Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (13 quarters reported)
$331M in Q2 2023 → $2.44B 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 |
|---|---|---|---|---|
| Full Truck Alliance Co Ltd | 30.5% | Added 2.0% | 91,790,875 | $745M |
| Pdd Holdings Inc | 29.3% | Added 15% | 9,377,416 | $715M |
| NO New Oriental Ed & Technology | 16.4% | Trimmed 2.9% | 8,733,979 | $401M |
| S Sea Ltd | 12.2% | Added 1388% | 3,109,067 | $298M |
| FH Futu Hldgs Ltd | 5.3% | New | 1,379,102 | $129M |
| Rlx Technology Inc | 4.7% | Trimmed 0.5% | 59,821,839 | $114M |
| KK Kaspi Kz Jsc | 1.5% | Trimmed 2.2% | 424,613 | $36.8M |
| Zhihu Inc | 0.1% | Unchanged | 551,048 | $1.72M |
| Baozun Inc | 0.1% | Trimmed 2.6% | 432,828 | $1.22M |
| Dingdong Cayman Ltd | 0.0% | Trimmed 26% | 622,432 | $1.2M |
| NH Noah Hldgs Ltd | 0.0% | Trimmed 72% | 38,595 | $386K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| S Sea Ltd | Added | +2,900,104 | +$278M | 12.2% |
| FH Futu Hldgs Ltd | New | +1,379,102 | +$129M | 5.3% |
| Pdd Holdings Inc | Added | +1,228,254 | +$93.7M | 29.3% |
| Legend Biotech Corp | Exited | −2,296,335 | −$41.5M | — |
| Full Truck Alliance Co Ltd | Added | +1,789,980 | +$14.5M | 30.5% |
| NO New Oriental Ed & Technology | Trimmed | −261,279 | −$12M | 16.4% |
| NH Noah Hldgs Ltd | Trimmed | −97,393 | −$973K | — |
| KK Kaspi Kz Jsc | Trimmed | −9,737 | −$844K | 1.5% |
| Rlx Technology Inc | Trimmed | −307,832 | −$585K | 4.7% |
| Dingdong Cayman Ltd | Trimmed | −223,520 | −$431K | — |
Showing the 10 largest of 12 changes.
quarter ended March 31, 2026 · filed May 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Atour Lifestyle Holdings Ltd | Exited | −5,811,104 | −$229M | — |
| Pdd Holdings Inc | Added | +1,366,207 | +$140M | 35.9% |
| Full Truck Alliance Co Ltd | Added | +13,384,327 | +$111M | 32.2% |
| NO New Oriental Ed & Technology | Trimmed | −1,110,707 | −$62.9M | 22.0% |
| Legend Biotech Corp | New | +2,296,335 | +$41.5M | 1.8% |
| KK Kaspi Kz Jsc | Added | +321,962 | +$23.8M | 1.4% |
| S Sea Ltd | New | +208,963 | +$17.3M | 0.7% |
| Rlx Technology Inc | Trimmed | −2,734,753 | −$6.02M | 5.7% |
| NH Noah Hldgs Ltd | Trimmed | −256,539 | −$2.54M | 0.1% |
| Dingdong Cayman Ltd | New | +845,952 | +$2.17M | 0.1% |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Full Truck Alliance Co Ltd | Added | +7,970,988 | +$85.5M | 32.4% |
| Pdd Holdings Inc | Added | +614,234 | +$69.6M | 30.3% |
| NO New Oriental Ed & Technology | Added | +759,464 | +$41.8M | 21.9% |
| KK Kaspi Kz Jsc | New | +112,388 | +$8.78M | 0.3% |
| Axt Inc | Exited | −1,730,156 | −$7.77M | — |
| Atour Lifestyle Holdings Ltd | Added | +142,282 | +$5.61M | 9.0% |
| NH Noah Hldgs Ltd | Added | +217,199 | +$2.18M | 0.2% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Full Truck Alliance Co Ltd | Added | +29,150,926 | +$378M | 34.4% |
| NO New Oriental Ed & Technology | Added | +2,231,169 | +$118M | 19.2% |
| Pdd Holdings Inc | Added | +590,869 | +$78.1M | 31.5% |
