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HHLR Advisors / Hillhouse avatar

Lei Zhang

HHLR Advisors / Hillhouse

HHLR Advisors / Hillhouse, the public US window into the Hillhouse ecosystem

HHLR Advisors is the US 13F window for part of the Hillhouse ecosystem. The useful signal is not just a list of US stocks: it shows how the firm expresses long-term healthcare, consumer, technology, and China-linked research in public markets.

Sources HHLR Advisors / Hillhouse official site SEC EDGAR profile Forbes Zhang Lei profile
Asia growth / healthcare / technology CIK 1762304
2026-03-31 Latest 13F 20 Current holdings 48 Last 4 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 38 disclosed positions · $1.7B Top five 80.3%: PDD, BABA, ONC, FUTU, LEGN

Performance materials

  • Hillhouse does not provide one continuous public return table for all strategies. HHLR filings, official materials, and public interviews provide context.

Firm and key people

  • Lei Zhang founded Hillhouse with a long-term growth and business-quality orientation.
  • The Hillhouse ecosystem spans private and public investments, so HHLR shows only the public US-listed part.
  • Changes in healthcare, platform, and China ADR exposure can reveal shifts in opportunity cost and risk appetite.

Investment style

  • Prefer high-quality businesses with long reinvestment runways and strong market positions.
  • Combine public holdings with broader sector research, especially healthcare and technology.
  • Watch large exits and reentries because the portfolio can adapt to regulation and valuation cycles.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
PDD 4,165,029 $425.6M 25.4%
BABA 2,453,657 $307.8M 18.4%
ONC 1,034,306 $307.2M 18.4%
FUTU 1,419,483 $194.1M 11.6%
LEGN 5,984,550 $108.3M 6.5%
AVBP 3,929,117 $90.6M 5.4%
BEKE 4,236,278 $63.4M 3.8%
CWAN 1,365,971 $32.3M 1.9%
CTKB 6,657,030 $29.1M 1.7%
MRVL 171,033 $16.9M 1.0%
YSG 4,885,873 $15.0M 0.9%
NBP 5,980,568 $14.7M 0.9%
MAZE 366,028 $10.9M 0.7%
CTNM 669,337 $8.7M 0.5%
API 2,098,553 $7.4M 0.4%
BULL 1,500,000 $7.2M 0.4%
TSM 15,520 $5.2M 0.3%
SGMT 724,800 $3.8M 0.2%
TUYA 1,564,400 $3.6M 0.2%
GE 10,043 $2.8M 0.2%

