DeepCurrents Investment Group LLC

Hedge Fund • Multi-Strategy

DeepCurrents Investment Group LLC is a Multi-Strategy Hedge Fund based in New York, NY led by Kai Zheng, reporting $4.1B in AUM as of Q3 2025 with 34% Communication Services concentration, 93% concentrated in top 10 holdings, and 25% allocation to NWSA.

PresidentKai Zheng

Portfolio Value: $40.6M
Positions: 19
Top Holding: NWSA at 25.12%
Last Reported: Q3 2025

Address575 Fifth Ave, 21st Floor, New York, NY, 10017, United States

Top Holdings

Largest long holdings in DeepCurrents Investment Group LLC's portfolio (93.2% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 News Corporation NWSA	Entertainment Communication Services	$10.2M	25.12%	+$10.2M New	0.06% 332.2K shares	Q3 2025 Held for 2 months
2 Jazz Pharmaceuticals JAZZ	Biotechnology Healthcare	$9.3M	22.83%	+$493.9K Bought	0.12% 70.4K shares	Q1 2025 Held for 8 months
3 Western Digital WDC	Computer Hardware Technology	$5.2M	12.74%	-$17.1M Sold	0.01% 43.1K shares	Q1 2024 Held for 1y 8m
4 AT&T T	Telecommunications Services Communication Services	$3.7M	9.14%	+$3.7M Bought	0.00% 235.6K shares	Q4 2024 Held for 11 months
5 Global Payments GPN	Specialty Business Services Industrials	$2.9M	7.15%	-$91.4K Sold	0.01% 35.0K shares	Q2 2024 Held for 1y 5m
6 PureCycle Technologies, Inc. PCT	Industrial - Pollution & Treatment Controls Industrials	$2.6M	6.45%	+$2.2M Bought	0.11% 199.1K shares	Q2 2025 Held for 5 months
7 Envista Holdings Corporation NVST	Medical - Instruments & Supplies Healthcare	$1.4M	3.50%	—	0.04% 69.8K shares	Q1 2025 Held for 8 months
8 Alarm.com Holdings ALRM	Software - Application Technology	$1.2M	2.91%	-$224.4K Sold	0.04% 22.2K shares	Q3 2024 Held for 1y 2m
9 Boeing BA	Aerospace & Defense Industrials	$784.1K	1.93%	—	0.00% 3.6K shares	Q3 2024 Held for 1y 2m
10 Alnylam Pharmaceuticals ALNY	Biotechnology Healthcare	$566.8K	1.40%	+$566.8K New	0.00% 1.2K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in DeepCurrents Investment Group LLC's latest filing

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Market Value

$40.6M

Prior: $88.9M

Q/Q Change

-54.3%

-$48.3M

Net Flows % of MV

-158.95%

Turnover Ratio

117.73%

New Purchases

4 stocks

$11.0M

Added To

2 stocks

+$2.7M

Sold Out Of

21 stocks

$56.7M

Reduced Holdings

9 stocks

-$21.6M

Increased Positions

Position	Shares Δ	Change
1 News Corporation NWSA	New	0 → 332.2K +$10.2M
2 Alnylam Pharmaceuticals ALNY	New	0 → 1.2K +$566.8K
3 DeFi Development Corp. Common Stock DFDV	New	0 → 10.1K +$154.0K
4 Shoals Technologies Group, Inc. SHLS	New	0 → 11.5K +$85.2K
5 PureCycle Technologies, Inc. PCT	+499.33%	33.2K → 199.1K +$2.2M

Decreased Positions

Position	Shares Δ	Change
1 Nvidia NVDA	Sold	121.8K → 0 −$19.2M
2 iShares Russell 2000 IWM	Sold	46.5K → 0 −$10.0M
3 The AZEK Company AZEK	Sold	110.4K → 0 −$6.0M
4 Telus TU	Sold	215.5K → 0 −$3.5M
5 Kellanova K	Sold	42.9K → 0 −$3.4M