Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-8.82%
trims when stocks drop
when a holding falls −10%+
Middle response
+4.97%
steady accumulation
Rally response
-5.16%
trims into rallies
when a holding rises +10%+
Top positions · 5
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| JDJD.com, Inc. | $164M | 34.7% | -28.5% | 4.5 yr |
| BZKanzhun Limited | $140M | 29.7% | -29.6% | 3.5 yr |
| TALTAL Education Group | $125M | 26.4% | -13.9% | 1.5 yr |
| BEKEKE Holdings Inc. | $38M | 8.1% | -25.2% | 4.8 yr |
| MOMOHello Group Inc. | $5M | 1.1% | -7.8% | 4.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail34.7%-14.4pp$164M
Staffing & Employment Services29.7%+16.0pp$140M
Education & Training Services26.4%+23.8pp$125M
Real Estate - Services8.1%+0.8pp$38M
Internet Content & Information1.1%+0.5pp$5M
Country
CN100.0%+48.4pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| BZ Kanzhun Limited | +$140M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $473M | 5 | -16.08% | +17.59% | -33.67% | -0.21B |
| 2025-12-31 | $793M | 7 | +3.71% | +17.72% | -14.01% | +0.01B |
| 2025-09-30 | $907M | 7 | +21.98% | +17.52% | +4.46% | +0.02B |
| 2025-06-30 | $764M | 7 | +24.60% | +14.94% | +9.65% | -0.20B |
| 2025-03-31 | $1.00B | 10 | +35.75% | +8.30% | +27.45% | -0.02B |
| 2024-12-31 | $957M | 8 | +15.06% | +24.89% | -9.82% | +0.11B |
| 2024-09-30 | $832M | 7 | +24.74% | +36.04% | -11.30% | +0.08B |
| 2024-06-30 | $634M | 8 | +10.11% | +24.49% | -14.38% | -0.12B |
| 2024-03-31 | $713M | 8 | -5.52% | +29.62% | -35.14% | -0.07B |
| 2023-12-31 | $858M | 7 | +15.33% | +26.18% | -10.85% | -0.13B |
| 2023-09-30 | $903M | 9 | -2.13% | +21.57% | -23.69% | +0.11B |
| 2023-06-30 | $755M | 11 | -21.36% | +19.42% | -40.78% | +0.31B |
| 2023-03-31 | $497M | 8 | +11.16% | -7.82% | +18.97% | -0.15B |
| 2022-12-31 | $583M | 10 | -6.66% | +7.56% | -14.22% | +0.18B |
| 2022-09-30 | $436M | 8 | -15.69% | -4.93% | -10.76% | -0.12B |
| 2022-06-30 | $659M | 8 | +27.57% | -16.11% | +43.68% | +0.02B |