Black Creek Investment Management Inc. cut its holding in Baidu (BIDU 1.59%) in the third quarter.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated November 12, 2025, Black Creek Investment Management Inc. sold 998,716 shares of Baidu in Q3. The position’s value fell by $49.13 million, leaving 793,718 shares valued at $104.59 million at quarter-end.
What else to know
- Black Creek’s Baidu holding now accounts for 4.93% of reported U.S. equity AUM, down from 9.60% the previous quarter.
Top five positions after the filing:
- NASDAQ:HOLX: $252.64 million (11.91% of AUM)
- NYSE:ELAN: $251.40 million (11.85% of AUM)
- NYSE:BAH: $208.74 million (9.8% of AUM)
- NASDAQ:PSMT: $206.72 million (9.75% of AUM)
- NASDAQ:PYPL: $184.63 million (8.71% of AUM)
- As of November 11, 2025, Baidu shares were priced at $131.95, up 49.47% over the past year and outperforming the S&P 500 by 34.13 percentage points.
- The position was previously 7.11% of the fund’s AUM as of the prior quarter.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $18.68 billion |
| Net Income (TTM) | $3.92 billion |
| Price (as of market close 2025-11-11) | $131.95 |
| One-Year Price Change | 49.47% |
Company Snapshot
- Baidu offers online marketing solutions, cloud services, and AI-driven products, with additional revenue from its iQIYI video streaming platform.
- The company generates revenue primarily through digital advertising, cloud computing services, and paid content subscriptions.
- Its main customers include businesses seeking digital marketing and cloud solutions, as well as consumers using its search, video, and entertainment platforms in China.
Baidu, Inc. is a leading Chinese technology company specializing in internet search, digital marketing, and cloud-based services. The company leverages its strong AI capabilities and large user base to deliver integrated digital solutions across multiple platforms, including its flagship search engine and the iQIYI streaming service. Baidu's strategic focus on artificial intelligence and cloud infrastructure positions it as a key player in China's digital economy.
Foolish take
Black Creek has chosen to trim its Baidu stake at an interesting time. After years of range-bound trading, the media stock had finally begun to break out in the third quarter of 2025, rising 54% in that quarter alone.
Assuming the fund sold its shares in the last two weeks of the quarter, the company benefited from most of that increase.
NASDAQ: BIDU
Key Data Points
Interestingly, the move may not have been unusual, as Black Creek adjusted its position size in all but one of its 28 stocks, including the two new positions it initiated. The Baidu sale is only notable because the 56% reduction in the position size was the largest negative adjustment by percentage in Q3.
It is also worth noting that Black Creek is still holding 44% of its shares. Since Q3, the stock price has not made any significant adjustments, and investors will have to wait for the next release of its holdings to know whether it still holds Baidu or merely took profits amid the Q3 increase in the stock price.
Glossary
13F AUM: The total value of U.S. equity securities reported by an institutional investment manager in quarterly SEC Form 13F filings.
AUM (Assets Under Management): The total market value of assets that an investment firm manages on behalf of clients.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Position: The amount of a particular security or asset held by an investor or fund.
Top five holdings: The five largest investments in a fund's portfolio by market value.
Exposure: The amount of capital invested in a particular asset, sector, or market, indicating potential risk or return.
Quarter-end: The last day of a fiscal quarter, used as a reference point for financial reporting.
Digital advertising: The promotion of products or services through online channels such as search engines, websites, and social media.
Cloud computing services: On-demand delivery of computing resources and software over the internet, typically on a subscription basis.
Artificial intelligence (AI): Technology that enables machines to perform tasks that typically require human intelligence, such as learning and problem-solving.
