Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+14.07%
adds when stocks drop
when a holding falls −10%+
Middle response
-1.74%
baseline attrition
Rally response
-13.32%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| ZTOZTO Express (Cayman) Inc | $127M | 30.7% | +29.3% | 3.5 yr |
| TALTAL Education Group | $54M | 13.0% | -13.9% | 2.8 yr |
| HTHTH World Group Limited | $48M | 11.6% | +43.2% | 2.3 yr |
| EDUNew Oriental Education & | $37M | 9.0% | +19.8% | 1.5 yr |
| PDDPDD Holdings Inc. | $37M | 8.9% | -13.7% | 0.3 yr |
| MNSOMINISO Group Holding Lim | $35M | 8.4% | -9.6% | 1.3 yr |
| YMMFull Truck Alliance Co. | $31M | 7.4% | -35.0% | 0.5 yr |
| MATMattel, Inc. | $29M | 7.0% | -25.2% | 0.5 yr |
| BABAAlibaba Group Holding Li | $9M | 2.1% | -3.5% | 0.5 yr |
| ATATAtour Lifestyle Holdings | $8M | 1.9% | +32.6% | 2.0 yr |
Portfolio composition (YoY)
Industry mix
Integrated Freight & Logistics30.7%-29.3pp$127M
Education & Training Services22.0%+14.7pp$91M
Specialty Retail19.4%+14.2pp$80M
Travel Lodging13.5%+8.9pp$56M
Software - Application7.4%$31M
Leisure7.0%$29M
Country
CN84.1%-15.9pp
IE8.9%
US7.0%
Top 5: 73.2% · Top 10: 100.0% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $414M | 10 | +12.61% | +17.59% | -4.98% | +0.04B |
| 2025-12-31 | $377M | 9 | +19.51% | +17.72% | +1.79% | -0.02B |
| 2025-09-30 | $394M | 8 | +12.64% | +17.52% | -4.88% | +0.12B |
| 2025-06-30 | $236M | 8 | +28.62% | +14.94% | +13.68% | +0.08B |
| 2025-03-31 | $167M | 7 | +40.79% | +8.30% | +32.49% | +0.01B |
| 2024-12-31 | $149M | 5 | +36.38% | +24.89% | +11.49% | -0.04B |
| 2024-09-30 | $196M | 4 | +29.61% | +36.04% | -6.43% | -0.02B |
| 2024-06-30 | $162M | 4 | -6.16% | +24.49% | -30.66% | -0.03B |
| 2024-03-31 | $179M | 3 | -21.21% | +29.62% | -50.84% | -0.00B |
| 2023-12-31 | $174M | 4 | -18.13% | +26.18% | -44.31% | -0.02B |
| 2023-09-30 | $210M | 4 | -4.15% | -3.22% | -0.93% | +0.03B |
| 2023-06-30 | $191M | 4 | -12.34% | +8.68% | -21.02% | +0.01B |
| 2023-03-31 | $204M | 4 | +6.99% | +7.46% | -0.47% | -0.02B |
| 2022-12-31 | $214M | 3 | — | — | — | — |