Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-13.88%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.14%
baseline attrition
Rally response
-24.54%
trims into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| BIDUBaidu, Inc. | $9M | 19.3% | +21.1% | 1.5 yr |
| METAMeta Platforms, Inc. | $7M | 15.6% | -0.4% | 2.0 yr |
| LVSLas Vegas Sands Corp. | $5M | 12.3% | +42.4% | 1.5 yr |
| PFEPfizer Inc. | $5M | 10.8% | +18.8% | 0.5 yr |
| PDDPDD Holdings Inc. | $4M | 8.8% | -13.7% | 2.8 yr |
| — | $4M | 8.1% | — | 1.0 yr |
| AMDAdvanced Micro Devices, | $3M | 7.6% | +98.0% | 2.3 yr |
| SPYState Street SPDR S&P 50 | $3M | 7.0% | +17.6% | 0.3 yr |
| HTHTH World Group Limited | $2M | 4.4% | +43.2% | 1.0 yr |
| JOYYJOYY, Inc. Sponsored ADR | $2M | 3.9% | +49.5% | 0.8 yr |
| KWEBKraneShares CSI China In | $1M | 2.1% | — | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information38.9%+35.7pp$17M
Gambling, Resorts & Casinos12.3%$5M
Drug Manufacturers - General10.8%$5M
Asset Management9.1%$4M
Specialty Retail8.8%-19.9pp$4M
Unknown8.1%$4M
Semiconductors7.6%+2.7pp$3M
Travel Lodging4.4%$2M
Country
US55.4%+23.6pp
CN23.7%-20.0pp
IE8.8%
Unknown8.1%
SG3.9%
Top 5: 66.8% · Top 10: 97.9% · Top 25: 100.0%
Winners
| Ticker | Prev $ | PnL | YoY % |
|---|
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 6
| BIDU Baidu, Inc. | +$6M |
| META Meta Platforms, Inc. | +$4M |
| SPY State Street SPDR S&P 500 ETF new | +$3M |
| AMD Advanced Micro Devices, Inc. | +$2M |
| JOYY JOYY, Inc. Sponsored ADR Class | +$1M |
| — | +$0M |
Top sells this quarter · 14
| LVS Las Vegas Sands Corp. | −$9M |
| PDD PDD Holdings Inc. | −$8M |
| GLW Corning Incorporatedexit | −$8M |
| ZTO ZTO Express (Cayman) Inc.exit | −$5M |
| HTHT H World Group Limited | −$4M |
| NTES NetEase, Inc.exit | −$3M |
| BABA Alibaba Group Holding Limitedexit | −$3M |
| BZ Kanzhun Limitedexit | −$3M |
| AVGO Broadcom Inc.exit | −$2M |
| IBN ICICI Bank Limitedexit | −$1M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $45M | 11 | +24.78% | +17.59% | +7.19% | -0.01B |
| 2025-12-31 | $55M | 14 | +37.09% | +17.72% | +19.37% | -0.11B |
| 2025-09-30 | $158M | 29 | +43.17% | +17.52% | +25.65% | +0.05B |
| 2025-06-30 | $95M | 19 | +38.41% | +14.94% | +23.47% | +0.03B |
| 2025-03-31 | $59M | 15 | +28.75% | +8.30% | +20.45% | -0.02B |
| 2024-12-31 | $74M | 25 | +31.62% | +24.89% | +6.73% | -0.04B |
| 2024-09-30 | $105M | 24 | +35.69% | +36.04% | -0.35% | +0.02B |
| 2024-06-30 | $80M | 21 | +24.01% | +24.49% | -0.49% | -0.03B |
| 2024-03-31 | $114M | 27 | +27.29% | +29.62% | -2.34% | -0.01B |
| 2023-12-31 | $106M | 40 | +22.55% | +26.18% | -3.63% | -0.05B |
| 2023-09-30 | $146M | 31 | +19.55% | +21.57% | -2.01% | +0.06B |
| 2023-06-30 | $87M | 25 | +9.46% | +19.42% | -9.97% | -0.04B |
| 2023-03-31 | $119M | 33 | -0.96% | -7.82% | +6.86% | +0.01B |
| 2022-12-31 | $102M | 30 | +6.20% | +7.56% | -1.36% | -0.02B |
| 2022-09-30 | $119M | 29 | -7.91% | -4.93% | -2.98% | +0.04B |
| 2022-06-30 | $81M | 21 | -6.62% | -16.11% | +9.49% | -0.02B |