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 · 2025Q1

Sector49 positions

PDDPINDUODUO INCADR

Consumer Cyclical·Internet Retail

21.94%

of portfolio

Number of shares

6,562,576 sh

Holdings current value

$776.68M

Avg closing price

$112.77

Last action

Added 48.0%

2025Q4

Current —

BABAALIBABA GROUP HLDG LTDADR

Consumer Cyclical·Internet Retail

14.60%

of portfolio

Number of shares

3,907,755 sh

Holdings current value

$516.72M

Avg closing price

$146.43

-5.4%

Last action

Added 121.1%

2025Q4

Current $138.59

FUTUFUTU HLDGS LTDADR

Financial Services·Capital Markets

12.46%

of portfolio

Number of shares

4,307,492 sh

Holdings current value

$440.87M

Avg closing price

$94.94

+73.9%

Last action

Trimmed 27.2%

2025Q4

Current $165.06

ONCBEIGENE LTDADR

Healthcare·Biotechnology

7.95%

of portfolio

Number of shares

1,034,306 sh

Holdings current value

$281.51M

Avg closing price

$136.90

Last action

Trimmed 72.8%

2025Q1

Current —

NTESNETEASE INCADR

Communication Services·Electronic Gaming & Multimedia

7.76%

of portfolio

Number of shares

2,668,697 sh

Holdings current value

$274.66M

Avg closing price

$94.08

Last action

Exited

2025Q4

Current —

BEKEKE HLDGS INCADR

Real Estate·Real Estate Services

6.80%

of portfolio

Number of shares

11,973,402 sh

Holdings current value

$240.55M

Avg closing price

$21.59

Last action

Trimmed 21.2%

2025Q3

Current —

LEGNLEGEND BIOTECH CORPADR

Healthcare·Biotechnology

5.74%

of portfolio

Number of shares

5,984,550 sh

Holdings current value

$203.06M

Avg closing price

$47.95

Last action

Trimmed 9.8%

2024Q4

Current —

JDJD.COM INCADR

Consumer Cyclical·Internet Retail

5.59%

of portfolio

Number of shares

4,811,700 sh

Holdings current value

$197.86M

Avg closing price

$40.60

Last action

Exited

2025Q3

Current —

VIPSVIPSHOP HOLDINGS LIMITEDADR

Consumer Cyclical·Internet Retail

2.96%

of portfolio

Number of shares

6,683,901 sh

Holdings current value

$104.80M

Avg closing price

$13.18

Last action

Exited

2025Q3

Current —

G98196101WNS HLDGS LTD

2.66%

of portfolio

Number of shares

1,531,466 sh

Holdings current value

$94.17M

Avg closing price

$47.39

Last action

Exited

2025Q3

Current —

AVBPARRIVENT BIOPHARMA INC

Healthcare·Biotechnology

2.34%

of portfolio

Number of shares

4,484,672 sh

Holdings current value

$82.92M

Avg closing price

$17.95

Last action

Trimmed 11.0%

2025Q4

Current —

TCOMTRIP COM GROUP LTDADR

Consumer Cyclical·Travel Services

1.69%

of portfolio

Number of shares

938,842 sh

Holdings current value

$59.69M

Avg closing price

$48.86

Last action

Exited

2025Q2

Current —

292812104ENFUSION INC

1.57%

of portfolio

Number of shares

4,975,183 sh

Holdings current value

$55.47M

Avg closing price

$20.94

Last action

Exited

2025Q2

Current —

YSGYATSEN HLDG LTDADR

Consumer Defensive·Household & Personal Products

0.94%

of portfolio

Number of shares

6,885,873 sh

Holdings current value

$33.12M

Avg closing price

$2.11

Last action

Trimmed 15.1%

2025Q3

Current —

CTKBCYTEK BIOSCIENCES INC

Healthcare·Medical Devices

0.75%

of portfolio

Number of shares

6,657,030 sh

Holdings current value

$26.69M

Avg closing price

$21.41

Last action

Trimmed 13.6%

2023Q2

Current —

BIDUBAIDU INCADR

Communication Services·Internet Content & Information

0.44%

of portfolio

Number of shares

170,000 sh

Holdings current value

$15.65M

Avg closing price

$131.21

-4.7%

Last action

Exited

2025Q4

Current $125.03

LILI AUTO INCADR

