JD.com, Inc.

• 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 $268BCVNA $52BCVS $125B +6
• 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 $2.8TGOOGL $4.1TMELI $101B +4

All coverage of JD →