Q3 2025 · 13F-HR
Alpine Investment Management Ltdholdings as filed
Filed 2025-11-13 · accession 0001964631-25-000008
$295.4M
Reported value
5
Positions
2025-09-30
Period end
The Brief · Alpine Investment Management Ltd · Q3 2025
AI · grounded in 13F
Alpine Investment Management Ltd established a new position in PDD HOLDINGS INC valued at $176.4M. The fund also initiated stakes in YMM for $51.9M and JOYY for $33.7M. Additional new positions include LU at $17.2M and AGX at $16.2M. These five holdings bring the fund's total AUM to $295.4M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 722304902 | PDD | PDD HOLDINGS INC | $176.4M | 59.7% | 13,350 | CALL | SOLE |
| 35969L108 | YMM | FULL TRUCK ALLIANCE CO LTD | $51.9M | 17.6% | 4,000,000 | Common | SOLE |
| 46591M109 | JOYY | JOYY INC | $33.7M | 11.4% | 575,000 | Common | SOLE |
| 54975P201 | LU | LUFAX HOLDING LTD | $17.2M | 5.81% | 4,225,000 | Common | SOLE |
| 04010E109 | AGX | ARGAN INC | $16.2M | 5.49% | 60,000 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.