Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+3.17%
adds when stocks drop
when a holding falls −10%+
Middle response
-8.79%
baseline attrition
Rally response
-20.81%
trims into rallies
when a holding rises +10%+
Top positions · 24
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NOAHNoah Holdings Limited | $67M | 28.8% | +15.3% | 10.5 yr |
| EDUNew Oriental Education & | $21M | 9.2% | +19.8% | 4.0 yr |
| JDJD.com, Inc. | $17M | 7.5% | -28.5% | 10.5 yr |
| BILIBilibili Inc. | $17M | 7.2% | +18.1% | 7.8 yr |
| HTHTH World Group Limited | $16M | 7.0% | +43.2% | 8.0 yr |
| REREATRenew Inc. | $15M | 6.4% | +55.8% | 5.0 yr |
| HNGEHinge Health, Inc. | $11M | 5.0% | — | 0.3 yr |
| TALTAL Education Group | $9M | 3.7% | -13.9% | 10.5 yr |
| BILLBill.com Holdings, Inc. | $9M | 3.7% | -16.5% | 0.5 yr |
| SVCOSilvaco Group, Inc. Comm | $8M | 3.4% | +55.3% | 1.3 yr |
| PONYPony AI Inc. American De | $6M | 2.7% | +7.0% | 0.8 yr |
| KYMRKymera Therapeutics, Inc | $6M | 2.7% | +204.3% | 1.3 yr |
| JOYYJOYY, Inc. Sponsored ADR | $5M | 2.2% | +49.5% | 1.8 yr |
| TCOMTrip.com Group Limited | $4M | 1.9% | -21.7% | 0.3 yr |
| YMMFull Truck Alliance Co. | $4M | 1.8% | -35.0% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management28.8%+6.5pp$67M
Specialty Retail14.0%+2.5pp$32M
Education & Training Services13.0%+1.5pp$30M
Software - Application10.0%+8.1pp$23M
Electronic Gaming & Multimedia7.2%-19.7pp$17M
Travel Lodging7.0%-1.4pp$16M
Medical - Healthcare Information Services5.0%$11M
Biotechnology4.9%-8.4pp$11M
Unknown2.7%+0.8pp$6M
Rental & Leasing Services2.7%$6M
Country
CN76.0%+1.0pp
US17.0%-4.1pp
SG4.1%
Unknown2.7%+0.8pp
IL0.3%
Top 5: 59.9% · Top 10: 82.1% · Top 25: 100.0%
Top buys this quarter · 10
| HNGE Hinge Health, Inc.new | +$11M |
| TAL TAL Education Group | +$5M |
| BILL Bill.com Holdings, Inc. | +$9M |
| TCOM Trip.com Group Limitednew | +$4M |
| EDU New Oriental Education & Techn | +$2M |
| YMM Full Truck Alliance Co. Ltd. | +$4M |
| ZEPP Zepp Health Corporationnew | +$1M |
| API Agora, Inc. | +$1M |
| PASG Passage Bio, Inc. | +$0M |
| — | +$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $231M | 24 | +40.17% | +17.59% | +22.58% | -0.02B |
| 2025-12-31 | $229M | 21 | +25.15% | +17.72% | +7.43% | -0.06B |
| 2025-09-30 | $302M | 23 | +14.61% | +17.52% | -2.91% | -0.02B |
| 2025-06-30 | $276M | 20 | +32.29% | +14.94% | +17.35% | -0.04B |
| 2025-03-31 | $284M | 21 | +19.45% | +8.30% | +11.14% | -0.16B |
| 2024-12-31 | $452M | 19 | +19.17% | +24.89% | -5.72% | -0.02B |
| 2024-09-30 | $542M | 17 | +44.75% | +36.04% | +8.72% | -0.42B |
| 2024-06-30 | $709M | 20 | +6.26% | +24.49% | -18.23% | +0.00B |
| 2024-03-31 | $696M | 19 | -10.55% | +29.62% | -40.17% | -0.10B |
| 2023-12-31 | $808M | 18 | -8.82% | +26.18% | -35.00% | -0.37B |
| 2023-09-30 | $1.11B | 27 | +9.98% | +21.57% | -11.59% | -0.04B |
| 2023-06-30 | $1.15B | 27 | -12.44% | +19.42% | -31.86% | +0.06B |
| 2023-03-31 | $1.28B | 29 | -1.18% | -7.82% | +6.63% | -0.02B |
| 2022-12-31 | $1.29B | 26 | +28.43% | +7.56% | +20.87% | -0.08B |
| 2022-09-30 | $1.06B | 30 | -20.69% | -4.93% | -15.76% | -0.04B |
| 2022-06-30 | $1.40B | 30 | -3.77% | -16.11% | +12.34% | -0.11B |