Hedge Fund · CIK 0001762304

Hillhouse

HHLR Advisors

Hillhouse runs HHLR Advisors, a hedge fund overseeing $3.10B in disclosed equity holdings (SEC CIK 0001762304). The latest portfolio (2025Q4) discloses 33 positions across 10 sectors, with the largest positions in PDD, BABA and ONC. On a mark-to-market basis the tracked portfolio has returned 48.9% over the past year. OpenStocks tracks 29 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Hillhouse's filings View holdings

Portfolio

$3.10B

Positions

Quarter

2025Q4

Filings tracked

1Y+48.9%3Y+120.7%5Y+30.7%Full performance →

Quarter

2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4 2023Q3 2023Q2 2023Q1

Holdings

Sorted by value · 2024Q2

Sector78 positions

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

29.16%

of portfolio

Number of shares

8,892,447 sh

Holdings current value

$1.18B

Avg closing price

$112.77

Last action

Added 31.5%

2025Q4

Current —

ONCBEIGENE LTDADR

Healthcare·Biotechnology

18.22%

of portfolio

Number of shares

5,176,906 sh

Holdings current value

$738.59M

Avg closing price

$136.90

Last action

Trimmed 34.9%

2025Q1

Current —

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

9.55%

of portfolio

Number of shares

5,379,448 sh

Holdings current value

$387.32M

Avg closing price

$146.43

-5.4%

Last action

Added 66.1%

2025Q4

Current $138.59

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

8.09%

of portfolio

Number of shares

23,172,330 sh

Holdings current value

$327.89M

Avg closing price

$21.59

Last action

Trimmed 12.2%

2025Q3

Current —

LEGNLEGEND BIOTECH CORPADR

Healthcare·Biotechnology

7.25%

of portfolio

Number of shares

6,636,496 sh

Holdings current value

$293.93M

Avg closing price

$47.95

Last action

Trimmed 8.9%

2024Q4

Current —

VIPSVIPSHOP HOLDINGS LIMITEDADR

Consumer Cyclical·Internet Retail

4.76%

of portfolio

Number of shares

14,806,000 sh

Holdings current value

$192.77M

Avg closing price

$13.18

Last action

Exited

2025Q3

Current —

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

3.27%

of portfolio

Number of shares

1,385,814 sh

Holdings current value

$132.46M

Avg closing price

$94.08

Last action

Exited

2025Q4

Current —

AVBPARRIVENT BIOPHARMA INC

Healthcare·Biotechnology

2.05%

of portfolio

Number of shares

4,484,672 sh

Holdings current value

$83.19M

Avg closing price

$17.95

Last action

Trimmed 11.0%

2025Q4

Current —

TCOMTRIP COM GROUP LTDADR

Consumer Cyclical·Travel Services

1.61%

of portfolio

Number of shares

1,384,642 sh

Holdings current value

$65.08M

Avg closing price

$48.86

Last action

Exited

2025Q2

Current —

G52694109KINIKSA PHARMACEUTICALS INTL

1.45%

of portfolio

Number of shares

3,144,556 sh

Holdings current value

$58.71M

Avg closing price

$18.67

Last action

Exited

2025Q1

Current —

FUTUFUTU HLDGS LTDADR

Financial Services·Capital Markets

1.16%

of portfolio

Number of shares

716,089 sh

Holdings current value

$46.98M

Avg closing price

$94.94

+73.9%

Last action

Trimmed 69.2%

2025Q4

Current $165.06

292812104ENFUSION INC

1.05%

of portfolio

Number of shares

4,975,183 sh

Holdings current value

$42.39M

Avg closing price

$20.94

Last action

Exited

2025Q2

Current —

CTKBCYTEK BIOSCIENCES INC

Healthcare·Medical Devices

0.92%

of portfolio

Number of shares

6,657,030 sh

Holdings current value

$37.15M

Avg closing price

$21.41

Last action

Trimmed 13.6%

2023Q2

Current —

