First Beijing Investment Ltd

CIK 0001701717 · Q2 2026

13F Equity AUM

$2.4B

+5.4% QoQ

Positions

-1 QoQ

AUM Rank

#2,126

Top 17%

Skill Alpha (FF)

+14.7%/yr^ns

No Clear Edge

Rank #232 · Top 3%

vs S&P +0.3%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 93.7%Top 10: 100.0%Top 20: 100.0%

YMM30.5%

PDD29.3%

N1UA16.4%

SE12.2%

FUTU5.3%

RLX4.7%

KSPI1.5%

ZH0.1%

BZUN0.1%

DDL0.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical41.5%

Technology32.0%

Consumer Defensive21.1%

Financial Services5.3%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 11Median: 4.65%Avg: 9.09%

0–0.5%

4(0.2%)

0.5–1%

0(0.0%)

1–3%

1(1.5%)

3–5%

1(4.7%)

5%+

5(93.7%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 11vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New1Increased3Decreased6Exited2

New Positions

FUTU5.3%

+1.4M

Increased

SE12.2%

+2.9M(+1388%)

YMM30.5%

+1.8M(+2%)

PDD29.3%

+1.2M(+15%)

Decreased

RLX4.7%

-307,832(-1%)

N1UA16.4%

-261,279(-3%)

DDL0.1%

-223,520(-26%)

NOAH0.0%

-97,393(-72%)

BZUN0.1%

-11,500(-3%)

KSPI1.5%

-9,737(-2%)

Exited

LEGN

-2,296,335

API

-7,700

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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