Hayden Capital 4Q22 Performance Update

Jacob Wolinsky

Published onJanuary 6, 2023

Hayden Capital's performance update for the fourth quarter ended December 31, 2022.

Q4 2022 hedge fund letters, conferences and more

Dear Partners and Friends,

We are sharing our investment memo on Pinduoduo (NASDAQ: PDD), an investment we have been accumulating over the last few months. The company is China’s third largest ecommerce platform, with almost 900M active buyers, who purchase on average ~6.3x per month.

We believe the market is under-valuing the company for several reasons, including failing to appreciate PDD’s ecommerce take-rate potential, weak sentiment around Chinese equities in general, and a misunderstanding around management’s capital allocation efforts and communication with investors.

More importantly, we believe Pinduoduo’s grocery...

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Jacob Wolinsky

Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob worked as an equity analyst covering small caps, a micro-cap analyst, doing member development a large hedge fund community and freelance financial writing. Jacob lives with his wife and five kids in Passaic NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal id. Other methods of secure communication are also available. FD: I almost exclusively avoid the purchase of equities to avoid conflict of interest and any insider information. I only purchase broad-based ETFs and mutual funds. I will disclsoe if I have a stake in any company, but in general avoid

Hayden Capital 4Q22 Performance Update

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