| Lufax Holding Ltd | Exited | −6,464,988 | −$18M | — |
| Atour Lifestyle Holdings Ltd | Trimmed | −181,140 | −$6.81M | 8.2% |
quarter ended June 30, 2025 · filed August 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Added | +1,720,629 | +$180M | 32.7% |
| S Sea Ltd | Exited | −957,702 | −$125M | — |
| Full Truck Alliance Co Ltd | Added | +9,757,852 | +$115M | 26.1% |
| NO New Oriental Ed & Technology | Added | +1,658,954 | +$89.5M | 21.5% |
| Rlx Technology Inc | Added | +21,828,379 | +$48.2M | 7.8% |
| Atour Lifestyle Holdings Ltd | Added | +813,607 | +$26.5M | 10.6% |
| Lufax Holding Ltd | Added | +2,072,363 | +$5.78M | 1.0% |
| Axt Inc | New | +1,730,156 | +$3.62M | 0.2% |
| NH Noah Hldgs Ltd | Added | +11,885 | +$142K | 0.1% |
| Agora Inc | New | +9,900 | +$37.7K | — |
quarter ended March 31, 2025 · filed May 19, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Added | +5,196,281 | +$248M | 17.9% |
| S Sea Ltd | Trimmed | −1,599,696 | −$209M | 8.6% |
| VH Vipshop Hldgs Ltd | Exited | −9,837,776 | −$133M | — |
| Rlx Technology Inc | Added | +17,661,160 | +$33.2M | 5.3% |
| Bilibili Inc | Exited | −1,690,360 | −$30.6M | — |
| Li Auto Inc | Exited | −1,254,400 | −$30.1M | — |
| Hello Group Inc | Exited | −2,750,093 | −$21.2M | — |
| Full Truck Alliance Co Ltd | Trimmed | −1,504,746 | −$19.2M | 26.1% |
| Lufax Holding Ltd | New | +4,392,625 | +$13M | 0.9% |
| Atour Lifestyle Holdings Ltd | Trimmed | −395,551 | −$11.2M | 9.8% |
Showing the 10 largest of 13 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Full Truck Alliance Co Ltd | Added | +17,500,819 | +$189M | 24.0% |
| Bilibili Inc | Trimmed | −2,103,222 | −$38.1M | 2.2% |
| VH Vipshop Hldgs Ltd | Added | +2,197,488 | +$29.6M | 9.4% |
| Doordash Inc | Exited | −178,869 | −$25.5M | — |
| QT Qifu Technology Inc | Exited | −763,509 | −$22.8M | — |
| Pdd Holdings Inc | Added | +211,090 | +$20.5M | 25.9% |
| NO New Oriental Ed & Technology | New | +260,097 | +$16.7M | 1.2% |
| Rlx Technology Inc | Trimmed | −5,065,363 | −$10.9M | 3.6% |
| Hello Group Inc | Trimmed | −1,293,724 | −$9.97M | 1.5% |
| Atour Lifestyle Holdings Ltd | Trimmed | −207,656 | −$5.58M | 10.4% |
Showing the 10 largest of 14 changes.
quarter ended September 30, 2024 · filed October 31, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| S Sea Ltd | Trimmed | −2,283,682 | −$215M | 17.6% |
| Full Truck Alliance Co Ltd | New | +13,740,729 | +$124M | 9.1% |
| VH Vipshop Hldgs Ltd | New | +7,640,288 | +$120M | 8.8% |
| Pdd Holdings Inc | Added | +770,539 | +$104M | 35.2% |
| Atour Lifestyle Holdings Ltd | Added | +3,588,469 | +$93.1M | 10.7% |
| QT Qifu Technology Inc | Trimmed | −1,972,771 | −$58.8M | 1.7% |
| Bilibili Inc | Added | +1,860,496 | +$43.5M | 6.5% |
| Hello Group Inc | New | +4,043,817 | +$30.8M | 2.3% |
| Rlx Technology Inc | Added | +7,159,064 | +$13M | 3.8% |
| Li Auto Inc | Trimmed | −393,662 | −$10.1M | 2.4% |
Showing the 10 largest of 11 changes.
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