Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (20 quarters reported)
$487M in Q3 2020 → $547M 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 |
|---|---|---|---|---|
| Kanzhun Limited | 29.4% | Added 19% | 12,480,785 | $161M |
| Jd.com Inc | 25.8% | Unchanged | 5,541,555 | $141M |
| TE Tal Ed Group | 19.6% | Added 2.0% | 11,221,069 | $107M |
| Baidu Inc | 11.6% | New | 555,250 | $63.5M |
| KH Ke Hldgs Inc | 8.2% | Added 20% | 3,095,636 | $45M |
| Vnet Group Inc | 2.9% | New | 1,988,929 | $16M |
| Qualcomm Inc | 1.5% | New | 45,539 | $8.42M |
| Hello Group Inc | 0.9% | Unchanged | 875,154 | $5.08M |
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 |
|---|---|---|---|---|
| Baidu Inc | New | +555,250 | +$63.5M | 11.6% |
| Kanzhun Limited | Added | +2,000,000 | +$25.7M | 29.4% |
| Vnet Group Inc | New | +1,988,929 | +$16M | 2.9% |
| Qualcomm Inc | New | +45,539 | +$8.42M | 1.5% |
| KH Ke Hldgs Inc | Added | +525,800 | +$7.64M | 8.2% |
| TE Tal Ed Group | Added | +223,904 | +$2.14M | 19.6% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Trip Com Group Ltd | Exited | −1,928,590 | −$139M | — |
| Sea Ltd | Exited | −855,519 | −$109M | — |
| Jd.com Inc | Trimmed | −655,900 | −$19.4M | 34.7% |
| Kanzhun Limited | Added | +1,032,022 | +$13.8M | 29.7% |
| KH Ke Hldgs Inc | Trimmed | −550,541 | −$8.24M | 8.1% |
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sea Ltd | Added | +119,200 | +$15.2M | 13.8% |
| KH Ke Hldgs Inc | Trimmed | −207,358 | −$3.27M | 6.2% |
| Pdd Holdings Inc | Exited | −2,500,000 | −$2.48M | — |
| Kanzhun Limited | Added | +874 | +$17.8K | 24.3% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Tal Education Group | Added | +3,990,000 | +$44.7M | 13.5% |
| Trip Com Group Ltd | Trimmed | −137,300 | −$10.3M | 15.9% |
| Jd.com Inc | Trimmed | −294,227 | −$10.3M | 23.8% |
| KH Ke Hldgs Inc | Trimmed | −400,000 | −$7.6M | 7.0% |
| Kanzhun Limited | Added | +298,584 | +$6.97M | 24.3% |
| Sea Ltd | Trimmed | −30,000 | −$5.36M | 14.5% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sea Ltd | Trimmed | −984,074 | −$157M | 16.0% |
| Trip Com Group Ltd | Trimmed | −1,685,487 | −$98.8M | 15.8% |
| Tal Education Group | Added | +5,000,000 | +$51.1M | 9.3% |
| Kanzhun Limited | Added | +1,969,125 | +$35.1M | 21.3% |
| KT Kraneshares Trust | Exited | −455,588 | −$15.9M | — |
| Li Auto Inc | Exited | −525,908 | −$13.3M | — |
| Jd.com Inc | Added | +155,771 | +$5.08M | 27.6% |
| Pdd Holdings Inc | Exited | −23,355 | −$2.76M | — |
| KH Ke Hldgs Inc | Added | +52,030 | +$923K | 8.6% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Baidu Inc | Exited | −1,262,003 | −$106M | — |
| Kanzhun Limited | Added | +4,124,530 | +$79.1M | 13.7% |
| Sea Ltd | Trimmed | −441,208 | −$57.6M | 22.7% |
| KT Kraneshares Trust | New | +455,588 | +$15.9M | 1.6% |
| Li Auto Inc | New | +525,908 | +$13.3M | 1.3% |
| Tal Education Group | Added | +418,356 | +$5.53M | 2.6% |
| Trip Com Group Ltd | Trimmed | −55,600 | −$3.54M | 23.7% |
| KH Ke Hldgs Inc | Trimmed | −140,557 | −$2.82M | 7.3% |
| Pdd Holdings Inc | New | +23,355 | +$2.76M | 0.3% |
| Jd.com Inc | Trimmed | −63,800 | −$2.62M | 25.9% |
quarter ended December 31, 2024 · filed February 18, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Jd.com Inc | Added | +4,299,872 | +$149M | 23.1% |
| Trip Com Group Ltd | Trimmed | −869,189 | −$59.7M | 27.2% |
| KH Ke Hldgs Inc | Trimmed | −1,296,439 | −$23.9M | 7.3% |
| Sea Ltd | Added | +195,225 | +$20.7M | 24.2% |
| Tal Education Group | New | +1,588,809 | +$15.9M | 1.7% |
| Kanzhun Limited | Added | +580,583 | +$8.01M | 4.4% |
| Baidu Inc | Added | +25,220 | +$2.13M | 11.1% |
quarter ended September 30, 2024 · filed November 15, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Exited | −1,572,451 | −$209M | — |
| Sea Ltd | Added | +1,543,743 | +$146M | 22.6% |
| Jd.com Inc | Added | +1,268,200 | +$50.7M | 10.1% |
| Trip Com Group Ltd | Added | +639,000 | +$38M | 33.3% |
| Kanzhun Limited | Added | +1,470,744 | +$25.5M | 5.2% |
| Baidu Inc | Added | +166,618 | +$17.5M | 15.6% |
| KH Ke Hldgs Inc | Added | +515,197 | +$10.3M | 12.2% |
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