Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.37%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.61%
baseline attrition
Rally response
+1.52%
adds into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BABAAlibaba Group Holding Li | $106M | 27.4% | -3.5% | 4.3 yr |
| PAGSPagSeguro Digital Ltd. | $53M | 13.8% | +38.4% | 3.8 yr |
| STNEStoneCo Ltd. | $48M | 12.4% | +34.7% | 3.3 yr |
| DQDaqo New Energy Corp. | $36M | 9.4% | +17.4% | 0.8 yr |
| BIDUBaidu, Inc. | $32M | 8.3% | +21.1% | 1.3 yr |
| ACMRACM Research, Inc. | $32M | 8.3% | +68.6% | 0.3 yr |
| YMMFull Truck Alliance Co. | $26M | 6.8% | -35.0% | 1.8 yr |
| CSIQCanadian Solar Inc. | $26M | 6.6% | +60.1% | 0.5 yr |
| ATHMAutohome Inc. | $20M | 5.2% | -32.6% | 4.0 yr |
| GAUGaliano Gold Inc. | $5M | 1.2% | +102.4% | 0.5 yr |
| ASHRXtrackers Harvest CSI 30 | $1M | 0.2% | — | 4.8 yr |
| KWEBKraneShares CSI China In | $1M | 0.1% | — | 3.0 yr |
| CANCanaan Inc. | $0M | 0.1% | -50.8% | 4.3 yr |
| MXMagnachip Semiconductor | $0M | 0.0% | -18.4% | 6.3 yr |
| BZUNBaozun Inc. | $0M | 0.0% | -12.5% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail27.4%-12.5pp$106M
Software - Infrastructure26.2%+13.0pp$101M
Solar16.1%$62M
Internet Content & Information13.5%-1.6pp$52M
Semiconductors8.3%+7.2pp$32M
Software - Application6.8%-0.0pp$26M
Gold1.2%+0.6pp$5M
Asset Management0.3%-0.1pp$1M
Computer Hardware0.1%-0.1pp$0M
Country
CN57.2%-7.5pp
BR13.8%-7.5pp
KY12.4%+5.1pp
US8.6%+8.2pp
CA7.9%+7.3pp
SG0.1%-1.4pp
LU0.0%-0.1pp
Top 5: 71.4% · Top 10: 99.4% · Top 25: 100.0%
Top buys this quarter · 4
| ACMR ACM Research, Inc.new | +$30M |
| DQ Daqo New Energy Corp. | +$36M |
| PAGS PagSeguro Digital Ltd. | +$6M |
| YMM Full Truck Alliance Co. Ltd. | +$26M |
Top sells this quarter · 15
| BABA Alibaba Group Holding Limited | −$65M |
| JD JD.com, Inc.exit | −$56M |
| BVN CompañÃa de Minas Buenaventuexit | −$19M |
| BIDU Baidu, Inc. | −$14M |
| HUYA HUYA Inc.exit | −$9M |
| JOYY JOYY, Inc. Sponsored ADR Classexit | −$9M |
| CGAU Centerra Gold Inc.exit | −$9M |
| HIMX Himax Technologies, Inc.exit | −$6M |
| MOMO Hello Group Inc.exit | −$5M |
| DOYU DouYu International Holdings L | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $385M | 16 | +0.86% | +17.59% | -16.73% | -0.18B |
| 2025-12-31 | $649M | 24 | +31.19% | +17.72% | +13.48% | +0.04B |
| 2025-09-30 | $680M | 24 | +32.36% | +17.52% | +14.84% | -0.12B |
| 2025-06-30 | $612M | 27 | +8.03% | +14.94% | -6.91% | +0.12B |
| 2025-03-31 | $495M | 27 | +9.34% | +8.30% | +1.04% | +0.04B |
| 2024-12-31 | $404M | 25 | +1.66% | +24.89% | -23.23% | +0.02B |
| 2024-09-30 | $427M | 26 | +46.06% | +36.04% | +10.02% | -0.20B |
| 2024-06-30 | $587M | 26 | +26.64% | +24.49% | +2.14% | -0.08B |
| 2024-03-31 | $657M | 24 | +23.70% | +29.62% | -5.92% | +0.09B |
| 2023-12-31 | $534M | 27 | +30.25% | +26.18% | +4.07% | -0.04B |
| 2023-09-30 | $445M | 29 | +27.08% | +21.57% | +5.51% | -0.00B |
| 2023-06-30 | $487M | 29 | +21.12% | +19.42% | +1.69% | +0.01B |
| 2023-03-31 | $483M | 25 | +8.54% | -7.82% | +16.36% | +0.04B |
| 2022-12-31 | $401M | 22 | +26.26% | +7.56% | +18.70% | +0.04B |
| 2022-09-30 | $286M | 18 | -12.27% | -4.93% | -7.34% | -0.00B |
| 2022-06-30 | $332M | 13 | -11.69% | -16.11% | +4.42% | +0.02B |