HHLR Advisors (Hillhouse) 13F: Q2 2026 Portfolio — $832.07M Across 35 Positions

HHLR Advisors (Hillhouse) · Lei Zhang · Q2 2026

Strong concentration in high-conviction tech and biopharma, reinforced by adds to Futu and Vipshop

Reported value

$832M

Filed 2026-08-14

Positions

Quarter ended 2026-06-30

Top 10 weight

85.7%

New6Added6Trimmed6Exited9View the SEC filing

Form 13F reports long US-listed positions only, up to 45 days after quarter end. It excludes shorts, cash, and non-US holdings, so the live book can differ.

HHLR Advisors (Hillhouse) reported a $832.07M US-listed portfolio in its Q2 2026 Form 13F, filed with the SEC on 2026-08-14 for the quarter ended 2026-06-30. The book holds 35 positions, led by Legend Biotech at 20.8% of reported value; the top three together account for 57%. Against the Q1 2026 filing, the manager opened 6 new positions, added to 6, trimmed 6, and exited 9.

Top 12 holdings

Portfolio allocation

Legend BiotechLEGN20.8%
Futu HldgsFUTU19.9%
Arrivent BiopharmaAVBP16.4%
Marvell TechnologyMRVL5.8%
Vipshop HldgsVIPS5.5%
Pdd HoldingsPDD4.6%
Ke HldgsBEKE3.9%
Cytek BiosciencesCTKB3.5%
Alamar BiosciencesALMR3.1%
Alibaba Group HldgBABA2.1%
Other holdings14.3%

Share of reported 13F value

#	Holding	Action	Weight	Value	Shares vs prior quarter
1	Legend BiotechLEGN	Unchanged	20.8%	$173M	0.0%
2	Futu HldgsFUTU	Added	19.9%	$166M	+24.6%
3	Arrivent BiopharmaAVBP	Unchanged	16.4%	$136M	0.0%
4	Marvell TechnologyMRVL	Trimmed	5.8%	$48.5M	-4.7%
5	Vipshop HldgsVIPS	Added	5.5%	$46.0M	+2683.0%
6	Pdd HoldingsPDD	Trimmed	4.6%	$38.1M	-88.0%
7	Ke HldgsBEKE	Trimmed	3.9%	$32.2M	-47.6%
8	Cytek BiosciencesCTKB	Unchanged	3.5%	$29.5M	0.0%
9	Alamar BiosciencesALMR	New	3.1%	$25.9M	New
10	Alibaba Group HldgBABA	Trimmed	2.1%	$17.7M	-92.5%
11	Odyssey TherapeuticsODTX	New	1.9%	$15.6M	New
12	Yatsen HldgYSG	Unchanged	1.9%	$15.5M	0.0%
	Other holdings		10.6%	$88.0M

Values and share counts as reported for 2026-06-30; weights are share of reported 13F value.

Actions compare share counts against the prior quarter's filing, so they do not move with price.

New positions and exits

New positions

Closed out

Beone Medicines$307M
Clearwater Analytics Hldgs I$32.3M
Barrick Mng$1.04M
Dingdong Cayman$911K
Centrais Elet Bras$712K
iShares MSCI Mexico ETF$662K
Vnet Group$546K
Uxin$58.8K
Ridgetech$657

Read on the quarter

What the moves add up to

The quarter keeps the portfolio highly concentrated, with the top 10 holdings accounting for 85.7% of total value. The largest positions remain led by Legend Biotech at 20.77% and Futu Hldgs at 19.92%, supported by continued presence in Arrivent Biopharma at 16.4% and Cytek Biosciences at 3.54% (with several others clustered below). Activity is dominated by maintaining or increasing exposure rather than broad de-risking: 17 holds and 6 trims sit alongside 6 adds and 6 new positions, with 9 exits.

Rotation is visible at the top end through targeted adds. Futu Hldgs is the most consequential addition by reported share activity (share count up 24.6%), while Vipshop Hldgs shows a sharp share expansion (share count up 2683.0%) to a 5.53% weight. These buys coincide with trims in several positions, including Marvell Technology (trim with a -4.7 share-count change) and larger reductions in Pdd Holdings (trim with -88.0) and Alibaba Group Hldg (trim with -92.5), alongside the complete exits of Beone Medicines (no symbol) and Clearwater Analytics Hldgs I.

Context

How to read this filing

A Form 13F is a quarterly snapshot institutional managers with over $100M in US-listed assets must file within 45 days of quarter end. It shows long equity positions only: no short book, no cash, no non-US listings, no timing inside the quarter. Treat it as a delayed map of where the manager's conviction sat on the reporting date — not a live portfolio, and not a buy list.

Positions may have changed since the reporting date. Weight changes also reflect price moves, not only buying or selling — the action tags on this page are derived from share counts, which do not move with price.