Why a Fund Walked Away From This $20 Million China Logistics Bet After a 24% Stock Drop

1 hour ago 3

Jonathan Ponciano, The Motley Fool

Sun, May 31, 2026 astatine 2:01 PM CDT 4 min read

On May 15, 2026, Cederberg Capital disclosed successful an SEC filing that it sold retired of Full Truck Alliance (NYSE:YMM) past quarter.

What happened

According to a Securities and Exchange Commission (SEC) filing dated May 15, 2026, Cederberg Capital Ltd sold each 1,828,900 shares of Full Truck Alliance during the archetypal quarter. The nett presumption worth declined by $20 cardinal arsenic a effect of the exit.

What other to cognize

Top holdings aft the filing:
- NASDAQ: NTES: $40.26 cardinal (21.6% of AUM)
- NASDAQ: PDD: $39.15 cardinal (21.0% of AUM)
- NASDAQ: ATAT: $33.15 cardinal (17.8% of AUM)
- NYSEMKT: SVM: $23.83 cardinal (12.8% of AUM)
- NASDAQ: ACMR: $23.58 cardinal (12.7% of AUM)
As of Friday, Full Truck Alliance shares were priced astatine $8.82, down 24% implicit the past twelvemonth and good underperforming the S&P 500, which is alternatively up astir 28%.

Company overview

Metric

Value

Price (as of Friday)	$8.82
Market capitalization	$9 billion
Revenue (TTM)	$1.83 billion
Net income (TTM)	$645.43 million

Company snapshot

Full Truck Alliance provides a integer freight level offering freight listing, matching, brokerage, online transaction services, and value-added solutions specified arsenic credit, insurance, toll collection, and vigor services.
The steadfast operates a transaction-based concern model, generating gross done freight brokerage fees, value-added work charges, and technology-driven level fees.
It serves shippers and truckers crossed China, targeting enterprises and idiosyncratic logistics providers seeking businesslike freight matching and logistics solutions.

Full Truck Alliance is simply a starring integer freight level successful China, facilitating businesslike connections betwixt shippers and truckers nationwide. The institution leverages exertion to streamline logistics, offering a broad suite of services that code aggregate aspects of the freight transaction process. Its standard and integrated value-added offerings presumption it arsenic a cardinal subordinate successful China's evolving logistics and proscription sector.

What this transaction means for investors

Full Truck Alliance shares fell much than 20% during the archetypal 4th unsocial amid broader skepticism surrounding Chinese tech stocks. However, the company's underlying concern remained comparatively healthy. First-quarter gross accrued 5.5% twelvemonth implicit twelvemonth to $413 million, portion fulfilled orders climbed 14% to 55 cardinal and mean shipper monthly progressive users roseate 13% to 3.11 million. Management said those gains reflected strengthening web effects crossed some shippers and truckers.

The prime of maturation whitethorn beryllium much important than the header gross figure. Transaction work gross jumped 33% to $202 million, helping offset weakness successful lower-value freight brokerage activity. Operating currency travel surged to $226 cardinal from conscionable $47 cardinal a twelvemonth earlier, and the institution ended the 4th with astir $4.7 cardinal successful currency and investments.
For semipermanent investors, the cardinal question is whether sentiment has go disconnected from fundamentals. Profit declined twelvemonth implicit year, and management's guidance points to humble maturation ahead, but the level continues to summation users, process much freight, and make important cash.

Ultimately, semipermanent investors should retrieve that sometimes money exits awesome simply bespeak a banal that tested investors' patience — and not needfully a concern that has breached down.

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