Greenwoods Asset Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview: The Psychological Portrait of Greenwoods Asset Management

Greenwoods Asset Management, led by the astute George Jiang, has long been recognized as a premier institutional player that bridges the gap between Eastern capital and Western markets. As of the fourth quarter of 2025, the firm’s 13F filing reveals a portfolio valued at approximately $4.04 billion , a figure that underscores its significant influence within the global investment landscape. To understand Greenwoods is to understand a philosophy rooted in high-conviction, fundamental-driven investing, often characterized by a "growth at a reasonable price" (GARP) approach, albeit with a distinct willingness to place massive bets on secular themes such as the digital transformation of the Chinese consumer and the global artificial intelligence (AI) revolution.

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II. Sector Allocation Analysis: Macro Signals and Track Selection

By allocating nearly half of their capital here, Greenwoods is signaling a belief that the "platform economy" remains the most resilient and scalable business model in existence. These companies possess "network effects" that are nearly impossible to replicate. In a macro environment characterized by fluctuating interest rates and uncertain global growth, Greenwoods is seeking refuge in companies with massive cash flows, high margins, and the ability to dictate terms in the advertising and gaming markets. The increase in this sector, driven largely by the massive addition to Alphabet, suggests a move toward "valuation-supported growth."

This suggests a macro judgment that the "AI hardware" trade is diversifying. Greenwoods is no longer just betting on the GPU (Graphics Processing Unit) as the sole engine of growth; they are looking at the broader networking infrastructure (Broadcom) and the potential for a turnaround in the foundational compute layer (Intel). This 21% weight reflects a "balanced tech" strategy—maintaining exposure to the cutting edge while avoiding the "valuation bubbles" that often form in the most crowded corners of the tech sector.

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III. Top 10 Holdings Deep Dive: Portfolio Cornerstone and Core Logic

The remainder of the Top 10 reveals a fascinating mix of stability and tactical shifts. NetEase (NTES) and Full Truck Alliance (YMM) remain unchanged in share count, acting as "stable ballast" in the Communication and Industrial/Tech space. These are long-term positions where Greenwoods is content to collect the "beta" of the underlying business growth.

The most dramatic move in this tier is the 64.78% reduction in NVIDIA (NVDA) . Once a potential top-three contender, it has been relegated to the #7 spot with a 3.86% weight . This is a clear "valuation exit." Greenwoods is signaling that the "easy money" in the GPU trade has been made. Conversely, the 36.62% increase in Intel (INTC) and the 14% increase in Futu Holdings (FUTU) show a rotation into "recovery" and "financial infrastructure" plays.

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IV. Major Buys/Additions: Offensive Direction and Capital Flow

This suggests a belief that the market is moving from the "Excitement Phase" (where any AI-related stock goes up) to the "Execution Phase" (where only those with deep infrastructure moats and clear paths to profitability will succeed). The concentration in these names shows that Greenwoods is not just buying "Tech"; they are buying the "Backbone of the Digital Future."

Greenwoods is not necessarily bringing new cash into the market; they are "rotating their crops." They are selling the "over-ripe" assets (Nvidia, Meta) to plant seeds in "undervalued" or "emerging" winners (Alphabet, Broadcom, Intel). This strategy rotation increases the portfolio's "offensiveness" by moving into stocks with more "room to run" while maintaining a similar overall risk profile.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits: Risk Avoidance and Strategy Adjustment

Overall, the exit operations this quarter are of high quality . They represent "selling from a position of strength" (Nvidia, Meta) rather than "panic selling." By liquidating nearly $500 million from their top winners and "growth tail," Greenwoods has significantly improved the "quality" of its capital. The portfolio is now more concentrated in names with "valuation support" and less exposed to the "momentum exhaustion" of the AI hardware trade.

The key risk signal here is the retreat from "pure momentum." By selling Nvidia and TSM while exiting Uber and Spotify, Greenwoods is warning that the "liquidity-driven" growth phase of the market may be ending. They are signaling a preference for "earnings-driven" growth. Investors should take note: when a fund as sophisticated as Greenwoods slashes its Nvidia stake by 65%, it is a clear warning that the "easy alpha" in that sector has been harvested.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

By selling the "shovels" (Nvidia) and buying the "gold mines" (Alphabet’s data and search ecosystem) and the "alternative infrastructure" (Broadcom’s networking and Intel’s recovery), Greenwoods is positioning for a world where AI is no longer a "novelty" but a "utility." Their massive bet on Alphabet (20.82% of the portfolio) is a bet that the "incumbent platforms" will ultimately capture the lion's share of AI's economic value through their existing distribution networks.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.