Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-11.42%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.22%
baseline attrition
Rally response
+4.53%
adds into rallies
when a holding rises +10%+
Top positions · 25
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| GOOGLAlphabet Inc. | $840M | 21.7% | — | 4.3 yr |
| PDDPDD Holdings Inc. | $522M | 13.4% | -13.7% | 5.3 yr |
| NTESNetEase, Inc. | $357M | 9.2% | +11.4% | 5.3 yr |
| YMMFull Truck Alliance Co. | $340M | 8.8% | -35.0% | 5.0 yr |
| METAMeta Platforms, Inc. | $310M | 8.0% | -0.4% | 5.3 yr |
| INTCIntel Corporation | $306M | 7.9% | +94.3% | 1.3 yr |
| AMZNAmazon.com, Inc. | $209M | 5.4% | +9.5% | 1.3 yr |
| FUTUFutu Holdings Limited | $136M | 3.5% | +33.6% | 5.0 yr |
| NVDANVIDIA Corporation | $133M | 3.4% | +60.9% | 4.5 yr |
| TCOMTrip.com Group Limited | $130M | 3.3% | -21.7% | 1.8 yr |
| ATATAtour Lifestyle Holdings | $95M | 2.5% | +32.6% | 1.0 yr |
| BABAAlibaba Group Holding Li | $88M | 2.3% | -3.5% | 4.3 yr |
| EDUNew Oriental Education & | $75M | 1.9% | +19.8% | 3.8 yr |
| AAPLApple Inc. | $63M | 1.6% | +14.7% | 2.8 yr |
| HTHTH World Group Limited | $53M | 1.4% | +43.2% | 1.0 yr |
Portfolio composition (YoY)
Industry mix
Internet Content & Information29.7%+10.7pp$1.15B
Specialty Retail22.2%+2.4pp$862M
Semiconductors12.0%+2.4pp$467M
Electronic Gaming & Multimedia9.2%-2.2pp$357M
Software - Application8.8%-1.5pp$340M
Travel Lodging3.8%$149M
Travel Services3.7%+3.0pp$144M
Financial - Capital Markets3.5%-2.5pp$136M
Education & Training Services2.7%-0.4pp$103M
Consumer Electronics1.6%-3.8pp$63M
Country
US49.1%+23.9pp
CN28.4%-11.9pp
IE13.4%-3.5pp
SG4.4%+3.3pp
HK3.5%-2.5pp
TW0.7%-7.4pp
IN0.4%
KY0.1%-0.1pp
Top 5: 61.1% · Top 10: 84.6% · Top 25: 100.0%
Top buys this quarter · 12
| GOOGL Alphabet Inc. | +$840M |
| AMZN Amazon.com, Inc. | +$203M |
| INTC Intel Corporation | +$191M |
| PDD PDD Holdings Inc. | +$116M |
| TCOM Trip.com Group Limited | +$111M |
| YMM Full Truck Alliance Co. Ltd. | +$102M |
| SE Sea Limited | +$40M |
| HTHT H World Group Limited | +$11M |
| ATAT Atour Lifestyle Holdings Limit | +$11M |
| AAPL Apple Inc. | +$9M |
Top sells this quarter · 13
| XBI State Street SPDR S&P Biotech exit | −$0M |
| YNDX Yandex N.V.exit | −$0M |
| META Meta Platforms, Inc. | −$260M |
| AVGO Broadcom Inc.exit | −$76M |
| SNPS Synopsys, Inc.exit | −$65M |
| BEKE KE Holdings Inc.exit | −$26M |
| JKS JinkoSolar Holding Co., Ltd.exit | −$20M |
| FUTU Futu Holdings Limited | −$19M |
| BABA Alibaba Group Holding Limited | −$18M |
| NVDA NVIDIA Corporation | −$13M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $3.88B | 25 | -2.43% | +17.59% | -20.02% | +0.33B |
| 2025-12-31 | $4.04B | 28 | +18.32% | +17.72% | +0.60% | +0.01B |
| 2025-09-30 | $4.44B | 30 | +25.54% | +17.52% | +8.02% | +1.22B |
| 2025-06-30 | $2.87B | 28 | +20.64% | +14.94% | +5.70% | -0.65B |
| 2025-03-31 | $3.23B | 31 | +15.43% | +8.30% | +7.13% | -0.14B |
| 2024-12-31 | $3.17B | 36 | +13.52% | +24.89% | -11.37% | +0.13B |
| 2024-09-30 | $3.15B | 35 | +39.70% | +36.04% | +3.67% | -0.94B |
| 2024-06-30 | $3.79B | 41 | +46.26% | +24.49% | +21.77% | +0.42B |
| 2024-03-31 | $3.23B | 39 | +42.19% | +29.62% | +12.57% | +0.30B |
| 2023-12-31 | $2.80B | 30 | +50.51% | +26.18% | +24.33% | -0.23B |
| 2023-09-30 | $2.55B | 31 | +33.12% | +21.57% | +11.56% | +0.22B |
| 2023-06-30 | $2.07B | 28 | -0.93% | +19.42% | -20.36% | +0.31B |
| 2023-03-31 | $1.73B | 28 | +1.12% | -7.82% | +8.93% | -0.07B |
| 2022-12-31 | $1.63B | 31 | +5.02% | +7.56% | -2.54% | +0.08B |
| 2022-09-30 | $1.47B | 26 | -16.07% | -4.93% | -11.15% | -0.41B |
| 2022-06-30 | $2.24B | 31 | +3.73% | -16.11% | +19.84% | -0.17B |