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Dallas-based Highlander Partners sold 260,000 shares of Full Truck Alliance in the third quarter.
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The position value decreased by $1.65 million compared to the previous period.
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As of Sept. 30, the fund reported holding about 1.23 million YMM shares valued at $15.93 million, ranking fifth.
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Dallas-based Highlander Partners reduced its position in Full Truck Alliance Co. Ltd. (NYSE:MM) of 260,000 shares last quarter, reducing exposure by $1.65 million, according to a Nov. 13 filing with the SEC.
In a deposit submitted to the United States Securities and Exchange Commission on November 13, Highlander Partners said it sold 260,000 shares of Full Truck Alliance Co. Ltd. (NYSE:MM) during the third trimester. The position value fell $1.65 million over the period, leaving the fund with 1.23 million shares worth $15.93 million as of Sept. 30.
Despite the reduction, YMM still represents 5.56% of Highlander’s 13F assets under management, its fifth-largest holding at the end of the quarter.
Main headlines after filing:
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NYSE:BX: $81.84 million (23.9% of assets under management)
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NYSE:VRT: $53.34 million (15.6% of assets under management)
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NYSE:BABA: $30.78 million (9.0% of assets under management)
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NASDAQ:AMZN: $22.62 million (6.6% of assets under management)
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NYSE:YMM: $15.93 million (4.7% of assets under management)
As of Friday, YMM shares were priced at $11.25, up about 4% over the past year and underperforming the S&P 500, which is up about 17% over the same period.
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Metric
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Value
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Revenue (TTM)
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$1.71 billion
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Net Income (TTM)
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$588.99 million
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Dividend yield
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1.7%
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Price (from Friday)
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$11.25
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Full Truck Alliance offers a digital freight platform providing listing, matching, brokerage, transactional and value-added services such as credit solutions, insurance brokerage and electronic toll collection.
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The company generates revenue primarily through transaction fees, value-added services and technology development for shippers and truckers in China.
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It is aimed at shippers looking for efficient freight solutions and truckers looking for shipping opportunities on different types of goods and different distances within the Chinese market.
Full Truck Alliance Co. Ltd. operates at scale as China’s leading digital freight platform, leveraging technology to efficiently connect shippers and truckers. The company’s integrated service offering and extensive network provide a competitive advantage in a rapidly evolving logistics industry. Its strategy focuses on digitalization and value-added services to drive growth and operational efficiency.
Reducing a position that is still among the fund’s top holdings suggests calibration, not capitulation. In other words, it looks less like a loss of confidence and more like portfolio discipline after a period of volatility for Chinese stocks, especially since the stock was up about 22% year-to-date through the end of the third quarter, providing opportunities to lock in some gains while still maintaining a position in the stock.
Basically, Full Truck Alliance continues to do what long-term investors should care about. Complete Truck Alliance turnover published in the third quarter of approximately $472 million, up nearly 11% year-over-year, driven by strong growth in transaction services, which jumped 39% on improved order volumes and monetization. Fulfilled orders increased by more than 22%, while average shipper MAUs increased by nearly 18%, reinforcing the platform’s scale advantages.
That said, profitability is more mixed. Net profit decreased 18% year-over-year, reflecting higher operating costs and increased investments in technology and ecosystem development. Management also guided fourth-quarter revenue slightly below last year’s level, reiterating that growth is moderating even as engagement metrics remain strong. Placed alongside the fund’s larger weightings in global asset managers and mega-cap technology, this position still reads like a targeted bet on digital infrastructure rather than a basic macro call on China.
Assets under 13F management: The total market value of securities reported by an institutional investment manager on SEC Form 13F.
Alpha: A measure of the performance of an investment relative to a benchmark, indicating excess return or outperformance.
Bet: The amount of ownership or number of shares an investor has in a company.
Holding: A security or asset held by an individual or institutional investor within a portfolio.
Value-added services: Additional services offered beyond the basic offerings, often to enhance the customer experience or generate additional revenue.
Brokerage: The activity or service of acting as an intermediary between buyers and sellers, often for a fee or commission.
Transaction fees: Fees collected to facilitate or process a transaction or service on a platform.
Dividend yield: A financial ratio indicating how much a company pays in dividends each year relative to its stock price.
Digital freight platform: An online system that connects shippers and carriers to organize and manage the transportation of goods.
Electronic toll: A digital system that allows vehicles to automatically pay tolls without stopping at toll booths.
Operational efficiency: The ability of a company to provide goods or services using the fewest resources necessary.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool holds positions and recommends Amazon and Blackstone. The Motley Fool recommends Alibaba Group. The Motley Fool has a disclosure policy.
Why a $1.6 million cut didn’t deflect this $16 million Chinese logistics bet was originally published by The Motley Fool