BBIOBRIDGEBIO PHARMA INC

Healthcare·Biotechnology

0.87%

of portfolio

Number of shares

1,390,653 sh

Holdings current value

$35.23M

Avg closing price

$29.14

+166.0%

Last action

Exited

2025Q1

Current $77.51

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.67%

of portfolio

Number of shares

108,700 sh

Holdings current value

$27.16M

Avg closing price

$231.89

-16.4%

Last action

Exited

2025Q2

Current $193.78

DASHDOORDASH INC

Consumer Cyclical·Internet Retail

0.67%

of portfolio

Number of shares

247,912 sh

Holdings current value

$26.97M

Avg closing price

$115.41

+55.4%

Last action

Exited

2024Q3

Current $179.33

CRMSALESFORCE COM INC

Technology·Software - Application

0.61%

of portfolio

Number of shares

96,358 sh

Holdings current value

$24.77M

Avg closing price

$202.27

-10.4%

Last action

Exited

2024Q3

Current $181.22

METAMETA PLATFORMS INC

Communication Services·Internet Content & Information

0.55%

of portfolio

Number of shares

44,476 sh

Holdings current value

$22.43M

Avg closing price

$458.81

+47.5%

Last action

Exited

2024Q4

Current $676.87

AZNASTRAZENECA PLCADR

Healthcare·Drug Manufacturers - General

0.52%

of portfolio

Number of shares

271,749 sh

Holdings current value

$21.19M

Avg closing price

$77.99

+157.0%

Last action

Exited

2024Q3

Current $200.47

HTHTHUAZHU GROUP LTDADR

Consumer Cyclical·Lodging

0.47%

of portfolio

Number of shares

568,613 sh

Holdings current value

$18.95M

Avg closing price

$47.21

Last action

Exited

2025Q2

Current —

YSGYATSEN HLDG LTDADR

Consumer Defensive·Household & Personal Products

0.46%

of portfolio

Number of shares

6,987,839 sh

Holdings current value

$18.59M

Avg closing price

$2.11

Last action

Trimmed 14.9%

2025Q3

Current —

APPAPPLOVIN CORP

Communication Services·Advertising Agencies

0.45%

of portfolio

Number of shares

218,400 sh

Holdings current value

$18.18M

Avg closing price

$74.84

+522.8%

Last action

Exited

2024Q3

Current $466.09

H5919C104ON HLDG AG

0.39%

of portfolio

Number of shares

411,400 sh

Holdings current value

$15.96M

Avg closing price

$30.13

Last action

Exited

2024Q3

Current —

GOOGALPHABET INC

Communication Services·Internet Content & Information

0.32%

of portfolio

Number of shares

69,724 sh

Holdings current value

$12.79M

Avg closing price

$130.66

+154.7%

Last action

Exited

2024Q3

Current $332.77

GERNGERON CORP

Healthcare·Biotechnology

0.31%

of portfolio

Number of shares

2,990,500 sh

Holdings current value

$12.68M

Avg closing price

$4.24

Last action

Exited

2024Q3

Current —

SESEA LTDADR

Consumer Cyclical·Internet Retail

0.31%

of portfolio

Number of shares

174,800 sh

Holdings current value

$12.48M

Avg closing price

$110.85

-18.4%

Last action

Exited

2025Q4

Current $90.40

CTNMCONTINEUM THERAPEUTICS INC

Healthcare·Biotechnology

0.29%

of portfolio

Number of shares

669,337 sh

Holdings current value

$11.79M

Avg closing price

$17.61

Last action

New holding

2024Q2

Current —

TSMTAIWAN SEMICONDUCTOR MFG LTDADR

Technology·Semiconductors

0.29%

of portfolio

Number of shares

66,800 sh

Holdings current value

$11.61M

Avg closing price

$147.43

+146.5%

Last action

New holding

2025Q4

Current $363.35

NBPI MABADR

Healthcare·Biotechnology

0.28%

of portfolio

Number of shares

6,909,220 sh

Holdings current value

$11.54M

Avg closing price

$50.06

Last action

Trimmed 11.8%

2024Q4

Current —

