holding -ADR | Sold out | 0.00% | −0.10 |
| APH Amphenol Corp. Class A | Sold out | 0.00% | −0.09 |
| AOSL Alpha & Omega Semiconductor | Reduce -95.9% | 0.00% | −0.08 |
| ERO Ero Copper Corp. | Reduce -30.0% | 0.11% | −0.07 |
| TPR Tapestry Inc. | Sold out | 0.00% | −0.06 |
| CROX Crocs Inc. | Sold out | 0.00% | −0.05 |
| RLX RLX Technology Inc.-ADR | Reduce -72.0% | 0.02% | −0.05 |
| LITE Lumentum Holdings Inc. | Sold out | 0.00% | −0.05 |
| CRDO Credo Technology Group Holdi | Reduce -92.6% | 0.00% | −0.04 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.04 |
| VSXY Victoria's Secret & Co. | Sold out | 0.00% | −0.02 |
| PONY Pony AI Inc. | Sold out | 0.00% | −0.02 |
| ZG Zillow Group Inc. Class A | Sold out | 0.00% | −0.01 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −0.01 |
| AAOI Applied Optoelectronics Inc. | Reduce -77.3% | 0.00% | −0.01 |
| RL Ralph Lauren Corp. | Sold out | 0.00% | −0.01 |
| VFC VF Corp. | Sold out | 0.00% | −0.01 |
| FORM Formfactor Inc. | Sold out | 0.00% | −0.01 |
| AER Aercap Holdings NV | Sold out | 0.00% | −0.01 |
| COHR Coherent Corp. | Sold out | 0.00% | −0.01 |
| SARO Standardaero Inc. | Sold out | 0.00% | −0.00 |
| MRVL Marvell Technology Inc. | Sold out | 0.00% | −0.00 |
| X United States Steel Corp. | Sold out | 0.00% | −0.00 |
| EQIX Equinix Inc. | Sold out | 0.00% | −0.00 |
| BA The Boeing Co. | Reduce -21.1% | 0.00% | −0.00 |
| NVTS Navitas Semiconductor Corp. | Reduce -97.4% | 0.00% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| BEKE Ke Holdings Inc.-ADR | Add +246.1% | 7.17% | +5.13 |
| YMM Full Truck Alliance -SPN ADR | Add +23.0% | 17.14% | +5.09 |
| BABA Alibaba Group Holding-SP ADR | New | 4.89% | +4.89 |
| PDD PDD Holdings Inc. | Add +28.9% | 13.20% | +4.71 |
| CANADIAN SOLAR INC (CSIQ 2.5 10/01/25) | New | 3.39% | +3.39 |
| GLD SPDR Gold Shares | New | 2.58% | +2.58 |
| TAL Tal Education Group- ADR | Add +18.3% | 5.71% | +1.97 |
| WEIBO CORP (WB 1.375 12/01/30) | New | 1.60% | +1.60 |
| VNET Vnet Group Inc.-ADR | New | 1.03% | +1.03 |
| IBN Icici Bank Ltd.-Spon ADR | Add +99.4% | 1.95% | +1.01 |
| LUMENTUM HOLDINGS INC (LITE 0.5 06/15/28) | New | 0.92% | +0.92 |
| COINBASE GLOBAL INC (COIN 0.25 04/01/30) | New | 0.80% | +0.80 |
| COINBASE GLOBAL INC (COIN 0.5 06/01/26) | New | 0.76% | +0.76 |
| CYD China Yuchai Intl Ltd. | New | 0.59% | +0.59 |
| HDB HDFC Bank Ltd.-ADR | Add +37.7% | 1.94% | +0.56 |
| SNDK Sandisk Corp. | New | 0.46% | +0.46 |
| META Meta Platforms Inc. Class A | New | 0.27% | +0.27 |
| ADI Analog Devices Inc. | New | 0.25% | +0.25 |
| HSAI Hesai Group | Add +22312.2% | 0.25% | +0.25 |
| INTC Intel Corp. | New | 0.24% | +0.24 |
| LRCX Lam Research Corp. | New | 0.23% | +0.23 |
| ATAT Atour Lifestyle Holdings-ADR | New | 0.22% | +0.22 |
| DOCU Docusign Inc. | Add +54.3% | 0.81% | +0.22 |
| CLS Celestica Inc. | Add +4482.2% | 0.22% | +0.21 |
| ACMR Acm Research Inc. Class A | Add +14.4% | 0.50% | +0.21 |
| GOTU Gaotu Techedu Inc. | New | 0.15% | +0.15 |
| VIK Viking Holdings Ltd. | New | 0.10% | +0.10 |
| SCCO Southern Copper Corp. | New | 0.10% | +0.10 |
| CLF Cleveland-Cliffs Inc. | Add +2553.0% | 0.10% | +0.09 |
| CPRI Capri Holdings Ltd. | New | 0.09% | +0.09 |
| FCX Freeport-McMoran Inc. | Add +355.7% | 0.08% | +0.07 |
| BIRK Birkenstock Holding PLC | New | 0.05% | +0.05 |
| GAP The Gap Inc. | New | 0.05% | +0.05 |
| TIL Instil Bio Inc. | New | 0.02% | +0.02 |
| DELL Dell Technologies -C | Add +83400.0% | 0.01% | +0.01 |
| PSX Phillips 66 | New | 0.01% | +0.01 |
| YSG Yatsen Holding Ltd.-ADR | New | 0.00% | +0.00 |
| STX Seagate Technology Holdings | New | 0.00% | +0.00 |
| GDS GDS Holdings Ltd. - ADR | New | 0.00% | +0.00 |
| CENX Century Aluminum Company | New | 0.00% | +0.00 |
| NUE Nucor Corp. | New | 0.00% | +0.00 |
| GE General Electric | New | 0.00% | +0.00 |
| HWM Howmet Aerospace Inc. | Add +42.8% | 0.01% | +0.00 |
| GEV GE Vernova Inc. | Add +19.8% | 0.01% | +0.00 |
| AMAT Applied Materials Inc. | New | 0.00% | 0.00 |
| HIMX Himax Technologies Inc.-ADR | New | 0.00% | 0.00 |
| QCOM Qualcomm Inc. | New | 0.00% | 0.00 |
| WDC Western Digital Corp. | New | 0.00% | 0.00 |
| SGML Sigma Lithium Corp. | Add +0.0% | 0.12% | −0.01 |
| MLCO Melco Resorts & Entert-ADR | Add +6.4% | 0.09% | −0.02 |
Options Activity Q4 2024 → Q1 2025
| CATERPILLAR INC | put | Sold out | 1 | $388before exit |
| EATON CORP PLC | put | Sold out | 1 | $215before exit |
| DEERE & CO | put | Sold out | 1 | $49before exit |
| LINDE PLC | call | Sold out | 1 | $10before exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.