Which funds own PDD

Managers holding

5

at least, of 91 current

Combined value

$4.2bn

as reported

Opened

2

new this quarter

Added to

2

already held

Trimmed or sold out

4

3 sold out entirely

Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.

Sold out of this quarter

Valued at what the position was worth in the previous filing, because by this one it is gone.

• Renaissance Technologies LLC · Quantitative$114m held before
• Appaloosa LP · Activist$92m held before
• Oaktree Capital Management LP · Activist$500k held before

Reported as options rather than shares

A put or a call on a name is not a position in it, and the filing states the notional rather than what the option cost. These lines are listed apart for that reason and are not counted in anything above.

• Jane Street Group LLC · puts$1.6bn notional
• Jane Street Group LLC · calls$1.1bn notional
• Brevan Howard Capital Management LP · calls$103m notional

What PDD is worth

Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.

How much of the picture this is

A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.