Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+8.52%
adds when stocks drop
when a holding falls −10%+
Middle response
-9.50%
baseline attrition
Rally response
-2.50%
trims into rallies
when a holding rises +10%+
Top positions · 21
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $221M | 24.3% | -13.7% | 6.3 yr |
| HTHTH World Group Limited | $195M | 21.5% | +43.2% | 4.0 yr |
| TSMTaiwan Semiconductor Man | $151M | 16.6% | +105.6% | 2.3 yr |
| BZKanzhun Limited | $57M | 6.3% | -29.6% | 4.0 yr |
| NVDANVIDIA Corporation | $51M | 5.6% | +60.9% | 0.3 yr |
| YUMCYum China Holdings, Inc. | $35M | 3.8% | -4.3% | 4.3 yr |
| TCOMTrip.com Group Limited | $34M | 3.7% | -21.7% | 2.0 yr |
| GOOGAlphabet Inc. | $29M | 3.2% | +84.3% | 2.5 yr |
| BEKEKE Holdings Inc. | $21M | 2.3% | -25.2% | 5.5 yr |
| FUTUFutu Holdings Limited | $21M | 2.3% | +33.6% | 0.3 yr |
| NTESNetEase, Inc. | $19M | 2.1% | +11.4% | 6.0 yr |
| LITELumentum Holdings Inc. | $18M | 1.9% | +1027.3% | 0.3 yr |
| RLXRLX Technology Inc. | $16M | 1.8% | +22.2% | 4.3 yr |
| XPEVXPeng Inc. | $14M | 1.5% | -17.4% | 0.8 yr |
| MOSThe Mosaic Company | $8M | 0.8% | -2.7% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail24.3%+0.9pp$221M
Semiconductors23.2%+21.4pp$211M
Travel Lodging21.5%-4.7pp$195M
Staffing & Employment Services6.3%+0.0pp$57M
Restaurants3.8%-3.7pp$35M
Travel Services3.7%-0.7pp$34M
Internet Content & Information3.2%-3.1pp$29M
Real Estate - Services2.3%-8.1pp$21M
Financial - Capital Markets2.3%$21M
Electronic Gaming & Multimedia2.1%-0.7pp$19M
Country
CN40.1%-23.8pp
IE24.3%+0.9pp
TW16.6%+14.8pp
US12.9%+6.9pp
SG3.7%-0.7pp
HK2.3%
Unknown0.2%-0.2pp
Top 5: 74.3% · Top 10: 89.5% · Top 25: 100.0%
Top buys this quarter · 15
| TSM Taiwan Semiconductor Manufactu | +$141M |
| BZ Kanzhun Limited | +$54M |
| NVDA NVIDIA Corporationnew | +$51M |
| FUTU Futu Holdings Limitednew | +$21M |
| PDD PDD Holdings Inc. | +$221M |
| LITE Lumentum Holdings Inc.new | +$18M |
| XPEV XPeng Inc. | +$14M |
| MOS The Mosaic Companynew | +$8M |
| TCOM Trip.com Group Limited | +$34M |
| NTES NetEase, Inc. | +$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $909M | 21 | +15.39% | +17.59% | -2.21% | +0.25B |
| 2025-12-31 | $683M | 13 | +31.02% | +17.72% | +13.30% | +0.07B |
| 2025-09-30 | $582M | 15 | +11.63% | +17.52% | -5.89% | +0.11B |
| 2025-06-30 | $397M | 9 | +1.15% | +14.94% | -13.79% | -0.34B |
| 2025-03-31 | $766M | 22 | +8.04% | +8.30% | -0.26% | -0.05B |
| 2024-12-31 | $742M | 19 | -1.98% | +24.89% | -26.87% | -0.04B |
| 2024-09-30 | $868M | 17 | +28.33% | +36.04% | -7.70% | +0.05B |
| 2024-06-30 | $762M | 19 | +42.04% | +24.49% | +17.55% | +0.20B |
| 2024-03-31 | $554M | 21 | +28.67% | +29.62% | -0.96% | +0.14B |
| 2023-12-31 | $420M | 18 | +39.35% | +26.18% | +13.17% | -0.04B |
| 2023-09-30 | $386M | 17 | +29.87% | +21.57% | +8.30% | -0.01B |
| 2023-06-30 | $331M | 12 | +2.58% | +19.42% | -16.84% | +0.05B |
| 2023-03-31 | $302M | 14 | +47.46% | -7.82% | +55.28% | +0.06B |
| 2022-12-31 | $223M | 16 | +9.74% | +7.56% | +2.18% | +0.04B |
| 2022-09-30 | $166M | 16 | -6.27% | -4.93% | -1.34% | -0.06B |
| 2022-06-30 | $242M | 14 | +33.17% | -16.11% | +49.28% | +0.07B |