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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
30 Jun 2025
the date the book describes
Filed
27 Aug 2025
latest of these filings; the earliest 6 Aug 2025
Managers listing it
16
at least, of 95 tracked, among listed positions
Comparable managers
95
filed both Q1 2025 and Q2 2025; 14 listed it in both
Shares listed
70,763,544
combined, among listed positions
Reported value
$7.4bn
combined, at the quarter end

Among the 95 comparable managers: 7 buyers (opened or added shares) and 13 sellers (trimmed or exited), at least, among listed positions. Their net change in shares is not known from listed positions, because at least one of them lists it in only one of the two quarters.

Managers listing PDD in Q2 2025

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q1 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

16 of 16 holders

ActionFiling
Baillie Gifford & Co34,372,712$3.6bn2.69%Trimmed-5,674,5666 Aug 2025 (the filing on sec.gov)
Fidelity (FMR LLC)14,933,065$1.6bn0.09%Trimmed-12,677,95114 Aug 2025 (the filing on sec.gov)
T. Rowe Price Associates Inc5,037,525$527m0.06%Trimmed-1,874,10714 Aug 2025 (the filing on sec.gov)
Invesco Ltd3,962,644$415m0.07%Trimmed-1,338,68913 Aug 2025 (the filing on sec.gov)
Dragoneer Investment Group LLC3,535,608$370m7.55%Trimmed-1,028,46414 Aug 2025 (the filing on sec.gov)
Appaloosa LP2,000,000$209m3.25%Trimmed-2,370,00014 Aug 2025 (the filing on sec.gov)
Jane Street Group LLC1,740,806$182munder 0.1%Addedn.a.14 Aug 2025 (the filing on sec.gov)
Marshall Wace LLP1,401,541$147m0.17%Added+265,42413 Aug 2025 (the filing on sec.gov)
MFS Investment Management1,381,299$145munder 0.1%Added+296,3208 Aug 2025 (the filing on sec.gov)
AQR Capital Management LLC880,417$91m0.07%Added+15,91914 Aug 2025 (the filing on sec.gov)
Renaissance Technologies LLC742,000$78m0.10%Added+152,10013 Aug 2025 (the filing on sec.gov)
Squarepoint Ops LLC345,597$36munder 0.1%Trimmed-850,66727 Aug 2025 (the filing on sec.gov)
Acadian Asset Management LLC220,909$23munder 0.1%Trimmed-184,3557 Aug 2025 (the filing on sec.gov)
Verition Fund Management LLC118,595$12m0.06%Added+29,65514 Aug 2025 (the filing on sec.gov)
Polen Capital Management LLC64,309$6.7munder 0.1%Trimmed-1,88413 Aug 2025 (the filing on sec.gov)
Eisler Capital Management Ltd26,517$2.8munder 0.1%Addedn.a.12 Aug 2025 (the filing on sec.gov)

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

Q1 2025 to Q2 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 (0)

No new position among listed positions.

Exited (4)

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 →