Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+0.79%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.10%
baseline attrition
Rally response
-2.95%
trims into rallies
when a holding rises +10%+
Top positions · 6
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GRABGrab Holdings Limited | $158M | 25.0% | -19.2% | 2.8 yr |
| SESea Limited | $140M | 22.2% | -36.5% | 8.0 yr |
| ATATAtour Lifestyle Holdings | $135M | 21.4% | +32.6% | 1.3 yr |
| YMMFull Truck Alliance Co. | $122M | 19.2% | -35.0% | 4.5 yr |
| GDSGDS Holdings Limited | $51M | 8.1% | +59.1% | 0.5 yr |
| PAYPPayPay Corporation | $26M | 4.1% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application44.2%+0.9pp$280M
Specialty Retail22.2%-6.5pp$140M
Travel Lodging21.4%+11.9pp$135M
Information Technology Services8.1%$51M
Software - Infrastructure4.1%$26M
Country
CN48.8%-6.0pp
SG47.2%+3.1pp
JP4.1%
Top 5: 95.9% · Top 10: 100.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $632M | 6 | -20.43% | +17.59% | -38.03% | +0.00B |
| 2025-12-31 | $805M | 6 | +15.74% | +17.72% | -1.97% | +0.05B |
| 2025-09-30 | $902M | 8 | +51.56% | +17.52% | +34.04% | -0.18B |
| 2025-06-30 | $929M | 7 | +47.41% | +14.94% | +32.47% | -0.01B |
| 2025-03-31 | $896M | 7 | +44.28% | +8.30% | +35.98% | -0.15B |
| 2024-12-31 | $921M | 7 | +29.02% | +24.89% | +4.13% | -0.07B |
| 2024-09-30 | $905M | 6 | +14.53% | +36.04% | -21.50% | +0.07B |
| 2024-06-30 | $742M | 7 | +0.74% | +24.49% | -23.75% | +0.02B |
| 2024-03-31 | $708M | 10 | -17.77% | +29.62% | -47.39% | -0.04B |
| 2023-12-31 | $735M | 10 | -2.51% | +26.18% | -28.69% | -0.07B |
| 2023-09-30 | $827M | 10 | +5.03% | +21.57% | -16.53% | -0.09B |
| 2023-06-30 | $925M | 9 | -6.97% | +19.42% | -26.40% | +0.01B |
| 2023-03-31 | $1.09B | 9 | -12.81% | -7.82% | -5.00% | -0.03B |
| 2022-12-31 | $937M | 10 | +5.18% | +7.56% | -2.38% | +0.02B |
| 2022-09-30 | $877M | 8 | -12.20% | -4.93% | -7.27% | -0.06B |
| 2022-06-30 | $1.06B | 10 | -21.47% | -16.11% | -5.36% | +0.33B |