Skip to main content
Livermore
Livermore
ZHEN

Yiheng Capital Management, L.P.

SEC CIK
0001447228
Latest filing
Aug 14, 2026

The latest 13F from Yiheng Capital Management, L.P. covers Q2 2026 (filed Aug 14, 2026): 25 long positions worth $227.0M. The top 10 holdings make up 79.9% of the portfolio, and the largest is Noah Holdings Ltd (NOAH) at 29.6%. Livermore has 24 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$9.37M
Added
5
Est. +$17.7M
Reduced
4
Est. −$15.4M
Sold out
1
Est. −$633.9K

Top 5 holdings

Share of this quarter's portfolio value

  1. NOAHNoah Holdings Ltd
    29.6%$67.1MHistory
  2. BILIBilibili Inc.
    11.2%$25.4MHistory
  3. JDJD.com, Inc.
    6.6%$15.0MHistory
  4. HTHTH World Group Ltd
    5.9%$13.5MHistory
  5. HNGEHinge Health, Inc.
    5.7%$13.0MHistory

Share of portfolio

Top 5 holdings and the other 20 positions, by share of portfolio value

  1. NOAH29.6%
  2. BILI11.2%
  3. JD6.6%
  4. HTHT5.9%
  5. HNGE5.7%
  6. Other 20 positions41.0%

Biggest buys

New and added positions, by estimated amount bought

  1. BILIBilibili Inc.
    +$12.8MAddedHistory
  2. PSIXPower Solutions International, Inc.
    +$5.19MNewHistory
  3. BIOABioAge Labs, Inc.
    +$4.18MNewHistory
  4. VRDNViridian Therapeutics, Inc.
    +$3.52MAddedHistory
  5. ZEPPZepp Health Corp
    +$848.0KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. BILIBilibili Inc.
    +3.94 pp7.2% → 11.2%History
  2. PSIXPower Solutions International, Inc.
    +2.29 pp0.0% → 2.3%History
  3. BIOABioAge Labs, Inc.
    +1.84 pp0.0% → 1.8%History
  4. VRDNViridian Therapeutics, Inc.
    +1.47 pp1.8% → 3.2%History
  5. YSGYatsen Holding Ltd
    +0.26 pp1.1% → 1.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. HNGEHinge Health, Inc.
    −$11.7MReducedHistory
  2. SVCOSilvaco Group, Inc.
    −$2.62MReducedHistory
  3. KYMRKymera Therapeutics, Inc.
    −$1.15MReducedHistory
  4. CLBTCellebrite DI Ltd.
    −$633.9KSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. EDUNew Oriental Education & Technology Group Inc.
    −9.24 pp9.2% → 0.0%History
  2. CLBTCellebrite DI Ltd.
    −0.27 pp0.3% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$227.0M
−$3.66M (−1.6%) vs. prior quarter
Positions
25
+1 vs. prior quarter
Top 10 concentration
79.9%
Top 10 as share of value
Turnover
7.0%
Q2 2026, one quarter
Average holding period
15.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $2.48B (Q2 2021)