Consumer Cyclical·Auto Manufacturers

0.44%

of portfolio

Number of shares

620,000 sh

Holdings current value

$15.62M

Avg closing price

$26.23

Last action

Exited

2025Q3

Current —

YUMCYUM CHINA HLDGS INC

Consumer Cyclical·Restaurants

0.43%

of portfolio

Number of shares

292,122 sh

Holdings current value

$15.21M

Avg closing price

$45.02

Last action

Exited

2025Q2

Current —

ZTOZTO EXPRESS CAYMAN INCADR

Industrials·Integrated Freight & Logistics

0.38%

of portfolio

Number of shares

671,387 sh

Holdings current value

$13.32M

Avg closing price

$23.05

Last action

Exited

2025Q3

Current —

BZKANZHUN LIMITEDADR

Communication Services·Internet Content & Information

0.31%

of portfolio

Number of shares

576,339 sh

Holdings current value

$11.05M

Avg closing price

$20.51

Last action

Exited

2025Q3

Current —

HTHTHUAZHU GROUP LTDADR

Consumer Cyclical·Lodging

0.25%

of portfolio

Number of shares

237,332 sh

Holdings current value

$8.78M

Avg closing price

$47.21

Last action

Exited

2025Q2

Current —

APIAGORA INCADR

0.24%

of portfolio

Number of shares

2,098,553 sh

Holdings current value

$8.44M

Avg closing price

$4.73

Last action

New holding

2024Q4

Current —

ATATATOUR LIFESTYLE HLDGS LTDADR

Consumer Cyclical·Lodging

0.19%

of portfolio

Number of shares

242,342 sh

Holdings current value

$6.87M

Avg closing price

$26.13

Last action

Exited

2025Q2

Current —

TSMTAIWAN SEMICONDUCTOR MFG LTDADR

Technology·Semiconductors

0.15%

of portfolio

Number of shares

33,000 sh

Holdings current value

$5.48M

Avg closing price

$147.43

+146.5%

Last action

New holding

2025Q4

Current $363.35

GOSSGOSSAMER BIO INC

Healthcare·Biotechnology

0.15%

of portfolio

Number of shares

4,974,041 sh

Holdings current value

$5.47M

Avg closing price

$16.64

Last action

Trimmed 33.0%

2022Q4

Current —

MAZEMAZE THERAPEUTICS INC

Healthcare·Biotechnology

0.14%

of portfolio

Number of shares

457,535 sh

Holdings current value

$5.04M

Avg closing price

$11.01

Last action

New holding

2025Q1

Current —

NBPI MABADR

Healthcare·Biotechnology

0.14%

of portfolio

Number of shares

5,980,568 sh

Holdings current value

$4.93M

Avg closing price

$50.06

Last action

Trimmed 13.4%

2024Q4

Current —

TUYATUYA INCADR

Technology·Software - Infrastructure

0.13%

of portfolio

Number of shares

1,564,400 sh

Holdings current value

$4.74M

Avg closing price

$21.14

Last action

Trimmed 2.2%

2024Q1

Current —

CTNMCONTINEUM THERAPEUTICS INC

Healthcare·Biotechnology

0.13%

of portfolio

Number of shares

669,337 sh

Holdings current value

$4.67M

Avg closing price

$17.61

Last action

New holding

2024Q2

Current —

EMSMART SH GLOBAL LTDADR

0.12%

of portfolio

Number of shares

3,949,700 sh

Holdings current value

$4.42M

Avg closing price

$6.07

Last action

Exited

2025Q4

Current —

SOHUSOHU COM LTDADR

Communication Services·Electronic Gaming & Multimedia

0.07%

of portfolio

Number of shares

201,432 sh

Holdings current value

$2.65M

Avg closing price

$17.42

Last action

Exited

2025Q2

Current —

SGMTSAGIMET BIOSCIENCES INC

Healthcare·Biotechnology

0.07%

of portfolio

Number of shares

724,800 sh

Holdings current value

$2.36M

Avg closing price

$8.80

Last action

Trimmed 50.0%

2024Q1

Current —

MOGUMOGU INCADR

0.05%

of portfolio

Number of shares

847,510 sh

Holdings current value

$1.87M

Avg closing price

$3.52

Last action

Trimmed 2.6%

2023Q1

Current —

BEDUBRIGHT SCHOLAR ED HLDGS LTDADR

0.05%

of portfolio

Number of shares

988,143 sh

