Cederberg Capital made headlines on May 15, 2026, when they disclosed in an SEC filing that they had sold off all 1,828,900 shares of Full Truck Alliance (NYSE: YMM) during the first quarter of the year. This move resulted in a decline of $20 million in the net position value for the company.
After the filing, the top holdings for Cederberg Capital included NASDAQ: NTES at $40.26 million (21.6% of AUM), NASDAQ: PDD at $39.15 million (21.0% of AUM), NASDAQ: ATAT at $33.15 million (17.8% of AUM), NYSEMKT: SVM at $23.83 million (12.8% of AUM), and NASDAQ: ACMR at $23.58 million (12.7% of AUM).
Full Truck Alliance shares were trading at $8.82 as of Friday, reflecting a 24% decrease over the past year, significantly underperforming the S&P 500 index, which saw a 28% increase during the same period.
Full Truck Alliance is a prominent digital freight platform in China, offering services such as freight listing, matching, brokerage, online transactions, and various value-added solutions like credit, insurance, toll collection, and energy services. The company operates on a transaction-based model, generating revenue from freight brokerage fees, value-added service charges, and technology-driven platform fees. It caters to shippers and truckers across China, providing efficient freight matching and logistics solutions.
Despite the decline in Full Truck Alliance’s stock price, the company reported a 5.5% year-over-year increase in revenue to $413 million in the first quarter. Orders also saw a 14% increase to 55 million, and average shipper monthly active users rose by 13% to 3.11 million. The company’s transaction service revenue surged by 33% to $202 million, compensating for the weakness in freight brokerage activity. Operating cash flow saw a significant increase to $226 million from $47 million the previous year, and the company ended the quarter with approximately $4.7 billion in cash and investments.
For long-term investors, it is essential to assess whether the market sentiment aligns with the company’s fundamentals. While Full Truck Alliance reported a decline in profit year over year, its user base is growing, and it continues to generate substantial cash flow. It is crucial to analyze whether the stock’s performance reflects a temporary setback or a fundamental issue with the business.
In conclusion, Cederberg Capital’s exit from Full Truck Alliance highlights the importance of evaluating investments based on both market sentiment and underlying business fundamentals. Investors should conduct thorough research and consider the long-term prospects of a company before making any investment decisions.
