Description of Yiheng Capital and Our Services
Yiheng Capital Management, L.P., a Delaware limited partnership (“Yiheng”), provides
specialized discretionary advisory services to limited investment partnerships and an offshore
investment fund (collectively the “Funds” or “Clients”), with the goal of generating absolute risk-
adjusted returns over the long-term while managing risk by investing in global securities with an
emphasis on the United States and Greater China (Mainland China, Hong Kong and Taiwan).
Yiheng advises Yiheng Capital Partners, L.P., (“Master Fund”, formerly, Yiheng Capital Partners
II, L.P.), and Yiheng Capital Offshore Partners, Ltd.,(“Offshore Fund” or “Feeder Fund”). The
Master Fund is a Delaware limited partnership. The Offshore Fund is a Cayman Islands exempted
company, which invests its assets in the Master Fund. Yiheng also advises YH Greenhouse SPV,
LLC, a Delaware limited liability company, and Yiheng Capital Holdings, L.P., a Delaware Limited
Partnership.
Yiheng’s predecessor, Yiheng Capital, LLC, was formed in 2008 by Jonathan Guo, and Yiheng
was formed in 2020. Mr. Guo is Yiheng’s primary owner.
Jonathan Guo. Prior to founding Yiheng, Mr. Guo opened the San Francisco office of Brahman
Capital Corp. where he served as an Analyst. From 2005 to 2007, Mr. Guo was Assistant Portfolio
Manager and Senior Analyst with First Q Capital LLC, a value based long/short equity fund, where
he analyzed and invested in global securities with an emphasis in the U.S. and Greater China
markets. Previously, Mr. Guo served as an Analyst in the Convertible Bonds and Long/Short
Equity Group of MSD Capital, L.P. (2003-2005) where he analyzed and invested
in convertible
bonds and long/short equity. From 1998 to 2001, Mr. Guo worked for Oracle Corporation, where
he started a new product group and managed a team of 15 software developers.
Written Acknowledgement of Fiduciary Status
When we provide investment advice to you regarding your retirement plan account or individual
retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement
Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing
retirement accounts. The way we make money creates some conflicts with your interests, so we
operate under a special rule that requires us to act in your best interest and not put our interest ahead
of yours. Under this special rule’s provisions, we must:
• Meet a professional standard of care when making investment recommendations
(give prudent advice);
• Never put our financial interests ahead of yours when making recommendations
(give loyal advice);
• Avoid misleading statements about conflicts of interest, fees, and investments;
• Follow policies and procedures designed to ensure that we give advice that is in
your best interest;
• Charge no more than is reasonable for our services; and
• Give you basic information about conflicts of interest.
Client Tailored Services and Client Imposed Restrictions
Yiheng does not tailor its portfolio management services to the individual needs of investors in the
Funds.
Wrap Fee Programs
Yiheng does not participate in wrap fee programs.
Assets Under Management
As of December 31, 2023, Yiheng had discretionary regulatory assets under management of
$1,440,334,000. Yiheng does not manage assets on a non-discretionary basis.