Holdings current value

$1.65M

Avg closing price

$0.00

Last action

Exited

2025Q4

Current —

DHRDANAHER CORPORATION

Healthcare·Diagnostics & Research

0.05%

of portfolio

Number of shares

8,026 sh

Holdings current value

$1.65M

Avg closing price

$231.89

-16.4%

Last action

Exited

2025Q2

Current $193.78

JOYYJOYY INCADR

Communication Services·Internet Content & Information

0.04%

of portfolio

Number of shares

34,000 sh

Holdings current value

$1.43M

Avg closing price

$83.07

Last action

Exited

2025Q2

Current —

GEGENERAL ELECTRIC CO

Industrials·Aerospace & Defense

0.04%

of portfolio

Number of shares

6,757 sh

Holdings current value

$1.35M

Avg closing price

$219.71

+35.8%

Last action

Added 123.8%

2025Q3

Current $298.29

MCOMOODYS CORP

Financial Services·Financial Data & Stock Exchanges

0.03%

of portfolio

Number of shares

2,637 sh

Holdings current value

$1.23M

Avg closing price

$449.99

Last action

Added 18.5%

2025Q3

Current —

MSCIMSCI INC

Financial Services·Financial Data & Stock Exchanges

0.03%

of portfolio

Number of shares

2,128 sh

Holdings current value

$1.20M

Avg closing price

$600.01

-5.9%

Last action

Exited

2025Q3

Current $564.90

G21082105CHINA YUCHAI INTL LTD

0.03%

of portfolio

Number of shares

70,000 sh

Holdings current value

$1.19M

Avg closing price

$16.99

Last action

Exited

2025Q2

Current —

PACBPACIFIC BIOSCIENCES CALIF IN

Healthcare·Medical Devices

0.03%

of portfolio

Number of shares

918,892 sh

Holdings current value

$1.08M

Avg closing price

$25.40

-93.6%

Last action

New holding

2023Q3

Current $1.63

WBWEIBO CORPADR

Communication Services·Internet Content & Information

0.03%

of portfolio

Number of shares

100,000 sh

Holdings current value

$947.0K

Avg closing price

$9.47

Last action

Exited

2025Q2

Current —

XYFX FINLADR

0.02%

of portfolio

Number of shares

50,000 sh

Holdings current value

$719.5K

Avg closing price

$14.39

Last action

Exited

2025Q2

Current —

ALGSALIGOS THERAPEUTICS INC

0.02%

of portfolio

Number of shares

76,247 sh

Holdings current value

$629.0K

Avg closing price

$8.66

Last action

New holding

2024Q3

Current —

G29201103ECARX HOLDINGS INC

0.01%

of portfolio

Number of shares

400,000 sh

Holdings current value

$504.0K

Avg closing price

$1.26

Last action

Exited

2025Q2

Current —

MGXMETAGENOMI INC

0.01%

of portfolio

Number of shares

150,699 sh

Holdings current value

$205.0K

Avg closing price

$10.55

Last action

Exited

2025Q2

Current —

G9845F208LAKESHORE BIOPHARMA CO LTD

0.01%

of portfolio

Number of shares

75,179 sh

Holdings current value

$181.9K

Avg closing price

$3.45

Last action

Exited

2025Q3

Current —

UXINUXIN LTDADR

0.00%

of portfolio

Number of shares

19,156 sh

Holdings current value

$76.4K

Avg closing price

$2.12

Last action

New holding

2024Q1

Current —

G2124G120RIDGETECH INC

0.00%

of portfolio

Number of shares

20,167 sh

Holdings current value

$21.2K

Avg closing price

$3.12

Last action

New holding

2024Q1

Current —

Portfolio heatmap

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

WNS HLDGS LTD

2.66%

ENFUSION INC

1.57%

25 more

1.42%

Sector exposure

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

Consumer Cyclical9 pos$1.70B50.5%
Healthcare11 pos$619.4M18.4%
Financial Services3 pos$443.3M13.2%
Communication Services6 pos$306.4M9.1%
Real Estate1 pos$240.5M7.1%
Consumer Defensive1 pos$33.1M1.0%
Industrials2 pos$14.7M0.4%
Technology2 pos$10.2M0.3%

(4.8% unclassified, excluded from %)