TMOTHERMO FISHER SCIENTIFIC INC

Healthcare·Diagnostics & Research

0.25%

of portfolio

Number of shares

18,400 sh

Holdings current value

$10.18M

Avg closing price

$555.75

-7.2%

Last action

Exited

2024Q3

Current $516.00

T9224W109STEVANATO GROUP S P A

0.25%

of portfolio

Number of shares

550,000 sh

Holdings current value

$10.09M

Avg closing price

$18.34

Last action

Exited

2024Q3

Current —

SOHUSOHU COM LTDADR

Communication Services·Electronic Gaming & Multimedia

0.24%

of portfolio

Number of shares

713,400 sh

Holdings current value

$9.93M

Avg closing price

$17.42

Last action

Exited

2025Q2

Current —

NVDANVIDIA CORPORATION

Technology·Semiconductors

0.24%

of portfolio

Number of shares

77,700 sh

Holdings current value

$9.60M

Avg closing price

$148.06

+35.5%

Last action

Exited

2024Q3

Current $200.57

MUMICRON TECHNOLOGY INC

Technology·Semiconductors

0.23%

of portfolio

Number of shares

72,404 sh

Holdings current value

$9.52M

Avg closing price

$117.95

+287.7%

Last action

Exited

2024Q3

Current $457.23

MSFTMICROSOFT CORP

Technology·Software - Infrastructure

0.23%

of portfolio

Number of shares

20,837 sh

Holdings current value

$9.31M

Avg closing price

$279.82

+51.1%

Last action

Exited

2024Q3

Current $422.79

CPNGCOUPANG INC

Consumer Cyclical·Internet Retail

0.23%

of portfolio

Number of shares

436,514 sh

Holdings current value

$9.14M

Avg closing price

$25.06

-14.2%

Last action

Exited

2024Q3

Current $21.49

AAPLAPPLE INC

Technology·Consumer Electronics

0.21%

of portfolio

Number of shares

40,500 sh

Holdings current value

$8.53M

Avg closing price

$199.34

+35.6%

Last action

Exited

2024Q3

Current $270.23

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

0.20%

of portfolio

Number of shares

41,700 sh

Holdings current value

$8.06M

Avg closing price

$134.35

+85.9%

Last action

Exited

2024Q3

Current $249.70

ASMLASML HOLDING N V

Technology·Semiconductor Equipment & Materials

0.13%

of portfolio

Number of shares

5,271 sh

Holdings current value

$5.39M

Avg closing price

$990.01

+42.5%

Last action

Exited

2024Q3

Current $1411

GOSSGOSSAMER BIO INC

Healthcare·Biotechnology

0.11%

of portfolio

Number of shares

4,974,041 sh

Holdings current value

$4.48M

Avg closing price

$16.64

Last action

Trimmed 33.0%

2022Q4

Current —

RBLXROBLOX CORP

Communication Services·Electronic Gaming & Multimedia

0.10%

of portfolio

Number of shares

110,800 sh

Holdings current value

$4.12M

Avg closing price

$37.21

+62.4%

Last action

Exited

2024Q3

Current $60.44

SSENTINELONE INC

Technology·Software - Infrastructure

0.09%

of portfolio

Number of shares

170,507 sh

Holdings current value

$3.59M

Avg closing price

$21.05

-33.8%

Last action

Exited

2024Q3

Current $13.93

URAGLOBAL X FDSETF

0.09%

of portfolio

Number of shares

120,000 sh

Holdings current value

$3.47M

Avg closing price

$28.85

+91.6%

Last action

Exited

2024Q4

Current $55.27

ANETEURARISTA NETWORKS INC

0.08%

of portfolio

Number of shares

9,800 sh

Holdings current value

$3.43M

Avg closing price

$328.26

Last action

Exited

2024Q3

Current —

EMSMART SH GLOBAL LTDADR

0.08%

of portfolio

Number of shares

3,949,700 sh

Holdings current value

$3.36M

Avg closing price

$6.07

Last action

Exited

2025Q4

Current —

MGXMETAGENOMI INC

0.08%

of portfolio

Number of shares

777,768 sh

Holdings current value

$3.17M

Avg closing price

