Zhang Lei
Long-termism: be a friend of time, and back "determined practitioners with grand vision." Refuses to trade for trading's sake; values long-run value creation and ever-deepening moats, and will concentrate or go contrarian when warranted.
Founded Hillhouse in 2005 with backing from Yale's endowment; built it into one of Asia's largest investment firms. Early conviction in Tencent and JD; led Gree's mixed-ownership reform and the Belle buyout, spanning private and public markets across consumer, healthcare, tech and clean energy. Author of Value.
Hillhouse files a quarterly U.S. SEC 13F through HHLR Advisors; weights and changes below are from the latest filing (as of Jun 30, 2026). The quarter brought sweeping change: reported 13F value halved from $1.67B to $832M, last quarter's 18.36% top holding BeOne Medicines was exited entirely, and PDD and Alibaba were cut 88% and 93% — dismantling most of the China-internet book and shifting weight into innovative drugs (Legend Biotech and ArriVent together ≈37%) and Futu. Note this is only a sliver of the firm, which spans private and public markets. Its A-share/HK book is not in the 13F — its former heavyweight LONGi was cut hard and dropped out of the top-10 holders by Q1 2026, while in 2025 it took a cornerstone stake in CATL's HK listing; these are shown separately below.
Holdings & weights
Q2 2026 · 13F (as of Jun 30, 2026)Weights are by market value, from real 13F / daily disclosure. This is a snapshot and will change — see live: Hillhouse HHLR Advisors 13F · 13f.info
The CAR-T leader; share count untouched, but it rose to #1 as the rest of the book was cut.
Analyze through a master's lensThe online brokerage — after trimming last quarter he added 25% here, taking it to #2.
Analyze through a master's lensAn early-stage biotech; shares unchanged, but the weight jumped to #3.
Analyze through a master's lensThe AI-semiconductor position he opened last quarter, trimmed slightly.
Analyze through a master's lensFrom a 124.7k-share toehold to 3.47M shares — a rare contrarian add inside his shrinking China book.
Analyze through a master's lensHis long-standing former #1 — after two straight quarters of heavy cuts, only 500k shares remain.
Analyze through a master's lensThe Chinese real-estate platform, cut nearly in half.
Analyze through a master's lensA life-science tools holding, untouched this quarter.
Analyze through a master's lensA new proteomics-biotech position this quarter.
Analyze through a master's lensOnce a flagship China-bull holding, cut another 93% down to a token stake.
Analyze through a master's lensA new biotech position this quarter.
Analyze through a master's lensLast quarter's 18.36% top holding, exited outright — the most surprising move in his biotech book.
Analyze through a master's lensSubscribed ~US$200M as a cornerstone investor in CATL's May 2025 HK listing — a rare recent China add. Not in the U.S. 13F.
Analyze through a master's lensA former A-share solar heavyweight, cut sharply in 2025 and out of the top-10 holders by Q1 2026. Not in the U.S. 13F.
Analyze through a master's lensIn their own words
Be a friend of time.
Flowing water doesn't race to be first; it competes to never stop.
Where to follow them
Primary sources. Read the original — don't settle for second-hand summaries.
Keep exploring
More people with a similar playbook
