Pinpoint Asset Portfolio Adjustments
Pinpoint Asset Management Reduces Full Truck Alliance Stake by 47.6% While Shifting Portfolio
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Key Points
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Pinpoint’s Full Truck Alliance position wasn’t just reduced—Full Truck Alliance became its 5th biggest holding and Pinpoint held ~0.20% of the company worth about $22.86 million, with institutions owning 39.02% of YMM overall.
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Daiwa Securities’ downgrade came with a specific stance: it moved Full Truck Alliance from “buy” to “neutral” and set a $9.00 target price (in the March 13 report cited in the filing coverage).
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In Bitfarms coverage, the articles cite the company’s balance-sheet/market metrics around the time of the filings: current ratio 3.20, quick ratio 3.14, debt-to-equity 0.11, beta 3.77, and 12-month trading range of $0.70 to $6.60.
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For Sandisk (SNDK), the coverage notes insider selling disclosed in SEC filings: CAO Michael Pokorny sold 2,446 shares at an average $1,426.18 (a ~9.85% ownership decrease), and it also references an EVP sale by Alper Ilkbahar (2,000 shares) around June 1.
Singapore-based Pinpoint Asset Management slashed its stake in Full Truck Alliance (NYSE: YMM) by 47.6% in the fourth quarter of 2025, according to Watchlist News. The firm sold nearly half its position, leaving it with 2.13 million shares worth about $22.9 million — still its fifth-largest holding at roughly 4.8% of its portfolio.
The move came alongside new bets on Bitfarms (BITF), Five Below (FIVE), and a small position in Sandisk (SNDK). Daiwa Securities piled on in March, downgrading Full Truck Alliance from "buy" to "neutral" with a $9.00 price target.
Pinpoint Dumps Half Its YMM Stake but Holds On
Pinpoint entered Q4 2025 as a meaningful holder of Full Truck Alliance, a Chinese digital freight platform often called the "Uber for Trucks." By December 31, it had sold enough shares to cut the position nearly in half. The firm still owned 2.13 million shares, valued at about $22.86 million, per its February 14 13F filing.
Despite the cut, Full Truck Alliance remains Pinpoint's fifth-biggest position. Institutions overall own 39.02% of YMM, per Watchlist News. Other managers moved in the opposite direction — Serenity Capital Management picked up 1.8 million shares around the same time, showing divided views among professional investors.
Daiwa Downgrades YMM as Regulatory Headwinds Mount
On March 13, 2026, Daiwa Securities cut its rating on Full Truck Alliance from "buy" to "neutral." The firm set a $9.00 price target. The downgrade points to regulatory and macroeconomic pressure on China's logistics sector, even as YMM carries a strong gross margin of 88.65%.
Full Truck Alliance's board approved a "Long-Term Shareholder Return Plan" in January 2026, pledging $400 million in dividends and buybacks. That move signals a shift from pure growth to a maturing company focused on returning cash. Some analysts read that as a sign the easy growth phase is over.
Pinpoint Opens Fresh Positions in Bitcoin Mining and Discount Retail
While selling YMM, Pinpoint opened a new position in Bitfarms (BITF), buying 145,018 shares worth about $341,000. Bitfarms is a global Bitcoin self-mining company. Its balance sheet looks lean — a current ratio of 3.20, a debt-to-equity ratio of just 0.11, and a beta of 3.77, meaning the stock swings hard relative to the broader market. Its 12-month trading range ran from $0.70 to $6.60.
Pinpoint also bought 3,404 shares of Five Below (FIVE), a discount retail chain, worth roughly $641,000. The bet on a budget retailer fits a pattern of hedging against inflation squeezing consumer spending. A small 272-share position in Sandisk (SNDK), valued at about $65,000, rounded out the new entries.
Sandisk Insiders Sell Millions as Sector Draws Scrutiny
Around the time of these filings, insider selling activity surfaced at Sandisk. Chief Accounting Officer Michael Pokorny sold 2,446 shares on May 12 at an average price of $1,426.18 per share — a 9.85% drop in his personal ownership. That sale drew attention because a nearly 10% cut by a senior insider can signal caution about near-term prospects.
Executive Vice President Alper Ilkbahar followed with a sale of 2,000 shares around June 1, valued at roughly $3.51 million. Insider sales at these dollar levels are sometimes routine profit-taking. Still, the size and timing have led some retail investors to watch the stock more carefully.
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