Campbell Wilson’s Old Well Partners Is Buying These 10 Stocks

In this article, we discuss the 10 stocks that Campbell Wilson’s Old Well Partners is buying. If you want to skip our detailed analysis of Wilson’s history, investment philosophy, and hedge fund performance, go directly to Campbell Wilson’s Old Well Partners Is Buying These 5 Stocks.

Campbell Wilson is the founder and portfolio manager at Old Well Partners, a North Carolina-based hedge fund he founded in 2015. The hedge fund uses a long-term horizon to make its investments, and utilizes technology to help make its investment decisions. Old Well Partners focuses its investments in emerging markets such as India, Japan, and others, whilst also holding several notable Chinese stocks. Under the leadership of Campbell Wilson, the hedge fund invests mainly in public equities around the globe, employing both fundamental and systematic strategies. Owing to their unique edge in technological expertise, Old Well Partners also keeps an eye out for innovative private companies around the globe.

Before founding Old Well Partners, Campbell Wilson worked as Managing Director and Head of Public Investments at Global Endowment Management from 2007 till 2015. A graduate of the University of North Carolina at Chapel Hill, Wilson began his career on the investment team at Duke University. While a student at university, he also co-founded an internet company called Bradsdeals.com.

According to 13F filings for the third quarter of 2021, Campbell Wilson has assets under management (AUM) of $193.75 million, with a top 10 holding concentration of 65.54%.

Some of the top stocks in the portfolio of Campbell Wilson’s Old Well Partners include JD.com, Inc. (NASDAQ:JD), Amazon.com, Inc. (NASDAQ:AMZN), and Uber Technologies, Inc. (NYSE:UBER), along with others mentioned below.

Our Methodology

13F filings for the third quarter of 2021 were used to compile this list of stocks bought by Campbell Wilson’s Old Well Partners.

Campbell Wilson’s Old Well Partners Is Buying These 10 Stocks

10. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)

Old Well Partners’ Stake Value: $7.48 million

Percentage of Old Well Partners’ 13F Portfolio: 3.85%

Number of Hedge Fund Holders: 67

Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) starts off the list of the 10 stocks that Campbell Wilson’s Old Well Partners is buying. The Taiwan-based firm manufactures semiconductors and integrated circuits. According to 13F filings for the third quarter of 2021, Old Well Partners owned 67,000 shares in Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM), worth $7.48 million, which represents 3.85% of the fund’s overall portfolio. This stock was a new addition to Wilson’s portfolio over the third quarter.

In November, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) announced plans to invest $7 billion towards the construction of a chipmaking plant in Japan, in collaboration with Sony.

Investment firm L1 Capital mentioned Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) in its Q3 2021 investor letter, stating:

“Even though they are not majority State owned and we would expect many of China’s technology champions to continue to grow strongly, outcomes for shareholders may be unsatisfactory… The Fund has retained its investment in Taiwan Semiconductor Manufacturing Company (TSMC) which is well placed to maintain its global leadership in semiconductor manufacturing. Due to geopolitical risks, we limit the position size of TSMC in the Fund.”

Along with JD.com, Inc. (NASDAQ:JD), Amazon.com, Inc. (NASDAQ:AMZN), and Uber Technologies, Inc. (NYSE:UBER), Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is a top stock on the radar of institutional investors.

9. WNS (Holdings) Limited (NYSE:WNS)

Old Well Partners’ Stake Value: $7.93 million

Percentage of Old Well Partners’ 13F Portfolio: 4.09%

Number of Hedge Fund Holders: 21

WNS (Holdings) Limited (NYSE:WNS) offers business process management solutions and is headquartered in India. 21 hedge funds were long WNS (Holdings) Limited (NYSE:WNS) at the close of the third quarter, up from 20 a quarter ago. In Q3 2021, Old Well Partners owned approximately 97,000 shares of the company at a combined value of $7.93 million.

In November, Barrington analyst Vincent Colicchio maintained an ‘Outperform’ rating on WNS (Holdings) Limited (NYSE:WNS) shares, raising the price target to $104 from $95. The firm has seen its shares jump 18.21% in the last 12 months, but have been down 3.30% year to date.

Reporting its fourth-quarter earnings on 20th January, WNS (Holdings) Limited (NYSE:WNS) posted an EPS of $0.88, which was above consensus estimates by $0.05. Quarterly revenue came in at $261.20 million, also above estimates by $5.45 million.

