Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (31 quarters reported)
$228M in Q4 2018 → $100M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| AR Acm Resh Inc | 32.2% | Trimmed 57% | 254,669 | $32.3M |
| NC Netease Com Inc | 23.7% | Trimmed 48% | 185,375 | $23.8M |
| CY China Yuchai Intl Ltd | 16.3% | Added 6.8% | 344,928 | $16.4M |
| Silvercorp Metals Inc | 11.4% | Trimmed 49% | 1,130,121 | $11.4M |
| AL Atour Lifestyle Hldgs Ltd | 9.4% | Trimmed 67% | 296,300 | $9.42M |
| Pdd Holdings Inc | 2.9% | Trimmed 90% | 37,600 | $2.87M |
| VE Vista Energy S.a.b. De C.v. | 1.6% | New | 25,200 | $1.61M |
| NH Nu Hldgs Ltd | 1.3% | Trimmed 63% | 98,600 | $1.32M |
| Anglogold Ashanti PLC | 1.1% | Trimmed 34% | 13,200 | $1.07M |
| Sea Ltd | 0.2% | Trimmed 83% | 2,500 | $240K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR Acm Resh Inc | Trimmed | −344,531 | −$43.7M | 32.2% |
| Pdd Holdings Inc | Trimmed | −345,500 | −$26.4M | 2.9% |
| NC Netease Com Inc | Trimmed | −174,300 | −$22.3M | 23.7% |
| AL Atour Lifestyle Hldgs Ltd | Trimmed | −604,300 | −$19.2M | 9.4% |
| Silvercorp Metals Inc | Trimmed | −1,088,979 | −$11M | 11.4% |
| NO New Oriental Ed & Technology | Exited | −73,048 | −$4.14M | — |
| PB Petroleo Brasileiro S A | Exited | −149,400 | −$2.8M | — |
| NH Nu Hldgs Ltd | Trimmed | −167,700 | −$2.24M | 1.3% |
| VE Vista Energy S.a.b. De C.v. | New | +25,200 | +$1.61M | 1.6% |
| Sea Ltd | Trimmed | −12,200 | −$1.17M | 0.2% |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Trimmed | −826,670 | −$46.8M | 2.2% |
| Pdd Holdings Inc | Trimmed | −372,800 | −$38.1M | 21.0% |
| FU Futu Us Equity | Exited | −162,905 | −$26.8M | — |
| Silvercorp Metals Inc | New | +2,219,100 | +$23.8M | 12.8% |
| YU Ymm Us Equity | Exited | −1,828,900 | −$19.6M | — |
| NC Netease Com Inc | Trimmed | −113,500 | −$12.7M | 21.6% |
| CY China Yuchai Intl Ltd | New | +322,913 | +$12.4M | 6.7% |
| AL Atour Lifestyle Hldgs Ltd | Added | +270,100 | +$9.94M | 17.8% |
| AR Acm Resh Inc | Trimmed | −94,700 | −$3.73M | 12.7% |
| PB Petroleo Brasileiro S A | New | +149,400 | +$2.8M | 1.5% |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2025 · filed February 18, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NU Ntes Us Equity | Trimmed | −96,300 | −$13.3M | 21.1% |
| AU Acmr Us Equity | Added | +197,400 | +$7.79M | 8.9% |
| YU Ymm Us Equity | Trimmed | −638,100 | −$6.85M | 6.4% |
| EU Edu Us Equity | Added | +92,000 | +$5.06M | 16.1% |
| FU Finv Us Equity | Exited | −680,600 | −$5.02M | — |
| FU Futu Us Equity | Trimmed | −18,200 | −$2.99M | 8.7% |
| SU Se Us Equity | Added | +3,100 | +$396K | 0.9% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PU Pdd Us Equity | Added | +243,900 | +$32.2M | 28.5% |
| AU Atat Us Equity | New | +630,500 | +$23.7M | 6.8% |
| HU Htht Us Equity | Exited | −698,200 | −$23.7M | — |
| AU Acmr Us Equity | New | +496,500 | +$19.4M | 5.5% |
| FU Futu Us Equity | Trimmed | −70,200 | −$12.2M | 9.0% |
| NU Ntes Us Equity | Trimmed | −75,500 | −$11.5M | 24.7% |
| YU Ymm Us Equity | Added | +782,700 | +$10.2M | 9.1% |
| EU Edu Us Equity | Trimmed | −120,800 | −$6.41M | 12.2% |
| FU Finv Us Equity | New | +680,600 | +$5.02M | 1.4% |
| NU Nu Us Equity | Added | +32,300 | +$517K | 1.8% |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FU Futu Us Equity | Trimmed | −40,000 | −$4.94M | 11.4% |
| YU Ymm Us Equity | Trimmed | −300,200 | −$3.55M | 7.3% |
| HU Htht Us Equity | Added | +54,700 | +$1.86M | 8.7% |
| PU Pdd Us Equity | Trimmed | −16,700 | −$1.75M | 19.7% |
| EU Edu Us Equity | Trimmed | −20,382 | −$1.1M | 18.4% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BU Beke Us Equity | Exited | −2,390,900 | −$44M | — |
| YU Ymm Us Equity | New | +1,984,500 | +$25.3M | 9.8% |
| BU Bz Us Equity | Exited | −794,954 | −$11M | — |
| EU Edu Us Equity | Trimmed | −139,150 | −$6.65M | 17.5% |
| FU Futu Us Equity | Trimmed | −62,595 | −$6.41M | 11.5% |
| NU Ntes Us Equity | Trimmed | −47,500 | −$4.89M | 25.6% |
| PU Pdd Us Equity | Trimmed | −39,600 | −$4.69M | 24.2% |
| SU Se Us Equity | New | +15,100 | +$1.97M | 0.8% |
| NU Nu Us Equity | Added | +150,600 | +$1.54M | 1.4% |
| HU Htht Us Equity | Trimmed | −38,000 | −$1.41M | 9.2% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TU Tal Us Equity | Exited | −3,676,287 | −$43.5M | — |
| BU Beke Us Equity | Added | +86,500 | +$1.59M | 14.9% |
| BU Bz Us Equity | Added | +79,954 | +$1.1M | 3.7% |
| FU Futu Us Equity | Added | +13,000 | +$1.04M | 9.6% |
| EU Edu Us Equity | Added | +5,000 | +$321K | 23.7% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PU Pdd Us Equity | Trimmed | −382,700 | −$51.6M | 19.8% |
| BU Beke Us Equity | New | +2,304,400 | +$45.9M | 11.9% |
| FU Futu Us Equity | New | +340,900 | +$32.6M | 8.4% |
| HU Htht Us Equity | New | +681,500 | +$25.4M | 6.6% |
| TU Tal Us Equity | Added | +1,427,700 | +$16.9M | 11.3% |
| BU Bz Us Equity | New | +715,000 | +$12.4M | 3.2% |
| NU Ntes Us Equity | Trimmed | −17,500 | −$1.64M | 16.8% |
| EU Edu Us Equity | Added | +10,350 | +$785K | 21.3% |
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