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PDD in the 13F filings

PDD Holdings Inc · CUSIP 722304102

Sector · Business and payment servicesTheme · Consumer and digital platforms· L3VLUP-defined
Quarter
Q3 2026 · early filersQ2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023
Quarter end
31 Dec 2025
the date the book describes
Filed
27 Oct 2026
latest of these filings; the earliest 22 Jan 2026
Managers listing it
28
at least, of 95 tracked, among listed positions
Comparable managers
92
filed both Q3 2025 and Q4 2025; 19 listed it in both
Shares listed
90,320,506
combined, among listed positions
Reported value
$10.2bn
combined, at the quarter end

Among the 92 comparable managers: 12 buyers (opened or added shares) and 22 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was +5,715,415.

Managers listing PDD in Q4 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q3 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

28 of 28 holders

ActionFiling
Baillie Gifford & Co31,032,323$3.5bn2.92%Trimmed-766,68023 Jan 2026 (the filing on sec.gov)
Invesco Ltd21,165,375$2.4bn0.23%Added+15,887,34919 Feb 2026 (the filing on sec.gov)
Fidelity (FMR LLC)14,597,758$1.7bn0.08%Trimmed-2,721,95517 Feb 2026 (the filing on sec.gov)
Marshall Wace LLP4,512,664$512m0.47%Added+2,158,50013 Feb 2026 (the filing on sec.gov)
Dodge & Cox4,439,800$503m0.27%Newnew13 Feb 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc3,262,954$370munder 0.1%Trimmed-2,107,41817 Feb 2026 (the filing on sec.gov)
Dragoneer Investment Group LLC1,835,428$208m4.54%Held017 Feb 2026 (the filing on sec.gov)
Appaloosa LP1,775,000$201m2.91%Trimmed-25,00017 Feb 2026 (the filing on sec.gov)
Acadian Asset Management LLC1,411,514$160m0.26%Added+306,44310 Feb 2026 (the filing on sec.gov)
MFS Investment Management1,259,912$143munder 0.1%Added+15,34122 Jan 2026 (the filing on sec.gov)
AllianceBernstein LP927,794$105munder 0.1%Trimmed-65,89617 Feb 2026 (the filing on sec.gov)
Wellington Management Group LLP810,863$92munder 0.1%Trimmed-83,68817 Feb 2026 (the filing on sec.gov)
Susquehanna International Group LLP666,594$76munder 0.1%Trimmed-2,572,63317 Feb 2026 (the filing on sec.gov)
Man Group PLC533,660$61m0.10%Added+518,87917 Feb 2026 (the filing on sec.gov)
Millennium Management LLC382,550$43munder 0.1%Added+218,29617 Feb 2026 (the filing on sec.gov)
Balyasny Asset Management LLC335,433$38munder 0.1%Trimmed-103,20117 Feb 2026 (the filing on sec.gov)
Citadel Advisors LLC315,262$36munder 0.1%Trimmed-1,028,79617 Feb 2026 (the filing on sec.gov)
Arrowstreet Capital LP305,410$35munder 0.1%Trimmed-1,182,35613 Feb 2026 (the filing on sec.gov)
Renaissance Technologies LLC273,900$31munder 0.1%Added+109,50012 Feb 2026 (the filing on sec.gov)
Tudor Investment Corp151,348$17munder 0.1%Added+19,57617 Feb 2026 (the filing on sec.gov)
Neuberger Berman Group LLC120,173$14munder 0.1%Added+18,27627 Oct 2026 (the filing on sec.gov)
Walleye Capital LLC73,216$8.3munder 0.1%Trimmed-65,86013 Feb 2026 (the filing on sec.gov)
Jane Street Group LLC55,066$6.2munder 0.1%Trimmed-4,620,56312 Feb 2026 (the filing on sec.gov)
Verition Fund Management LLC31,797$3.6munder 0.1%Trimmed-68,51413 Feb 2026 (the filing on sec.gov)
Polen Capital Management LLC31,329$3.6munder 0.1%Trimmed-31,95412 Feb 2026 (the filing on sec.gov)
Page 1 of 2

What managers have written about PDD

Shown because the letter names the company. A letter is commentary; it is not a record of why a position changed.

By writers not tracked in the 13F universe

Their positions are not shown: no 13F filings of theirs are tracked here.

Every letter beside its positions →

Largest increases and reductions, by shares

Q3 2025 to Q4 2025, among managers that listed it in both quarters or opened it.

Increases

Reductions

New positions and exits

At least these many: a manager is shown exiting only where its own filing shows the position gone.

New (3)

Exited (7)

Ownership over time

Every quarter on file. A quarter-end value moves with the price as well as with the shares held; buyers and sellers count comparable managers, by shares.
30 in Q3 2024 to 8 in Q2 2026

Tracked managers listing it, at least.

01020304020192020202120222023202420252026
the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.
PDD by quarter
QuarterHoldersReported valueBuyersSellers
Q3 201811$514mn.a.n.a.
Q4 20188$175mn.a.n.a.
Q1 20197$157mn.a.n.a.
Q2 20198$272mn.a.n.a.
Q3 201913$1.9bnn.a.n.a.
Q4 20199$2.3bnn.a.n.a.
Q1 202014$2.7bnn.a.n.a.
Q2 202015$6.4bnn.a.n.a.
Q3 202013$5.6bnn.a.n.a.
Q4 202023$15.9bnn.a.n.a.
Q1 202122$10.6bnn.a.n.a.
Q2 202118$10.1bnn.a.n.a.
Q3 202117$8.3bnn.a.n.a.
Q4 202117$5.6bnn.a.n.a.
Q1 202216$3.4bnn.a.n.a.
Q2 202221$4.4bnn.a.n.a.
Q3 202223$5.1bnn.a.n.a.
Q4 202226$6.0bnn.a.n.a.
Q1 202323$4.5bnn.a.n.a.
Q2 202322$4.9bnn.a.n.a.
Q3 202322$8.2bnn.a.n.a.
Q4 202332$13.7bn239
Q1 202425$10.2bn1515
Q2 202432$13.6bn2310
Q3 202430$12.8bn2013
Q4 202424$9.5bn1415
Q1 202522$12.3bn1313
Q2 202516$7.4bn713
Q3 202523$10.8bn176
Q4 202516$9.9bn1222
Q1 202614$7.2bn1617
Q2 20268$4.8bn1618

Compare with…

Holders over time, buyers and sellers, and the managers holding both, side by side for up to four stocks.

PDD and GOOGL →PDD and AMZN →PDD and GOOG →Choose a stock to compare with PDD →

How much of the picture this is

A 13F is a manager’s long US-listed equity book at a quarter end, filed up to 45 days later. It shows no shorts, cash, bonds or performance, and it is never today’s portfolio. Large books are listed to their largest positions, so a manager missing from this table may still hold a small position below that line. These are 95 tracked managers, not the institutional market.

Which funds own PDD, latest filings →Back to the 13F Explorer →