MARVELL TECHNOLOGY INC
573874104
New position
SEC source XMLShare change
+171,033
Value change
+$16.9M
Weight change
+1.01%
Back to 13F signals
SEC source XML
Q1 2026
Hillhouse / HHLR Advisors
Hillhouse / HHLR Advisors is an Asia-linked investment manager followed for U.S.-listed positions in technology, consumer, healthcare, and China-related assets.
HHLR ADVISORS, LTD., CIK 0001762304. Review four-quarter trends, portfolio structure, quarterly operations, and the complete table of original SEC CUSIP holdings.
Report date: 03/31/2026Filing date: 05/15/20260000919574-26-003551
13F portfolio value change
$1.7B
Q1 2026 disclosed value; -$1.4B / -46.1% vs Q4 2025.
Company-level holdings
38
Multiple CUSIP rows for the same company are combined.
Top 10 weight
94.17%
Concentrated
New / increased
11
New positions 1.56%
Exited / reduced
10
Turnover 34.21%
Latest portfolio moves
New positions, increases, reductions, and exits are shown before charts and raw holdings, with SEC source links on every move.
Increased / new this quarter
Company-level positions whose share count increased or appeared for the first time.
VIPSHOP HLDGS LTD
92763W103
New position
SEC source XMLShare change
+124,700
Value change
+$2.0M
Weight change
+0.12%
Increased
SEC source XMLShare change
+4,220
Value change
+$1.8M
Weight change
+0.20%
INTEL CORP
458140100
New position
SEC source XMLShare change
+28,970
Value change
+$1.3M
Weight change
+0.08%
NVIDIA Corp.
67066G104
New position
SEC source XMLShare change
+6,610
Value change
+$1.2M
Weight change
+0.07%
LUMENTUM HLDGS INC
55024U109
New position
SEC source XMLShare change
+1,500
Value change
+$1.1M
Weight change
+0.06%
CORNING INC
219350105
New position
SEC source XMLShare change
+7,700
Value change
+$1.0M
Weight change
+0.06%
COHERENT CORP
19247G107
New position
SEC source XMLShare change
+4,275
Value change
+$1.0M
Weight change
+0.06%
Reduced / exited this quarter
Company-level positions whose share count declined or disappeared completely.
PDD HOLDINGS INC
722304102
Reduced
SEC source XMLShare change
-6,556,371
Value change
-$790.1M
Weight change
-13.73%
ALIBABA GROUP HLDG LTD
01609W102
Reduced
SEC source XMLShare change
-2,976,689
Value change
-$488.1M
Weight change
-7.24%
FUTU HLDGS LTD
36118L106
Reduced
SEC source XMLShare change
-210,766
Value change
-$73.6M
Weight change
+2.98%
WEBULL CORP
G9572D103
Reduced
SEC source XMLShare change
-4,474,604
Value change
-$39.2M
Weight change
-1.07%
MAZE THERAPEUTICS INC
578784100
Reduced
SEC source XMLShare change
-91,507
Value change
-$8.0M
Weight change
+0.04%
Alphabet Inc.
02079K305
Exited
SEC source XMLShare change
-7,300
Value change
-$2.3M
Weight change
-0.07%
ISHARES BITCOIN TRUST ETF
46438F101
Exited
SEC source XMLShare change
-35,300
Value change
-$1.8M
Weight change
-0.06%
MOODYS CORP
615369105
Exited
SEC source XMLShare change
-2,888
Value change
-$1.5M
Weight change
-0.05%
SEC source transparency
Signals are derived from SEC EDGAR 13F information tables. Search aliases, tickers, themes, and company mappings help discovery but do not replace the original filing.
Data source
SEC EDGAR
Source filings
16
Latest reporting quarter
2026Q1
Largest increase
Rule-based indicators calculated from company-level changes this quarter.
MARVELL TECHNOLOGY INC
573874104
New position
SEC source XMLShare change
+171,033
Value change
+$16.9M
Weight change
+1.01%
Largest reduction
Rule-based indicators calculated from company-level changes this quarter.
PDD HOLDINGS INC
722304102
Reduced
SEC source XMLShare change
-6,556,371
Value change
-$790.1M
Weight change
-13.73%
Manager profile
Style
Growth and value blended with long-term business research, especially in China and Asia-linked companies.
History
Hillhouse was founded by Zhang Lei and became one of the best-known China-focused investment platforms.
