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Funds (13F)

Greenwoods Asset Management Hong Kong Ltd.

Backtest from 21 May 2021 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+0.3%
S&P 500 +13.2%
Last 12 months
−20.7%
S&P 500 +12.1%
Sharpe ratio
0.07
S&P 500 0.63
Biggest drop
−62.8%
S&P 500 −23.9%
$5.0k$10.0k$20.0k 202120222023202420252026 $19.6k$10.2k
StrategyS&P 500 $10,000 in Greenwoods Asset Management Hong Kong Ltd. from 21 May 2021 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Greenwoods Asset Management Hong Kong Ltd.'s quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Greenwoods Asset Management Hong Kong Ltd.'s 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+0.3%+13.2%
Total return+2%+96%
Last 12 months−20.7%+12.1%
Last 3 months−16.4%—
Last month−13.5%—
This year so far−16.7%—
Volatility a year33.9%15.8%
Sharpe ratio0.070.63
Biggest drop−62.8%−23.9%
Beta to the S&P 5001.151.00
Alpha a year (t-statistic)−9.0% (−0.73)—
Share of weeks up50%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
GOOGL29.6%——
INTC17.6%——
PDD16.7%——
YMM14.7%——
FUTU4.7%——
NTES3.5%——
ATAT2.6%——
QFIN2.2%——
AAPL1.9%——
TSM1.8%——
SE0.9%——
MMYT0.9%——
ASML0.6%——
HTHT0.6%——
WRD0.6%——
AAOI0.4%——
VNET0.2%——
HDL0.1%——
AMAT0.1%——
TCOM0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest21 May 2021 to 2 Nov 2026+0.3%+13.2%0.070.63−62.8%1.15−9.0% (−0.73)
Last three years3 Nov 2023 to 2 Nov 2026+13.0%+21.8%0.431.16−24.4%1.21−8.8% (−0.83)
Last year7 Nov 2025 to 2 Nov 2026−17.8%+14.2%−0.890.84−21.9%1.54−35.8% (−2.50)
DateCompanyAction
14 Aug 2026VNETBought
14 Aug 2026ASMLBought
14 Aug 2026AMATBought
14 Aug 2026AAOIBought
15 May 2026TCOMBought
15 May 2026LITEBought
15 May 2026AMZNBought
13 Feb 2026AVGOBought
14 Nov 2025WRDBought
14 Nov 2025UNHBought
14 Nov 2025UBERBought
14 Nov 2025SPOTBought
14 Nov 2025SNPSBought
14 Nov 2025MMYTBought
14 Nov 2025AAPLBought
15 Aug 2025NVDABought
15 Aug 2025HTHTBought
15 Aug 2025ATATBought
16 May 2025INTCBought
16 May 2025HSAIBought
16 May 2025BABABought
14 Feb 2025REGNBought
14 Feb 2025NBISBought
14 Feb 2025FWONKBought
14 Feb 2025CSIQBought

Dated at the rebalance that made the change.

DateCompanyAction
14 Aug 2026UNHSold
14 Aug 2026TALSold
14 Aug 2026NVDASold
14 Aug 2026METASold
14 Aug 2026LITESold
14 Aug 2026EDUSold
14 Aug 2026BABASold
14 Aug 2026AMZNSold
15 May 2026SNPSSold
15 May 2026NBISSold
15 May 2026JKSSold
15 May 2026BEKESold
15 May 2026AVGOSold
13 Feb 2026UBERSold
13 Feb 2026SPOTSold
14 Nov 2025TCOMSold
14 Nov 2025ONCSold
14 Nov 2025MSFTSold
14 Nov 2025HSAISold
14 Nov 2025FWONKSold
14 Nov 2025DQSold
14 Nov 2025CSIQSold
15 Aug 2025ZTOSold
15 Aug 2025UNHSold
15 Aug 2025REGNSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest