Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+22.38%
adds when stocks drop
when a holding falls −10%+
Middle response
-17.96%
baseline attrition
Rally response
-6.24%
trims into rallies
when a holding rises +10%+
Top positions · 16
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $72M | 21.2% | -13.7% | 3.0 yr |
| BZKanzhun Limited | $67M | 19.7% | -29.6% | 4.3 yr |
| YMMFull Truck Alliance Co. | $54M | 16.0% | -35.0% | 1.8 yr |
| ONTOOnto Innovation Inc. | $40M | 11.7% | +69.0% | 0.8 yr |
| — | $33M | 9.7% | — | 2.3 yr |
| GOOGAlphabet Inc. | $18M | 5.5% | +84.3% | 1.0 yr |
| AMZNAmazon.com, Inc. | $14M | 4.0% | +9.5% | 0.3 yr |
| TXNTexas Instruments Incorp | $9M | 2.6% | +11.4% | 0.5 yr |
| LXLexinFintech Holdings Lt | $8M | 2.4% | -77.6% | 1.0 yr |
| NVDANVIDIA Corporation | $7M | 1.9% | +60.9% | 2.0 yr |
| FUTUFutu Holdings Limited | $6M | 1.7% | +33.6% | 1.0 yr |
| TCOMTrip.com Group Limited | $4M | 1.3% | -21.7% | 2.0 yr |
| ZTOZTO Express (Cayman) Inc | $3M | 0.8% | +29.3% | 2.8 yr |
| TSMTaiwan Semiconductor Man | $3M | 0.8% | +105.6% | 2.0 yr |
| UUnity Software Inc. | $2M | 0.5% | +12.0% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail25.4%$86M
Staffing & Employment Services19.7%+8.1pp$67M
Semiconductors17.1%+16.9pp$58M
Software - Application16.4%+3.7pp$56M
Unknown9.7%-21.7pp$33M
Internet Content & Information5.5%+3.5pp$18M
Financial - Credit Services2.4%$8M
Financial - Capital Markets1.7%-4.2pp$6M
Travel Services1.3%$4M
Integrated Freight & Logistics0.8%$3M
Country
CN39.0%-18.3pp
US26.2%+20.8pp
IE21.2%
Unknown9.7%-21.7pp
HK1.7%-4.2pp
SG1.3%
TW0.8%
Top 5: 78.3% · Top 10: 94.8% · Top 25: 100.0%
Top buys this quarter · 9
| BZ Kanzhun Limited | +$54M |
| YMM Full Truck Alliance Co. Ltd. | +$30M |
| AMZN Amazon.com, Inc.new | +$14M |
| PDD PDD Holdings Inc. | +$11M |
| NVDA NVIDIA Corporation | +$4M |
| TXN Texas Instruments Incorporated | +$2M |
| U Unity Software Inc.new | +$2M |
| TSM Taiwan Semiconductor Manufactu | +$1M |
| LX LexinFintech Holdings Ltd. | +$8M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $339M | 16 | +17.50% | +17.59% | -0.09% | +0.09B |
| 2025-12-31 | $255M | 6 | +38.95% | +17.72% | +21.23% | +0.05B |
| 2025-09-30 | $187M | 7 | +19.09% | +17.52% | +1.58% | +0.02B |
| 2025-06-30 | $154M | 7 | +25.25% | +14.94% | +10.30% | -0.16B |
| 2025-03-31 | $303M | 9 | +14.17% | +8.30% | +5.87% | -0.22B |
| 2024-12-31 | $444M | 7 | +4.91% | +24.89% | -19.98% | +0.08B |
| 2024-09-30 | $391M | 9 | +21.21% | +36.04% | -14.83% | -0.06B |
| 2024-06-30 | $398M | 15 | +11.66% | +24.49% | -12.83% | -0.03B |
| 2024-03-31 | $453M | 10 | +21.07% | +29.62% | -8.56% | -0.04B |
| 2023-12-31 | $462M | 6 | +23.27% | +26.18% | -2.91% | +0.04B |
| 2023-09-30 | $396M | 8 | +18.10% | +21.57% | -3.46% | -0.00B |
| 2023-06-30 | $387M | 6 | -19.68% | +19.42% | -39.11% | +0.05B |
| 2023-03-31 | $334M | 5 | -20.97% | -7.82% | -13.16% | -0.07B |
| 2022-12-31 | $366M | 6 | +2.30% | +7.56% | -5.27% | +0.01B |
| 2022-09-30 | $348M | 6 | -29.72% | -4.93% | -24.80% | +0.01B |
| 2022-06-30 | $482M | 6 | +0.78% | -16.11% | +16.89% | +0.23B |