Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$180M in Q4 2013 → $1.2B 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 | 72.3% | Unchanged | 11,348,426 | $866M |
| FH Futu Hldgs Ltd | 5.8% | Unchanged | 740,352 | $69.4M |
| Pony Ai Inc | 4.4% | Unchanged | 7,538,358 | $52.4M |
| Circle Internet Group Inc | 3.5% | Unchanged | 669,200 | $41.9M |
| KH Ke Hldgs Inc | 2.4% | Unchanged | 1,939,017 | $28.2M |
| Gyre Therapeutics Inc | 2.1% | New | 3,750,299 | $24.7M |
| Kanzhun Limited | 2.0% | Unchanged | 1,900,000 | $24.5M |
| Arrivent Biopharma Inc | 1.9% | Unchanged | 663,308 | $23M |
| Dingdong Cayman Ltd | 1.6% | Unchanged | 10,091,839 | $19.5M |
| Structure Therapeutics Inc | 1.2% | Unchanged | 266,062 | $14.3M |
| 5O 51talk Online Education Grou | 0.6% | Unchanged | 474,901 | $7.57M |
| Lotus Technology Inc | 0.5% | Unchanged | 4,834,099 | $5.66M |
| Adagene Inc | 0.5% | Unchanged | 1,343,364 | $5.64M |
| Th International Limited | 0.5% | Unchanged | 2,900,606 | $5.54M |
| Bitdeer Technologies Group | 0.4% | Unchanged | 293,732 | $4.66M |
| Lyell Immunopharma Inc | 0.2% | Unchanged | 152,299 | $2.14M |
| Solai Limited | 0.1% | Unchanged | 350,427 | $1.12M |
| BB Barinthus Biotherapeutics Pl | 0.1% | Unchanged | 1,420,473 | $938K |
| Burning Rock Biotech Ltd | 0.0% | Unchanged | 21,212 | $178K |
| Yimutian Inc | 0.0% | New | 229,470 | $122K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Webull Corp | Exited | −7,053,639 | −$55.2M | — |
| Gyre Therapeutics Inc | New | +3,750,299 | +$24.7M | 2.1% |
| Yimutian Inc | Exited | −3,442,060 | −$544K | — |
| Yimutian Inc | New | +229,470 | +$122K | — |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pony Ai Inc | Exited | −7,538,358 | −$109M | — |
| Pony Ai Inc | New | +7,538,358 | +$100M | 6.2% |
| Circle Internet Group Inc | Added | +357,000 | +$26M | 3.0% |
| Yimutian Inc | New | +3,442,060 | +$544K | — |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pony Ai Inc | New | +7,538,358 | +$109M | 5.8% |
| Circle Internet Group Inc | New | +312,200 | +$22.7M | 1.2% |
| Pony Ai Inc | Exited | −1,076,905 | −$20.7M | — |
| Webull Corp | Trimmed | −2,500,000 | −$19.6M | 2.9% |
| 5O 51talk Online Education Grou | Trimmed | −192,322 | −$4.94M | 0.6% |
| NH Noah Hldgs Ltd | Exited | −396,815 | −$4.5M | — |
| Dingdong Cayman Ltd | Trimmed | −1,049,327 | −$2.98M | 1.5% |
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −2,247,569 | −$294M | 77.2% |
| Pony Ai Inc | Trimmed | −4,846,092 | −$93.2M | 1.1% |
| FH Futu Hldgs Ltd | Trimmed | −317,292 | −$53.7M | 6.5% |
| NH Noah Hldgs Ltd | Trimmed | −2,479,905 | −$28.1M | 0.2% |
| Webull Corp | Added | +96,359 | +$1.07M | 5.5% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Webull Corp | New | +9,457,280 | +$113M | 5.8% |
| Pony Ai Inc | New | +5,922,997 | +$78.2M | 4.0% |
| Th International Limited | New | +2,900,606 | +$8.6M | 0.4% |
| Th International Limited | Exited | −2,900,606 | −$7.54M | — |
| Lyell Immunopharma Inc | Exited | −3,045,997 | −$1.46M | — |
| Lyell Immunopharma Inc | New | +152,299 | +$1.35M | 0.1% |
| NH Noah Hldgs Ltd | Trimmed | −112,110 | −$1.34M | 1.8% |
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kanzhun Limited | Trimmed | −5,458,396 | −$79.7M | 1.6% |
| Full Truck Alliance Co Ltd | Exited | −2,721,822 | −$30.8M | — |
| Th International Limited | Trimmed | −11,602,426 | −$30.2M | 0.4% |
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −1,848,775 | −$268M | 81.5% |
| Full Truck Alliance Co Ltd | Trimmed | −19,151,593 | −$217M | 1.3% |
| Kanzhun Limited | Trimmed | −2,186,460 | −$31.8M | 4.4% |
| KH Ke Hldgs Inc | Trimmed | −969,508 | −$16.4M | 1.4% |
| NH Noah Hldgs Ltd | Trimmed | −311,170 | −$3.45M | 1.4% |
| Lotus Technology Inc | Trimmed | −293,993 | −$941K | 0.6% |
| Burning Rock Biotech Ltd | New | +21,212 | +$155K | — |
| Burning Rock Biotech Ltd | Exited | −21,212 | −$64.5K | — |
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −850,662 | −$106M | 74.7% |
| Kanzhun Limited | Trimmed | −3,822,428 | −$57.2M | 5.5% |
| Lotus Technology Inc | New | +5,128,092 | +$22.3M | 0.9% |
| KH Ke Hldgs Inc | Trimmed | −727,131 | −$14.9M | 2.3% |
| Full Truck Alliance Co Ltd | Added | +1 | +$9 | 7.5% |
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