8. Bilibili Inc. (NASDAQ:BILI)

Old Well Partners’ Stake Value: $8.17 million

Percentage of Old Well Partners’ 13F Portfolio: 4.21%

Number of Hedge Fund Holders: 35

Bilibili Inc. (NASDAQ:BILI) offers online entertainment services, such as video content and mobile games, primarily targeted to the youth of China. As of Q3 2021, Campbell Wilson owns roughly 123,000 shares of Bilibili Inc. (NASDAQ:BILI), representing 4.21% of his overall portfolio at a value of $8.17 million.   This company was found in the portfolio of 35 hedge funds tracked by Insider Monkey at the close of the third quarter, down from 47 hedge funds in Q2 2021.

On January 20, Citi analyst Brian Dapeng Gong lowered the firm’s price target on Bilibili Inc. (NASDAQ:BILI) to $61 from $120 and kept a ‘Buy’ rating on the company’s shares, noting that he expects Q4 results to come in largely along with consensus estimates.

Investment firm Tao Value recently released its third-quarter investor letter, where it talked about Bilibili Inc. (NASDAQ:BILI). Here’s what the fund said:

“As witnessed in the past quarter, the government intervention in Chinese private sector is elevated to an unprecedented level. Given this background, I thoroughly reviewed all our Chinese holdings and made a few changes. We also exited Bilibili (ticker: BILI), given its priced-in valuation in the context of Chinese ADR confidence loss.”

7. Pinduoduo Inc. (NASDAQ:PDD)

Old Well Partners’ Stake Value: $10.70 million

Percentage of Old Well Partners’ 13F Portfolio: 5.52%

Number of Hedge Fund Holders: 49

Pinduoduo Inc. (NASDAQ:PDD) offers an e-commerce platform through its Pinduoduo mobile app and is headquartered in China.

In December, Macquarie analyst Ellie Jiang initiated coverage of Pinduoduo Inc. (NASDAQ:PDD), giving the stock an ‘Outperform’ rating and a price target of $95. The firm’s analyst holds that the company’s earnings power is underestimated, and it looks poised to surpass 33% of Alibaba.com’s gross merchandise volume by 2023.

Investment management firm Baillie Gifford talked about Pinduoduo Inc. (NASDAQ:PDD) in its Q2 2021 investor letter. Here’s what the fund said:

“As many countries enjoy a relaxation of Covid restrictions, Mr Market is focussed on short-term beneficiaries of ‘the pleasure after the plague’. There are
interesting parallels with the Roaring 20s here, but to our minds, they extend beyond post-pandemic hedonism. Much of the new wealth created in the 1920s was patchily distributed and accompanied by a pervasive sense that the older generation had let down younger people. In 1920, John F. Carter, an irate 23-year-old wrote “the older generation had certainly pretty well ruined this world before passing it on to us. We have been forced to live in an atmosphere of ‘tomorrow we die,’ and so, naturally, we drank and were merry.”

In a similar vein, some of the greatest Growth opportunities are materialising from the companies that are shifting humankind towards more sustainable ways of consuming by driving efficiencies and eliminating surplus. Pinduoduo’s ‘farm to table’ platform is one example – cutting out huge waste in farm produce and short circuiting layers of infrastructure by matching Chinese food supply and demand through a group buying model. In a similar vein, Meituan is well on the way to developing China’s primary ‘Software as a Service’ ecosystem for food distribution which we believe has a strong chance of replacing wasteful wet markets as the primary channel for transacting in produce.

Pinduoduo’s share price pulled back following news that Chinese regulators are investigating possible anti-competitive activities by the country’s large online companies. However, Pinduoduo appears well placed to navigate such regulatory scrutiny in the long-term, helped in part by its community buying business model that benefits consumers, manufacturers and farmers alike. Its business fundamentals are stellar– the company remains the largest Chinese e-commerce platform, with over 820 million annual active users (surpassing Alibaba and JD.com), while revenue growth increased by 239% over the previous year. “

6. I-Mab (NASDAQ:IMAB)

Old Well Partners’ Stake Value: $11.59 million

Percentage of Old Well Partners’ 13F Portfolio: 5.97%

Number of Hedge Fund Holders: 18

I-Mab (NASDAQ:IMAB) is a biopharmaceutical company based in China that develops therapies for cancer and autoimmune disorders. Old Well Partners held roughly 160,000 shares in I-Mab (NASDAQ:IMAB) at the close of the third quarter, worth $11.59 million representing a 5.97% slice of the fund’s overall portfolio. This is an increase of 11% over the previous quarter, where the fund held 145,000 shares in the company.

In September 2021, Andrew Fein of H.C. Wainwright gave I-Mab (NASDAQ:IMAB) a ‘Buy’ rating and a price target of $95, which was up from $75. Fein noted that several of the company’s programs have shown clinical efficacy, which will potentially attract new partnerships in the future.

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