A $1.65 Million Portfolio Adjustment Doesn't Derail This $15.93 Million China Logistics Investment

The Move: Highlander Partners Scales Back YMM Exposure

Dallas-based Highlander Partners has trimmed its stake in Full Truck Alliance Co. Ltd. (NYSE:YMM), offloading 260,000 shares during Q3 according to an SEC filing released on November 13. The reduction resulted in a $1.65 million decrease in position value, yet the fund maintained a substantial presence in the digital freight platform operator.

Current Position and Portfolio Weight

As of September 30, Highlander Partners held approximately 1.23 million YMM shares valued at $15.93 million. Despite the recent trimming, Full Truck Alliance remains a core holding, representing 5.56% of the fund’s 13F AUM and ranking as its fifth-largest investment. The fund’s broader portfolio includes significant allocations to global asset managers and mega-cap technology names.

Top Five Holdings:

• NYSE:BX - $81.84 million (23.9% of AUM)
• NYSE:VRT - $53.34 million (15.6% of AUM)
• NYSE:BABA - $30.78 million (9.0% of AUM)
• NASDAQ:AMZN - $22.62 million (6.6% of AUM)
• NYSE:YMM - $15.93 million (4.7% of AUM)

What Full Truck Alliance Does

Full Truck Alliance operates a digital freight platform connecting shippers and truckers across China. The company provides freight listing, matching, brokerage, and transaction services alongside value-added offerings including credit solutions, insurance brokerage, and electronic toll collection. Its business model generates revenue through transaction fees and technology services for participants in China’s logistics market.

Recent Financial Performance

Full Truck Alliance delivered Q3 revenue of approximately $472 million, representing nearly 11% year-over-year growth. Transaction services showed particularly strong momentum, surging 39% as order volumes and monetization improved. Fulfilled orders climbed over 22%, while average shipper monthly active users rose almost 18%, signaling expanding platform scale.

However, profitability presented a more complicated picture. Net income declined 18% year-over-year, driven by elevated operating costs and increased investment in technology infrastructure and ecosystem development. Management’s guidance for Q4 revenue came in slightly below the prior year level, indicating that growth momentum is moderating despite robust engagement metrics.

Market Context and Stock Performance

As of the filing date, YMM shares traded at $11.25, up approximately 4% over the past year but underperforming the S&P 500’s 17% gain in the same timeframe. The stock had appreciated roughly 22% year-to-date through Q3’s conclusion, providing opportunities for investors to realize gains.

The reduction appears to reflect disciplined portfolio management rather than a loss of confidence. Positioned alongside the fund’s heavier concentrations in asset managers and technology giants, this holding functions as a targeted exposure to digital infrastructure rather than a broad macroeconomic bet on China’s economy.

Company Fundamentals

Key Metrics:

• Revenue (TTM): $1.71 billion
• Net Income (TTM): $588.99 million
• Dividend Yield: 1.7%
• Stock Price: $11.25

Full Truck Alliance’s integrated service platform and extensive network provide competitive advantages within China’s rapidly evolving logistics sector. The company’s strategy centers on digitalization and value-added services to drive sustainable growth and enhance operational efficiency.