Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-43.61%
trims when stocks drop
when a holding falls −10%+
Middle response
-22.66%
baseline attrition
Rally response
-10.62%
trims into rallies
when a holding rises +10%+
Top positions · 10
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| VIPSVipshop Holdings Limited | $28M | 30.4% | -0.1% | 1.5 yr |
| INTCIntel Corporation | $19M | 20.8% | +94.3% | 1.5 yr |
| JOYYJOYY, Inc. Sponsored ADR | $18M | 19.7% | +49.5% | 2.0 yr |
| EDUNew Oriental Education & | $10M | 10.9% | +19.8% | 1.0 yr |
| GLDSPDR Gold Shares | $7M | 7.5% | — | 0.3 yr |
| DOYUDouYu International Hold | $7M | 7.3% | -32.8% | 2.3 yr |
| LITELumentum Holdings Inc. | $2M | 1.8% | +1027.3% | 0.3 yr |
| DDLDingdong (Cayman) Limite | $1M | 0.7% | -4.8% | 0.3 yr |
| YMMFull Truck Alliance Co. | $0M | 0.5% | -35.0% | 0.8 yr |
| LXLexinFintech Holdings Lt | $0M | 0.4% | -77.6% | 1.5 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail30.4%+30.4pp$28M
Internet Content & Information27.0%+5.4pp$25M
Semiconductors20.8%+15.5pp$19M
Education & Training Services10.9%-6.2pp$10M
Asset Management7.5%+5.5pp$7M
Communication Equipment1.8%$2M
Grocery Stores0.7%$1M
Software - Application0.5%$0M
Financial - Credit Services0.4%-17.6pp$0M
Country
CN50.2%+2.8pp
US30.0%+22.7pp
SG19.7%+1.2pp
Top 5: 89.3% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 6
| VIPS Vipshop Holdings Limited | +$22M |
| INTC Intel Corporation | +$6M |
| LITE Lumentum Holdings Inc.new | +$2M |
| DOYU DouYu International Holdings L | +$7M |
| DDL Dingdong (Cayman) Limitednew | +$1M |
| GLD SPDR Gold Sharesnew | +$0M |
Top sells this quarter · 10
| HTHT H World Group Limitedexit | −$27M |
| ATAT Atour Lifestyle Holdings Limitexit | −$22M |
| EDU New Oriental Education & Techn | −$20M |
| PDD PDD Holdings Inc.exit | −$7M |
| YMM Full Truck Alliance Co. Ltd. | −$6M |
| QFIN Qfin Holdings, Inc.exit | −$3M |
| FUTU Futu Holdings Limitedexit | −$2M |
| JOYY JOYY, Inc. Sponsored ADR Class | −$2M |
| LX LexinFintech Holdings Ltd. | −$0M |
| MOMO Hello Group Inc.exit | −$0M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $92M | 10 | +1.20% | +17.59% | -16.40% | -0.05B |
| 2025-12-31 | $147M | 13 | +9.06% | +17.72% | -8.66% | +0.03B |
| 2025-09-30 | $126M | 11 | +17.04% | +17.52% | -0.48% | +0.01B |
| 2025-06-30 | $112M | 9 | +26.31% | +14.94% | +11.37% | -0.20B |
| 2025-03-31 | $297M | 16 | +36.27% | +8.30% | +27.97% | +0.14B |
| 2024-12-31 | $150M | 8 | +12.78% | +24.89% | -12.11% | +0.02B |
| 2024-09-30 | $128M | 8 | +14.73% | +5.75% | +8.97% | +0.05B |
| 2024-06-30 | $70M | 10 | +11.76% | +4.38% | +7.38% | -0.00B |
| 2024-03-31 | $67M | 9 | -13.69% | +10.39% | -24.08% | -0.04B |
| 2023-12-31 | $126M | 9 | — | — | — | — |