Scale
The broader platform is larger than the 13F slice because it includes private, non-U.S., and non-13F assets.
Lead investor
The platform is associated with Zhang Lei's long-termism and deep China market research.
Record and context
Historical reputation is strong in China growth investing, but 13F only reveals selected U.S.-listed exposures.
13F scope
13F reports show disclosed U.S.-listed long equity positions. They exclude most shorts, private holdings, cash, derivatives, and non-U.S. positions.
Trends and portfolio structure
Total value over four quarters
Holdings count trend
Quarterly action counts
Top holdings weight
Theme / industry allocation
Unclassified48.09%
China assets43.84%
Healthcare7.68%
Technology0.38%
Four-quarter summary
| Quarter | Filing date | Accession number | Raw rows | Companies | Total holding value | Top10 |
|---|---|---|---|---|---|---|
| Q1 2026 | 05/15/2026 | 0000919574-26-003551 | 38 | 38 | $1,672,822,114 | 94.17% |
| Q4 2025 | 02/17/2026 | 0000902664-26-001126 | 33 | 33 | $3,103,678,081 | 96.10% |
| Q3 2025 | 11/14/2025 | 0000902664-25-004996 | 33 | 33 | $4,090,754,764 | 93.46% |
| Q2 2025 | 08/14/2025 | 0000902664-25-003621 | 36 | 36 | $3,104,509,729 | 90.28% |
Quarterly operations table
| Company | CUSIP | Change | Current shares | Share change | Share change % | Current value | Value change | Weight change | Theme |
|---|---|---|---|---|---|---|---|---|---|
| PDD HOLDINGS INC 722304102 | 722304102 | Reduced | 4,165,029 | -6,556,371 | -61.15% | $425,582,663 | -$790,116,883 | -13.73% | China assets |
| ALIBABA GROUP HLDG LTD 01609W102 | 01609W102 | Reduced | 2,453,657 | -2,976,689 | -54.82% | $307,835,807 | -$488,144,310 | -7.24% | China assets |
| FUTU HLDGS LTD 36118L106 | 36118L106 | Reduced | 1,419,483 | -210,766 | -12.93% | $194,128,495 | -$73,574,693 | +2.98% | Unclassified |
| WEBULL CORP G9572D103 | G9572D103 | Reduced | 1,500,000 | -4,474,604 | -74.89% | $7,200,000 | -$39,222,673 | -1.07% | Unclassified |
| LEGEND BIOTECH CORP 52490G102 | 52490G102 | Unchanged | 5,984,550 | 0 | +0.00% | $108,260,510 | -$21,843,607 | +2.28% | Healthcare |
| MARVELL TECHNOLOGY INC 573874104 | 573874104 | New position | 171,033 | +171,033 | n/a | $16,940,819 | +$16,940,819 | +1.01% | Unclassified |
| GOSSAMER BIO INC 38341P102 | 38341P102 | Unchanged | 4,974,041 | 0 | +0.00% | $1,633,972 | -$13,785,555 | -0.40% | Unclassified |
| ARRIVENT BIOPHARMA INC 04272N102 | 04272N102 | Unchanged | 3,929,117 | 0 | +0.00% | $90,644,729 | +$11,590,895 | +2.87% | Unclassified |
| NOVABRIDGE BIOSCIENCES 44975P103 | 44975P103 | Unchanged | 5,980,568 | 0 | +0.00% | $14,712,197 | -$9,090,464 | +0.11% | Unclassified |
| MAZE THERAPEUTICS INC 578784100 | 578784100 | Reduced | 366,028 | -91,507 | -20.00% | $10,925,936 | -$8,029,739 | +0.04% | Healthcare |
| BEONE MEDICINES LTD 07725L102 | 07725L102 | Unchanged | 1,034,306 | 0 | +0.00% | $307,157,853 | -$7,074,653 | +8.24% | Unclassified |
| CYTEK BIOSCIENCES INC 23285D109 | 23285D109 | Unchanged | 6,657,030 | 0 | +0.00% | $29,091,221 | -$4,526,781 | +0.66% | Unclassified |
| YATSEN HLDG LTD 985194208 | 985194208 | Unchanged | 4,885,873 | 0 | +0.00% | $15,048,489 | -$3,957,557 | +0.29% | Unclassified |
| KE HLDGS INC 482497104 | 482497104 | Unchanged | 4,236,278 | 0 | +0.00% | $63,417,082 | -$3,346,659 | +1.64% | Unclassified |
| Alphabet Inc. GOOG / GOOGL | 02079K305 | Exited | 0 | -7,300 | -100.00% | $0 | -$2,284,900 | -0.07% | Technology |
| VIPSHOP HLDGS LTD 92763W103 | 92763W103 | New position | 124,700 | +124,700 | n/a | $1,960,284 | +$1,960,284 | +0.12% | Unclassified |
