PDD in the 13F filings

PDD Holdings Inc · CUSIP 722304102

Sector · Business and payment services Theme · Consumer and digital platforms· L3VLUP-defined

Quarter

Q3 2026 · early filers Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023

Quarter end: 31 Mar 2026; the date the book describes
Filed: 27 Oct 2026; latest of these filings; the earliest 8 May 2026
Managers listing it: 30; at least, of 95 tracked, among listed positions
Comparable managers: 91; filed both Q4 2025 and Q1 2026; 14 listed it in both
Shares listed: 72,753,859; combined, among listed positions
Reported value: $7.7bn; combined, at the quarter end

1 line marked †. Value as filed implies a price far from other filers'. Each counts in holders and value as filed, and is left out of the net change in shares.

AllianceBernstein LP. Values in this filing are at the previous quarter end's prices; its share count is the quarter end's.

Among the 91 comparable managers: 16 buyers (opened or added shares) and 17 sellers (trimmed or exited), at least, among listed positions. Their net change in shares was -17,747,147.

Managers listing PDD in Q1 2026

Share of 13F value is the position’s reported value over everything the manager reported that quarter. The share change is against Q4 2025, and only where both filings list the position. A rise in value with no rise in shares is the price, not buying.

ActionShare of book at least

30 of 30 holders

				Action		Filing
Baillie Gifford & Co	28,353,099	$2.9bn	2.96%	Trimmed	-2,679,224	8 May 2026 (the filing on sec.gov)
Invesco Ltd	20,498,425	$2.1bn	0.20%	Trimmed	-666,950	12 May 2026 (the filing on sec.gov)
Fidelity (FMR LLC)	6,301,704	$644m	under 0.1%	Trimmed	-8,296,054	15 May 2026 (the filing on sec.gov)
Dodge & Cox	4,537,600	$464m	0.25%	Added	+97,800	14 May 2026 (the filing on sec.gov)
T. Rowe Price Associates Inc	3,361,501	$343m	under 0.1%	Added	+98,547	15 May 2026 (the filing on sec.gov)
Brevan Howard Capital Management LP† Value as filed implies a price far from other filers'.	180,500	$295m	2.61%	New	new	15 May 2026 (the filing on sec.gov)
MFS Investment Management	1,748,238	$176m	0.06%	Added	+488,326	14 May 2026 (the filing on sec.gov)
Susquehanna International Group LLP	1,506,402	$154m	under 0.1%	Added	+839,808	15 May 2026 (the filing on sec.gov)
Renaissance Technologies LLC	1,112,700	$114m	0.18%	Added	+838,800	14 May 2026 (the filing on sec.gov)
Appaloosa LP	900,000	$92m	1.55%	Trimmed	-875,000	15 May 2026 (the filing on sec.gov)
Citadel Advisors LLC	894,578	$91m	under 0.1%	Added	+579,316	15 May 2026 (the filing on sec.gov)
Wellington Management Group LLP	484,518	$50m	under 0.1%	Trimmed	-326,345	15 May 2026 (the filing on sec.gov)
Arrowstreet Capital LP	451,093	$46m	under 0.1%	Added	+145,683	14 May 2026 (the filing on sec.gov)
Man Group PLC	422,281	$43m	0.08%	Trimmed	-111,379	15 May 2026 (the filing on sec.gov)
Two Sigma Investments LP	392,088	$40m	under 0.1%	New	new	15 May 2026 (the filing on sec.gov)
Tudor Investment Corp	385,372	$39m	0.07%	Added	+234,024	15 May 2026 (the filing on sec.gov)
Marshall Wace LLP	322,585	$33m	under 0.1%	Trimmed	-4,190,079	15 May 2026 (the filing on sec.gov)
Jane Street Group LLC	176,715	$18m	under 0.1%	Added	+121,649	12 May 2026 (the filing on sec.gov)
Neuberger Berman Group LLC	176,486	$18m	under 0.1%	Added	+56,313	27 Oct 2026 (the filing on sec.gov)
Acadian Asset Management LLC	164,918	$17m	under 0.1%	Trimmed	-1,246,596	13 May 2026 (the filing on sec.gov)
Millennium Management LLC	148,302	$15m	under 0.1%	Trimmed	-234,248	15 May 2026 (the filing on sec.gov)
AllianceBernstein LP	65,067	$7.4m	under 0.1%	Trimmed	-862,727	15 May 2026 (the filing on sec.gov)
Squarepoint Ops LLC	52,676	$5.4m	under 0.1%	Added	+48,766	15 May 2026 (the filing on sec.gov)
Walleye Capital LLC	52,497	$5.4m	under 0.1%	Trimmed	-20,719	13 May 2026 (the filing on sec.gov)
Verition Fund Management LLC	31,101	$3.2m	under 0.1%	Trimmed	-696	15 May 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

