HHLR ADVISORS, LTD.

CIK 0001762304 · Q1 2026

13F Equity AUM

$1.7B

-46.1% QoQ

Positions

+4 QoQ

AUM Rank

#1,998

Top 16%

Skill Alpha (FF)

+2.7%/yr^ns

No Clear Edge

Rank #977 · Top 12%

vs S&P -7.3%/yr (unadj.)

Quarters Tracked

~7 years

Portfolio Concentration

Top 5: 80.3%Top 10: 94.2%Top 20: 98.9%

PDD25.4%

BABA18.4%

ONC18.4%

FUTU11.6%

LEGN6.5%

AVBP5.4%

BEKE3.8%

CWAN1.9%

CTKB1.7%

MRVL1.0%

Others (27)5.8%

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

Sector Allocation

Consumer Cyclical45.0%

Healthcare34.5%

Financial Services12.1%

Technology4.3%

Real Estate3.8%

Other0.4%

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

Position Sizing

Positions: 37Median: 0.22%Avg: 2.70%

0–0.5%

23(2.9%)

0.5–1%

4(3.0%)

1–3%

3(4.7%)

3–5%

1(3.8%)

5%+

6(85.7%)

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

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Portfolio Overlap

Shared: 35Unique: 2vs 20 funds

0.5%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 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

MORGAN STANLEY

0.6%

BlackRock, Inc.

0.7%

BANK OF AMERICA CORP /DE/

0.6%

VANGUARD CAPITAL MANAGEMENT LLC

0.7%

GEODE CAPITAL MANAGEMENT, LLC

0.7%

STATE STREET CORP

0.7%

FMR LLC

0.8%

JPMORGAN CHASE & CO

0.5%

VANGUARD PORTFOLIO MANAGEMENT LLC

0.5%

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

New9Increased2Decreased6Exited4

New Positions

MRVL1.0%

+171K

VIPS0.1%

+125K

INTC0.1%

+29K

NVDA0.1%

+7K

GLW0.1%

+8K

COHR0.1%

+4K

LITE0.1%

+2K

DDL0.1%

+355K

EWW0.0%

+9K

Increased

VNET0.0%

+12K(+23%)

TSM0.3%

+4K(+37%)

Decreased

PDD25.4%

-6,556,371(-61%)

BULLW0.4%

-4,474,604(-75%)

BABA18.4%

-2,976,689(-55%)

FUTU11.6%

-210,766(-13%)

MAZE0.7%

-91,507(-20%)

AXIA0.0%

-33,500(-35%)

Exited

-7,300

-35,300

-2,888

-25,390

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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