YMM Stock Fell Nearly 20% Last Quarter, but One Fund Is Betting $116 Million on a Turnaround
Key Points
London-based North of South Capital reported a 240,446-share increase in YMM during the fourth quarter; the estimated transaction value was $2.88 million.
Meanwhile, the quarter-end position value fell by $21.18 million, reflecting both trading activity and stock price movement.
The firm's post-trade YMM stake was 10,847,821 shares valued at $116.40 million.
- 10 stocks we like better than Full Truck Alliance ›
North of South Capital LLP disclosed a purchase of 240,446 shares of Full Truck Alliance (NYSE:YMM), an estimated $2.88 million trade based on quarterly average pricing, in a filing dated February 12.
What happened
According to a recent SEC filing dated February 12, North of South Capital LLP added 240,446 shares to its position in Full Truck Alliance (NYSE:YMM). The estimated value of this purchase is $2.88 million, based on the average closing price during the fourth quarter of 2025. The fund’s quarter-end position value in Full Truck Alliance fell by $21.18 million, a figure that includes both share purchases and price changes as shares tanked nearly 20% last quarter.
What else to know
North of South Capital LLP bought additional YMM shares, with the position now comprising 10.46% of its 13F reportable assets under management.
Top holdings after the filing:
- NYSE: IBN: $220.18 million (19.8% of AUM)
- NYSE: TSM: $137.90 million (12.4% of AUM)
- NASDAQ: JD: $122.06 million (11.0% of AUM)
- NYSE: YMM: $116.40 million (10.5% of AUM)
- NYSE: PAAS: $111.27 million (10.0% of AUM)
As of February 11, YMM shares were priced at $9.87, down 18.8% over the past year and underperforming the S&P 500 by 33.22 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $10.10 billion |
| Revenue (TTM) | $1.81 billion |
| Net Income (TTM) | $576.60 million |
| Price (as of market close 2/11/26) | $9.87 |
Company snapshot
- Full Truck Alliance provides a digital freight platform offering freight listing, matching, brokerage, online transaction services, and value-added solutions such as credit, insurance, toll collection, and energy services.
- The company operates a marketplace business model, generating revenue primarily from transaction fees, brokerage, and ancillary service offerings to both shippers and truckers.
- It serves shippers and truckers across China, targeting businesses and individuals requiring freight transportation and logistics solutions.
Full Truck Alliance is a leading technology-driven freight platform in China, facilitating efficient connections between shippers and truckers. With a strong digital infrastructure and a diversified suite of logistics and value-added services, it leverages scale and data to streamline the freight matching process. Its integrated approach and broad customer base provide a competitive advantage in the rapidly evolving logistics sector.
What this transaction means for investors
YMM stock had a brutal fourth-quarter, but even after the slide shaved roughly $21.18 million off the position’s reported value, this freight platform still represents about 10.46% of reportable assets, or roughly $116.40 million. That makes it one of the firm’s core holdings alongside $220.18 million in ICICI Bank and $137.90 million in Taiwan Semiconductor.
Operationally, the business remains far from broken. Third quarter 2025 net revenue rose 10.8% year over year to $471.7 million, while fulfilled orders jumped 22.3% to 63.4 million. Transaction service revenue, a higher quality stream, surged 39%, and net income came in at $129.4 million.
Shares at $9.87 seem to reflect skepticism around China tech and near term volatility. But a platform with 3.35 million average shipper MAUs, rising order volume, and $4.4 billion in cash and investments is not a distressed asset. Long term investors should focus less on quarter to quarter swings and more on whether transaction penetration and ecosystem services keep expanding. That is where the real upside sits.
Should you buy stock in Full Truck Alliance right now?
Before you buy stock in Full Truck Alliance, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Full Truck Alliance wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $429,385!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,165,045!*
Now, it’s worth noting Stock Advisor’s total average return is 913% — a market-crushing outperformance compared to 196% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of February 12, 2026.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Taiwan Semiconductor Manufacturing. The Motley Fool recommends JD.com. The Motley Fool has a disclosure policy.
Recommended Articles