Hayden Capital's Q2 2026 letter, on the "SaaS-pocalypse" and returns on reinvestment · Hayden Capital · 27 Aug 2026 · Mentioned

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

Every letter beside its positions →

Largest increases and reductions, by shares

Q4 2025 to Q1 2026, among managers that listed it in both quarters or opened it.

Increases

Susquehanna International Group LLPexisting position · 1,506,402 shares now+839,808
Renaissance Technologies LLCexisting position · 1,112,700 shares now+838,800
Citadel Advisors LLCexisting position · 894,578 shares now+579,316
MFS Investment Managementexisting position · 1,748,238 shares now+488,326
Two Sigma Investments LPnew position · 392,088 shares now+392,088

Reductions

Fidelity (FMR LLC)existing position · 6,301,704 shares now-8,296,054
Marshall Wace LLPexisting position · 322,585 shares now-4,190,079
Baillie Gifford & Coexisting position · 28,353,099 shares now-2,679,224
Acadian Asset Management LLCexisting position · 164,918 shares now-1,246,596
Appaloosa LPexisting position · 900,000 shares now-875,000

New positions and exits

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

New (5)

Brevan Howard Capital Management LP$295m
Two Sigma Investments LP$40m
D. E. Shaw & Co.$1.1m
Caxton Associates LLP$511k
Oaktree Capital Management LP$493k

Exited (3)

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.

the quarter shown share split complete books; unmarked quarters rest on listed positionsClick a quarter to open it.

PDD by quarter
Quarter	Holders	Reported value	Buyers	Sellers
Q3 2018	11	$514m	n.a.	n.a.
Q4 2018	8	$175m	n.a.	n.a.
Q1 2019	7	$157m	n.a.	n.a.
Q2 2019	8	$272m	n.a.	n.a.
Q3 2019	13	$1.9bn	n.a.	n.a.
Q4 2019	9	$2.3bn	n.a.	n.a.
Q1 2020	14	$2.7bn	n.a.	n.a.
Q2 2020	15	$6.4bn	n.a.	n.a.
Q3 2020	13	$5.6bn	n.a.	n.a.
Q4 2020	23	$15.9bn	n.a.	n.a.
Q1 2021	22	$10.6bn	n.a.	n.a.
Q2 2021	18	$10.1bn	n.a.	n.a.
Q3 2021	17	$8.3bn	n.a.	n.a.
Q4 2021	17	$5.6bn	n.a.	n.a.
Q1 2022	16	$3.4bn	n.a.	n.a.
Q2 2022	21	$4.4bn	n.a.	n.a.
Q3 2022	23	$5.1bn	n.a.	n.a.
Q4 2022	26	$6.0bn	n.a.	n.a.
Q1 2023	23	$4.5bn	n.a.	n.a.
Q2 2023	22	$4.9bn	n.a.	n.a.
Q3 2023	22	$8.2bn	n.a.	n.a.
Q4 2023	32	$13.7bn	23	9
Q1 2024	25	$10.2bn	15	15
Q2 2024	32	$13.6bn	23	10
Q3 2024	30	$12.8bn	20	13
Q4 2024	24	$9.5bn	14	15
Q1 2025	22	$12.3bn	13	13
Q2 2025	16	$7.4bn	7	13
Q3 2025	23	$10.8bn	17	6
Q4 2025	16	$9.9bn	12	22
Q1 2026	14	$7.2bn	16	17
Q2 2026	8	$4.8bn	16	18

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 →

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