Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+19.25%
adds when stocks drop
when a holding falls −10%+
Middle response
+10.95%
steady accumulation
Rally response
+0.43%
adds into rallies
when a holding rises +10%+
Top positions · 12
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $833M | 35.9% | -13.7% | 3.0 yr |
| YMMFull Truck Alliance Co. | $747M | 32.2% | -35.0% | 1.8 yr |
| EDUNew Oriental Education & | $509M | 22.0% | +19.8% | 1.5 yr |
| RLXRLX Technology Inc. | $132M | 5.7% | +22.2% | 2.8 yr |
| LEGNLegend Biotech Corporati | $42M | 1.8% | -46.7% | 0.3 yr |
| KSPIJoint Stock Company Kasp | $32M | 1.4% | -20.2% | 0.5 yr |
| SESea Limited | $17M | 0.7% | -36.5% | 2.3 yr |
| DDLDingdong (Cayman) Limite | $2M | 0.1% | -4.8% | 0.3 yr |
| ZHZhihu Inc. | $2M | 0.1% | -33.5% | 0.3 yr |
| NOAHNoah Holdings Limited | $1M | 0.1% | +15.3% | 1.8 yr |
| BZUNBaozun Inc. | $1M | 0.0% | -12.5% | 0.3 yr |
| APIAgora, Inc. | $0M | 0.0% | -11.9% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail36.7%-3.2pp$851M
Software - Application32.2%+6.1pp$747M
Education & Training Services22.0%+4.1pp$509M
Tobacco5.7%+0.4pp$132M
Biotechnology1.8%$42M
Software - Infrastructure1.4%$32M
Grocery Stores0.1%$2M
Internet Content & Information0.1%$2M
Asset Management0.1%-0.0pp$1M
Country
CN60.2%+1.0pp
IE35.9%+4.6pp
US1.8%
KZ1.4%
SG0.7%-7.8pp
Top 5: 97.6% · 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 | $2.32B | 12 | -7.99% | +17.59% | -25.58% | +0.08B |
| 2025-12-31 | $2.54B | 8 | +19.94% | +17.72% | +2.22% | +0.18B |
| 2025-09-30 | $2.59B | 8 | +22.55% | +17.52% | +5.04% | +0.55B |
| 2025-06-30 | $1.79B | 9 | +28.79% | +14.94% | +13.85% | +0.33B |
| 2025-03-31 | $1.46B | 8 | +49.13% | +8.30% | +40.82% | -0.17B |
| 2024-12-31 | $1.41B | 12 | +31.55% | +24.89% | +6.66% | +0.15B |
| 2024-09-30 | $1.36B | 13 | +73.47% | +36.04% | +37.43% | +0.25B |
| 2024-06-30 | $924M | 9 | +63.78% | +24.49% | +39.29% | +0.32B |
| 2024-03-31 | $519M | 7 | +1.64% | +10.39% | -8.75% | -0.09B |
| 2023-12-31 | $604M | 26 | +22.34% | +11.64% | +10.70% | -0.03B |
| 2023-09-30 | $519M | 11 | +13.54% | -3.22% | +16.76% | +0.14B |
| 2023-06-30 | $331M | 8 | — | — | — | — |