Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (27 quarters reported)
$377M in Q4 2019 → $147M 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 | 78.4% | Trimmed 13% | 1,513,394 | $115M |
| Pony Ai Inc | 18.8% | Unchanged | 3,989,250 | $27.7M |
| LH Lightinthebox Hldg Co Ltd | 1.8% | Unchanged | 898,969 | $2.65M |
| Bitdeer Technologies Group | 1.0% | Unchanged | 91,308 | $1.45M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 07, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −235,635 | −$18M | 78.4% |
quarter ended March 31, 2026 · filed May 01, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pony Ai Inc | Added | +1,773,000 | +$16.7M | 17.2% |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pony Ai Inc | Trimmed | −7,071,865 | −$103M | 13.8% |
| Pdd Holdings Inc | Trimmed | −248,967 | −$28.2M | 84.9% |
quarter ended September 30, 2025 · filed November 05, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −632,986 | −$83.7M | 55.4% |
| Pony Ai Inc | Trimmed | −605,162 | −$13.6M | 43.8% |
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pony Ai Inc | Trimmed | −209,388 | −$2.76M | 32.0% |
quarter ended March 31, 2025 · filed May 09, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −279,448 | −$33.1M | 77.2% |
quarter ended December 31, 2024 · filed February 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pony Ai Inc | New | +10,102,665 | +$145M | 33.7% |
| Pdd Holdings Inc | Trimmed | −177,300 | −$17.2M | 65.5% |
quarter ended September 30, 2024 · filed November 04, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Pdd Holdings Inc | Trimmed | −149,314 | −$20.1M | 99.2% |
| LH Lightinthebox Hldg Co Ltd | Exited | −5,393,813 | −$4.88M | — |
| LH Lightinthebox Hldg Co Ltd | New | +898,969 | +$2.6M | 0.6% |
| LT Luminar Technologies Inc | Exited | −299,059 | −$446K | — |
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