What if you had copied HHLR Advisors (Hillhouse)?
Zhang Lei
The verdict
Copying HHLR Advisors (Hillhouse)'s 13F filings from Feb 2020 would have turned $10,000 into $8,853, less than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned −1.8% a year against +14.4% for the S&P 500, 16 points a year behind. Its worst fall was 72.8%, from Feb 16, 2021 to May 11, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying HHLR Advisors (Hillhouse)$8,853
- S&P 500$24,639
- Bought their first portfolio and never traded$10,527
If you had bought their first portfolio and never traded, you would have ended at $10,527, so following every move cost $1,675.
- $10,000 copied
- $8,853
- −11.5%, −1.8% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $10,527
- Bought their first portfolio and never traded
- Worst fall
- −72.8%
- Feb 16, 2021 to May 11, 2022
- Trades
- 444
- 239 buys, 205 sales over 27 filings; about 85% of the copy traded a year
The moves that made the most
- ZMZoom Communications+$2,518
Held since Feb 2020, the stock up 82%
- ONCBeone Medicines+$935
Held from Feb 2020 to Aug 2026, the stock up 112%
- BABAAlibaba+$615
Held since Feb 2020
Held from Feb 2020 to Feb 2022, the stock up 37%
- VIPSVipshop+$414
Held since May 2020, the stock up 100%
- NTESNetease+$357
Held since Feb 2023, the stock up 55%
The moves that cost the most
- IQIqiyi−$1,290
Held from Feb 2020 to May 2024, the stock down 69%
- BULLWebull−$1,208
Held since Aug 2025, the stock down 68%
- NBPNovabridge Biosciences−$1,065
Held since Nov 2020, the stock down 98%
- PDDPdd Holdings−$843
Held since Feb 2020
Held since May 2024, the stock down 27%
- ONONOn Holding−$534
Held from Nov 2021 to Nov 2024
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +69.0% | +13.1% | +55.9 |
| 2021 | −33.8% | +28.7% | −62.5 |
| 2022 | −33.3% | −18.2% | −15.1 |
| 2023 | +26.1% | +26.2% | −0.1 |
| 2024 | −3.2% | +24.9% | −28.1 |
| 2025 | +23.7% | +17.7% | +6.0 |
| 2026to Nov 2026 | −21.5% | +11.5% | −33.0 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.