Letters by company
JD.com, Inc.
6 letters discussing JD. Everything written about it on this site is on its ticker page.
- Vision Capital Fund Vision Capital Fund - Q3 2025 Quarterly Letter Vision Capital Fund added to selected holdings and initiated Cloudflare, while maintaining zero portfolio turnover and a primarily invested stance. The fund defended Meituan through China delivery competition, backed The Trade Desk despite advertising and execution concerns, and added to Palantir after a short-seller report while arguing its commercial growth remains durable. Q3 2025 3690 $57BLULU $11BNET $110B
- Vision Capital Fund Vision Capital Fund - Q1 2025 Quarterly Letter Vision Capital Fund added to The Trade Desk after its earnings miss and platform rollout problems drove steep pessimism, judging CEO Jeff Green capable of repairing the product and sales execution. The portfolio remains concentrated in platform businesses such as Amazon, Shopify, TSMC and JD.com, whose proprietary infrastructure and ecosystem effects are seen as durable advantages despite tariff risks. Q1 2025 0LF5 453950 AMZN $2.7T
- Patient Capital Management 1Q25 Portfolio Activity and Attribution Patient Opportunity Equity Strategy added Carvana, New Fortress Energy and JD.com while selling Expand Energy and Green Thumb to concentrate on higher-conviction ideas. It argues that CVS’s Medicare Advantage pricing is improving, Chinese holdings are insulated by domestic revenue, and operational turnarounds support Carvana, Dave & Buster’s and Illumina. first quarter of 2025 BABA $276BCVNA $43BCVS $118B
- Vision Capital Fund Vision Capital Fund - 2024 Annual Investor Letter Vision Capital Fund invested 97.6% of capital across 26 holdings, favouring global compounders with durable growth, strong cash generation and secular tailwinds. It retained confidence in Meituan, Tencent, JD.com, Nu Holdings and Mercado Libre despite macro-led declines, and plans to let winners compound rather than trade around volatility. From 1 October to 31 December 2024 JD $37BMELI $93BMPNGF $59B
- Patient Capital Management 3Q26 Portfolio Activity & Attribution Opportunity Equity added Broadcom and rolled Meta call options into longer-dated contracts, while selling Illumina, JD.com and Genius Sports to fund higher-conviction ideas. The strategy argues that discounted Adobe and payments businesses retain durable cash generation, and that Precigen, QXO, Norwegian Cruise Line and UnitedHealth have identifiable paths to value creation despite near-term concerns. 3Q26 ADBE $98BADYEN $34BAVGO $1.6T
- Hayden Capital Q2 2026 Quarterly Letter Hayden Capital argues that AI disruption will unfold more slowly than markets initially expected, favoring durable platforms with proprietary data and embedded workflows. The firm sees Shopee’s VIP and logistics spending and Mercado Libre’s delivery investments as reinvestment programs that can strengthen customer economics. It exited Pinduoduo after its original thesis played out, citing limited visibility into Pinmu and China’s weaker consumption backdrop. Q2 2026 AMZN $2.7TGOOGL $4.3TMELI $93B