Q1 2021: $2.20BQ2 2021: $2.48BQ3 2021: $2.03BQ4 2021: $1.96BQ1 2022: $1.56BQ2 2022: $1.40BQ3 2022: $1.06BQ4 2022: $1.29BQ1 2023: $1.28BQ2 2023: $1.15BQ3 2023: $1.11BQ4 2023: $808.2MQ1 2024: $696.3MQ2 2024: $709.1MQ3 2024: $541.5MQ4 2024: $451.9MQ1 2025: $284.5MQ2 2025: $276.1MQ3 2025: $302.3MQ4 2025: $229.3MQ1 2026: $230.7MQ2 2026: $227.0M
Q1 2021Q2 2026
13F filings of Yiheng Capital Management, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202625$227.0MNOAHBILIJDvs. Q1 2026SEC
Q1 2026May 15, 202624$230.7MNOAHEDUJDvs. Q4 2025SEC
Q4 2025Feb 17, 202621$229.3MNOAHBILIJDvs. Q3 2025SEC
Q3 2025Nov 14, 202523$302.3MNOAHBILIEDUvs. Q2 2025SEC
Q2 2025Aug 14, 202520$276.1MNOAHBILIEDUvs. Q1 2025SEC
Q1 2025May 16, 2025Amended21$284.5MNOAHBILIEDUvs. Q4 2024SEC
Q4 2024Feb 11, 202519$451.9MBILINOAHJDvs. Q3 2024SEC
Q3 2024Nov 12, 202417$541.5MBILINOAHJDvs. Q2 2024SEC
Q2 2024Aug 14, 202420$709.1MBILIJDNOAHvs. Q1 2024SEC
Q1 2024May 15, 202419$696.3MBILIJDNOAHvs. Q4 2023SEC
Q4 2023Feb 14, 202418$808.2MBILIEDUHTHTvs. Q3 2023SEC
Q3 2023Nov 14, 202327$1.11BBILIJDEDUvs. Q2 2023SEC
Q2 2023Aug 14, 202327$1.15BBILIEDUJDvs. Q1 2023SEC
Q1 2023May 15, 202329$1.28BBILIHTHTEDUvs. Q4 2022SEC
Q4 2022Feb 14, 202326$1.29BBILIEDUHTHTvs. Q3 2022SEC
Q3 2022Nov 14, 202230$1.06BBILIHTHTEDUvs. Q2 2022SEC
Q2 2022Aug 15, 202230$1.40BBILINOAHJDvs. Q1 2022SEC
Q1 2022May 16, 202231$1.56BBILINOAHJDvs. Q4 2021SEC
Q4 2021Feb 14, 202231$1.96BBILINOAHSIMOvs. Q3 2021SEC
Q3 2021Nov 15, 202130$2.03BBILINOAHJDvs. Q2 2021SEC
Q2 2021Sep 21, 2021Amended28$2.48BBILINOAHJDvs. Q1 2021SEC
Q1 2021May 17, 202125$2.20BBILINOAHTAL–SEC

13D and 13G filings

Companies where Yiheng Capital Management, L.P. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

1 company, largest stake first.

Companies where Yiheng Capital Management, L.P. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
IVAInventiva S.A.13G/A5.46%7.60M shares−2.85 ppfrom 8.31%Feb 14, 20234 filingsNov 13, 2025SEC

Latest filings

26 filings on file made by Yiheng Capital Management, L.P. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Yiheng Capital Management, L.P.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
IVAInventiva S.A.Nov 13, 202512:43 PM ET13G/A5.46%7.60M shares−2.85 ppfrom 8.31%Sep 30, 2025SEC
IVAInventiva S.A.Nov 13, 202412:26 PM ET13G/A8.31%4.33M shares–Sep 30, 2024SEC
ACMRACM Research, Inc.Nov 13, 202412:15 PM ET13G/A1.20%666.3K shares–Below 5%Sep 30, 2024SEC
NOAHNoah Holdings LtdFeb 14, 202413G/AOld format–––SEC
IVAInventiva S.A.Feb 14, 202413G/AOld format–––SEC
ACMRACM Research, Inc.Feb 14, 202413G/AOld format–––SEC
Hollysys Automation Technologies, Ltd.Feb 14, 202413G/AOld format–––SEC
Hollysys Automation Technologies, Ltd.Feb 14, 202413G/AOld format–––SEC
Hollysys Automation Technologies, Ltd.Feb 14, 202413GOld format–New–SEC
PENGPenguin Solutions, Inc.Feb 14, 202413G/AOld format–––SEC
PENGPenguin Solutions, Inc.Feb 14, 202413G/AOld format–––SEC
PENGPenguin Solutions, Inc.Feb 14, 202413GOld format–New–SEC
Meta Data LtdFeb 14, 202313G/AOld format–––SEC
NOAHNoah Holdings LtdFeb 14, 202313G/AOld format–––SEC
IVAInventiva S.A.Feb 14, 202313GOld format–New–SEC
HIMXHimax Technologies, Inc.Feb 14, 202313G/AOld format–––SEC
ACMRACM Research, Inc.Feb 14, 202313G/AOld format–––SEC
HIMXHimax Technologies, Inc.Mar 1, 202213G/AOld format–––SEC
OneSmart International Education Group LtdFeb 14, 202213G/AOld format–––SEC
ACMRACM Research, Inc.Feb 14, 202213GOld format–New–SEC