Greenwoods Asset Management Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

To understand the psychological portrait of Greenwoods, one must look past the raw numbers and into the structural intent of the portfolio. A portfolio of 25 stocks is not designed to track an index; it is designed to outperform one by making bold, directional bets on specific business models and secular trends. This concentration suggests that George Jiang and his team operate with a "private equity" mindset within the public markets. They are not merely "buying tickers"; they are taking meaningful stakes in enterprises where they believe they have a superior understanding of the long-term cash flow trajectory. The stability of the institution's scale, hovering near the $4 billion mark, indicates a mature fund that is more focused on optimizing its existing capital base than on aggressive asset gathering, which often dilutes performance in concentrated strategies.

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

II. Sector Allocation Analysis

The most striking feature of this allocation is the combined weight of the top three sectors—Communication Services, Consumer Discretionary, and Technology—which together account for approximately 91.82% of the total portfolio. This is an extraordinary level of focus. In the world of institutional investing, a concentration of over 70% in three sectors is typically considered "highly focused"; at over 90%, it is "singularly thematic." This suggests that Greenwoods has essentially opted out of the "old economy." There is zero exposure to Real Estate, and negligible exposure to Healthcare and Consumer Staples. This allocation logic implies a firm belief that traditional defensive sectors or capital-intensive industries like real estate do not offer the risk-adjusted returns necessary for their mandate.

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

III. Top 10 Holdings Deep Dive

The motivation for this addition likely stems from a "valuation repair" thesis. Despite the rise of generative AI competitors, Alphabet’s core search business has shown remarkable resilience, and its YouTube and Cloud divisions continue to scale profitably. By increasing the weight to over 21%, Greenwoods is signaling that the market may be underestimating Alphabet’s ability to integrate AI into its ecosystem without cannibalizing its margins. The weight change of +0.84% indicates an active decision to concentrate further in a "known winner," reinforcing the portfolio's stability.

The top 10 holdings collectively represent approximately 84.64% of the total portfolio. This extreme concentration highlights a "winner-takes-all" investment philosophy. The portfolio is heavily skewed toward large-cap growth, with a specific focus on platforms that possess "network effects." By balancing established giants like Alphabet and Amazon with high-growth disruptors like PDD and Full Truck Alliance (YMM), Greenwoods has constructed a portfolio that is designed to capture both the stability of market leaders and the explosive growth of industry challengers. The inclusion of Trip.com suggests a tactical pivot toward the "reopening" and travel recovery theme, adding a layer of cyclical growth to an otherwise tech-heavy core.

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

IV. Major Buys/Additions

The logic behind this move likely centers on the "double engine" of Amazon’s current business: the re-acceleration of AWS (Amazon Web Services) driven by AI demand, and the significant margin expansion in its retail division due to logistics optimization. By adding Amazon, Greenwoods is diversifying its "Big Tech" exposure, moving from a heavy reliance on digital advertising (Alphabet, Meta) toward cloud infrastructure and global logistics. This addition suggests that Greenwoods views Amazon’s current valuation as an attractive entry point for a company that is arguably the most essential infrastructure provider of the modern economy.

Intel has struggled for years to maintain its lead in semiconductor manufacturing, but the firm’s massive investment in its "Foundry" business and the potential for a recovery in the PC and server markets appear to have caught Greenwoods’ attention. By making such a large addition, George Jiang is signaling a belief that Intel is at a cyclical and structural trough. If Intel can successfully execute its roadmap, the "valuation repair" potential is immense. This move adds a significant "value" tilt to the portfolio, balancing the high-multiple growth names like PDD.

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

Meta’s stock had been a top performer in 2024 and 2025, and its weight in the portfolio had grown to over 16%. By cutting the position nearly in half, Greenwoods is practicing "risk control," ensuring that a single stock does not dominate the portfolio to an unhealthy degree. The remaining 7.99% weight still makes Meta a top 5 holding, indicating that the long-term thesis—centered on AI-driven ad efficiency and the "Reels" monetization—remains intact. This was a "mission accomplished" trade, where gains were realized to fund the next generation of bets.

The quality of these exits appears high. Most were conducted in stocks that had already seen significant runs (Meta, Broadcom), suggesting that Greenwoods is selling into strength rather than panic-selling into weakness. The only exception might be the reduction in Alibaba (BABA) , which saw a 16.65% cut . This reduction, combined with the massive addition to PDD, suggests a "relative value" trade. Greenwoods is clearly favoring PDD’s growth profile over Alibaba’s more mature, complex conglomerate structure. This is a "sell A to buy B" move within the same sector, reflecting a clear preference for the more agile competitor.

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

Throughout 2024 and 2025, the market was obsessed with the "infrastructure" of the digital age—the chips, the networking, and the software tools required to build AI. Greenwoods participated in this through holdings like Broadcom and Synopsys. However, this quarter’s data reveals a profound shift in logic. By exiting these names and doubling down on Alphabet, Amazon, and PDD, Greenwoods is betting that the next phase of value creation will belong to the Platform Owners . These are the companies that have the data, the distribution, and the customer base to turn AI tools into actual profits.

Disclaimer : This analysis is provided for informational and educational purposes only and does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. All investment decisions involve risk, including the possible loss of principal. Investors should conduct their own research or consult with a qualified financial advisor before making any investment decisions. The author and the platform are not responsible for any financial losses resulting from the use of this information.

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.