Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-5.04%
trims when stocks drop
when a holding falls −10%+
Middle response
-4.94%
baseline attrition
Rally response
+1.32%
adds into rallies
when a holding rises +10%+
Top positions · 11
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| NTESNetEase, Inc. | $40M | 21.6% | +11.4% | 7.5 yr |
| PDDPDD Holdings Inc. | $39M | 21.0% | -13.7% | 4.3 yr |
| ATATAtour Lifestyle Holdings | $33M | 17.8% | +32.6% | 0.8 yr |
| SVMSilvercorp Metals Inc. | $24M | 12.8% | +179.0% | 0.3 yr |
| ACMRACM Research, Inc. | $24M | 12.7% | +68.6% | 0.8 yr |
| CYDChina Yuchai Internation | $12M | 6.7% | +131.9% | 0.3 yr |
| EDUNew Oriental Education & | $4M | 2.2% | +19.8% | 2.8 yr |
| NUNu Holdings Ltd. | $4M | 2.1% | +40.3% | 3.0 yr |
| PBR-APetróleo Brasileiro S.A | $3M | 1.5% | — | 1.0 yr |
| — | $2M | 1.0% | — | 0.3 yr |
| SESea Limited | $1M | 0.7% | -36.5% | 4.3 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail21.7%-3.3pp$40M
Electronic Gaming & Multimedia21.6%-4.0pp$40M
Travel Lodging17.8%+8.6pp$33M
Silver12.8%$24M
Semiconductors12.7%$24M
Industrial - Machinery6.7%$12M
Education & Training Services2.2%-15.3pp$4M
Banks - Diversified2.1%+0.7pp$4M
Oil & Gas Integrated1.5%$3M
Unknown1.0%$2M
Country
CN41.6%-20.5pp
IE21.0%-3.2pp
CA12.8%
US12.7%
SG7.3%+6.6pp
BR3.6%+2.2pp
Unknown1.0%
Top 5: 85.9% · Top 10: 99.3% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $186M | 11 | +8.36% | +17.59% | -9.23% | -0.10B |
| 2025-12-31 | $313M | 10 | +24.99% | +17.72% | +7.27% | -0.01B |
| 2025-09-30 | $350M | 10 | +16.52% | +17.52% | -1.00% | +0.03B |
| 2025-06-30 | $272M | 8 | +4.36% | +14.94% | -10.58% | -0.01B |
| 2025-03-31 | $259M | 8 | -4.41% | +8.30% | -12.72% | -0.06B |
| 2024-12-31 | $295M | 8 | -14.19% | +24.89% | -39.08% | -0.04B |
| 2024-09-30 | $386M | 9 | +23.68% | +36.04% | -12.36% | +0.07B |
| 2024-06-30 | $304M | 5 | +42.60% | +24.49% | +18.10% | -0.06B |
| 2024-03-31 | $361M | 6 | +30.68% | +29.62% | +1.06% | -0.06B |
| 2023-12-31 | $435M | 6 | +31.02% | +26.18% | +4.84% | -0.01B |
| 2023-09-30 | $357M | 6 | +23.25% | +21.57% | +1.69% | +0.08B |
| 2023-06-30 | $229M | 4 | -20.02% | +19.42% | -39.45% | -0.04B |
| 2023-03-31 | $294M | 5 | -8.67% | -7.82% | -0.85% | +0.00B |
| 2022-12-31 | $301M | 6 | +16.39% | +7.56% | +8.83% | +0.00B |
| 2022-09-30 | $257M | 7 | -22.20% | -4.93% | -17.27% | -0.04B |
| 2022-06-30 | $377M | 7 | +4.74% | -16.11% | +20.85% | -0.04B |