Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-1.79%
trims when stocks drop
when a holding falls −10%+
Middle response
-8.92%
baseline attrition
Rally response
-11.31%
trims into rallies
when a holding rises +10%+
Top positions · 9
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| TALTAL Education Group | $91M | 42.3% | -13.9% | 7.3 yr |
| CPNGCoupang, Inc. | $36M | 16.8% | -13.9% | 2.5 yr |
| PDDPDD Holdings Inc. | $28M | 12.9% | -13.7% | 4.3 yr |
| NOAHNoah Holdings Limited | $19M | 8.7% | +15.3% | 10.3 yr |
| QFINQfin Holdings, Inc. | $12M | 5.7% | -69.9% | 4.0 yr |
| REREATRenew Inc. | $10M | 4.5% | +55.8% | 5.0 yr |
| MOMOHello Group Inc. | $7M | 3.1% | -7.8% | 1.3 yr |
| VNETVNET Group, Inc. | $6M | 3.0% | +2.3% | 1.3 yr |
| MMYTMakeMyTrip Limited | $6M | 2.9% | -61.9% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Education & Training Services42.3%+0.9pp$91M
Specialty Retail34.2%+18.9pp$73M
Asset Management8.7%+2.3pp$19M
Financial - Credit Services5.7%-9.5pp$12M
Internet Content & Information3.1%-7.5pp$7M
Information Technology Services3.0%$6M
Travel Services2.9%$6M
Country
CN67.4%-0.1pp
KR16.8%
IE12.9%
IN2.9%
Top 5: 86.4% · 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 | $214M | 9 | -10.69% | +17.59% | -28.28% | -0.11B |
| 2025-12-31 | $374M | 10 | +23.48% | +17.72% | +5.76% | +0.01B |
| 2025-09-30 | $395M | 14 | +26.30% | +17.52% | +8.79% | +0.04B |
| 2025-06-30 | $301M | 8 | +22.98% | +14.94% | +8.04% | +0.04B |
| 2025-03-31 | $278M | 10 | +32.94% | +8.30% | +24.64% | -0.17B |
| 2024-12-31 | $374M | 14 | +14.19% | +24.89% | -10.70% | -0.09B |
| 2024-09-30 | $490M | 15 | +38.73% | +36.04% | +2.70% | +0.09B |
| 2024-06-30 | $347M | 12 | +31.15% | +24.49% | +6.66% | -0.09B |
| 2024-03-31 | $431M | 13 | +15.03% | +29.62% | -14.59% | -0.05B |
| 2023-12-31 | $470M | 15 | +25.49% | +26.18% | -0.69% | +0.03B |
| 2023-09-30 | $384M | 10 | +24.93% | +21.57% | +3.36% | -0.01B |
| 2023-06-30 | $367M | 11 | +3.19% | +19.42% | -16.24% | -0.06B |
| 2023-03-31 | $470M | 13 | +28.71% | -7.82% | +36.53% | +0.01B |
| 2022-12-31 | $413M | 11 | +14.12% | +7.56% | +6.56% | -0.11B |
| 2022-09-30 | $456M | 12 | -10.44% | -4.93% | -5.51% | -0.06B |
| 2022-06-30 | $578M | 14 | +12.04% | -16.11% | +28.15% | -0.07B |