Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$125M in Q4 2022 → $81.3M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Full Truck Alliance Co Ltd | 24.8% | Added 6.6% | 1,557,313 | $20.2M |
| Kanzhun Limited | 24.2% | Unchanged | 842,219 | $19.7M |
| TM Tencent Music Entmt Group | 20.1% | Unchanged | 699,768 | $16.3M |
| Pdd Holdings Inc | 19.0% | Unchanged | 116,721 | $15.4M |
| KH Ke Hldgs Inc | 11.9% | Unchanged | 508,313 | $9.66M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Exited | −80,512 | −$4.34M | — |
| Full Truck Alliance Co Ltd | Added | +96,000 | +$1.25M | 24.8% |
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TM Tencent Music Entmt Group | Trimmed | −100,000 | −$1.95M | 19.1% |
| Full Truck Alliance Co Ltd | Trimmed | −115,000 | −$1.36M | 24.1% |
| KH Ke Hldgs Inc | Trimmed | −70,000 | −$1.24M | 12.6% |
quarter ended March 31, 2025 · filed May 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Trimmed | −90,000 | −$4.3M | 5.0% |
| Full Truck Alliance Co Ltd | Trimmed | −120,000 | −$1.53M | 26.1% |
| Kanzhun Limited | Trimmed | −75,000 | −$1.44M | 20.9% |
quarter ended December 31, 2024 · filed February 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Trimmed | −106,600 | −$6.84M | 15.0% |
| Full Truck Alliance Co Ltd | Trimmed | −514,538 | −$5.57M | 25.1% |
| Pdd Holdings Inc | Trimmed | −30,000 | −$2.91M | 15.5% |
| KH Ke Hldgs Inc | Trimmed | −143,261 | −$2.64M | 14.6% |
| TM Tencent Music Entmt Group | Trimmed | −200,000 | −$2.27M | 12.4% |
| Kanzhun Limited | Trimmed | −150,000 | −$2.07M | 17.3% |
quarter ended September 30, 2024 · filed November 08, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TM Tencent Music Entmt Group | Trimmed | −1,044,900 | −$12.6M | 11.4% |
| KH Ke Hldgs Inc | Trimmed | −607,552 | −$12.1M | 13.6% |
| Pdd Holdings Inc | Trimmed | −85,500 | −$11.5M | 18.7% |
| Full Truck Alliance Co Ltd | Trimmed | −1,222,832 | −$11M | 18.9% |
| Kanzhun Limited | Trimmed | −255,212 | −$4.43M | 17.5% |
| NO New Oriental Ed & Technology | Added | +57,830 | +$4.39M | 19.9% |
quarter ended March 31, 2024 · filed May 09, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TM Tencent Music Entmt Group | Added | +1,551,919 | +$17.4M | 16.9% |
| NO New Oriental Ed & Technology | Trimmed | −158,100 | −$13.7M | 14.1% |
| Kanzhun Limited | Trimmed | −311,200 | −$5.46M | 17.1% |
| Pdd Holdings Inc | Added | +29,000 | +$3.37M | 20.0% |
| Full Truck Alliance Co Ltd | Trimmed | −355,858 | −$2.59M | 18.4% |
| KH Ke Hldgs Inc | Trimmed | −125,000 | −$1.72M | 13.5% |
quarter ended December 31, 2023 · filed February 06, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −84,279 | −$12.3M | 21.4% |
| TM Tencent Music Entmt Group | New | +492,749 | +$4.44M | 3.2% |
| KH Ke Hldgs Inc | Trimmed | −87,000 | −$1.41M | 16.9% |
| Full Truck Alliance Co Ltd | Trimmed | −181,446 | −$1.27M | 19.1% |
| Kanzhun Limited | Trimmed | −70,000 | −$1.16M | 19.5% |
| NO New Oriental Ed & Technology | Trimmed | −9,864 | −$723K | 19.9% |
quarter ended September 30, 2023 · filed November 08, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Trimmed | −305,527 | −$17.9M | 17.6% |
| Pdd Holdings Inc | Trimmed | −78,000 | −$7.65M | 21.9% |
| Kanzhun Limited | Added | +278,316 | +$4.22M | 20.1% |
| KH Ke Hldgs Inc | Added | +65,250 | +$1.01M | 18.6% |
| Full Truck Alliance Co Ltd | Trimmed | −104,013 | −$732K | 21.7% |
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