$10.55

Last action

Exited

2025Q2

Current —

QCOMQUALCOMM INC

Technology·Semiconductors

0.07%

of portfolio

Number of shares

15,100 sh

Holdings current value

$3.01M

Avg closing price

$177.14

-24.1%

Last action

Exited

2024Q3

Current $134.47

ZKNZEEKR INTELLIGENT TECHNOLOGYADR

0.07%

of portfolio

Number of shares

145,000 sh

Holdings current value

$2.73M

Avg closing price

$18.84

Last action

Exited

2024Q4

Current —

TUYATUYA INCADR

Technology·Software - Infrastructure

0.07%

of portfolio

Number of shares

1,564,400 sh

Holdings current value

$2.68M

Avg closing price

$21.14

Last action

Trimmed 2.2%

2024Q1

Current —

BCYCBICYCLE THERAPEUTICS PLCADR

Healthcare·Biotechnology

0.06%

of portfolio

Number of shares

125,283 sh

Holdings current value

$2.54M

Avg closing price

$20.24

Last action

Exited

2024Q3

Current —

SGMTSAGIMET BIOSCIENCES INC

Healthcare·Biotechnology

0.06%

of portfolio

Number of shares

724,800 sh

Holdings current value

$2.48M

Avg closing price

$8.80

Last action

Trimmed 50.0%

2024Q1

Current —

AVGOBROADCOM INC

Technology·Semiconductors

0.05%

of portfolio

Number of shares

1,350 sh

Holdings current value

$2.17M

Avg closing price

$1325

-69.9%

Last action

Exited

2024Q3

Current $398.47

AMATAPPLIED MATLS INC

Technology·Semiconductor Equipment & Materials

0.05%

of portfolio

Number of shares

9,074 sh

Holdings current value

$2.14M

Avg closing price

$235.99

+65.2%

Last action

Exited

2024Q3

Current $389.90

BEDUBRIGHT SCHOLAR ED HLDGS LTDADR

0.05%

of portfolio

Number of shares

988,143 sh

Holdings current value

$2.08M

Avg closing price

$0.00

Last action

Exited

2025Q4

Current —

MOGUMOGU INCADR

0.05%

of portfolio

Number of shares

847,510 sh

Holdings current value

$2.03M

Avg closing price

$3.52

Last action

Trimmed 2.6%

2023Q1

Current —

MAMASTERCARD INCORPORATED

Financial Services·Credit Services

0.05%

of portfolio

Number of shares

4,565 sh

Holdings current value

$2.01M

Avg closing price

$441.16

+17.5%

Last action

Exited

2024Q3

Current $518.54

VVISA INC

Financial Services·Credit Services

0.05%

of portfolio

Number of shares

7,553 sh

Holdings current value

$1.98M

Avg closing price

$262.47

+20.1%

Last action

Exited

2024Q3

Current $315.10

MCOMOODYS CORP

Financial Services·Financial Data & Stock Exchanges

0.04%

of portfolio

Number of shares

4,030 sh

Holdings current value

$1.70M

Avg closing price

$449.99

Last action

Added 11.4%

2025Q3

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.04%

of portfolio

Number of shares

88,400 sh

Holdings current value

$1.66M

Avg closing price

$20.51

Last action

Exited

2025Q3

Current —

GEVGE VERNOVA LLC

Industrials·Specialty Industrial Machinery

0.04%

of portfolio

Number of shares

9,606 sh

Holdings current value

$1.65M

Avg closing price

$173.12

+465.1%

Last action

Exited

2025Q1

Current $978.32

G8994E103TRANE TECHNOLOGIES PLC

0.04%

of portfolio

Number of shares

4,959 sh

Holdings current value

$1.63M

Avg closing price

$356.33

Last action

Exited

2025Q1

Current —

PYPLPAYPAL HLDGS INC

Financial Services·Credit Services

0.04%

of portfolio

Number of shares

27,453 sh

Holdings current value

$1.59M

Avg closing price

$242.85

-79.5%

Last action

Exited

2024Q3

Current $49.81

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

0.04%

of portfolio

Number of shares

61,000 sh

Holdings current value

