On February 4, 2026, Knuff & Co LLC disclosed in a U.S. Securities and Exchange Commission filing that it sold out of JD.com (JD 0.07%), liquidating 147,651 shares in a transaction estimated at $5.16 million based on quarterly average pricing.

What Happened

According to a filing with the U.S. Securities and Exchange Commission dated February 4, 2026, Knuff & Co LLC exited its position in JD.com, selling 147,651 shares. The estimated value of the shares sold was $5.16 million, calculated using the average closing price during the filing quarter. The quarter-end value of the position dropped by $5.16 million, reflecting both the sale and changes in market price.

What Else to Know

With the sale, Knuff & Co LLC no longer holds JD.com shares, and the position now represents none of its reportable 13F assets.

Top holdings after the filing:

• 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 4, 2026, shares of JD.com were priced at $27.55, down 31.1% over the past year, underperforming the S&P 500 by 45.1 percentage points.

Company Overview

Company Snapshot

• 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.

JD.com is a leading supply chain-based technology and service provider in China, leveraging an extensive logistics infrastructure and digital platform to support large-scale e-commerce operations. The company’s integrated business model combines direct sales with third-party marketplace offerings, enabling efficient product delivery and broad customer reach. JD.com’s focus on technology-driven supply chain solutions and logistics services provides a competitive edge in China’s rapidly evolving retail sector.

What This Transaction Means For Investors

Knuff & Co, a California-based investment manager, recently disclosed the sale of more than $5 million worth of JD shares during the fourth quarter (the three months ending on Dec. 31, 2025). Here’s what it means for investors.

JD, a Chinese e-commerce provider, is a stock that has been on a steady decline for years. Over the last three years, shares have retreated by nearly 68%, equating to a negative compound annual growth rate (CAGR) of -20.3%. The benchmark S&P 500, meanwhile, has advanced by 91% over the same period, with a CAGR of 13.9%. In other words, JD has massively underperformed in recent years, so it shouldn’t come as a shock that institutional investors, like Knuff, are reducing their exposure to the stock.

For everyday investors who are seeking exposure to the e-commerce market, an exchange-traded fund (ETF) like Global X E-commerce ETF (EBIZ 0.28%) might be a better fit. This fund has holdings throughout the e-commerce sector and has delivered better relative performance over the last few years.