Triata Capital Ltd fully liquidated its position in Baidu as of September 30, 2025, exiting 470,623 shares and reducing exposure by an estimated $40.36 million.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated November 12, 2025, Triata Capital Ltd sold its entire holding in Baidu (BIDU 6.43%). The fund exited 470,623 shares during the third quarter, representing a reduction of $40,360,628 in reported assets. The move brought its post-trade stake in Baidu to zero shares.
What else to know
Triata Capital sold out of Baidu; the position now represents 0% of reported 13F AUM. The position accounted for 7.9% of the fund’s AUM as of the prior quarter.
- Top holdings after the filing:
- PDD: $336.3 million (39.3% of AUM)
- VNET: $123.4 million (14.4% of AUM)
- GDS: $93.2 million (10.9% of AUM)
- ACMR: $78.4 million (9.2% of AUM)
- BEKE: $38.3 million (4.4690% of AUM)
As of November 13, 2025, shares of Baidu were priced at $122.59, up 45.8% year-to-date, outperforming the S&P 500 by 29.3 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Price (as of November 13, 2025) | $122.59 |
| YTD Performance | 45.8% |
| Dividend Yield | N/A |
Company Snapshot
- Baidu, Inc. is a leading Chinese technology company specializing in online marketing, cloud services, and AI-driven products through Baidu Core, and operates the iQIYI video streaming platform.
- Serves businesses seeking digital marketing and cloud solutions, as well as mass-market consumers in China accessing search, video, and entertainment services.
- Its diversified platform leverages advanced artificial intelligence to deliver innovative solutions across online marketing and consumer content.
Foolish take
Triata Capital completely selling off its Baidu stake is pretty striking, especially since the stock has had such a strong run this year. With Baidu up more than 45% year-to-date and easily beating the broader market, dumping a position that once made up almost 8% of the fund’s assets suggests a portfolio decision, not a judgment on the company’s core business.
Exits of this size are often about managing concentration risk or shifting to other high-conviction ideas. The fund's new lineup, which is topped by big positions in PDD, VNET, and GDS, hints that it's now focusing more tightly on China’s faster-growing digital sectors.
For regular investors, the core Baidu story remains the same. Its AI initiatives, cloud services, and huge search ecosystem are still what anchor its long-term strategy, even as regulatory and competitive pressures create some volatility. One fund leaving doesn’t change the company’s path—the real key is how well it keeps executing across its AI-driven platforms.
Glossary
13F AUM: The total market value of securities reported by an institutional investment manager in quarterly SEC Form 13F filings.
Liquidated position: The complete sale of a fund's investment in a particular security, reducing its holding to zero.
Exposure: The amount of capital or percentage of assets invested in a specific security or market.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Post-trade stake: The number of shares or value of a holding remaining after a transaction is completed.
Prior quarter: The three-month financial reporting period immediately before the current one.
Net position change: The difference in the value of a holding before and after a transaction.
Filing: An official document submitted to a regulatory authority, such as the SEC, disclosing financial or operational information.
AUM (Assets Under Management): The total market value of assets that an investment firm manages on behalf of clients.