Last 4 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
PDD Major reduction 2026-03-31 Filed 2026-05-15 4,165,029 10,721,400 -61.2% -$790.1M
BABA Major reduction 2026-03-31 Filed 2026-05-15 2,453,657 5,430,346 -54.8% -$488.1M
FUTU Minor reduction 2026-03-31 Filed 2026-05-15 1,419,483 1,630,249 -12.9% -$73.6M
BULL Major reduction 2026-03-31 Filed 2026-05-15 1,500,000 5,974,604 -74.9% -$39.2M
MRVL New 2026-03-31 Filed 2026-05-15 171,033 0 - +$16.9M
MAZE Major reduction 2026-03-31 Filed 2026-05-15 366,028 457,535 -20.0% -$8.0M
VIPS New 2026-03-31 Filed 2026-05-15 124,700 0 - +$2.0M
TSM Major increase 2026-03-31 Filed 2026-05-15 15,520 11,300 37.3% +$1.8M
BULL Major reduction 2025-12-31 Filed 2026-02-17 5,974,604 33,080,846 -81.9% -$442.8M
FUTU Major reduction 2025-12-31 Filed 2026-02-17 1,630,249 3,238,179 -49.7% -$295.4M
BIDU Sold out 2025-12-31 Filed 2026-02-17 0 1,641,000 -100.0% -$216.2M
BABA Major increase 2025-12-31 Filed 2026-02-17 5,430,346 3,289,666 65.1% +$208.0M
NTES Sold out 2025-12-31 Filed 2026-02-17 0 790,807 -100.0% -$120.2M
PDD Major increase 2025-12-31 Filed 2026-02-17 10,721,400 8,592,600 24.8% +$80.0M
YMM Sold out 2025-12-31 Filed 2026-02-17 0 4,066,553 -100.0% -$52.7M
SE Sold out 2025-12-31 Filed 2026-02-17 0 180,050 -100.0% -$32.2M
AVBP Minor reduction 2025-12-31 Filed 2026-02-17 3,929,117 4,484,672 -12.4% -$3.7M
TSM New 2025-12-31 Filed 2026-02-17 11,300 0 - +$3.4M
BABA Major increase 2025-09-30 Filed 2025-11-14 3,289,666 1,149,700 186.1% +$457.6M
PDD Major increase 2025-09-30 Filed 2025-11-14 8,592,600 6,976,804 23.2% +$405.5M
BIDU New 2025-09-30 Filed 2025-11-14 1,641,000 0 - +$216.2M
NTES Major reduction 2025-09-30 Filed 2025-11-14 790,807 1,663,668 -52.5% -$103.7M
WNS Sold out 2025-09-30 Filed 2025-11-14 0 1,531,466 -100.0% -$96.8M
JD Sold out 2025-09-30 Filed 2025-11-14 0 2,275,500 -100.0% -$74.3M
YMM New 2025-09-30 Filed 2025-11-14 4,066,553 0 - +$52.7M
BEKE Major reduction 2025-09-30 Filed 2025-11-14 4,236,278 7,465,465 -43.3% -$51.9M
SE New 2025-09-30 Filed 2025-11-14 180,050 0 - +$32.2M
FUTU Major reduction 2025-09-30 Filed 2025-11-14 3,238,179 4,312,237 -24.9% +$30.2M
VIPS Sold out 2025-09-30 Filed 2025-11-14 0 1,131,788 -100.0% -$17.0M
LI Sold out 2025-09-30 Filed 2025-11-14 0 620,000 -100.0% -$16.8M
YSG Major reduction 2025-09-30 Filed 2025-11-14 4,885,873 6,111,933 -20.1% -$14.7M
BZ Sold out 2025-09-30 Filed 2025-11-14 0 576,339 -100.0% -$10.3M
BULL New 2025-06-30 Filed 2025-08-14 33,080,846 0 - +$395.6M
BABA Major reduction 2025-06-30 Filed 2025-08-14 1,149,700 3,907,755 -70.6% -$386.3M
JD Major reduction 2025-06-30 Filed 2025-08-14 2,275,500 4,811,700 -52.7% -$123.6M
BEKE Major reduction 2025-06-30 Filed 2025-08-14 7,465,465 11,973,402 -37.6% -$108.1M
FUTU Minor increase 2025-06-30 Filed 2025-08-14 4,312,237 4,307,492 0.1% +$92.1M
VIPS Major reduction 2025-06-30 Filed 2025-08-14 1,131,788 6,683,901 -83.1% -$87.8M
TCOM Sold out 2025-06-30 Filed 2025-08-14 0 938,842 -100.0% -$59.7M
NTES Major reduction 2025-06-30 Filed 2025-08-14 1,663,668 2,668,697 -37.7% -$50.8M
PDD Minor increase 2025-06-30 Filed 2025-08-14 6,976,804 6,562,576 6.3% -$46.5M
CWAN New 2025-06-30 Filed 2025-08-14 1,365,971 0 - +$30.0M
YSG Minor reduction 2025-06-30 Filed 2025-08-14 6,111,933 6,885,873 -11.2% +$25.8M
BIDU Sold out 2025-06-30 Filed 2025-08-14 0 170,000 -100.0% -$15.6M
YUMC Sold out 2025-06-30 Filed 2025-08-14 0 292,122 -100.0% -$15.2M
HTHT Sold out 2025-06-30 Filed 2025-08-14 0 237,332 -100.0% -$8.8M
ATAT Sold out 2025-06-30 Filed 2025-08-14 0 242,342 -100.0% -$6.9M
TSM Sold out 2025-06-30 Filed 2025-08-14 0 33,000 -100.0% -$5.5M

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Interview

Lei Zhang and Stephen Roach on Investing in China

Yale Insights' interview with Zhang Lei and Stephen Roach discusses Chinese investment, long-term capital, corporate quality, and institutional environment and is one of the more reliable sources of Zhang Lei's public information in English.

  • The interview discussed Chinese investment in the context of long-term structural changes, rather than just talking about a single cycle or short-term policy stimulus.
  • Zhang Lei emphasizes understanding entrepreneurs, business models and long-term competitiveness, which is consistent with Hillhouse's early long-term capital image.
  • The material can fill the gap in 13F, because HHLR only discloses the visible part of the United States and cannot represent Hillhouse’s complete layout in China, medical and private equity fields.
  • Yale has reliable sources, with clear identities and pictures, and is more suitable for citation than second-hand articles with unknown sources.
  • When looking at this information, investors should distinguish between Zhang Lei’s personal framework, Hillhouse’s institutional capabilities and HHLR 13F disclosure.
Public Q&A

Lei Zhang Yale Insights Researcher Profile

The Zhang Lei researcher page of Yale Insights centrally lists relevant public information and background information, which is a stable basis for personal introduction and data sources.

  • The page confirms that Zhang Lei is associated with Yale SOM's public information, which can be used as a basic source of avatar and character information.
  • It is not a single investment perspective, but relevant interviews and public content can be accessed from the official educational institution page.
  • For a HHLR page, this type of source is more stable than a financial media collage because the identity, agency, and context are all clearer.
  • The information can be combined with SEC 13F, Forbes personal information, and Hillhouse official website to form a character information chain.
  • The page reminds investors: Hillhouse’s investment world is much larger than 13F, and the US stock portfolio is only a visible slice.