Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.19%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.49%
steady accumulation
Rally response
-4.38%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $582M | 23.9% | -13.7% | 7.5 yr |
| YMMFull Truck Alliance Co. | $236M | 9.7% | -35.0% | 4.8 yr |
| TALTAL Education Group | $214M | 8.8% | -13.9% | 8.3 yr |
| BZKanzhun Limited | $193M | 7.9% | -29.6% | 4.5 yr |
| KCSHKraneShares Sustainable | $171M | 7.0% | — | 1.8 yr |
| VIPSVipshop Holdings Limited | $171M | 7.0% | -0.1% | 8.3 yr |
| TMETencent Music Entertainm | $162M | 6.6% | -36.5% | 7.5 yr |
| KWEBKraneShares CSI China In | $117M | 4.8% | — | 4.5 yr |
| SPYState Street SPDR S&P 50 | $80M | 3.3% | +17.6% | 1.8 yr |
| JOYYJOYY, Inc. Sponsored ADR | $69M | 2.9% | +49.5% | 6.5 yr |
| QFINQfin Holdings, Inc. | $66M | 2.7% | -69.9% | 6.3 yr |
| ATHMAutohome Inc. | $48M | 2.0% | -32.6% | 8.3 yr |
| WBWeibo Corporation | $34M | 1.4% | +2.9% | 8.3 yr |
| NVDANVIDIA Corporation | $15M | 0.6% | +60.9% | 5.5 yr |
| TSLATesla, Inc. | $11M | 0.5% | +43.4% | 7.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail31.5%+7.1pp$767M
Asset Management15.1%+5.3pp$369M
Internet Content & Information13.7%-2.3pp$333M
Software - Application10.7%+1.0pp$261M
Education & Training Services8.8%+0.7pp$214M
Staffing & Employment Services8.0%-3.3pp$194M
Financial - Credit Services2.7%-6.4pp$67M
Semiconductors1.8%+1.7pp$43M
Software - Infrastructure1.7%+1.5pp$42M
Hardware, Equipment & Parts1.0%+1.0pp$24M
Country
CN46.3%-23.2pp
US25.6%+14.3pp
IE24.1%+6.9pp
SG3.1%+1.2pp
CA0.2%
RU0.1%+0.1pp
IL0.1%
NL0.1%
Top 5: 57.3% · Top 10: 81.9% · Top 25: 91.5%
Top buys this quarter · 15
| SPY State Street SPDR S&P 500 ETF | +$26M |
| NVDA NVIDIA Corporation | +$8M |
| MSFT Microsoft Corporation | +$4M |
| AVGO Broadcom Inc. | +$4M |
| TSLA Tesla, Inc. | +$4M |
| AAPL Apple Inc. | +$4M |
| CIEN Ciena Corporationnew | +$3M |
| AMZN Amazon.com, Inc. | +$3M |
| HUT.TO Hut 8 Mining Corp.new | +$3M |
| TEL TE Connectivity Ltd. | +$3M |
Top sells this quarter · 15
| PDD PDD Holdings Inc. | −$68M |
| VNET VNET Group, Inc. | −$34M |
| YMM Full Truck Alliance Co. Ltd. | −$29M |
| TAL TAL Education Group | −$26M |
| BZ Kanzhun Limited | −$25M |
| VIPS Vipshop Holdings Limited | −$21M |
| TME Tencent Music Entertainment Gr | −$20M |
| JOYY JOYY, Inc. Sponsored ADR Class | −$8M |
| QFIN Qfin Holdings, Inc. | −$8M |
| ATHM Autohome Inc. | −$6M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $2.44B | 173 | -20.71% | +17.59% | -38.30% | -0.06B |
| 2025-12-31 | $3.08B | 159 | +17.41% | +17.72% | -0.31% | +0.06B |
| 2025-09-30 | $3.52B | 137 | +25.29% | +17.52% | +7.77% | +0.55B |
| 2025-06-30 | $2.54B | 138 | +18.77% | +14.94% | +3.82% | -0.86B |
| 2025-03-31 | $3.48B | 119 | +28.43% | +8.30% | +20.13% | +0.55B |
| 2024-12-31 | $2.44B | 113 | +1.24% | +24.89% | -23.64% | -0.11B |
| 2024-09-30 | $2.78B | 96 | +32.24% | +36.04% | -3.79% | +0.16B |
| 2024-06-30 | $2.37B | 92 | +30.61% | +24.49% | +6.12% | -0.21B |
| 2024-03-31 | $2.43B | 90 | +7.43% | +29.62% | -22.19% | +0.17B |
| 2023-12-31 | $2.40B | 102 | +18.03% | +26.18% | -8.15% | -0.52B |
| 2023-09-30 | $2.44B | 104 | +16.51% | +21.57% | -5.05% | +0.36B |
| 2023-06-30 | $1.90B | 98 | -16.21% | +19.42% | -35.63% | -0.01B |
| 2023-03-31 | $2.19B | 105 | +11.95% | -7.82% | +19.77% | -0.35B |
| 2022-12-31 | $2.45B | 109 | +18.23% | +7.56% | +10.67% | +0.17B |
| 2022-09-30 | $1.93B | 117 | -21.45% | -4.93% | -16.53% | -0.27B |
| 2022-06-30 | $2.80B | 280 | +16.26% | -16.11% | +32.37% | -0.00B |