NetEase

china, corporate-treasury, active

Quarters 16

2025-12-31 $432.4M

Positions 2

2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30

Quarter Analysis

13F change notes for NetEase in 2025-12-31.

NetEase's pre-add quarter — book at $430M, the PDD position at 93% weight held roughly flat in shares (below the rule threshold for a flag), Youdao held flat (15 quarters, +111% unrealized). Top-3 weight 100% (still just 2 positions). Reads as the static state before the Q1 PDD doubling.

★ HELD
YOUDAO INC DAO
15 quarters held flat in shares at +111% unrealized — the strategic Youdao affiliate stake, weight 6.8%.
• CONTEXT
PDD HOLDINGS INC PDD
PDD at ~93% of the 2-position book; no significant share change this quarter — the +149% Q1-2026 add is the breakout move that re-rates the entire NetEase treasury bet.
◐ CONCENTRATION

Still a 2-position 13F. The investment book is essentially a single-stock corporate-treasury PDD bet plus a strategic Youdao affiliate holding.