| Taiwan Semiconductor Manufacturing Co. Ltd. TSM | 874039100 | Increased | 15,520 | +4,220 | +37.35% | $5,244,984 | +$1,811,027 | +0.20% | Technology |
| ISHARES BITCOIN TRUST ETF 46438F101 | 46438F101 | Exited | 0 | -35,300 | -100.00% | $0 | -$1,752,645 | -0.06% | Unclassified |
| MOODYS CORP 615369105 | 615369105 | Exited | 0 | -2,888 | -100.00% | $0 | -$1,475,335 | -0.05% | Financials |
| INTEL CORP 458140100 | 458140100 | New position | 28,970 | +28,970 | n/a | $1,278,446 | +$1,278,446 | +0.08% | Unclassified |
| NVIDIA Corp. NVDA | 67066G104 | New position | 6,610 | +6,610 | n/a | $1,152,784 | +$1,152,784 | +0.07% | Technology |
| AGORA INC 00851L103 | 00851L103 | Unchanged | 2,098,553 | 0 | +0.00% | $7,428,878 | -$1,112,233 | +0.17% | Unclassified |
| CONTINEUM THERAPEUTICS INC 21217B100 | 21217B100 | Unchanged | 669,337 | 0 | +0.00% | $8,741,541 | +$1,091,019 | +0.28% | Healthcare |
| LUMENTUM HLDGS INC 55024U109 | 55024U109 | New position | 1,500 | +1,500 | n/a | $1,054,140 | +$1,054,140 | +0.06% | Unclassified |
| CORNING INC 219350105 | 219350105 | New position | 7,700 | +7,700 | n/a | $1,046,969 | +$1,046,969 | +0.06% | Unclassified |
| COHERENT CORP 19247G107 | 19247G107 | New position | 4,275 | +4,275 | n/a | $1,018,348 | +$1,018,348 | +0.06% | Unclassified |
| DINGDONG CAYMAN LTD 25445D101 | 25445D101 | New position | 354,500 | +354,500 | n/a | $911,065 | +$911,065 | +0.05% | Unclassified |
| ISHARES INC 464286822 | 464286822 | New position | 8,800 | +8,800 | n/a | $662,024 | +$662,024 | +0.04% | Unclassified |
| CLEARWATER ANALYTICS HLDGS I 185123106 | 185123106 | Unchanged | 1,365,971 | 0 | +0.00% | $32,305,214 | -$642,007 | +0.87% | Unclassified |
| PACIFIC BIOSCIENCES CALIF IN 69404D108 | 69404D108 | Unchanged | 918,892 | 0 | +0.00% | $1,212,937 | -$505,391 | +0.02% | Unclassified |
| SAGIMET BIOSCIENCES INC 786700104 | 786700104 | Unchanged | 724,800 | 0 | +0.00% | $3,787,080 | -$503,736 | +0.09% | Unclassified |
| TUYA INC 90114C107 | 90114C107 | Unchanged | 1,564,400 | 0 | +0.00% | $3,613,764 | +$312,880 | +0.11% | Unclassified |
| GE AEROSPACE 369604301 | 369604301 | Unchanged | 10,043 | 0 | +0.00% | $2,849,902 | -$243,643 | +0.07% | Unclassified |
| CENTRAIS ELET BRAS SA 15236F100 | 15236F100 | Exited | 0 | -25,390 | -100.00% | $0 | -$218,862 | -0.01% | Unclassified |
| CENTRAIS ELET BRAS SA 15234Q207 | 15234Q207 | Reduced | 63,100 | -33,500 | -34.68% | $711,768 | -$173,088 | +0.01% | Unclassified |
| ALIGOS THERAPEUTICS INC 01626L204 | 01626L204 | Unchanged | 76,247 | 0 | +0.00% | $566,515 | -$144,107 | +0.01% | Healthcare |
| VNET GROUP INC 90138A103 | 90138A103 | Increased | 65,100 | +12,000 | +22.60% | $546,189 | +$96,963 | +0.02% | Unclassified |
| MOGU INC 608012308 | 608012308 | Unchanged | 847,510 | 0 | +0.00% | $1,889,947 | +$84,751 | +0.05% | Unclassified |
| BARRICK MNG CORP 06849F108 | 06849F108 | Unchanged | 25,400 | 0 | +0.00% | $1,036,066 | -$70,104 | +0.03% | Unclassified |
| RIDGETECH INC G2124G120 | G2124G120 | Unchanged | 20,167 | 0 | +0.00% | $657 | -$56,819 | -0.00% | Unclassified |
| EQUINOX GOLD CORP 29446Y502 | 29446Y502 | Unchanged | 80,500 | 0 | +0.00% | $1,164,030 | +$33,810 | +0.03% | Unclassified |
| UXIN LTD 91818X306 | 91818X306 | Unchanged | 19,156 | 0 | +0.00% | $58,809 | -$5,747 | +0.00% | Unclassified |
Showing 42 of 42 changes for this quarter. Portfolio weight is the position’s share of the manager’s total 13F market value for that quarter.
