Cederberg Capital Exits $20 Million Stake in Full Truck Alliance

Cederberg Capital has officially divested its entire position in Full Truck Alliance (NYSE: YMM), offloading 1,828,900 shares during the first quarter of 2026. This move represents a significant shift for the fund, which had previously held the logistics firm as a core asset, accounting for more than 5% of its total assets under management as of late 2025. The exit resulted in a reduction of approximately $20 million in the fund's net position value.

The divestment follows a period of sustained downward pressure on Full Truck Alliance’s stock, which has declined 24% over the past year. This performance stands in stark contrast to the broader market, as the S&P 500 has seen gains of roughly 28% during the same timeframe. The sell-off reflects growing investor skepticism regarding Chinese technology stocks, despite the company maintaining a robust digital freight platform that connects shippers and truckers across China.

Interestingly, the fund's exit comes while Full Truck Alliance continues to demonstrate operational resilience. The company reported a 14% increase in fulfilled orders and a 13% rise in monthly active users in the first quarter. Furthermore, a 33% surge in transaction service revenue and a significant improvement in operating cash flow suggest that the firm’s underlying business model remains functional and cash-generative.

For investors, this transaction highlights a potential disconnect between market sentiment and corporate fundamentals. While Cederberg Capital has opted to reallocate its capital, the company’s strong balance sheet—boasting $4.7 billion in cash and investments—suggests that the firm is well-positioned to navigate ongoing macroeconomic headwinds. The exit serves as a reminder of the volatility inherent in the Chinese logistics sector and the importance of balancing operational growth metrics against broader geopolitical and market-wide risk factors.