The fund sold its entire 1.83 million-share stake in YMM as shares fell 24% over the past year, underperforming the S&P 500.
Cederberg Capital Ltd liquidated its 1.83 million-share position in Full Truck Alliance (YMM) during the first quarter, resulting in a $20 million decline in net position value. The move followed a 24% drop in YMM shares over the past year, lagging the S&P 500’s 28% gain.
The fund’s top holdings now include $40.26 million in NTES (21.6% of AUM) and $39.15 million in PDD (21.0% of AUM). Full Truck Alliance, a digital freight platform in China, generates revenue through brokerage fees and value-added services.
YMM shares closed at $8.82 on Friday, reflecting ongoing underperformance relative to broader market benchmarks.