Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-6.34%
trims when stocks drop
when a holding falls −10%+
Middle response
-3.15%
baseline attrition
Rally response
-12.75%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| FUTUFutu Holdings Limited | $47M | 19.4% | +33.6% | 2.8 yr |
| JOYYJOYY, Inc. Sponsored ADR | $35M | 14.5% | +49.5% | 4.5 yr |
| GDSGDS Holdings Limited | $34M | 14.3% | +59.1% | 2.3 yr |
| PAYPPayPay Corporation | $32M | 13.5% | — | 0.3 yr |
| TSMTaiwan Semiconductor Man | $29M | 12.0% | +105.6% | 2.0 yr |
| NTESNetEase, Inc. | $21M | 8.7% | +11.4% | 1.5 yr |
| MUMicron Technology, Inc. | $17M | 6.9% | +289.6% | 0.3 yr |
| BILIBilibili Inc. | $10M | 4.0% | +18.1% | 0.5 yr |
| PBRPetróleo Brasileiro S.A | $9M | 3.7% | +54.2% | 0.3 yr |
| BABAAlibaba Group Holding Li | $7M | 3.0% | -3.5% | 0.5 yr |
Portfolio composition (YoY)
Industry mix
Financial - Capital Markets19.4%+8.5pp$47M
Semiconductors18.8%+13.4pp$45M
Internet Content & Information14.5%+5.0pp$35M
Information Technology Services14.3%+8.8pp$34M
Software - Infrastructure13.5%$32M
Electronic Gaming & Multimedia12.7%$31M
Oil & Gas Integrated3.7%$9M
Specialty Retail3.0%-10.8pp$7M
Country
CN30.0%-25.5pp
HK19.4%+8.5pp
SG14.5%+11.8pp
JP13.5%
TW12.0%+6.5pp
US6.9%-3.8pp
BR3.7%
Top 5: 73.7% · Top 10: 100.0% · Top 25: 100.0%
Losers
| Ticker | Prev $ | PnL | YoY % |
|---|
Top buys this quarter · 9
| PAYP PayPay Corporationnew | +$32M |
| MU Micron Technology, Inc.new | +$17M |
| GDS GDS Holdings Limited | +$16M |
| FUTU Futu Holdings Limited | +$13M |
| NTES NetEase, Inc. | +$11M |
| TSM Taiwan Semiconductor Manufactu | +$10M |
| PBR Petróleo Brasileiro S.A. - Penew | +$9M |
| JOYY JOYY, Inc. Sponsored ADR Class | +$8M |
| BABA Alibaba Group Holding Limited | +$7M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $241M | 10 | +41.14% | +17.59% | +23.55% | +0.04B |
| 2025-12-31 | $186M | 10 | +51.98% | +17.72% | +34.26% | +0.01B |
| 2025-09-30 | $154M | 11 | +24.99% | +17.52% | +7.47% | -0.00B |
| 2025-06-30 | $135M | 15 | +22.35% | +14.94% | +7.41% | -0.06B |
| 2025-03-31 | $201M | 18 | +23.59% | +8.30% | +15.29% | -0.06B |
| 2024-12-31 | $227M | 17 | +4.74% | +24.89% | -20.15% | +0.00B |
| 2024-09-30 | $236M | 12 | +20.95% | +36.04% | -15.08% | -0.02B |
| 2024-06-30 | $222M | 14 | -42.35% | +24.49% | -66.84% | -0.00B |
| 2024-03-31 | $223M | 13 | -50.22% | +29.62% | -79.84% | +0.06B |
| 2023-12-31 | $169M | 10 | -46.13% | +26.18% | -72.30% | -0.05B |
| 2023-09-30 | $203M | 9 | -57.78% | +21.57% | -79.35% | +0.09B |
| 2023-06-30 | $203M | 9 | -34.71% | +19.42% | -54.13% | -0.01B |
| 2023-03-31 | $245M | 10 | -22.77% | -7.82% | -14.95% | -0.01B |
| 2022-12-31 | $244M | 11 | -13.99% | +7.56% | -21.55% | +0.01B |
| 2022-09-30 | $267M | 12 | -15.20% | -4.93% | -10.27% | -0.01B |
| 2022-06-30 | $329M | 15 | +1.54% | -16.11% | +17.65% | +0.07B |