Complete raw holdings table
| Rank | Company | CUSIP | Normalized company | Holding market value | Shares | Weight | Change | Theme | Source |
|---|---|---|---|---|---|---|---|---|---|
| 1 | PDD HOLDINGS INC SPONSORED ADS | 722304102 | PDD HOLDINGS INC 722304102 | $425,582,663 | 4,165,029 | 25.44% | Reduced -61.15% | China assets | 05/15/2026 0000919574-26-003551 |
| 2 | ALIBABA GROUP HLDG LTD SPONSORED ADS | 01609W102 | ALIBABA GROUP HLDG LTD 01609W102 | $307,835,807 | 2,453,657 | 18.40% | Reduced -54.82% | China assets | 05/15/2026 0000919574-26-003551 |
| 3 | BEONE MEDICINES LTD SPONSORED ADS | 07725L102 | BEONE MEDICINES LTD 07725L102 | $307,157,853 | 1,034,306 | 18.36% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 4 | FUTU HLDGS LTD SPON ADS CL A | 36118L106 | FUTU HLDGS LTD 36118L106 | $194,128,495 | 1,419,483 | 11.60% | Reduced -12.93% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 5 | LEGEND BIOTECH CORP SPONSORED ADS | 52490G102 | LEGEND BIOTECH CORP 52490G102 | $108,260,510 | 5,984,550 | 6.47% | Unchanged +0.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 6 | ARRIVENT BIOPHARMA INC COM | 04272N102 | ARRIVENT BIOPHARMA INC 04272N102 | $90,644,729 | 3,929,117 | 5.42% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 7 | KE HLDGS INC SPONSORED ADS | 482497104 | KE HLDGS INC 482497104 | $63,417,082 | 4,236,278 | 3.79% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 8 | CLEARWATER ANALYTICS HLDGS I CL A | 185123106 | CLEARWATER ANALYTICS HLDGS I 185123106 | $32,305,214 | 1,365,971 | 1.93% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 9 | CYTEK BIOSCIENCES INC COM | 23285D109 | CYTEK BIOSCIENCES INC 23285D109 | $29,091,221 | 6,657,030 | 1.74% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 10 | MARVELL TECHNOLOGY INC COM | 573874104 | MARVELL TECHNOLOGY INC 573874104 | $16,940,819 | 171,033 | 1.01% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 11 | YATSEN HLDG LTD SPONSORED ADS | 985194208 | YATSEN HLDG LTD 985194208 | $15,048,489 | 4,885,873 | 0.90% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 12 | NOVABRIDGE BIOSCIENCES SPONSORED ADS | 44975P103 | NOVABRIDGE BIOSCIENCES 44975P103 | $14,712,197 | 5,980,568 | 0.88% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 13 | MAZE THERAPEUTICS INC COM | 578784100 | MAZE THERAPEUTICS INC 578784100 | $10,925,936 | 366,028 | 0.65% | Reduced -20.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 14 | CONTINEUM THERAPEUTICS INC CL A | 21217B100 | CONTINEUM THERAPEUTICS INC 21217B100 | $8,741,541 | 669,337 | 0.52% | Unchanged +0.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 15 | AGORA INC ADS | 00851L103 | AGORA INC 00851L103 | $7,428,878 | 2,098,553 | 0.44% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 16 | WEBULL CORP ORD SHS | G9572D103 | WEBULL CORP G9572D103 | $7,200,000 | 1,500,000 | 0.43% | Reduced -74.89% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 17 | TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS | 874039100 | Taiwan Semiconductor Manufacturing Co. Ltd. 874039100 | $5,244,984 | 15,520 | 0.31% | Increased +37.35% | Technology | 05/15/2026 0000919574-26-003551 |
