Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+12.24%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.38%
baseline attrition
Rally response
-6.84%
trims into rallies
when a holding rises +10%+
Top positions · 5
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ATATAtour Lifestyle Holdings | $298M | 61.9% | +32.6% | 2.5 yr |
| YMMFull Truck Alliance Co. | $114M | 23.7% | -35.0% | 2.0 yr |
| HUYAHUYA Inc. | $30M | 6.3% | +72.8% | 0.3 yr |
| RLXRLX Technology Inc. | $29M | 6.0% | +22.2% | 0.3 yr |
| PURRHyperliquid Strategies I | $10M | 2.2% | — | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Travel Lodging61.9%+34.6pp$298M
Software - Application23.7%-2.3pp$114M
Internet Content & Information6.3%-2.1pp$30M
Tobacco6.0%$29M
Agricultural Inputs2.2%$10M
Country
CN97.8%+6.2pp
US2.2%
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|---|---|---|
| YMM | $201M | -0.07B | -35.0% |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $482M | 5 | -11.93% | +17.59% | -29.53% | +0.02B |
| 2025-12-31 | $513M | 3 | +9.02% | +17.72% | -8.70% | -0.04B |
| 2025-09-30 | $567M | 5 | +26.31% | +17.52% | +8.80% | -0.18B |
| 2025-06-30 | $773M | 4 | +47.96% | +14.94% | +33.02% | -0.03B |
| 2025-03-31 | $770M | 4 | +54.53% | +8.30% | +46.23% | -0.11B |
| 2024-12-31 | $790M | 7 | +28.23% | +24.89% | +3.34% | +0.03B |
| 2024-09-30 | $669M | 6 | +50.50% | +36.04% | +14.46% | -0.09B |
| 2024-06-30 | $668M | 5 | +55.76% | +24.49% | +31.27% | -0.01B |
| 2024-03-31 | $624M | 4 | +27.22% | +29.62% | -2.40% | +0.03B |
| 2023-12-31 | $651M | 3 | +60.66% | +26.18% | +34.48% | -0.04B |
| 2023-09-30 | $523M | 2 | +27.43% | +21.57% | +5.86% | +0.02B |
| 2023-06-30 | $427M | 2 | -4.53% | +19.42% | -23.96% | +0.05B |
| 2023-03-31 | $421M | 3 | -7.38% | -7.82% | +0.44% | -0.13B |
| 2022-12-31 | $471M | 4 | +5.29% | +7.56% | -2.27% | +0.05B |
| 2022-09-30 | $400M | 3 | -11.97% | -4.93% | -7.04% | -0.12B |
| 2022-06-30 | $586M | 3 | -13.95% | -16.11% | +2.16% | +0.22B |