Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
+26.21%
adds when stocks drop
when a holding falls −10%+
Middle response
-6.13%
baseline attrition
Rally response
-0.07%
trims into rallies
when a holding rises +10%+
Top positions · 14
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| PDDPDD Holdings Inc. | $213M | 38.6% | -13.7% | 1.5 yr |
| VNETVNET Group, Inc. | $94M | 17.0% | +2.3% | 1.5 yr |
| QFINQfin Holdings, Inc. | $45M | 8.2% | -69.9% | 1.5 yr |
| GDSGDS Holdings Limited | $44M | 7.9% | +59.1% | 1.5 yr |
| BABAAlibaba Group Holding Li | $30M | 5.4% | -3.5% | 1.5 yr |
| ATATAtour Lifestyle Holdings | $21M | 3.8% | +32.6% | 1.5 yr |
| BEKEKE Holdings Inc. | $21M | 3.7% | -25.2% | 1.5 yr |
| TCOMTrip.com Group Limited | $19M | 3.5% | -21.7% | 1.0 yr |
| YMMFull Truck Alliance Co. | $19M | 3.5% | -35.0% | 1.5 yr |
| HTHTH World Group Limited | $12M | 2.2% | +43.2% | 1.5 yr |
| LEGNLegend Biotech Corporati | $11M | 2.1% | -46.7% | 1.0 yr |
| IQiQIYI, Inc. | $11M | 2.0% | -40.3% | 1.0 yr |
| EDUNew Oriental Education & | $10M | 1.8% | +19.8% | 1.3 yr |
| TUYATuya Inc. | $3M | 0.5% | -20.1% | 0.8 yr |
Portfolio composition (YoY)
Industry mix
Specialty Retail43.9%-8.2pp$242M
Information Technology Services25.0%+14.8pp$138M
Financial - Credit Services8.2%+7.1pp$45M
Travel Lodging5.9%+0.8pp$33M
Real Estate - Services3.7%-4.4pp$21M
Travel Services3.5%$19M
Software - Application3.5%+2.3pp$19M
Biotechnology2.1%$11M
Entertainment2.0%$11M
Education & Training Services1.8%-1.4pp$10M
Country
CN55.9%+12.6pp
IE38.6%-10.9pp
SG3.5%
US2.1%-5.2pp
Top 5: 77.0% · Top 10: 93.7% · Top 25: 100.0%
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $552M | 14 | -2.64% | +17.59% | -20.23% | -0.22B |
| 2025-12-31 | $825M | 15 | +31.73% | +17.72% | +14.01% | +0.08B |
| 2025-09-30 | $857M | 15 | +29.58% | +8.12% | +21.46% | +0.19B |
| 2025-06-30 | $512M | 15 | -7.53% | +10.78% | -18.31% | +0.10B |
| 2025-03-31 | $442M | 12 | +25.81% | -4.27% | +30.08% | +0.14B |
| 2024-12-31 | $241M | 12 | — | — | — | — |