| 18 | SAGIMET BIOSCIENCES INC COM SER A | 786700104 | SAGIMET BIOSCIENCES INC 786700104 | $3,787,080 | 724,800 | 0.23% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 19 | TUYA INC SPONSERED ADS | 90114C107 | TUYA INC 90114C107 | $3,613,764 | 1,564,400 | 0.22% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 20 | GE AEROSPACE COM NEW | 369604301 | GE AEROSPACE 369604301 | $2,849,902 | 10,043 | 0.17% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 21 | VIPSHOP HLDGS LTD SPONSORED ADS A | 92763W103 | VIPSHOP HLDGS LTD 92763W103 | $1,960,284 | 124,700 | 0.12% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 22 | MOGU INC SPON ADS | 608012308 | MOGU INC 608012308 | $1,889,947 | 847,510 | 0.11% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 23 | GOSSAMER BIO INC COM | 38341P102 | GOSSAMER BIO INC 38341P102 | $1,633,972 | 4,974,041 | 0.10% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 24 | INTEL CORP COM | 458140100 | INTEL CORP 458140100 | $1,278,446 | 28,970 | 0.08% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 25 | PACIFIC BIOSCIENCES CALIF IN COM | 69404D108 | PACIFIC BIOSCIENCES CALIF IN 69404D108 | $1,212,937 | 918,892 | 0.07% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 26 | EQUINOX GOLD CORP COM | 29446Y502 | EQUINOX GOLD CORP 29446Y502 | $1,164,030 | 80,500 | 0.07% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 27 | NVIDIA CORPORATION COM | 67066G104 | NVIDIA Corp. nvidia | $1,152,784 | 6,610 | 0.07% | New position n/a | Technology | 05/15/2026 0000919574-26-003551 |
| 28 | LUMENTUM HLDGS INC COM | 55024U109 | LUMENTUM HLDGS INC 55024U109 | $1,054,140 | 1,500 | 0.06% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 29 | CORNING INC COM | 219350105 | CORNING INC 219350105 | $1,046,969 | 7,700 | 0.06% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 30 | BARRICK MNG CORP COM SHS | 06849F108 | BARRICK MNG CORP 06849F108 | $1,036,066 | 25,400 | 0.06% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 31 | COHERENT CORP COM | 19247G107 | COHERENT CORP 19247G107 | $1,018,348 | 4,275 | 0.06% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 32 | DINGDONG CAYMAN LTD ADS | 25445D101 | DINGDONG CAYMAN LTD 25445D101 | $911,065 | 354,500 | 0.05% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 33 | CENTRAIS ELET BRAS SA SPONSORED ADR | 15234Q207 | CENTRAIS ELET BRAS SA 15234Q207 | $711,768 | 63,100 | 0.04% | Reduced -34.68% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 34 | ISHARES INC MSCI MEXICO ETF | 464286822 | ISHARES INC 464286822 | $662,024 | 8,800 | 0.04% | New position n/a | Unclassified | 05/15/2026 0000919574-26-003551 |
| 35 | ALIGOS THERAPEUTICS INC COM NEW | 01626L204 | ALIGOS THERAPEUTICS INC 01626L204 | $566,515 | 76,247 | 0.03% | Unchanged +0.00% | Healthcare | 05/15/2026 0000919574-26-003551 |
| 36 | VNET GROUP INC SPONSORED ADS A | 90138A103 | VNET GROUP INC 90138A103 | $546,189 | 65,100 | 0.03% | Increased +22.60% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 37 | UXIN LTD SPONSORED ADS | 91818X306 | UXIN LTD 91818X306 | $58,809 | 19,156 | 0.00% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
| 38 | RIDGETECH INC SHS NEW | G2124G120 | RIDGETECH INC G2124G120 | $657 | 20,167 | 0.00% | Unchanged +0.00% | Unclassified | 05/15/2026 0000919574-26-003551 |
SEC filing source
Current filing: 0000919574-26-003551, filed 05/15/2026. Open the SEC source above to inspect the original information table.