Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-14.67%
trims when stocks drop
when a holding falls −10%+
Middle response
-11.71%
baseline attrition
Rally response
-2.97%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| YUMCYum China Holdings, Inc. | $27M | 11.0% | -4.3% | 9.5 yr |
| TSMTaiwan Semiconductor Man | $21M | 8.6% | +105.6% | 10.5 yr |
| PDDPDD Holdings Inc. | $20M | 8.2% | -13.7% | 4.8 yr |
| LEGNLegend Biotech Corporati | $17M | 6.8% | -46.7% | 6.0 yr |
| CYDChina Yuchai Internation | $12M | 5.1% | +131.9% | 1.5 yr |
| MUMicron Technology, Inc. | $10M | 4.0% | +289.6% | 6.3 yr |
| FUTUFutu Holdings Limited | $9M | 3.8% | +33.6% | 1.5 yr |
| BZKanzhun Limited | $9M | 3.8% | -29.6% | 4.5 yr |
| UMCUnited Microelectronics | $9M | 3.6% | +31.5% | 0.3 yr |
| ITUBItaú Unibanco Holding S | $8M | 3.3% | +64.3% | 2.3 yr |
| ATATAtour Lifestyle Holdings | $8M | 3.3% | +32.6% | 2.0 yr |
| — | $8M | 3.2% | — | 1.0 yr |
| IBNICICI Bank Limited | $8M | 3.1% | -17.3% | 4.5 yr |
| NUNu Holdings Ltd. | $7M | 2.9% | +40.3% | 3.3 yr |
| HDBHDFC Bank Limited | $7M | 2.9% | -24.3% | 8.8 yr |
Portfolio composition (YoY)
Industry mix
Semiconductors18.3%+14.6pp$45M
Restaurants11.0%+5.9pp$27M
Banks - Regional10.8%+2.2pp$27M
Specialty Retail10.6%-22.4pp$26M
Biotechnology6.8%-1.0pp$17M
Unknown5.6%+1.7pp$14M
Industrial - Machinery5.1%$12M
Banks - Diversified4.7%+4.1pp$12M
Software - Application4.0%-8.9pp$10M
Financial - Capital Markets3.8%$9M
Country
CN22.6%-7.5pp
US15.3%+5.2pp
TW12.1%+10.6pp
BR9.5%+7.6pp
SG8.7%-12.1pp
IE8.2%-7.3pp
IN6.0%-5.5pp
Unknown5.6%+1.7pp
Top 5: 39.7% · Top 10: 58.1% · Top 25: 92.5%
Top buys this quarter · 15
| YUMC Yum China Holdings, Inc. | +$12M |
| CYD China Yuchai International Lim | +$10M |
| TSM Taiwan Semiconductor Manufactu | +$10M |
| UMC United Microelectronics Corpornew | +$9M |
| PBR Petróleo Brasileiro S.A. - Pe | +$5M |
| FCX Freeport-McMoRan Inc. | +$5M |
| BVN CompañÃa de Minas Buenaventu | +$4M |
| IFS Intercorp Financial Services Inew | +$4M |
| BAP Credicorp Ltd. | +$3M |
| ATAT Atour Lifestyle Holdings Limit | +$2M |
Top sells this quarter · 15
| PDD PDD Holdings Inc. | −$18M |
| SE Sea Limited | −$12M |
| TCOM Trip.com Group Limited | −$12M |
| FUTU Futu Holdings Limited | −$11M |
| YMM Full Truck Alliance Co. Ltd. | −$9M |
| MMYT MakeMyTrip Limitedexit | −$5M |
| GRAB Grab Holdings Limited | −$4M |
| BEKE KE Holdings Inc.exit | −$4M |
| BIDU Baidu, Inc. | −$4M |
| CPNG Coupang, Inc. | −$4M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $246M | 37 | -14.44% | +17.59% | -32.03% | -0.03B |
| 2025-12-31 | $329M | 40 | +7.70% | +17.72% | -10.02% | -0.04B |
| 2025-09-30 | $428M | 39 | +20.07% | +17.52% | +2.55% | -0.05B |
| 2025-06-30 | $433M | 39 | +25.87% | +14.94% | +10.93% | -0.07B |
| 2025-03-31 | $482M | 36 | +26.33% | +8.30% | +18.03% | -0.04B |
| 2024-12-31 | $483M | 41 | +19.00% | +24.89% | -5.89% | -0.10B |
| 2024-09-30 | $599M | 41 | +27.53% | +36.04% | -8.51% | +0.08B |
| 2024-06-30 | $452M | 37 | +13.32% | +24.49% | -11.17% | -0.07B |
| 2024-03-31 | $500M | 37 | +0.38% | +29.62% | -29.24% | -0.22B |
| 2023-12-31 | $712M | 36 | +8.54% | +26.18% | -17.64% | -0.15B |
| 2023-09-30 | $827M | 38 | +18.63% | +21.57% | -2.93% | -0.05B |
| 2023-06-30 | $848M | 44 | +1.53% | +19.42% | -17.90% | -0.07B |
| 2023-03-31 | $995M | 41 | +6.56% | -7.82% | +14.37% | +0.08B |
| 2022-12-31 | $837M | 35 | +13.89% | +7.56% | +6.33% | +0.07B |
| 2022-09-30 | $676M | 33 | -11.85% | -4.93% | -6.93% | +0.07B |
| 2022-06-30 | $688M | 37 | -2.85% | -16.11% | +13.26% | +0.00B |