Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (37 quarters reported)
$435M in Q2 2017 → $117M 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 |
|---|---|---|---|---|
| Pdd Holdings Inc | 57.1% | Added 108% | 875,658 | $66.8M |
| AL Atour Lifestyle Hldgs Ltd | 29.3% | Added 423% | 1,077,517 | $34.3M |
| Trip Com Group Ltd | 13.6% | Trimmed 19% | 399,801 | $15.9M |
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 |
|---|---|---|---|---|
| Pdd Holdings Inc | Added | +455,100 | +$34.7M | 57.1% |
| AL Atour Lifestyle Hldgs Ltd | Added | +871,687 | +$27.7M | 29.3% |
| NO New Oriental Ed & Technology | Exited | −293,420 | −$16.6M | — |
| TM Tencent Music Entmt Group | Exited | −1,750,088 | −$16.2M | — |
| Trip Com Group Ltd | Trimmed | −95,723 | −$3.81M | 13.6% |
quarter ended March 31, 2026 · filed May 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −436,400 | −$44.6M | 39.8% |
| TM Tencent Music Entmt Group | Trimmed | −4,143,074 | −$38.4M | 15.0% |
| NO New Oriental Ed & Technology | Trimmed | −138,300 | −$7.83M | 15.4% |
| AL Atour Lifestyle Hldgs Ltd | New | +205,830 | +$7.58M | 7.0% |
| Trip Com Group Ltd | Added | +69,416 | +$3.46M | 22.8% |
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| TM Tencent Music Entmt Group | Added | +4,854,084 | +$89.6M | 41.8% |
| Pdd Holdings Inc | Trimmed | −203,842 | −$23.7M | 38.2% |
| NO New Oriental Ed & Technology | Trimmed | −8,845 | −$452K | 8.5% |
quarter ended September 30, 2025 · filed November 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Added | +315,200 | +$41.7M | 63.8% |
| NO New Oriental Ed & Technology | Trimmed | −427,856 | −$22.7M | 10.6% |
| Trip Com Group Ltd | Added | +163,419 | +$12.3M | 14.6% |
| TM Tencent Music Entmt Group | Added | +501,078 | +$11.7M | 11.0% |
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | New | +745,600 | +$78.7M | 52.0% |
| Zto Express Cayman Inc | Exited | −3,619,480 | −$71.8M | — |
| Trip Com Group Ltd | Trimmed | −537,911 | −$31.7M | 10.2% |
| TM Tencent Music Entmt Group | New | +538,000 | +$10.4M | 6.8% |
| NO New Oriental Ed & Technology | Trimmed | −110,025 | −$5.92M | 30.9% |
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NO New Oriental Ed & Technology | Added | +648,872 | +$31M | 27.6% |
| Zto Express Cayman Inc | Trimmed | −1,486,370 | −$29.5M | 42.4% |
| Trip Com Group Ltd | Added | +358,900 | +$22.8M | 30.0% |
quarter ended December 31, 2024 · filed February 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express Cayman Inc | Trimmed | −3,210,434 | −$62.8M | 66.0% |
| Trip Com Group Ltd | Trimmed | −713,896 | −$49M | 20.0% |
| NO New Oriental Ed & Technology | New | +329,574 | +$21.2M | 14.0% |
quarter ended September 30, 2024 · filed November 07, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Zto Express Cayman Inc | Added | +4,784,935 | +$119M | 75.0% |
| Trip Com Group Ltd | Trimmed | −568,531 | −$33.8M | 25.0% |
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