13F filings: March 2021 quarter

I like to see like minded investors on the register of companies I own or even better, increase their positions. Similarly their outflows are often powerful negative signals, especially if they were major shareholders previously (a mistake I made with Baidu years ago when Baillie Gifford exited the register). Some noteworthy filings this quarter:

1. JD.com

   1. GQG Partners was the top buyer adding 8.8m shares (>80% add). JD is now their no1 holding (3.5% AUM)

   2. Aspex added 0.9m shares (30% add). JD is their 2nd largest holding (13.1% AUM)

   3. JD remains Tiger Global (10.3% AUM) and Arisaig Partners' (8.3% AUM) no1 position

   4. No sellers of note

2. Yatsen

   1. Aspex added 3.1m shares (previously 0.5m shares) so total holdings is now ~1.1% of their AUM. Given their concentrated portfolio, this likely only 1/3 of a basic position

   2. No sellers among the top 10 shareholders which include Tiger Global, Baillie Gifford and Aspex

3. Tesla/NIO/Xpeng

   1. Baillie Gifford sold 11.1m shares (40% reduction) of Tesla (but still their top position: 3.2% AUM) and sold 15.9m shares of NIO (15% reduction)

   2. No other major movements of note on NIO and Tesla registers

   3. Xpeng's register saw Coatue add 5.96m shares (57% add) and Aspex add 1.25m shares (12% add). Xpeng is Aspex's largest position at 17% of their AUM. No major reductions among top 10 of note, only Fidelity sold but they don't matter

Conclusion: the 13F data is supportive of my JD repurchases and newly initiated Yatsen position. For my EV shorts, the Tesla and NIO shorts is mildly supported by the selling action of Baillie Gifford whereas Xpeng's shareholder register has seen strong buying action by active investors I respect. Xpeng is a short position I should close out immediately.