Knuff & Co. Divests JD.com: A Cautionary Tale

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Right then. Knuff & Co. LLC, a name that suggests a certain dedication to…well, knuffing things (though what exactly is left to the imagination), has seen fit to offload its entire holding in JD.com. A substantial amount, amounting to some $5.16 million worth of shares, vanished from their portfolio on February 4th, 2026. It’s a bit like a wizard deciding they’ve had enough of summoning small, fluffy dragons – perfectly reasonable, but it does leave one wondering what prompted the decision.

What Actually Happened (Or, The Tale of the Vanishing Shares)

The filing with the U.S. Securities and Exchange Commission (a body dedicated to ensuring everyone plays by the rules, mostly) reveals that Knuff & Co. simply…let go. 147,651 shares, to be precise. The value, as stated, was around $5.16 million, calculated using the average closing price for the quarter. Which is a perfectly sensible way to calculate things, unless you’re a goblin accountant, in which case you’d use pebbles and wishful thinking. The overall effect is a rather noticeable dent in Knuff & Co.’s reported 13F assets – a bit like noticing a dragon has flown through your roof.

The Rest of the Story (Or, Where Did All the Money Go?)

Following the divestment, Knuff & Co. now holds precisely zero shares in JD.com. None. Zilch. A complete absence. Their portfolio now consists of other things, like AAPL (a respectable $43.18 million), MSFT ($28.83 million), and, rather predictably, PG ($19.12 million) – the stuff of sensible, if slightly boring, investment. The remaining holdings are a perfectly adequate collection of digital baubles and established brands.

  • NASDAQ: AAPL: $43.18 million (12.7% of AUM)
  • NASDAQ: MSFT: $28.83 million (8.5% of AUM)
  • NYSE: PG: $19.12 million (5.6% of AUM)
  • NASDAQ: GOOGL: $16.66 million (4.9% of AUM)
  • NASDAQ: NFLX: $15.59 million (4.6% of AUM)

As of February 4th, 2026, JD.com shares were trading at $27.55 – a price that represents a decline of 31.1% over the past year. Compared to the S&P 500, which has been merrily chugging along, JD.com has underperformed by a rather alarming 45.1 percentage points. It’s a bit like entering a snail in the Grand National – a noble effort, perhaps, but not likely to result in victory.

A Brief Overview of the Beast (Or, What Exactly Is JD.com?)

Metric Value
Price (as of market close February 4, 2026) $27.55
Market capitalization $43.99 billion
Revenue (TTM) $180.73 billion
Net income (TTM) $4.88 billion

JD.com, for those unfamiliar, is a major player in the Chinese e-commerce landscape. They offer a wide range of products – everything from electronics to home appliances – and provide both online marketplace and logistics services. They operate a supply chain-driven platform, generating revenue from direct sales, commissions, and, of course, the art of moving things from one place to another. Their target market is primarily consumers and merchants within China, though they’re beginning to cast their net wider. It’s a remarkably efficient operation, if you ignore the sheer logistical nightmare of delivering millions of packages across a vast and populous nation.

  • Offers a broad range of products including electronics, home appliances, and general merchandise, and provides online marketplace and logistics services.
  • Operates a supply chain-driven e-commerce platform, generating revenue from direct sales, third-party marketplace commissions, logistics, and technology services.
  • Targets individual consumers and third-party merchants primarily within China, with a focus on both retail buyers and enterprise clients.

What Does This Mean For You, The Investor? (Or, Why You Shouldn’t Panic… Yet)

Knuff & Co., a California-based investment manager, decided to trim its exposure to JD.com during the fourth quarter of 2025. This isn’t necessarily a sign of impending doom, but it is a signal that even seasoned investors are wary of the stock’s performance. JD.com has been on a downward trajectory for years – a decline of nearly 68% over the last three years, equating to a rather unpleasant negative CAGR of -20.3%. Meanwhile, the S&P 500 has been soaring, with a CAGR of 13.9%. It’s a stark contrast, and a clear indication that JD.com hasn’t been keeping pace.

If you’re looking for exposure to the e-commerce market, an exchange-traded fund (ETF) like the Global X E-commerce ETF (EBIZ 1.68%) might be a more sensible option. This fund offers diversification across the entire sector and has delivered better relative performance in recent years. It’s a bit like choosing a well-maintained carriage over a slightly rickety dragon – both will get you there, but one is considerably less likely to spontaneously combust.

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2026-02-05 16:52