First Beijing Investment Ltd

CIK 0001701717 · Q1 2026

13F Equity AUM

$2.3B

-8.6% QoQ

Positions

+4 QoQ

AUM Rank

#1,644

Top 13%

Skill Alpha (FF)

+25.0%/yr^ns

No Clear Edge

Rank #63 · Top 0.8%

vs S&P +18.7%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 97.6%Top 10: 100.0%Top 20: 100.0%

PDD35.9%

YMM32.2%

N1UA22.0%

RLX5.7%

LEGN1.8%

KSPI1.4%

SE0.8%

DDL0.1%

ZH0.1%

NOAH0.1%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Consumer Cyclical36.7%

Technology33.6%

Consumer Defensive27.8%

Other1.9%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 12Median: 1.07%Avg: 8.33%

0–0.5%

5(0.3%)

0.5–1%

1(0.8%)

1–3%

2(3.2%)

3–5%

0(0.0%)

5%+

4(95.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 12Unique: 0vs 20 funds

0.2%Low

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 8 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.2%

BlackRock, Inc.

0.2%

STATE STREET CORP

0.2%

BANK OF AMERICA CORP /DE/

0.2%

FMR LLC

0.2%

GEODE CAPITAL MANAGEMENT, LLC

0.1%

JPMORGAN CHASE & CO

0.1%

VANGUARD CAPITAL MANAGEMENT LLC

0.1%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New5Increased3Decreased4Exited1

New Positions

LEGN1.8%

+2.3M

SE0.8%

+209K

DDL0.1%

+846K

ZH0.1%

+551K

BZUN0.1%

+444K

Increased

YMM32.2%

+13.4M(+17%)

PDD35.9%

+1.4M(+20%)

KSPI1.4%

+322K(+286%)

Decreased

RLX5.7%

-2,734,753(-4%)

N1UA22.0%

-1,110,707(-11%)

NOAH0.1%

-256,539(-65%)

API0.0%

-2,200(-22%)

Exited

ATAT

-5,811,104

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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