Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-23.72%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.28%
baseline attrition
Rally response
+20.38%
adds into rallies
when a holding rises +10%+
Top positions · 3
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| XPEVXPeng Inc. | $176M | 70.4% | -17.4% | 1.5 yr |
| PONYPony AI Inc. American De | $66M | 26.2% | +7.0% | 1.0 yr |
| APIAgora, Inc. | $8M | 3.3% | -11.9% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Auto - Manufacturers70.4%-26.4pp$176M
Rental & Leasing Services26.2%$66M
Software - Application3.3%+0.2pp$8M
Country
CN100.0%+0.0pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| PONY Pony AI Inc. American Deposita | +$47M |
Top sells this quarter · 0
No sells this quarter
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $250M | 3 | -16.33% | +17.59% | -33.92% | +0.05B |
| 2025-12-31 | $246M | 3 | +73.46% | +17.72% | +55.75% | -0.08B |
| 2025-09-30 | $378M | 3 | +34.05% | +8.12% | +25.93% | -0.04B |
| 2025-06-30 | $309M | 3 | -11.17% | +10.78% | -21.95% | -0.00B |
| 2025-03-31 | $350M | 2 | +70.61% | -4.27% | +74.88% | -0.02B |
| 2024-12-31 | $219M | 2 | — | — | — | — |