$1.58M

Avg closing price

$40.60

Last action

Exited

2025Q3

Current —

M46528101FRONTLINE PLC

0.04%

of portfolio

Number of shares

56,800 sh

Holdings current value

$1.46M

Avg closing price

$25.76

Last action

Exited

2024Q3

Current —

GEGENERAL ELECTRIC CO

Industrials·Aerospace & Defense

0.04%

of portfolio

Number of shares

9,198 sh

Holdings current value

$1.46M

Avg closing price

$219.71

+35.8%

Last action

Added 68.5%

2025Q3

Current $298.29

IMNMIMMUNOME INC

Healthcare·Biotechnology

0.03%

of portfolio

Number of shares

107,626 sh

Holdings current value

$1.30M

Avg closing price

$12.10

Last action

Exited

2024Q3

Current —

PYXSPYXIS ONCOLOGY INC

0.03%

of portfolio

Number of shares

382,606 sh

Holdings current value

$1.27M

Avg closing price

$10.97

Last action

Exited

2025Q1

Current —

PACBPACIFIC BIOSCIENCES CALIF IN

Healthcare·Medical Devices

0.03%

of portfolio

Number of shares

918,892 sh

Holdings current value

$1.26M

Avg closing price

$25.40

-93.6%

Last action

New holding

2023Q3

Current $1.63

CDNSCADENCE DESIGN SYSTEM INC

Technology·Software - Application

0.03%

of portfolio

Number of shares

3,774 sh

Holdings current value

$1.16M

Avg closing price

$307.75

-0.3%

Last action

Exited

2024Q3

Current $306.96

01626L105ALIGOS THERAPEUTICS INC

0.03%

of portfolio

Number of shares

3,121,689 sh

Holdings current value

$1.09M

Avg closing price

$16.39

Last action

Exited

2024Q3

Current —

D0ADADA NEXUS LTDADR

0.02%

of portfolio

Number of shares

600,000 sh

Holdings current value

$756.0K

Avg closing price

$1.25

Last action

Exited

2025Q1

Current —

ZTOZTO EXPRESS CAYMAN INCADR

Industrials·Integrated Freight & Logistics

0.02%

of portfolio

Number of shares

36,300 sh

Holdings current value

$753.2K

Avg closing price

$23.05

Last action

Exited

2025Q3

Current —

23256X100CYBIN INC

0.02%

of portfolio

Number of shares

2,457,542 sh

Holdings current value

$666.0K

Avg closing price

$0.27

Last action

Exited

2024Q3

Current —

G9845F109YS BIOPHARMA CO LTD

0.01%

of portfolio

Number of shares

751,790 sh

Holdings current value

$487.1K

Avg closing price

$1.60

Last action

Exited

2024Q4

Current —

GOOGLALPHABET INC

Communication Services·Internet Content & Information

0.01%

of portfolio

Number of shares

1,409 sh

Holdings current value

$256.6K

Avg closing price

$287.74

+16.8%

Last action

New holding

2025Q4

Current $336.02

G2124G120RIDGETECH INC

0.00%

of portfolio

Number of shares

20,167 sh

Holdings current value

$45.4K

Avg closing price

$3.12

Last action

New holding

2024Q1

Current —

UXINUXIN LTDADR

0.00%

of portfolio

Number of shares

19,156 sh

Holdings current value

$38.9K

Avg closing price

$2.12

Last action

New holding

2024Q1

Current —

SRZNWSURROZEN INCWT

0.00%

of portfolio

Number of shares

384,273 sh

Holdings current value

$6.4K

Avg closing price

$1.14

Last action

Exited

2024Q3

Current —

Portfolio heatmap

Box size = % of portfolio · color = return since filing

KINIKSA PHARMACEUTICALS INTL

1.45%

FUTU

1.16% · +151.6%

ENFUSION INC

1.05%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.

Consumer Cyclical10 pos$1.90B48.8%
Healthcare16 pos$1.29B33.2%
Real Estate1 pos$327.9M8.4%
Communication Services8 pos$201.8M5.2%
Technology13 pos$93.5M2.4%
Financial Services5 pos$54.3M1.4%
Consumer Defensive1 pos$18.6M0.5%
Industrials3 pos$3.9M0.1%

(3.8% unclassified, excluded from %)