In the third quarter, Hong Kong–based Bright Valley Capital established a new position in Full Truck Alliance, acquiring 2.57 million shares valued at approximately $33.36 million as of September 30. This stake now represents 19.75% of the fund’s reportable U.S. equity assets under management, making it the largest individual holding in the portfolio. The concentration underscores the fund’s conviction in Full Truck Alliance’s role in China’s freight logistics market, where the company leverages digital matching and transaction services to connect shippers and carriers at scale.

Dallas-based Highlander Partners reduced its exposure to Full Truck Alliance by selling 260,000 shares during the same quarter, a move that lowered the position’s value by $1.65 million to $15.93 million at quarter-end. Despite the sale, Full Truck Alliance remains a top-five holding for the fund, accounting for 5.56% of its reported assets. The partial reduction follows a year-to-date price gain of about 22% for the stock through September, reflecting a prudent rebalancing amid heightened volatility in Chinese equities.

In its third-quarter results, Full Truck Alliance reported revenue of $471.7 million, up 10.8% year over year, driven by a 39% surge in transaction services and a 16.8% increase in value-added services. Fulfilled order volume climbed more than 22%, while average shipper monthly active users rose nearly 18%, illustrating continued network expansion. The company generated net income of $588.99 million on a trailing-twelve-month basis and held $4.4 billion in cash and investments, underpinning a strong balance sheet and consistent operating cash flow.

Full Truck Alliance operates a comprehensive digital freight platform offering freight listings, brokerage, online transactions, credit solutions, insurance and electronic toll services. With over 7,000 employees, the company serves both large enterprises and individual truckers across China’s logistics network. Investors view its scale, network effects and shift toward monetized infrastructure as key competitive advantages. The fund activity by Bright Valley and Highlander highlights a thematic bet on digital marketplaces; for long-term investors, sustained growth in transaction volumes and a robust cash position may justify maintaining exposure despite recent price underperformance relative to broader markets.